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Adjusting Entries
The following accounts were taken from the trial balance of Cristy Company as of December 31, 2008:
Sales
$90,000
Interest Revenue
5,000
Equipment
46,000
Accumulated Depreciation-Equipment
12,000
Inventory
20,000
Advertising Expense
2,000
Selling Expense
6,000
Interest Expense
1,000
Given the information below, make the necessary adjusting entries.
(a) The equipment has an estimated useful life of nine years and a salvage value of $1,000. Depreciation is calculated using the straight-line method.
(b) Of selling expense, $2,500 has been paid in advance.
(c) Interest of $750 has accrued on notes receivable.
(d) Of advertising expense, $620 was incorrectly debited to selling expense.
Preparing a Statement of Cash Flows with Gain on Sale of Equipment ( Indirect Method) - XS Supply Company is developing its annual financial statements at December 31, 2011. The statements are complete except for the statement of cash flows.
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