these are all the transactions January 31 Complete adjusting entries for: 1. Reconcile the GL Chequing Account

these are all the transactions

  
 
 
 

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January 31 Complete adjusting entries for: 1. Reconcile the GL Chequing Account to the bank statement below and make any necessary adjusting journal entries in Sage 50. 2. Accrue interest owing on the bank loan for 21 days. Record the interest owing in the GL Bank Loan liability amount 3. Expense half a month ($50) of the truck insurance used or expired. 4. Owner requested you to accrue an estimated liability of $1,000 for rent expense and $100 for phone and Internet expense. Source is Memo #1. Accruals do not require the recording of GST. 5. No depreciation expense will be recorded because the truck was not Iked in the business until close to the end of the month (ie, first use was on January 25). January 31 Review the DBL's trial balance and make sure that the balance sheet accounts represent "reality" in terms of assets owned, liabilities owed, and common shares issued. January 31 Complete adjusting entries for: 1. Reconcile the GL Chequing Account to the bank statement below and make any necessary adjusting journal entries in Sage 50. 2. Accrue interest owing on the bank loan for 21 days. Record the interest owing in the GL Bank Loan liability amount 3. Expense half a month ($50) of the truck insurance used or expired. 4. Owner requested you to accrue an estimated liability of $1,000 for rent expense and $100 for phone and Internet expense. Source is Memo #1. Accruals do not require the recording of GST. 5. No depreciation expense will be recorded because the truck was not Iked in the business until close to the end of the month (ie, first use was on January 25). January 31 Review the DBL's trial balance and make sure that the balance sheet accounts represent "reality" in terms of assets owned, liabilities owed, and common shares issued.

Answer rating: 100% (QA)

Answer Date Particulars Dr Cr Amount Amount Jan 5 Chequing AC Dr 10000 10000 To Common shares ac Bei... View the full answer