Journalize the adjusting entries

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Reference no: EM133917242

Question 1) The Schauer Company had the following adjustments at December 31, 2017, the end of the accounting period:

The Schauer Company uses straight-line depreciation for its equipment. The cost of the equipment is $105,000 and the useful life is 5 years. The equipment was purchased on January 1, 2017 and has no residual value.
Accrued interest of $10,000 on a note receivable will be received in January.
On November 1, 2017, the Schauer Company paid $3,000 for six months of rent in advance. The rental period is November 1, 2017 through April 30, 2018.
On August 1, 2017, the company collected $24,000 in advance for a consulting contract, which is to be earned evenly over the next 24 months. Get expert-level assignment help in any subject.
Employees are owed salaries for 3 days of a 5 day workweek; weekly payroll is $30,000.
The unadjusted balance of the supplies account is $2,750. Based on a physical count, the cost of supplies on hand is $1,000.
The company has incurred interest expense of $1,000 that will be paid in January.

Required:

Journalize the adjusting entries. Explanations are not required.

Reference no: EM133917242

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