Homework Answers
Annual Adjusting Entries Debit Credit
1. Depreciation on Building 5000
Building A/c 5000
[Depreciation on Straight line method= (Value of Building-Salvage Value)/ Estimated Life]
= (150000-0)/30
= 5000
2. Depreciation on Equipment 8756
Equipment A/c 8756
[Depreciation = (Value of equipment- Accumulated Depreciation)*10%]
[(161600-74040)*10%]
3. Insurance 3420
Prepaid Insurance 3420
4. Rent Receivable Account 1700
Rent Revenue 1700
(18700/11= 1700 per month)
5. Bad Debts Account 652
Allowance for Doubtful Account 1100
Accounts Receivable 1752
( 12% of 14600= 1752)
6. Salaries & Wages 3272
Salaries & Wages Accounts Payable 3272
7. Dues Revenue Account 8870
Advance Dues Revenue Account 8870
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I’m
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B:
C:
Post to the Ledger Accounts
D:
Prepare Closing entries
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I’m
having trouble !!!
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