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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