adjusting journal entries
PREPAID INSURANCE $450-DEBIT
FILM ON HAND $250-DEBIT
CAMERAS $20,000-DEBIT
ACCUMULATED DEPRECIATION-CAMERAS $3,667- CREDIT.
UNEARNED REVENUE $5700-CREDIT
NOTE PAYABLE $3000-CREDIT
SALARIES EXPENSE $2400-DEBIT.
IM TO DO ADJUSTED TRAIL BALANCE AND IM NOT SURE WERE TO START OR WHAT
TO DO WITH THE INFORMATION AVAILABLE BELOW:
I'm not sure about the formate..
The insurance policy was dated December 1; the monthly insurance cost
is $50.
Film on hand at December 31,200x7 was $180.
The cameras were purchased on January 1,200x7. The estimated life is
five years.
The balance in unearned revenue is $2000
Interest owed but not paid on the note was $30.
Salaries owed but not paid at December 31 were $2000.
I'm not sure how to start my entries.
I have spent a lot of time trying to figure this out.. Your help will be
greatly appreciated.
Thanks
fortwife