Reference no: EM131266489
The following information relates to the Victoria Company at the end of 2017. The accounting period is the calendar year.
1. Employees are paid every Friday for the five-day week ending on that day. Salaries amount to $4,000 per week. The accounting period ends on a Tuesday.
2. A note for $5,000 was received from a customer in a sales transaction on April 1, 2017. The note matures in one year and bears 8% interest.
3. On September 1, 2017, Victoria borrowed $10,000 cash by signing a note payable due in one year at 6% interest.
4. The supplies inventory on January 1, 2017 was $9,350. Supplies costing $24,150 were acquired during the year and charged to the supplies inventory. A count on December 31, 2017 indicated supplies on hand of $8,810.
5. On April 30, a ten-month, 6% note for $30,000 was received from a customer.
6. On May 1, $20,000 was collected as rent for one year and a nominal account was credited.
Instructions
Using the information given above, prepare the necessary adjusting entries at December 31, 2017.
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