The Gore Paper Company uses the accrual basis of accounting. Its fiscal period ends on June 30. The following account balances appear in the company’s general ledger as of year-end. 

Instructions

Record the adjusting entries on general journal page 14 in your working papers.

1. The office supplies on hand as of June 30 are valued at $935.

2. Gore’s 5-day weekly payroll totals $1,500. Salaries have been earned but not yet paid or recorded for June 28–30.

3. On June 30, 30 days of interest had accrued on an $8,000, 90-day, 9% note receivable from a charge customer.

4. Of the $1,000 recorded in the Unearned Rental Revenue account, $250 had been earned as of June 30.

Transcribed Image Text:

Cash in Bank Interest Receivable Office Supplies Salaries Payable Unearned Rental Income $34,616 0 8,335 0 1,000 Office Supplies Expense $0 Salaries Expense Rental Income 75,000 0 Interest Income 0