Reference no: EM132534957
Cardon's Boat Yard, Inc., repairs, stores, and cleans boats for customers. It is completing the accounting process for the year just ended, November 30, 2012. The transactions during 2012 have been journalized and posted. The following data with respect to adjusting entries are available: (20')
a. On October 1, 2012, Cardon's paid $1,200 to the local newspaper for an advertisement to run every Thursday for 12 weeks. All ads have been run except for three Thursdays in December to complete the 12-week contract.
b. Cardon's borrowed $250,000 at a 12 percent annual interest rate on April 1, 2012, to expand its boat storage facility. The loan requires Cardon's to pay the interest quarterly until the note is repaid in three years. There is a half-year interest expense which need to be recorded on November 30.
s c. The Johnson family paid Cardon's $4,500 on November 1, 2012, to store its sailboat for the winter until May 1, 2013. Cardon's credited the full amount to Unearned Storage Revenue on November 1.
d. Cardon's used boat-lifting equipment that cost $220,000; $22,000 was the estimated depreciation for 2012.
e. Wages earned by employees during November 2012, unpaid and unrecorded at November 30, 2012, amounted to $3,800.
Question 1: The next payroll date will be December 5, 2012.
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