As the bookkeeper of Panji?s Plowing, you have been asked to complete the entire accounting cycle for Panji from the following information.

Adjustment Data

1. Snow supplies on hand, $300.

2. Rent expired, $500.

3. Depreciation on office equipment, $100:($ 6 , 000 / 5 yr . = $ 1 , 200 / 12 mo . = $ 100 ) .

4. Depreciation on snow equipment, $160:($ 9 , 600 / 5 yr . = $ 1 , 920 / 12 mo . = $ 160 ) .

5. Accrued salaries, $190.

Transcribed Image Text:

Chart of Accounts Assets Owner's Equity 111 Cash 311P. Maki, Capital 112 Accounts Receivable 312 P. Maki, Withdrawals 114 Prepaid Rent 313 Income Summary 115 Snow Supplies Revenue 121 Office Equipment 411 Plowing Fees 122 Accumulated Depreciation, Office Equipment Expenses 123 Snow Equipment 511 Salaries Expense 124 Accumulated Depreciation, Snow Equipment 512 Advertising Expense Liabilities 513 Telephone Expense 211 Accounts Payable 514 Rent Expense 212 Salaries Payable 515 Snow Supplies Expense 516 Depreciation Expense, Office Equipment 517 Depreciation Expense, Snow Equipment