Need these year end transactions (adjusted)journalized. Thank you. 11/30- In 2023, $2032 will be paid towards the
Question:
Need these year end transactions (adjusted)journalized. Thank you.
11/30- In 2023, $2032 will be paid towards the principle on the outstanding long-term note payable balance. Prepare the journal entry to reclassify this amount as Current Maturities of Long-Term Debt.11/30- Calculate the amount of the prepaid insurance that has expired during the year. Need the appropriate adjusting entry.
11/30- The value of the supplies on hand is determined to be $650.
Here is some information. If you need more, let me know.
*Notes payable balance is $179641.62
*9/6- I purchased a one-year insurance policy for an office building from a company. The premium is $1800. Instead of paying the premium in full, I chose to make 12 monthly payments with a 10% annual interest rate. My first payment was due today. I issued a check in the amount of $165. A portion of this payment represents the interest payment.
*9/18- I purchased software on account from a software company. The purchase price was $900. Terms are a $30 flat-rate monthly service charge on any remaining balance after 30 days. (Record purchase of computer software to Supplies on Hand account)
*10/15- I purchased $50 of office supplies from Online Supplies using my debit card. I need to record this as a current asset.
Advanced Financial Accounting
ISBN: 978-0078025624
10th edition
Authors: Theodore E. Christensen, David M. Cottrell, Richard E. Baker