The ledger of Oriole Lake Lumber Supply on July 31, 2022, includes the selected accounts below...
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The ledger of Oriole Lake Lumber Supply on July 31, 2022, includes the selected accounts below before adjusting entries have been prepared. Debit Credit Notes Payable $20,400 Supplies $24,200 Prepaid Rent 3,700 Buildings 240,000 Accumulated Depreciation-Buildings 135,000 Unearned Service Revenue, 11,400 An analysis of the company's accounts shows the following. 1. The notes payable pays interest at a rate of 7% per year. An analysis of the company's accounts shows the following. 1. The notes payable pays interest at a rate of 7% per year. 2. Supplies on hand at the end of the month totaled $18,300. 3. The balance in Prepaid Rent represents 4 months of rent costs. 4. Employees were owed $3,500 related to unpaid salaries and wages. 5. Depreciation on buildings is $4,920 per year. 6. During the month, the company satisfied obligations worth $4,600 related to the Unearned Services Revenue. 7. Unpaid maintenance and repairs costs were $2,900. Prepare the adjusting entries at July 31 assuming that adjusting entries are made monthly. Use additional accounts as needed. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation July 31 July 31 (To record interest used) (To record supplies used) July 31 I Debit Credit July 31 July 31 (To record accrued salaries and wages) July 31 (To record monthly depreciation) July 31 (To record revenue used) CUNYfirst - Expire Welcome, Fawzi - Bla x Welcome, Fawzi - Bla x WP Homework #3 X WP Question 2 of 2-Hom x Homework Help Q&A x + education.wiley.com/was/ui/v2/assessment-player/index.html?launchld=e748f857-06c1-41a1-aac8-312cea24d7d7#/question/1 Homework #3 Question 2 of 2 < > July 31 I (To record expense used) eTextbook and Media List of Accounts Accounts Payable Accounts Receivable Accumulated Depreciation-Buildings Accumulated Depreciation-Equipment Advertising Expense C % 25 54 #3 e W DELL y 7 k -/50 E Assistance Used S d g h k Feb 19 Expire Welcome, Fawzi - Bla x Welcome, Fawzi - Bla x wp Homework #3 X w Question 2 of 2 -Hom X Homework Help -Q&A x | + education.wiley.com/was/ui/v2/assessment-player/index.html?launchld=e748f857-06c1-41al-aac8-312cea24d7d7#/question/1 work #3 Question 2 of 2 < > Buildings Cash Depreciation Expense Equipment Insurance Expense Interest Expense Interest Payable Land Maintenance and Repairs Expense Mortgage Payable No Entry Notes Payable W DELL % 7 85 54 #3 y g h -/50 z E SUPPORT Feb 19 11:20 irst-Expire Welcome, Fawzi - Bla x Welcome, Fawzi - Bla X w Homework #3 X WP Question 2 of 2 -Hom x Homework Help - Q&A x + education.wiley.com/was/ui/v2/assessment-player/index.html?launchld=e748f857-06c1-41a1-aac8-312cea24d7d7#/question/1 mework #3 Question 2 of 2 < > K Owner's Capital Owner's Drawings Prepaid Advertising Prepaid Cleaning Prepaid Insurance Prepaid Rent Rent Expense Rent Revenue Salaries and Wages Expense Salaries and Wages Payable Sales Revenue Service Revenue W #3 $ M % 205 DELL y 7 -/50 M g h k SUPP Feb 19 11:20 - Expire Welcome, Fawzi - Bla: X Welcome, Fawzi - Bla x we Homework #3 X WP Question 2 of 2-Hom x Homework Help - Q&A | + education.wiley.com/was/ui/v2/assessment-player/index.html?launchld=e748f857-06c1-41a1-aac8-312cea24d7d7#/question/1 F work #3 Question 2 of 2 < > Subscription Revenue Supplies Supplies Expense Ticket Revenue Unearned Rent Revenue Unearned Service Revenue Unearned Subscription Revenue Unearned Ticket Revenue Utilities Expense Utilities Payable Save for Later C 205 54 #3 2 W DELL % 7 t g h 88 -/50 SUPPORT Attempts: 0 of 3 used Submit Answer Feb 19 11:20 3 The ledger of Oriole Lake Lumber Supply on July 31, 2022, includes the selected accounts below before adjusting entries have been prepared. Debit Credit Notes Payable $20,400 Supplies $24,200 Prepaid Rent 3,700 Buildings 240,000 Accumulated Depreciation-Buildings 135,000 Unearned Service Revenue, 11,400 An analysis of the company's accounts shows the following. 