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Prepare the required adjusting entry for each situation

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Reference no: EM132739934

Problem 1: Prepare the required adjusting entry for each situation as of December 31, 2018 for (SBAD) Company.

(a) Suppose company had received a $1,800 shipment of supplies in October 2018. When counting the supplies on December 31, 2018, (SBAD) found only $500 worth of supplies on hand.

(b) Suppose (SBAD) had paid $12,000 for six months' rent on September 1, 2018.

(c)Suppose (SBAD) had paid $6,000 for one year's insurance on December 1, 2018.

(d) The (SBAD) company borrowed $12,000 from a local bank with 10% annual interest rate on August 1, 2018. Principal and interest will be paid on July, 31, 2019.

(e) The (SBAD) company calculated its income taxes as $40,000 for the year ended December 31, 2018.

SAMPLE ENTRY FORMAT

Salaries Expense 300

Salaries Payable 300

Reference no: EM132739934

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