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A-1 Photography Accounting Practice Set
I am working on A-1 Photography Accounting Practice Set 4th Edition. I have my Trial Balance numbers correct on the worksheet. However my Adjustments are off by $300 (too much) thus throwing off my Net Income. I've attached my worksheet and below are the adjustments. If anyone can point me in the right direction, I'd greatly appreciate it.
a. adjust unearned photo service rev. for Sept. Assume photo revenue is earned evenly over the entire month. $6000/12months=$500
b. Expired Insurance. Annual premium $2400/12months=$200
c. Expired Rent. $3600/3months=$1200
d. Photographic supplies on hand 30 Sept. $315.00
e. Office supplies on hand 30 Sept. $125.00
f. Depr. Photographic equip. $400
g. Depr. Office equip. $250
h. Depr. Vehicle $500
I. Salaries accrued on 30 Sept. $350
j. Accrue interest on note payable (refer document 12, use a 360-day year)
Document 12 reads - I have completed negotiations with Central National Bank to borrow $20,000. Prepare a journal entry to issue a 60-day, 10% note to the bank for that amount. The instructor told me it is $100 though I can't come up with an equation that comes to that!