Problem 3-7B Adjusting entries (annual) LO4 following information was available: six-year life. b. Accrued revenues at year-end totalled $24,300. this accounting period and represents a two-year policy. d. Accrued salaries at year-end were $21,500. e. One month of interest had accrued at a rate of 3.5% on the $144,000 note payable. f. The annual depreciation on the office equipment was $8,100. g. $6,480 worth of advertising was prepaid on January 1 of the current accounting period and dehited to the Prepaid Advertising account. This covered four months of advertising beginning on the same date. h. It was determined that $4,500 of completed work was included in the $9,200 Unearned Revenue account balance at year-end. i. Interest income accrued at year-end totalled $570. j. The Office Supplies account had a balance of $4,000 at the beginning of the accounting period. During the year, $29,500 of supplies were purchased and debited to the Office Supplies account. At year-end, a count of the supplies revealed that $28,400 had been used. Required Prepare adjusting journal entries for the year ended May 31, 2020, based on the above.
Problem 3-7B Adjusting entries (annual) LO4 following information was available: six-year life. b. Accrued revenues at year-end totalled $24,300. this accounting period and represents a two-year policy. d. Accrued salaries at year-end were $21,500. e. One month of interest had accrued at a rate of 3.5% on the $144,000 note payable. f. The annual depreciation on the office equipment was $8,100. g. $6,480 worth of advertising was prepaid on January 1 of the current accounting period and dehited to the Prepaid Advertising account. This covered four months of advertising beginning on the same date. h. It was determined that $4,500 of completed work was included in the $9,200 Unearned Revenue account balance at year-end. i. Interest income accrued at year-end totalled $570. j. The Office Supplies account had a balance of $4,000 at the beginning of the accounting period. During the year, $29,500 of supplies were purchased and debited to the Office Supplies account. At year-end, a count of the supplies revealed that $28,400 had been used. Required Prepare adjusting journal entries for the year ended May 31, 2020, based on the above.
Corporate Financial Accounting
15th Edition
ISBN:9781337398169
Author:Carl Warren, Jeff Jones
Publisher:Carl Warren, Jeff Jones
Chapter4: The Accounting Cycle
Section: Chapter Questions
Problem 4.3BPR: Income: 27,350 accounts, adjusting entries, financial statements, and closing entries; optional...
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