Reference no: EM132354153

Question

1. The supplies asset account balance December 31st was $4,000. In the supply storeroom, it was determined through a count that only $2,750 of supplies were remaining. Make the adjusting entry for December 31st to reflect this.

2. An insurance policy bought on August 1st, 2014 for $6,000 was to last for four (4) years. What was the adjusting journal entry for May 31st, 2015?

3. Employees are paid $2,400 every two (2) weeks. Make the adjusting entry for June 30th if the last payday was June 23rd.

4. On May 28th the Senior Accountant informs you that approximately 1% of all sales on account this month will likely not be collected. On May 31st sales on account amounted to $15,547. (Stage 1).

5. On December 31, the Accounting Manager decides that all uncollectable accounts should be written off and removed from the accounts receivable ledger. Currently the value of these accounts is $1,750. (Stage 2)

6. Machinery purchased January 1st, 2015 for $49,000 was expected to last for 40 years and would be worth $1,000 at that time. The company is using the straight-line method of amortization. What is the entry for May 31st, 2015?

7. Office Equipment purchased for $30,000 January 1st, 2015 is amortized at the rate of 20% per year. The accumulated amortization up to this point was $500. What is the entry for February 28th, 2015?

8. A truck purchased for $20,000 has accumulated amortization of $6,000 on January 1st and is amortized at a rate of 10%. What's the entry for 6 month period ending June 30th?