Ask Experts Questions for FREE Help !
Ask
    winnie158's Avatar
    winnie158 Posts: 29, Reputation: 1
    New Member
     
    #1

    Apr 8, 2012, 04:22 PM
    Adjusting entries
    Interest Payable
    Salaries Payable
    Rates Payable
    Unearned Fees
    Depreciation Expense – Building
    Depreciation Expense – Equipment
    Rates Expense

    The following information has not yet been recorded:


    1. Rates owing at 30 June, $2120.
    2. Depreciation on the equipment is $3240. Depreciation on the building is $9280.
    3. An advance fee payment of $400 for minor surgery to be performed in July 2013 was credited to Fees Earned.
    4. The mortgage contract provides for a monthly payment of $1000 plus accrued interest. The June payment was not made. Interest of $280 is accrued on the mortgage.
    5. Prepaid insurance of $1240 has expired.
    6. Salaries earned but not paid amount to $2360.


    Required
    A. Prepare a 10-column worksheet for the year ended 30 June 2013.
    B. Prepare an income statement, a statement of changes in equity and a balance sheet.
    C. Journalise the closing entries.

Check out some similar questions!

Preparing adjusting entries and closing entries [ 3 Answers ]

I cannot find any examples about this question on my book or anywhere else Please help.~ The following list includes selected permanent account and all of the temporary accounts from the December 31, 2008, unadjusted trial balance of Emiko Co. a business owned by Kumi Emiko. Use these account...

Advantages and disadvantages of automated systems for adjusting adjusting entries [ 5 Answers ]

Adjusting entries is something I have always done manually, is there any advantage to using an automated accounting system?

Adjusting entries: how to journalize a specific adjusting entry [ 1 Answers ]

How would I journalize this adjusting entry? Invoices representing $1,000 of services performed during the month have not been recorded as of May 31. :confused:

Adjusting journal entries from adjusting column of work sheet [ 2 Answers ]

How can I prepare necessary adjusting journal entries (a) through (e) by using the following information from the Adjustments columns of a 10-column work sheet. Interest recievable (d)$880 Office supplies ...


View more questions Search
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.