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Prepare the adjusting entries at july

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Question - The ledger of blossom company on July 31, 2022 includes the selected accounts below before adjusting entries have been prepared.

Investment in note receivable (20,000 debit)

Supplies (24,000 debit)

Prepaid rent (2,600 debit)

Buildings (300,000 debit)

Accumulated depreciation- building (130,000 credit)

Unearned service revenue (11,600 credit)

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

1. The investment in the notes receivable earns interest at rate of 12% per year

2. Supplies on the hand at the end of the month totaled $15,400

3. The balance in prepaid rent represents 4 months of rent costs.

4. Employees were owned $2,900 related to unpaid salaries and wages.

5. Depreciation on buildings is $4,440 per year.

6. During the month the company satisfied obligations worth $4,800 related to the unearned service revenue.

7. Unpaid maintenance and repairs costs were 2,150.

Required - Prepare the adjusting entries at July 31 assuming entries are made monthly?

Reference no: EM133146682

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