The beginning balance of the supplies account was 245

Reference no: EM13579304

Prepare adjusting entries for the following transactions:

(a)The beginning balance of the Supplies account was $245. During the month the company bought additional supplies in the amount of $735. At the end of the month a physical inventory showed $343 of unused supplies.

(b)The company has a 12% Note Payable in the amount of $17,000 due in 6 months. The interest expense for the month has not been recorded.

(c)The company has two employees. The manager is paid on the 15th of every month for work performed during the first half of the month and on the 1st of the following month for the work performed during the second half of the month. His monthly salary is $5,500. The other employee is paid $650 for each 5 day work week.The last day of the month fell on Thursday.

(d)The unearned revenue account shows a balance of $46,000. According to the manager 60% of that amount has been earned.

(e)At the end of the month $5,700 of services had been performed but not yet billed.

Reference no: EM13579304

Questions Cloud

Fred carson delivers parts for several local auto parts : fred carson delivers parts for several local auto parts stores. he charges clients 0.75 per mile driven. fred has

At the end of 2013 morley co has accounts receivable of : at the end of 2013 morley co. has accounts receivable of 700000 and an allowance for doubtful accounts of 25000. on

A customer returned merchandise that had been paid for : a customer returned merchandise that had been paid for within a discount period for credit.the entry was recorded with

The monthly starting salaries of students who receive an : the monthly starting salaries of students who receive an mba degree have a standard deviation of 110. what size

The beginning balance of the supplies account was 245 : prepare adjusting entries for the following transactionsathe beginning balance of the supplies account was 245. during

Compute the cost of 1000 units of bunkka-22 using the : mathias company manufactures a number of specialized machine parts. part bunkka-22 uses 35 of direct materials and 15

Donu2019t cry over spilled milk a manufacturer of mops uses : donu2019t cry over spilled milk a manufacturer of mops uses the weighted average method in its processing costing

Prepare a post-closing trial balance and determine whether : bluma co. uses a perpetual inventory system and both an accounts receivable and an accounts payable subsidiary ledger.

User Account

All Pages