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Prepare the adjusting entries at july

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Question - The ledger of Armour Lake Lumber Supply on July 31, 2020, includes the selected accounts below before adjusting entries have been prepared.

Debit Credit Notes

Payable $21,600

Supplies $24,000

Prepaid Rent 3,300

Buildings 258,000

Accumulated Depreciation - Buildings132,000

Unearned Service Revenue 11,800

An analysis of the company's accounts shows the following.

1. The notes payable pays interest at a rate of 6% per year.

2. Supplies on hand at the end of the month totaled $18,200.

3. The balance in Prepaid Rent represents 4 months of rent costs.

4. Employees were owed $2,600 related to unpaid salaries and wages.

5. Depreciation on buildings is $6,000 per year.

6. During the month, the company satisfied obligations worth $5,000 related to the Unearned Services Revenue.

7. Unpaid maintenance and repairs costs were $2,700.

Prepare the adjusting entries at July 31 assuming that adjusting entries are made monthly. Use additional accounts as needed.

Reference no: EM132240461

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