Pepare the following journal entries and answer the

Assignment Help Accounting Basics

Reference no: EM13577710

Prepare the following journal entries and answer the questions.Descriptions/Explanations are not required for the journal entries but they must be presented in good form.

1.On January 1, 2009 the balance in the supply account was $200.

a.Prepare the January 10, 2009 journal entry to record the purchase of $500 of supplies on credit.

b.Prepare the adjusting entry on January 31, 2009, when the supplies account has $300 of supplies remaining.

c.What is the balance in the supplies account after the above adjusting entry?

2.Before adjusting entries have been prepared the following balances are in the 1/31/09 trial balance.

Equipment$600,000
Accumulated depreciation$150,000

a.The depreciation on the equipment for the month of January is $2,000.Prepare the journal entry to record the depreciation.

b.If this is the only asset in property, plant and equipment what will appear on the balance sheet atJune 30, 2009.

3.December 15, 2009, 10,000 one year subscriptions were sold to The Best Magazine for $60 each.

a.Prepare the journal entry to record the sale of the subscriptions?

b.Prepare the journal entry on January 15, 2009 when the first issue of the magazine is sent.

c.How much unearned revenue will be reported on the March 30thbalance sheet?

3.At 1/31/09 the trial balance shows a 5% note payable of $60,000 that was originated on 11/1/08.Prepare the adjusting entry to accrue interest for the month of January.

4.Prepare the adjusting journal entry on January 31, 2009 for taxes in the amount of $1,350 that were owed but not recorded.

Reference no: EM13577710

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