Barca Laundry Agency started its operations on January 1, 2022. Its trial balance before adjustment on...

 

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Barca Laundry Agency started its operations on January 1, 2022. Its trial balance before adjustment on June 30, 2022 is as follows. 2 | Page III. iv. Account Titles V. Cash Supplies Prepaid Insurance Delivery Truck Equipment Accounts Payable Unearned Service Revenue Note Payable Owner's Capital Service Revenue Salaries Expense Electricity Expense Advertising Expense Rent Expense Total Trial Balance Debit ($) 5,000 12,080 2,400 108,420 15,000 3.300 5,920 1,840 Other data: i. The delivery truck was purchased on March 1, 2022, and is being depreciated monthly at $2,000. ii. Invoices representing $900 of services provided to customers during the period have not been recorded as of June 30, 2022. Credit ($) 4,700 11,630 48,000 85,330 23,000 18,700 172.660 172.660 (Continued on the next page) The company has 7 employees, and each employee is paid $30 per workday. Employees work 5 days a week, and their salaries are paid every Friday which is the last working day of the week. All employees worked on June 30, 2022, which was a Thursday. Employees do not work on weekends (Saturdays and Sundays). The annual interest rate on the Note Payable is 5%. The Note Payable was issued on May 1, 2022. At the end of June 2022, supplies on hand was $1,080. Requirement: a. Based on the given information, prepare the adjusting journal entries for the period of January 1, 2022 to June 30, 2022. b. Based on the given information, prepare a 10 column worksheet for the period of January 1, 2022 to June 30, 2022. Barca Laundry Agency started its operations on January 1, 2022. Its trial balance before adjustment on June 30, 2022 is as follows. 2 | Page III. iv. Account Titles V. Cash Supplies Prepaid Insurance Delivery Truck Equipment Accounts Payable Unearned Service Revenue Note Payable Owner's Capital Service Revenue Salaries Expense Electricity Expense Advertising Expense Rent Expense Total Trial Balance Debit ($) 5,000 12,080 2,400 108,420 15,000 3.300 5,920 1,840 Other data: i. The delivery truck was purchased on March 1, 2022, and is being depreciated monthly at $2,000. ii. Invoices representing $900 of services provided to customers during the period have not been recorded as of June 30, 2022. Credit ($) 4,700 11,630 48,000 85,330 23,000 18,700 172.660 172.660 (Continued on the next page) The company has 7 employees, and each employee is paid $30 per workday. Employees work 5 days a week, and their salaries are paid every Friday which is the last working day of the week. All employees worked on June 30, 2022, which was a Thursday. Employees do not work on weekends (Saturdays and Sundays). The annual interest rate on the Note Payable is 5%. The Note Payable was issued on May 1, 2022. At the end of June 2022, supplies on hand was $1,080. Requirement: a. Based on the given information, prepare the adjusting journal entries for the period of January 1, 2022 to June 30, 2022. b. Based on the given information, prepare a 10 column worksheet for the period of January 1, 2022 to June 30, 2022.

Answer rating: 100% (QA)

Adjusting Journal Entries Date Account Debit Credit June 30 2022 Depreciation Expense 12000 Accumula... View the full answer