MyAccountingLab Access Code
3rd Edition
ISBN: 9780132952644
Author: Pearson
Publisher: Pearson College Div
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Chapter 3, Problem 57PA
1.
To determine
Show the adjustment of given transactions in
2.
To determine
Prepare an income statement for the year ended December 31, 2010 for S Incorporation.
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For each of the following situations, record an adjusting entry at the end of each month.On June 15, 2015 Alpha Company purchased Computer Systems on cash $30,500. The expected life ofComputer Systems is 5 years. At the end of useful life, this asset will be sold for $2,500. The companyuses Straight Line Depreciation Method for calculating depreciation of fixed assets. What AdjustingEntry of Depreciation Expense (Computer System) for the month of June 2015 will be recorded?Travelers Chronicles is a magazine which prints information about different tourism and populartravelling destinations. The magazine…
The following accounts were taken from the trial balance of Cole Company as of December 31, 2015:
Given the information below, make the necessary adjusting entries.
The equipment has an estimated useful life of 10 years and a salvage value of $4,000. Depreciation is calculated using the straight-line method.
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I want to solve the income statement and the statement of financial position for this question after the trial balance and adjustments The data needed to determine year-end adjustments are as follows:a. Supplies on hand at March 31 are $7,500.b. Insurance premiums expired during the year are $1,800.c. Depreciation of equipment during the year is $8,350.d. Depreciation of trucks during the year is $6,200.e. Wages accrued but not paid at March 31 are $600.Instructions1. For each account listed in the trial balance, enter the balance in the appropriate Balance column of a four-column account and place a check mark (✓) in the Posting Reference column.2. (Optional) Enter the unadjusted trial balance on an end-of-period spreadsheet and complete the spreadsheet. Add the accounts listed in part (3) as needed.3. Journalize and post the adjusting entries, inserting balances in the accounts affected. Record the adjusting entries on Page 26 of the journal. The following additional accounts from…
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MyAccountingLab Access Code
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