Adjusting Entries, Financial Accounting

The following accounts and balances have been taken from the general ledger trial balance of Daiton Repairs Limited as at October 31, 19×2, after its first year of operation. Adjusting entries have not yet been made for the year.
Accounts
Accounts Payable $ 2,550
Accounts Receivable 4,560
Advertising Expense 2,540
Cash 3,890
Common Stock 20,000
Equipment 15,700
Furniture 6,300
Insurance Expense 1,100
Miscellaneous General Expense 1,650
Notes Receivable 3,500
Office Supplies Expense 500
Rent Expense 16,900
Repair Revenue 95,100
Repair Supplies Expense 1,870
Salaries Expense 36,250
Truck 21,000
Utilities Expense 1,890
Additional Information:
a.Daiton RepairsLtd.was required to pay its last month for rent at the time of signing a 5–]year lease. Nb. The rent expense of $ 16,900 includes one month rent as a security deposit.
b.The physical inventory taken October 31 showed that the repair supplies on hand were $ 360.
c.Asset Est Useful Life Salvage Value
Equipment 10 years $ 1,900
Furniture 5 years 600
Truck 3 year s1,200
All assets were purchased on November 1, 19×1. Use straight line method of depreciation
d. The company paid $ 500 advertising bill for television and radio ads to being in November 19×2
e.The insurance premiums of 410 were paid in October 19×2 were for the policy that begins in November 19×2
f. The company received $ 580 cash for work to be completed in November 19×2. The credit side of the entry was posted in the Revenue account.
Required:
Prepare the appropriate adjusting entries
Posted Date: 11/1/2012 10:14:15 PM | Location : United States







Related Discussions:- Adjusting Entries, Assignment Help, Ask Question on Adjusting Entries, Get Answer, Expert's Help, Adjusting Entries Discussions

Write discussion on Adjusting Entries
Your posts are moderated
Related Questions
COMPOSITIONS AND SCHEMES OF ARRANGEMENT The debtor may lodge a written proposal with the Official Receiver for a composition or other arrangement of his affairs within four day

Q. Calculation of the change in finance costs? Past ACCA examiners have occupied inconsistent approaches regarding the calculation of the change in finance costs due to settlem

Various types of accounting changes can affect the financial statements of a business enterprise differently. Assume that the following list describes changes that have a material

Calculat capital expenditure, How to define Capital expenditure This is kind of expenditure on fixed assets like as plant or equipment, the cost of which is spread over several

A village ordered supplies for its Fire Department at an estimated cost of $16,700. The supplies were received with an invoice for $16,800. The village accepted the shipment and th

Suppose the consumer is at coffee shop 1. Coffee shop 1 charges $2.00 per cup. - Draw and label the demand curve for a cup of coffee for the consumer (please do not forget to sp

Investment with cum.div. Quotation Investment with cum.div. Quotation will be debited to the investment account at its full value. When the dividend is subsequently received it

Income statement2013 2012 2011 Net revenue 5,075,390.. 4,763,180.. 4,158,507 Cost of goods 1,377,242.. 1,297,102.. 1,134,966.. Gross profit 3,698,148.. 3,466,078.. 3,023,541 Total

Pre-acquisition dividends Pre-acquisition dividends may also arise in the following situations; 1 ) Where the holding company acquires the subsidiary company’s shares cum-div

liabilities and its types