Hdez01
Jan 17, 2011, 09:10 PM
Please, I need help to adjust these transactions in the trial balance. This is my first time making a worksheet. Thanks in advance for your help. I do really appreciate it!!
Issued check xxx in the amount of 1000.00 for six months coverage on a truck.
Is this correct?
Insurance Expense DR-500
Prepaid Insurance CR-500
1000 X 6/12=500
If the Salaries Expense is DR 13,000 and the Salaries payable is 11,000 with a beginning balance of CR 333,452.00. How do I adjust these entries in the trial balance?
Also, the same situation with the payroll taxes expense and the payroll taxes payable with a beginning balance CR 30,000.00.
My last question is if I have an interest receivable of 500.00 an interest payable of 879.06 and an interest expense with a beginning balance of 9350.00? How do I adjust these entries in the trial balance?
It is this correct?
Interest Receivable DR 500.00
Capital CR 500.00 since an investment was making for the company and the 500 interest was earned.
Interest Payable CR 879.06
Expense DR Beginning Balance 9000.00 + 879.06=9879.06.
Again Thanks a million for your help.
Issued check xxx in the amount of 1000.00 for six months coverage on a truck.
Is this correct?
Insurance Expense DR-500
Prepaid Insurance CR-500
1000 X 6/12=500
If the Salaries Expense is DR 13,000 and the Salaries payable is 11,000 with a beginning balance of CR 333,452.00. How do I adjust these entries in the trial balance?
Also, the same situation with the payroll taxes expense and the payroll taxes payable with a beginning balance CR 30,000.00.
My last question is if I have an interest receivable of 500.00 an interest payable of 879.06 and an interest expense with a beginning balance of 9350.00? How do I adjust these entries in the trial balance?
It is this correct?
Interest Receivable DR 500.00
Capital CR 500.00 since an investment was making for the company and the 500 interest was earned.
Interest Payable CR 879.06
Expense DR Beginning Balance 9000.00 + 879.06=9879.06.
Again Thanks a million for your help.