Reference no: EM132546421
Question - Adjusting Entries:
1. Toni began the year with supplies of $5,000. During the year, he purchased additional supplies for $5,000. As of December 31st, only $3,500 of supplies were on hand. What adjusting entry should Toni make on December 31?
2. Toni paid $60,000 cash of June 1, 2018 to rent office space for the next 5 years. Toni debited prepaid rent for the full amount. What adjusting entry should Toni make on December 31, 2018?
3. Toni purchased equipment for $50,000. Annual depreciation on the equipment is estimated to be $5,500. The adjusting entry to record depreciation in year 2 would be.
4. Toni has a weekly payroll of $3750 which is paid on Fridays. Assuming a five-day work week and December 31 falls on a Wednesday, what adjusting entry should Toni record?
5. Toni received cash of $18,000 on September 1, 2018 for one year's services in advance and record the transaction with a credit to unearned revenue. What adjusting entry should Toni make at December 31, 2018?
6. On January 31, 2018, Toni borrowed $125,000, 8% loan from JP Morgan Chase Bank. The loan matures in 5 years. Prepare the adjusting entry to accrue the interest on the loan as of December 31, 2018. What are the adjusting entries for the above transactions?
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