Accrue wages payable $2770 to Lan and Liz as of Jan 31. The telephone bill for January
Question:
Accrue wages payable $2770 to Lan and Liz as of Jan 31.
The telephone bill for January was received on Feb 7th in the amount of $250 + HST.
Purchase suppliers 03/01/2023 $800.
31.12.2023 office supplies $800.Office supplies on hand were counted as $800 as of the end of the month.
The utility bill for Jan was received on Feb 3rd in the amount of $200 (ignore HST).
The company received a $2000 + HST advertising bill on Feb 13th for work completed in Jan. Debtors $9040. We estimate approximately 2.5% of accounts receivable are uncollectible. Use the Allowance for Doubtful accounts (AFDA) method.
The company wants to record depreciation on a monthly basis using straight-line depreciation.
. Computer $5500 - 3 year useful life with no residual value
Furniture $6500- 5 year useful life with $3,500 residual value
Store equipment $12700 - 4 year useful life with $1,500 residual value
1)Record all journal entries
Accounting Principles
ISBN: 978-1119048503
7th Canadian Edition Volume 1
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak