Jones inc purchased equipment of july 1 2005 for 28000 the

Assignment Help Accounting Basics

Reference no: EM13485718

(Journalize adjusting entries for Jones Inc for the month ending July 31, 2005.)

Remember to list the debit entries first and to indent the credit entries below the debit corresponding with each adjustment. Identify each as follows:

A)Debit Entry or Entries

Credit Entry or Entries

B)Debit Entry or Entries

Credit Entry or Entries

Adjusting entries were used in Homework Problem 3-6 Page 118-119. The book format or design is different. ie they have shown adjustments as work sheet line items.

A) Jones Inc has a balance in the prepaid insurance account before adjustment at the end of the month of $ 20,000. It was determined that the amount of insurance applicable to future periods was $ 12,500. Make the adjusting entry for July 31, 2005.

B) Jones Inc beginning balance in the supplies account was $ 12,000 and additional supplies purchased during the month was $ 5,000. After taking inventory of supplies at the end of the month, it was determined that the amount of supplies on hand was $ 8,570. Prepare the adjusting entry for July 31, 2005.

C) Jones Inc borrowed $ 40,000 at 9% on a 180 day note from First National Bank on July 10, 2005 (Use a 365 day year). Prepare the adjusting entry for July 31, 2005.

D) Jones Inc purchased equipment of July 1, 2005 for $ 28,000. The estimated residual value is $ 4,000 and the useful life is 4 years (48 months). Prepare necessary adjusting entry for July 31, 2005.

E) Jones Inc pays weekly salaries of $ 42,000 on Friday for a five-day week ending on that day. Assume that July 31, falls on a Tuesday. Prepare adjusting entry for July 31, 2005.

Reference no: EM13485718

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