The ledger of Armour Lake Lumber Supply on July 31, 2017, includes the selected accounts below before

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The ledger of Armour Lake Lumber Supply on July 31, 2017, includes the selected accounts below before adjusting entries have been prepared.

The ledger of Armour Lake Lumber Supply on July 31,

An analysis of the company's accounts shows the following.
1. The investment in the notes receivable earns interest at a rate of 6% per year.
2. Supplies on hand ul the end of the month totaled $ 18600.
3. The balance in Prepaid Rent represents 4 months of rent costs.
4. Employees were owed $3,100 related to unpaid salaries and wages.
5. Depreciation on buildings is $6000 per year.
6. During the month, the company satisfied obligations worth $4,700 related to the Unearned Services Revenue.
7. Unpaid maintenance and repairs costs were $2,300.
Instructions
Prepare live adjusting entries at July 31 assuming that adjusting entries are made monthly. Use additional accounts as needed.

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Related Book For  book-img-for-question

Accounting Tools for Business Decision Making

ISBN: 978-1118096895

6th edition

Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso

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