Prepare adjusting journal entries using the following information. Adjusting entries should be recorded in your general journal
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- Prepare adjusting journal entries using the following information. Adjusting entries should be recorded in your general journal and then posted to your general ledger.
- One month of prepaid rent has expired.
- Record appropriate insurance expense for the period ending May 31.
- Depreciation expense for the two months ending May 31 totaled $2,420 - Building $1,620, Computer Equipment $100, Kayaks $600, Paddle Boards $100.
- Katie worked 16 hours on May 30 and 31 for which she has not been pai
- A physical count show $165 of office supplies on hand at May 31.
- Post adjusting journal entries to the worksheet you began in Part 1.
- Using the worksheet, prepare adjusted trial balance. Note: net income should equal $13,395.
- Prepare closing entries in your general journal (should follow your adjusting journal entries) and then post to the general ledger.
- Post your closing entries to the worksheet.
- Using the worksheet, prepare post-closing trial balance. Note: The balances on your completed worksheet should agree with your general ledger balances after completing the closing process.
Related Book For
College Accounting
ISBN: 978-1111528126
11th edition
Authors: Tracie Nobles, Cathy Scott, Douglas McQuaig, Patricia Bille
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