The following activity is to be used to prepare your adjusting journal entries for your company....
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The following activity is to be used to prepare your adjusting journal entries for your company. This is the first fiscal year end for your company as they just started in business this year. The date is December 31, 2023. You have not prepared any interim financial statements since you posted your transactions in the month of December therefore this is the first time you will be making adjusting journal entries. You may need to add new accounts accoupling. Disregard any information on the original transaction other than the date used to record the transaction and the amount you used. We are using new information as follows: 1. The rental equipment you purchased on Dec 1st is being depreciated by the straight-line method over a period of ten years and was given a salvage value of $10,000.. 2. The advance rent payment you made on December 1 covered a period of six months. . 3. After taking a physical count of the office supplies you find you have $540 worth of supplies on hand on December 31 4. You find that you rendered services to McNamer construction company in the amount of $6,000, McNamer Construction gave you an advance of $8,900 on Dec 8th 5. The annual interest rate on the note payable to Rent-It is 8 percent. 6. The backhoe rented to Mission Landscaping on December 26 at $400 a day was returned to you after Mission Landscaping used the backhoe for 5 days. 7. Salaries earned by employees since the last payroll date (December 26) amounted to $1,200. 8. The bookkeeper informed you that she forgot to pay the utility bill for December in the amount of $400. 9. You received a letter from your bank informing you they charged your account in December for a serviced fee of $25. 10. Your company is subject to a combined federal and state income tax rate of 40 percent. Do not make this adjusting entry until your worksheet is completed, then after you know the income make the entry and post it to your worksheet. The following activity is to be used to prepare your adjusting journal entries for your company. This is the first fiscal year end for your company as they just started in business this year. The date is December 31, 2023. You have not prepared any interim financial statements since you posted your transactions in the month of December therefore this is the first time you will be making adjusting journal entries. You may need to add new accounts accoupling. Disregard any information on the original transaction other than the date used to record the transaction and the amount you used. We are using new information as follows: 1. The rental equipment you purchased on Dec 1st is being depreciated by the straight-line method over a period of ten years and was given a salvage value of $10,000.. 2. The advance rent payment you made on December 1 covered a period of six months. . 3. After taking a physical count of the office supplies you find you have $540 worth of supplies on hand on December 31 4. You find that you rendered services to McNamer construction company in the amount of $6,000, McNamer Construction gave you an advance of $8,900 on Dec 8th 5. The annual interest rate on the note payable to Rent-It is 8 percent. 6. The backhoe rented to Mission Landscaping on December 26 at $400 a day was returned to you after Mission Landscaping used the backhoe for 5 days. 7. Salaries earned by employees since the last payroll date (December 26) amounted to $1,200. 8. The bookkeeper informed you that she forgot to pay the utility bill for December in the amount of $400. 9. You received a letter from your bank informing you they charged your account in December for a serviced fee of $25. 10. Your company is subject to a combined federal and state income tax rate of 40 percent. Do not make this adjusting entry until your worksheet is completed, then after you know the income make the entry and post it to your worksheet.
Expert Answer:
Posted Date:
Students also viewed these accounting questions
-
On December 1, 2011, John and Patty Driver formed a corporation called Susquehanna Equipment Rentals. The new corporation was able to begin operations immediately by pur-chasing the assets and taking...
-
I need help on this read from bottom to top. Image transcription text 7"} The second ?nancial statement to prepare is the statement of retained earnings. To determine the ending balance of...
-
Using Porter's Five Forces Model, examine the impact of the market positioning on the selected product or service. Describe how each of the forces provides an advantage and disadvantage to the...
-
The five nodes in the following network represent points one year apart over a four-year period. Each node indicates a time when a decision is made to keep or replace a firms computer equipment. If a...
-
What is the difference between a cause of action and an affirmative defense?
-
Home Health Care, LLP, incurred the following service-related activity costs for the month. Prepare an analysis of the costs of nonconformance by identifying the internal failure costs and external...
-
Complete the following partial flexible budget performance report, and indicate whether each variance is favorable or unfavorable. The company budgets a selling price of $80 per unit and variable...
-
1) How do you suggest job seekers communicate their unique value-their personal brand-to potential employers online? 2) What are the best ways to network online and offline? 3) What are some of the...
-
Implement the following specification for a Boolean function in the client program that returns true if two queues are identical and false otherwise. You may use any of the member functions of...
-
We shall now extend the result of Proposition 6.2.5.3 by computing the Laplace transform \[\mathbb{Q}_{x}^{\delta}\left[\exp \left(-\lambda \int_{0}^{t} d u \phi(u) ho_{u} ight) ight]\] In fact, let...
-
There are four shoes in the centrifugal clutch. The mass of each shoe is \(5 \mathrm{~kg}\). When the clutch is at rest, the force exerted by spring on shoes is \(200 \mathrm{~N}\). The clearance...
-
In a double block brake, as shown in Figure 16.8 (c), has drum radius \(=400 \mathrm{~mm}\), angle of contact \((2 \theta)=30^{\circ}\), coefficient of friction \((\mu)=0.25\), the force applied on...
-
A single block brake, as shown in Figure 16.8 (a), has brake drum diameter of \(250 \mathrm{~mm}\). It can withstand \(300 \mathrm{Nm}\) torque at \(500 \mathrm{rpm}\). The coefficient of friction...
-
Compare the rate of success of projects in it and other industries. Explain the discrepancy or lack thereof.
Study smarter with the SolutionInn App