1. The notes payable pays interest at a rate of 7% per year. An analysis of the company's accounts shows the following. 1. The notes payable pays interest at a rate of 7% per year. 2. Supplies on hand at the end of the month totaled $18,300. 3. The balance in Prepaid Rent represents 4 months of rent costs. 4. Employees were owed $3,500 related to unpaid salaries and wages. 5. Depreciation on buildings is $4,920 per year. 6. During the month, the company satisfied obligations worth $4,600 related to the Unearned Services Revenue. 7. Unpaid maintenance and repairs costs were $2,900. Prepare the adjusting entries at July 31 assuming that adjusting entries are made monthly. Use additional accounts as needed. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation July 31 July 31 (To record interest used) (To record supplies used) July 31 I Debit Credit July 31 July 31 (To record accrued salaries and wages) July 31 (To record monthly depreciation) July 31 (To record revenue used) CUNYfirst - Expire Welcome, Fawzi - Bla x Welcome, Fawzi - Bla x WP Homework #3 X WP Question 2 of 2-Hom x Homework Help Q&A x + education.wiley.com/was/ui/v2/assessment-player/index.html?launchld=e748f857-06c1-41a1-aac8-312cea24d7d7#/question/1 Homework #3 Question 2 of 2 < > July 31 I (To record expense used) eTextbook and Media List of Accounts Accounts Payable Accounts Receivable Accumulated Depreciation-Buildings Accumulated Depreciation-Equipment Advertising Expense C % 25 54 #3 e W DELL y 7 k -/50 E Assistance Used S d g h k Feb 19 Expire Welcome, Fawzi - Bla x Welcome, Fawzi - Bla x wp Homework #3 X w Question 2 of 2 -Hom X Homework Help -Q&A x | + education.wiley.com/was/ui/v2/assessment-player/index.html?launchld=e748f857-06c1-41al-aac8-312cea24d7d7#/question/1 work #3 Question 2 of 2 < > Buildings Cash Depreciation Expense Equipment Insurance Expense Interest Expense Interest Payable Land Maintenance and Repairs Expense Mortgage Payable No Entry Notes Payable W DELL % 7 85 54 #3 y g h -/50 z E SUPPORT Feb 19 11:20 irst-Expire Welcome, Fawzi - Bla x Welcome, Fawzi - Bla X w Homework #3 X WP Question 2 of 2 -Hom x Homework Help - Q&A x + education.wiley.com/was/ui/v2/assessment-player/index.html?launchld=e748f857-06c1-41a1-aac8-312cea24d7d7#/question/1 mework #3 Question 2 of 2 < > K Owner's Capital Owner's Drawings Prepaid Advertising Prepaid Cleaning Prepaid Insurance Prepaid Rent Rent Expense Rent Revenue Salaries and Wages Expense Salaries and Wages Payable Sales Revenue Service Revenue W #3 $ M % 205 DELL y 7 -/50 M g h k SUPP Feb 19 11:20 - Expire Welcome, Fawzi - Bla: X Welcome, Fawzi - Bla x we Homework #3 X WP Question 2 of 2-Hom x Homework Help - Q&A | + education.wiley.com/was/ui/v2/assessment-player/index.html?launchld=e748f857-06c1-41a1-aac8-312cea24d7d7#/question/1 F work #3 Question 2 of 2 < > Subscription Revenue Supplies Supplies Expense Ticket Revenue Unearned Rent Revenue Unearned Service Revenue Unearned Subscription Revenue Unearned Ticket Revenue Utilities Expense Utilities Payable Save for Later C 205 54 #3 2 W DELL % 7 t g h 88 -/50 SUPPORT Attempts: 0 of 3 used Submit Answer Feb 19 11:20 3
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Related Book For
Accounting Principles
ISBN: 978-1119411482
13th edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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