Please prepare the adjusting entries for month end Jan31, 2020. Assume all the original entries had...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Please prepare the adjusting entries for month end Jan31, 2020. Assume all the original entries had been recorded in the system. 1. On Jan1, business bought one equipment for $36,000. The estimated useful life is 5 years with no residue value. 2. On Jan31, 2020, Business checked prepaid (unexpired) insurance policy remaining 16,500. And business previously already paid $18,000 for the whole insurance for 2020. 3. On Jan1, 2020 the business had $920 office supplies. And the additional office supplies $250 were purchased during the month. Now on Jan31, 2020, there were only $530 of supplies left over there on hand. 4. Three-fourth of the work for $10,000 service fees received in advance has been performed during the month of January. 5. Jan1, 2020 the business bought an auto for $62,000, its estimated useful life is 4 years with residue value $4,000 at the end of its useful life 6. Jan31, 2020 the business found unrecorded and unpaid salary and wages for $3,500. The owing amount will be paid in next week. 7. Please also record the Feb28, 2020 salary 31,000 payment entry, also inclusive of the unpaid salary part at Jan31, 2020 from transaction#6 Please prepare the year-end adjusting entries for the above transactions. If any transaction is calculation related, please also indicate the calculation in details. Please prepare the adjusting entries for month end Jan31, 2020. Assume all the original entries had been recorded in the system. 1. On Jan1, business bought one equipment for $36,000. The estimated useful life is 5 years with no residue value. 2. On Jan31, 2020, Business checked prepaid (unexpired) insurance policy remaining 16,500. And business previously already paid $18,000 for the whole insurance for 2020. 3. On Jan1, 2020 the business had $920 office supplies. And the additional office supplies $250 were purchased during the month. Now on Jan31, 2020, there were only $530 of supplies left over there on hand. 4. Three-fourth of the work for $10,000 service fees received in advance has been performed during the month of January. 5. Jan1, 2020 the business bought an auto for $62,000, its estimated useful life is 4 years with residue value $4,000 at the end of its useful life 6. Jan31, 2020 the business found unrecorded and unpaid salary and wages for $3,500. The owing amount will be paid in next week. 7. Please also record the Feb28, 2020 salary 31,000 payment entry, also inclusive of the unpaid salary part at Jan31, 2020 from transaction#6 Please prepare the year-end adjusting entries for the above transactions. If any transaction is calculation related, please also indicate the calculation in details.
Expert Answer:
Answer rating: 100% (QA)
Answer 1 Depreciation expenseequipment 3600057200112600 2 Prepaid insurance 18000165001500 3 Office ... View the full answer
Related Book For
Posted Date:
Students also viewed these accounting questions
-
Demonstrate your knowledge of palladium cross-coupling reactions by suggesting the structure of the compound (9). Suggest reagent(s) that would facilitate the cross-coupling reaction between...
-
Demonstrate your knowledge of palladium cross-coupling reactions by suggesting structures for compounds (14) and (15). Suggest reagent(s) that would facilitate the cross-coupling reaction between...
-
Demonstrate your knowledge of accounting terminology by filling in the blanks to review some key definitions. Dillon Baker is describing the accounting process for a friend who is a psychology major....
-
10. A light cord is wrapped around a wheel, R = 0.10 m and rotational inertia I about its axis and is attached to mass, m = 2 kg, see about its fixed axis and the object accelerates downward, (take g...
-
What are the major benefits and costs of loan sales to an FI?
-
Describe three reasons for an unfavourable direct manufacturing labour efficiency variance.
-
Six different settings are tried on a machine to determine whether any of them will reduce the proportion of defective parts. For each setting, an appropriate null hypothesis is tested to determine...
-
EFN the most recent financial statements for Last in Line, Inc., are shown here: Assets and costs are proportional to sales. Debt and equity are not. A dividend of $1,560 was paid, and the company...
-
Describe some current regulatory issues that would affect the cost of foreign-made vehicles versus domestically produced vehicles. For example, are there strict regulations on product pricing,...
-
From the tenth floor of her office building, Katherine Rally watches the swarms of New Yorkers fight their way through the streets infested with yellow cabs and the sidewalks littered with hot dog...
-
A beam system is shown. There is an internal hinge at node 2. Determine the deflection at node . Use E = 29,000 ksi and /= 150 in. 6 ft 30 k 8 ft. 3
-
The average price of a gallon of gas in 2018 increased $0.30 (12.4 percent) from $2.42 in 2017 to $2.72 in 2018. Let's see whether these changes are reflected in the income statement of Tiger...
-
For its overhead costs, the wholesale distributor Janz Company uses activity-based costing. In terms of the company's annual overhead costs and its activity-based costing system the following data...
-
Find the inverse of the matrix M by applying elementary transformations: 0 2 3 M= 1 1 1 -1 2 1 2 0 1 1 2 6
-
A. The dimension of span = B. The dimension of span -2 3 is {[ 8 -25 12 36 ]} is 2 - -6 C. The dimension of span 2 -6 is 2 -6 D. The dimension of span 7 is {G}E]0}}- , 1 -3 2 3 1 -3 8 E. The...
-
Mr. Salman started business from his own fund with cash Tk. 1,00,000, personal loan Tk. 10,000 and bank balance Tk. 40,000 on 1st March 2019. The following transactions are occurred in his business...
-
Give three reasons why healthcare organizations need to generate an accumulate operation in profit.
-
Write an essay describing the differing approaches of nursing leaders and managers to issues in practice. To complete this assignment, do the following: 1. Select an issue from the following list:...
-
From among the isomeric compounds of molecular formula C4H9Cl, choose the one having a 1H NMR spectrum that (a) Contains only a single peak (b) Has several peaks including a doublet at 3.4 ppm (c)...
-
Deuterium oxide (D2O) is water in which the protons (1H) have been replaced by their heavier isotope deuterium (2H). It is readily available and is used in a variety of mechanistic studies in organic...
-
Write the structures of the enol forms of 2-butanone that react with chlorine to give 1-chloro-2-butanone and 3-chloro-2-butanone.
-
What is reaction coordinate? What is its significance in chemical reaction?
-
Show that for steady state flow process, \(\Delta H=Q-W_{S}\).
-
An ideal gas \(\left(C_{P}=5, C_{V}=3 ight)\) is changed from \(1 \mathrm{~atm}\) and \(22.4 \mathrm{~m}^{3}\) to \(10 \mathrm{~atm}\) and 2.24 \(\mathrm{m}^{3}\) by the reversible process of heating...
Study smarter with the SolutionInn App