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Essay Petra industries have a fiscal year (FYE) of May 31. Prepare the adjusting entries for the 2008 (FYE) based on the following data.
a. The balance in office supplies before adjustment is $4,200. A physical count reveals $3,350 of supplies on hand at financial year end.
b. A computer was purchased at the beginning of the (FYE) for $23,000. The computer has a useful life of 4 years and a $3,000 salvage value. Use the straight line method to calculate depreciation.
c. A three year insurance policy costing $3,960 was purchased on Sept. 1st 2007.
d. Employee's salaries are owed for 2 days of a regular 5 day work week. Weekly payroll $8,700.
e. Unearned Maintenance Revenue has a balance of $19,000 before adjustment. Record show that $6,515 of that amount has been earned by FYE.
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Example on Inventory Valuation
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Purpose the journal entry to record the impairment loss, if any, and show where the loss would be reported in the income statement.
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