Problem 4-2A Preparing a work sheet, adjusting and closing entries, and financial statemen

Sep 29th, 2015
SKTFaker
Category:
Accounting
Price: $10 USD

Question description

Adjustments:

a.The supplies available at the end of fiscal year 2015 had a cost of $2,700.
b.The cost of expired insurance for the fiscal year is $3,780.
c.Annual depreciation on equipment is $8,800.
d.

The June utilities expense of $560 is not included in the unadjusted trial balance because the bill arrived after the trial balance was prepared. The $560 amount owed needs to be recorded.

e.The company’s employees have earned $1,200 of accrued wages at fiscal year-end.
f.The rent expense incurred and not yet paid or recorded at fiscal year-end is $500.
g.

Additional property taxes of $1,000 have been assessed for this fiscal year but have not been paid or recorded in the accounts.

h.

The long-term note payable bears interest at 12% per year. The unadjusted Interest Expense account equals the amount paid for the first 11 months of the 2015 fiscal year. The $240 accrued interest for June has not yet been paid or recorded. (The company is required to make a $4,500 payment toward the note payable during the 2016 fiscal year.)


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