1) On January 1 the supplies account had a balance of $811. During the month, $9,917 worth of supplies were purchased. The January 31 physical count of supplies shows there are $3,602. Determine the amount of supplies expense for January.

2) On Friday, January 26 the Wages Expense account had a debit balance of $4,500 before the posting of the current week's wage of $1,500. Employees earn $1,500 for a five-day work week ending on Friday. They are then paid for that payroll. Determine the total wage expense for the month of January.

3) From the following data, journalize the adjusting entries in proper form for the month. Omit descriptions.

(a) Equipment costing $2,120 with a residual value of $200 has an expected life of 48 months.

(b) Accrued salaries of $100.

(c) Supplies ledger balance $700, supplies on hand $200.

4) From the following data, journalize the adjusting entries in proper form for the month. Omit descriptions.

(a) Building with a cost of $200,000 and a residual value of $50,000 has an expected life of 10 years.

(b) Wages for a week are $3,000 and 3 days must be accrued salaries.

(c) Supplies ledger balance $1,500, supplies on hand $200.

5) Equipment was purchased for $20,000, residual value is $1,000 and it is expected that the useful life is 10 years. What is the book value of the equipment after the first year assuming straight-line depreciation?

6) From the following data, prepare the adjustments for the month and record the appropriate debits and credits in T accounts.

(a) Office equipment costing $14,400 with no residual value has a life expectancy of 6 years.

(b) Supplies account balance $950, supplies on hand $50.

(c) Prepaid Rent for one year $24,000, one month has expired.

Answer rating: 100% (QA)

1 Amount of supplies expense for January Beginning balance of supplies 811 Supplies purchased during ... View the full answer