Reference no: EM133009773
Adjusting the Accounts: On December 31, the end of the current fiscal year, the following information is available to assist Bamboo Company's accountants in making adjusting entries:
a. Bamboo's Supplies account shows a beginning balance of $6,000. Purchases during the year were $10,300. The end-of-year inventory reveal supplies on hand of $3,000,
b. On July 1, the company completed negotiations with a client and accepted an advance of $4,800 for services to be performed monthly for a year. The $4,800 was credited to Unearned Services Revenue.
c. Among the assets of the company is a note receivable in the amount of $100,000. On December 31, the accrued interest on this note amounted to $6,000.
d. On Saturday, January 3, the company, which is on a six-day workweek, will pay its regular employees their weekly wages of $9,000.
Instructions:
Problem 1. Identify each adjustment as a Type 1, 2, 3, or 4 adjusting entry.
Problem 2. Prepare adjusting entries for each item listed.
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