The unadjusted trial balances for the month of January as follows: Cash 363,600 Accounts receivable...
The unadjusted trial balances for the month of January as follows:
| Cash | 363,600 | |
| Accounts receivable | 208,500 | |
| Inventory | 83,000 | |
| Prepaid rent (Adjustment #1) | 15,000 | |
| Delivery truck (Adjustment #2) | 41,000 | |
| Accumulated depreciation | - | |
| Accounts payable | 59,800 | |
| Wages Payable (Adjustment #3) | 7,000 | |
| Income tax payable (Adjustment #4) | - | |
| Unearned revenue (Adjustment #5) | 14,000 | |
| Common shares | 478,000 | |
| Retained earnings | - | |
| Sales revenue | 381,000 | |
| Service revenue | 18,000 | |
| Cost of goods sold | 216,000 | |
| Wages expense | 25,000 | |
| Rent expense | - | |
| Depreciation expense | - | |
| Income tax expense | - | |
| Dividends declared | 5,700 | |
| Totals | 957,800 | 957,800 |
Record the adjusting journal entries for the month if the following happens:
1-Rent was prepaid for the period of January to December. One month has now been used.
2-The delivery truck is anticipated to last 10 years and have a residual value of $4,000.
Homework Answers
Adjusting Journal Entry:
| Date | Account Name | Debit | Credit |
| 1. | Rent Expense. ( $15000 * 1/12) | $1250 | |
| To Prepaid Rent | $1250 | ||
| ( to record adjusting entry for rent expense.) | |||
| 2. | Depreciation Expense ($3700 * 1/12) | $308.33 | |
| To Accumulate Depreciation | $308.33 | ||
| ( to record Dep. expense) |
Explanation
1) Depreciation Expense:
= ( Cost - salvage value) ÷ Expected life
= ( $ 41,000 - $4000 ) ÷ 10 year
= $ 3700 per year
Add Answer to:
The unadjusted trial balances for the month of January as
follows:
Cash
363,600
Accounts receivable...
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2017, is as follows:
Additional information:
1.
Actual advertising costs amounted to $1,350 per month. The
company has already paid for advertisements in Crizza
MMagazine for the first quarter of 2018.
2.
The building was purchased and occupied on January 1, 2015,
with an estimated useful life of 20 years, and residual value of
$31,800. (The company uses straight-line depreciation.)
3.
Prepaid insurance contains the premium costs of several...
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