Menu
support@businesspapershelp.com
+1(805) 568 7317

question problem 3 prepare adjusting entries for the following transactions for the 4277263

Question

Problem 3 Prepare adjusting entries for the following transactions for the month ending October 31, 2016: Equipment purchased on January 2, 2016 for $21,600 is estimated to have a useful life of three years. After three years of use, it is expected that the equipment will be scrapped. Of the $11,400 balance in Unearned Consulting Revenue, $8,700 had been earned. The Prepaid Rent account showed a balance of $13,500 at the beginning of the month and there is 10 months left on the lease. Accrued wages at January 31 totalled $18,500. One month of interest had accrued at the rate of 4% per year on a $42,000 note payable. A$3,510 insurance policy was purchased on April 1 of the current accounting period and debited to the Prepaid Insurance account. Coverage began April 1 for 12 months. 1. 2. 3. 4. 5. 6. 7. The monthly depreciation on the office furniture was $625 8. Repair revenues accrued at month-end totalled $3,400. 9. The Store Supplies account had a balance of $800 at the beginning of January. During January, $1,780 of supplies were purchased and debited to the Store Supplies account. At month-end, a count of the supplies revealed a balance of $650.

"Order a similar paper and get 15% discount on your first order with us
Use the following coupon
"GET15"

Order Now