- Bus 100 Dls Sp 22 Iii Homework Assignment 2 Question 5 E3 20 Similar To Part 1 Of 11 Hw Score 33 86 33 86 Of 1 (63.85 KiB) Viewed 58 times
- Bus 100 Dls Sp 22 Iii Homework Assignment 2 Question 5 E3 20 Similar To Part 1 Of 11 Hw Score 33 86 33 86 Of 2 (84.78 KiB) Viewed 58 times
- Bus 100 Dls Sp 22 Iii Homework Assignment 2 Question 5 E3 20 Similar To Part 1 Of 11 Hw Score 33 86 33 86 Of 3 (50.67 KiB) Viewed 58 times
- Bus 100 Dls Sp 22 Iii Homework Assignment 2 Question 5 E3 20 Similar To Part 1 Of 11 Hw Score 33 86 33 86 Of 4 (84.58 KiB) Viewed 58 times
umalize and g the adjustin November and December Transactions - X nce the office su Nov. 1 Received $22,000 cash to begin the company and gave capital to Alison Ward. 2 Signed a lease for a building and paid $1,000 for the first month's rent. 3 Purchased canoes for $5,600 on account. 4 Purchased office supplies on account, $600. 7 Earned $1,800 cash for rental of canoes. 13 Paid $2,000 cash for salaries. 15 Ward withdrew $42 cash from the business. 16 Received a bill for $120 for utilities. (Use separate payable account.) 20 Received a bill for $180 for cellphone expenses. (Use separate payable account.) 22 Rented canoes to Day Care King on account. $3,400. 26 Paid $1,450 of the amount owed for the November 3 purchase that was made on account." 28 Received $1,300 from Day Care King for cance rental on November 22 30 Ward withdrew cash of $47 from the business. Dec. 1 Ward contributed land on the river (worth $75,000) and a small building to use as a rental office (worth $191,000) in exchange for capital. 1 Prepaid $3,000 for three months' rent on the warehouse where the company stores 2 Purchased canoes signing a note payable for 57,100. 4 Purchased office supplies on account for $700 9 Received $4,400 cash for canoe rentals to customers. 15 Rented canoes to customers for $3,600 but will be paid next month. 16 Received a $770 deposit from a canoe rental group that will use the canoes next month 18 Paid the utilities and telephone bills from last month. 19 Paid various accounts payable, $1,200. 20 Received bills for the telephone (5310) and utilities (5300) which will be paid later. 31 Paid salaries of $2,300. 31 Ward withdrew cash of $450 from the business. the canoes. Print Done
siness gathers the following information for the adjusting entries view the additional Information) Unadjusted trial balance ize and post the adjus adjusting entries (Re mice supplies on hand blance as Balanc entry table.) Accoun Nature Gnome Company Unadjusted Trial Balance December 31, 2020 Balance Account Title Debit Credit Cash $ 18.481 Accounts receivable 5,700 Office supplies 1,300 Prepaid rent 3.000 Land 75,000 Building 191.000 Canoes 12,700 Accounts payable $ 4.250 Utilities payable 300 Telephone payable 310 Uneamed revenue 770 Note payable 7.100 A Ward, capital 288,000 A Ward, withdrawals 539 Canoe rental revenue 13.200 Rent expertise 1,000 Salaries expense 4,300 des expense 420 Telephone expense 490 Total 313,930 $ 313,930 Print Done
e and post the adjusting entries. In the T-accounts, denote each adjusting amount as Adj. and an account balance as Balance. djusting entries/Record dabits first the credite Select the explanation on the last line of the journal entre table.) ce supplies - X Additional information - a. At December 31 the office supplies on hand totalled $900. b. Prepaid rent of one month has been used. (Hint: See the second Dec. 1 transaction.) c. Determine the amortization on the building using straight-line amortization. Assume the useful life of the building is ten years and the residual value is $11,000. (Hint: The building was purchased on December 1.) d. $370 of unearned revenue has now been earned. (Assume that the initial unearned revenue was recorded as a liability.) e. The employee who has been working the rental booth has earned $1,400 in salaries that will be paid January 15, 2021. f. Nature Gnome has earned $1,880 of canoe rental revenue that has not been recorded or received. g. Determine the amortization on the canoes purchased on November 3 using the straight-line method. Assume the useful life of the canoes is eight years and the residual value is $0. h. Determine the amortization on the canoes purchased on December 2 using the straight-line amortization method. Assume the useful life of the canoes is eight years and the residual value is $0. i. Interest expense of $80 has accrued on the note payable. Print Done