shamrock_murphy
Oct 19, 2008, 03:09 PM
I have eight adjusting entries that I have to make for part of a 10 column work sheet. I understand how to set the work sheet up but I am having difficulty with the adjusting entries. I know I need to debit and credit accounts so the totals balance. Here are the adjustment entries I have to make for the work sheet I am working on. If anyone can give me any direction on this I would really appreciate it.
1. The supplies available at the end of fiscal year 2005 had a cost of 3,200. FYI- In the unadjusted trial balance it shows 8,900 (Debit) for supplies.
2. The cost of expired insurance for the fiscal year is 3,900
3. Annual depreciation on equipment is 8,500
4. The June utilities expense of 550 is not included in the unadjusted trial balance because the bill arrived after the trial balance was prepared. The 550 amount owed needs to be recorded.
5. The company's empoyees have earned 1,600 of accrued wages at fiscal year end.
6. The rent expense incurred and not yet paid or recorded at fiscal year end is $200
7. Additional property taxes of 900 have been assessed for this fiscal year but have not been paid or recorded in the accounts
8. The long term notes payable bears interest at 1% per month. THe unadjusted interest expense account equals the amount paid for the first 11 months of the 2005 fiscal year. The 240 accrued interest for June has not yet been paid or recorded. ( Note that the company is required to make a 5,000 payment toward the notes payable during the 2006 fiscal year).
1. The supplies available at the end of fiscal year 2005 had a cost of 3,200. FYI- In the unadjusted trial balance it shows 8,900 (Debit) for supplies.
2. The cost of expired insurance for the fiscal year is 3,900
3. Annual depreciation on equipment is 8,500
4. The June utilities expense of 550 is not included in the unadjusted trial balance because the bill arrived after the trial balance was prepared. The 550 amount owed needs to be recorded.
5. The company's empoyees have earned 1,600 of accrued wages at fiscal year end.
6. The rent expense incurred and not yet paid or recorded at fiscal year end is $200
7. Additional property taxes of 900 have been assessed for this fiscal year but have not been paid or recorded in the accounts
8. The long term notes payable bears interest at 1% per month. THe unadjusted interest expense account equals the amount paid for the first 11 months of the 2005 fiscal year. The 240 accrued interest for June has not yet been paid or recorded. ( Note that the company is required to make a 5,000 payment toward the notes payable during the 2006 fiscal year).