![]() ![]() Selected transactions for the first few days of July follow. On July 1, 2019, Tim Stein established his own accounting practice. The company has a June 30 fiscal year-end.Īfter all adjusting entries have been journalized and posted, what is the balance of the Prepaid Rent account? The note bears interest at 12 percent.īased on the information above, record the adjusting journal entries that must be made for Sufen Consulting on June 30, 2019. The company borrowed $13,700 from First Bank on June 1, 2019, and issued a four-month note. A count of supplies on hand at June 30, 2019, indicated $105 of supplies remain. The Supplies account in the general ledger has a balance of $310. Prepaid Rent has a balance of $5,250 for six months’ rent paid in advance on March 1, 2019. Management estimates uncollectible accounts expense at 1 percent of sales. The employer owes the following taxes on wages not paid at June 30, 2019: SUTA, $4.80 FUTA, $0.96 Medicare, $2.32 and social security, $9.92. It has a salvage value of $410 and a useful life of four years.Įmployees have earned $160 that has not been paid at June 30, 2019. Store equipment costing $12,890 was purchased on March 31, 2019. Prepaid Insurance has a balance of $6,600 for six months’ insurance paid in advance on May 1, 2019. Two seminars had been conducted by June 30, 2019. Unearned Seminar Fees has a balance of $5,100, representing prepayment by customers for five seminars to be conducted in June, July, and August 2019. The newly counted inventory balance is $7,100. Merchandise Inventory, before adjustment, has a balance of $6,600. ![]()
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