Adjustments- Journal Entries
1. The supplies account balance Dec. 31st was $4,000. Supply storeroom count found that only $2,750 of supplies was remaining.
2. An insurance policy was bought on Aug. 1st, 2003 for $6,000was to last for 4 years. What was the adjusting journal entry for May 31st, 2004?
3. Employees are paid $2,400 every two weeks. Adjusting entry for June 30th, last payday was June 23rd.
4. Machinery purchased Jan. 1st, 2003 for $49,000 was expected to last for 40 years and would be worth $1,000 at this time. What is the adjusting entry for May 31st, 2003?
5. Office equipment purchased for $10,000 Jan. 1st, 2002 is amortized at the rate of 20%. What is the adjusting entry for Feb. 28th, 2003?
6. A truck purchased for $20,000 has accumulated amortization of $6,000 on Jan 1st (and amortized at a rate of 10%). What is the netry for June 30th?
