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Prepare adjusting entries required for year ended october

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Question - Rojo Equipment, which has an October 31 fiscal year, reports income of $200,000 for the year ended 10/31/20X7. On October 31, Rojo discovers the following:

A $2,000 utility bill booked on October 30, 20X7, was not paid.

Rojo has a $10,000 note payable with a 12% annual interest rate. Payments are due every six months. The last interest payment was made on June 30, 20X7.

Rojo's has 4 salaried employees, each paid $800 a week for a Monday-Friday workweek. Paychecks are distributed on Fridays. October 31 is a Thursday.

Required -

a. Prepare the adjusting entries required for the year ended October 31, 20X7.

b. What is Rojo's net income for 20X7?

Reference no: EM132529795

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