Description of this paper

Following is the information you will need to make...

Description

Solution


Question

Following is the information you will need to make your adjusting entries: 1. Office equipment has a life of five years with no residual value. 2. Store equipment has a life of five years with no residual value. 3. Shop equipment has a life of ten years with no residual value (assume new equipment was purchased Jan. 1.) 4. A physical inventory of Merchandise Inventory, Parts revealed an actual balance of $97,000. 5. A physical inventory of Merchandise Inventory, Motorcycles revealed that the balance was accurate. 6. Office supplies in the amount of $1,500 were used throughout the year. 7. Salaries should be accrued as follows: a. Sales - $3,000 b. Service - $5,000 c. Office - $1,500 8. Insurance in the amount of $1,200 was used throughout the year. 9. Interest on the Note Payable is 8% (assume new note was taken out on Jan. 1.) Once you have completed the adjusting entries, prepare your closing entries.

 

Paper#5006 | Written in 18-Jul-2015

Price : $25
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