Prepare the adjusting entries BRZ should record on December 31, 2017
Solution:
Adjusting Journal Entries - BRZ | |||
Event | Particulars | Debit | Credit |
a | Insurance expense Dr ($1,332*3/12) | $333.00 | |
To Prepaid Insurance | $333.00 | ||
(To record insurance expense) | |||
b | Depreciation expense Dr | $12,900.00 | |
To Accumulated depreciation - Furniture and fixtures | $12,900.00 | ||
(To record depreciation expense) | |||
c | Interest expense Dr ($16,000*8%) | $1,280.00 | |
To Interest payable | $1,280.00 | ||
(To record interest expense) | |||
d | Accounts receivables Dr | $6,400.00 | |
To Service revenue | $6,400.00 | ||
(To record accrued service revenue) | |||
e | Prepaid advertisement Dr ($320*3) | $960.00 | |
To Cash | $960.00 | ||
(To record advance payment for advertisement) | |||
f | Salaries expense Dr | $6,200.00 | |
To Salaries payable | $6,200.00 | ||
(To record salaries due for last wk of december) |
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2.
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3.
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tab, and complete the worksheet on the Trial Balance tab
2. On the Financial Statements tab, prepare the income
Statement, Retained Earnings Statement, and Balance Sheet for the
2020 year
3. On the Tab complete T-Accounts for all accounts. The ending
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