Solution-Equipment was purchased at the beginning of the

Equipment was purchased at the beginning of the year

Assignment Help Accounting Basics

Reference no: EM131757521

Please answer it as soon as possible with explanation

Part 1) Journalize the adjusting entries below at year-end December 31, XXXX. Please share your supporting calculations for the adjusting entries requiring computations.

(a) The unadjusted balance of the Supplies account is $2,200. The total cost of supplies remaining is $1,000.

(b) Accrued Service Revenue of $9,000.

(c) Equipment was purchased at the beginning of the year for $45,000. The equipment's useful life is 5 years, and the residual value is $5,000. Record the depreciation for this year.

(d) The weekly payroll is $25,000. Employees are owed for 3 days of a 5-day work week.

(e) Beginning unearned service revenue is $7,500, and ending unearned service revenue is $3,500.

(f) The business has interest expense of $750 that is due in January.

Part 2) Calculate the overall overstatement or understatement of net income if the above adjusting entries were not made. Please share your work.

Reference no: EM131757521

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Equipment was purchased at the beginning of the year

Reference no: EM131757521

Reference no: EM131757521

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