Question

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Question 12 View Policies Current Attempt in Progress The ledger of Splish Brothers Inc. on July 31, 2017, includes the selected accounts below before adjusting entries have been prepared. Credit Investment in Note Receivable Debit $24,000 21,500 Supplies Prepaid Rent 4,400 Buildings 290,000 $135,000 Accumulated Depreciation-Buildings Unearned Service Revenue 12,000 An analysis of the company's accounts shows the following 1. The investment in the notes receivable earns Interest at a rate of 12% per year. 2. Supplies on hand at the end of the month totaled $17,800. 3. The balance in Prepaid Rent represents 4 months of rent costs. 4. Employees were owed $2,700 related to unpaid salaries and wages. 5. Depreciation on buildings is $7,080 per year. 6. During the month, the company satisfied obligations worth $4,850 related to the Unearned Services Revenue. 7. Unpaid maintenance and repairs costs were $2,000.

Answer 1

	Date	Account Titles	Debit	Credit
1	July 31	Interest receivable	240		=24000*12%/12
		Interest revenue		240
2	July 31	Supplies expense	3700		=21500-17800
		Supplies		3700
3	July 31	Rent expense	1100		=4400/4
		Prepaid Rent		1100
4	July 31	Salaries and Wages expense	2700
		Salaries and Wages payable		2700
5	July 31	Depreciation expense	590		=7080/12
		Accumulated Depreciation-Buildings		590
6	July 31	Unearned Service Revenue	4850
		Service Revenue		4850
7	July 31	Maintenance and Repairs expense	2000
		Accounts Payable		2000