At the end of the current year, Rulem Hair Styling provides you with the following information (Note:

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At the end of the current year, Rulem Hair Styling provides you with the following information (Note: ignore GST):

a Depreciation expense on styling equipment totals \(\$ 1360\) for the current year.

b Accrued interest on a note payable issued on 1 October amounts to \(\$ 850\) at year-end.

c Unearned rent in the amount of \(\$ 1000\) has been earned (the business records all receipts in advance in an Unearned Rent account).

d Hair styling supplies used during the year total \(\$ 210\) (the business records all purchases of supplies in an asset account).

Required:

Prepare adjusting entries at the end of the current year based on the above information.

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Related Book For  book-img-for-question

Accounting Information For Business Decisions

ISBN: 9780170253703

2nd Edition

Authors: Billie Cunningham, Loren A. Nikolai, John Bazley, Marie Kavanagh, Geoff Slaughter, Sharelle Simmons

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