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Accounting homework (Adjusting and Closing Entries).Help!!! What is the adjusting and closing entries of the following information: A. Office supplies consumed during the year amounted to 17,000. B. Advertising expense in the amount of 25,000 has expired during the year/ C. Salaries of 21,000 have accrued as at Dec.31, 2010. D. Depreciation on the office building and on the office equipment amounted to 15,000 and 20,000, respectively. E. The Dec.31,2010 ending inventory is 723,000. F. Estimated that 1% of sales are doubtful of collections. ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~This is the ledger accounts: Accu. Depreciation-Off. Bldg. -100,000 Accu. Depreciation-Off. Equip. - 150,000 A/R - 136,000 A/P - 74,000 Cash - 72,000 Transportation In - 72,000 Insurance Expense - 25,000 Interest Expense - 208,000 Seechua, Capital - 1,510,000 Seechua, Drawings - 200,000 Land - 400,000 Merchandise Inv. - 598,000 Mortgage Payable - 1,100,000 Notes Payable due in 2 yrs. - 200,000 Office Building - 1,600,000 Office Equipment - 570,000 Office Supplies - 42,000 Prepaid Advertising - 75,000 Purchases Discounts - 172,000 Purchases Rets. & Allow. - 133,000 Purchases - 2,643,000 Salaries Expense - 862,000 Sales Discounts - 161,000 Sales Returns and Allow. - 187,000 Sales - 4,600,000 Travel Expense - 188,000 |
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Answer» Answer: 2 p/l DR side and LIABILITIES side of balance sheet 3 p/l cr side and ASSET side of balance sheet 4 depreciation will be deducted from the given assets in asset side of balance sheet and depreciation amount SHOWN in the dr side of p/l ac |
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