Question: Please fill out chart, please make sure its in the same format as the chart. Thanks! Brokeback Towing Company is at the end of its

Please fill out chart, please make sure its in the same format as the chart. Thanks!
Brokeback Towing Company is at the end of its accounting year, December 31, 2018. The following data that must be considered were developed from the company's records and related documents a. On July 1, 2018, a two-year Insurance premium on equipment in the amount of $980 was paid and deblted in full to Prepaid b. At the end of 2018, the unadjusted balance in the Supplies account was $1,380. A physical count of supplies on December 31, 2018 c On December 31, 2018, YY's Garage completed repairs on one of Brokeback's trucks at a cost of $990. The amount is not yet d. On December 31, 2018, the company completed a contract for an out-of-state company for $8,140 payable by the customer within e On July 1, 2018, the company purchased a new hauling van. Depreciation for July-December 2018, estimated to total $2,940, has f As of December 31, the company owes interest of $690 on a bank loan taken out on October 1, 2018. The Interest will be pald when g. Assume the Income after the preceding adjustments but before income taxes was $49,000. The company's federal income tax rate Insurance on that date. Coverage began on July 1 indicated supplies costing $490 were still on hand. recorded. It will be paid during January 2019 30 days. No cash has been collected and no Journal entry has been made for this transaction not been recorded the loan is repaid on September 30, 2019. No interest has been recorded yet. is 20%. Compute and record income tax expense Required Indicate the accounting equation effects (amount and direction) of each adjusting journal entry. Provide an appropriate account name for any revenue and expense effects. (Enter any decreases to Assets, Llablltles, or Stockholders' Equity wlth a minus sign.) Transaction | Assets | | Liabilities Stockholders' Equity d
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
