Exercise Two: The following information for Warsaw Company is available on June 30, 2020, the end of a monthly accounting period. 1. Warsaw Company purchased a 1-year insurance policy on June 1, 2020 for $1,200. 2. On January 1, 2020, Warsaw Company collected $4,800 in advance from customers for a six month service. 3. On June 1, 2020, the balance in the Office Supplies account was $950. On June 30, 2020, supplies on hand were $240. 4. On March 31, 2020, Warsaw Company purchased a delivery van for $36,000. It is estimated that the annual depreciation will be $7,200. 5. Salaries of $324 are accrued for the month of June. 6. Accrued interest for the month of June is $63. 7. Warsaw Company provided consulting services for $1,600 to the Bogus Manufacturing Company over the last month which have not been billed or recorded. Instructions: Prepare adjusting entries on June 30, 2020. Date Accounts Ref Debit Credit
Exercise Two: The following information for Warsaw Company is available on June 30, 2020, the end of a monthly accounting period. 1. Warsaw Company purchased a 1-year insurance policy on June 1, 2020 for $1,200. 2. On January 1, 2020, Warsaw Company collected $4,800 in advance from customers for a six month service. 3. On June 1, 2020, the balance in the Office Supplies account was $950. On June 30, 2020, supplies on hand were $240. 4. On March 31, 2020, Warsaw Company purchased a delivery van for $36,000. It is estimated that the annual depreciation will be $7,200. 5. Salaries of $324 are accrued for the month of June. 6. Accrued interest for the month of June is $63. 7. Warsaw Company provided consulting services for $1,600 to the Bogus Manufacturing Company over the last month which have not been billed or recorded. Instructions: Prepare adjusting entries on June 30, 2020. Date Accounts Ref Debit Credit
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter3: Processing Accounting Information
Section: Chapter Questions
Problem 3.12MCE: Determining an Ending Account Balance Jessies Accounting Services was organized on June 1. The...
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Exercise Two:
The following information for Warsaw Company is available on June 30, 2020, the end of a monthly accounting period.
1. Warsaw Company purchased a 1-year insurance policy on June 1, 2020 for $1,200.
2. On January 1, 2020, Warsaw Company collected $4,800 in advance from customers for a six month service.
3. On June 1, 2020, the balance in the Office Supplies account was $950. On June 30, 2020, supplies on hand were $240.
4. On March 31, 2020, Warsaw Company purchased a delivery van for $36,000. It is estimated that the annual depreciation will be $7,200.
5. Salaries of $324 are accrued for the month of June.
6. Accrued interest for the month of June is $63.
7. Warsaw Company provided consulting services for $1,600 to the Bogus Manufacturing Company over the last month which have not been billed or recorded.
Instructions: Prepare adjusting entries on June 30, 2020.
Date
Accounts
Ref
Debit
Credit
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