Adjusting entries by using good form

Assignment Help Accounting Basics

Reference no: EM139937

Prepare the adjusting entries using good form for each of the following situations as of January 31 (measurement date) for the one month of January

a. Purchase a one-year insurance policy on January 2 for $3,600

b. On January 1, the supplies account indicated an $800 balance. On January 31, a physical inspection reveals $200 on hand

c. Equipment was purchased last October 1 for a cost of $10,000. It is estimated to have a 5 year useful life and a $500 residual value. What is the depreciation adjusting entry for January?

d. A customer had prepaid $800 for future servies last September 10. At January 31, all but $200 of the work has been performed in January.

e. Made arrangements with the local paper to run an ad every Wednesday for $150 each. There are four Wednesdays in January. At January 31, the bill had not yet been received. All accruals are done once a month.

f. As per a contract we have completed performance on a service agreement for a client in the amount of $200. As a January 31, the client had not yet been billed.

Reference no: EM139937

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