Question

UUSES 333105519C UUUUUU Your answer is partially correct. The ledger of Concord Corporation on July 31, 2022, includes the selected accounts below before adjusting entries have been prepared Credit Debit $24.000 Investment in Note Receivable Supplies 23,000 Prepaid Rent 3,400 Buildings 260,000 Accumulated Depreciation-Buildings $130,000 10,600 Unearned Service Revenue An analysis of the company's accounts shows the following. 1. The investment in the notes receivable earns interest at a rate of 6% per year. 2. Supplies on hand at the end of the month totaled $15,000. 3. The balance in Prepaid Rent represents 4 months of rent costs. 4. Employees were owed $3,100 related to unpaid salaries and wages. 5. Depreciation on buildings is $6,240 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. Prepare the adjusting entries at July 31 assuming that adjusting entries are made monthly. (if no entry is required, select "No Entry for the enter for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Debit Credit No. Date Account Titles and Explanation

Answer 1

Adjusting entries

No	Date	General journal	Debit	Credit
1	July 31	Interest receivable	120
		Interest revenue (24000*6%*1/12)		120
2	July 31	Supplies expense	8000
		Supplies (23000-15000)		8000
3	July 31	Rent expense	850
		Prepaid rent		850
4	July 31	Salaries and wages expense	3100
		Salaries and wages payable		3100
5	July 31	Depreciation expense (6240/12)	520
		Accumulated depreciation-Building		520
6	July 31	Unearned service revenue	4850
		Service revenue		4850
7	July 31	Maintenance and repairs expense	2000
		Account payable		2000