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Required Information The following information applies to the questions displayed below) Johnsons Boat Yard, Inc., repairs,
eBook 2. Prepare the adjusting entries that should be recorded for Johnsons at November 30, end of the current year. (If no
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Answer #1

Transaction

General Journal

Debit

Credit

a.

Accounts Receivable

$3800

Service revenue

$3800

(Revenue for the unbilled winterized three boats)

b.

Advertising Expense

$1350

Prepaid Advertising

$1350

(Expense for 9 of the 12 weeks recorded) - (1800/12)*9

c.

Interest Expense *

$3200

Interest Payable

$3200

(Interest for Oct. And Nov.Recorded that will be paid on Jan.1)

Amount borrowed

$240000

Rate of interest

8%

Annual interest

$19200

Interest for October and November *

$3200

d.

Unearned Storage Revenue

$730

Storage Revenue

$730

(Storage revenue for 1 month)

Storage revenue $4380 received for the period from November 1 to May 1. (Six months)

Storage revenue for November = $4380 /6 = $730

e.

Depreciation expense

$26000

Accumulated Depreciation - equipment

$26000

(Depreciation expense of the boat lifting equipment)

f.

Supplies Expense

$51800

Supplies

$51800

(Use of supplies during the year)

Balance of Supplies , beginning

$17000

Purchases os supplies during the year

$47900

Balance of Supplies , ending

-$13100

Supplies used during the year *

$51800

g.

Wages Expense

$4200

Wages Payable

$4200

(Wages accrued and unpaid for November)

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