Reference no: EM132559857

Questions - Read the detail for each question to determine whether the adjusting entry is covering one month, one year, or a different period of time. Please use general journal.

Q1) Jim's Towing purchased a new truck on January 1, 2020 for $35,000. Depreciation is calculated every 6 months and the annual rate is 20%. What would the entry be for December 31, 2020?

Q2) Donna's Feed & Seed has a tractor that cost $47,000 when it was purchased. It depreciates 30% annually using the declining balance method. As of April 30, the accumulated depreciation was $23,970. What would the monthly adjusting entry be for May 31?

Q3) Nick's Pizza purchased a building to use as a restaurant in 2017. It was purchased for $120,000 and is expected to last 50 years with no salvage value. Depreciation is recorded annually in December is calculated using the straight-line method. What would the adjusting entry be for December 31, 2018?

Q4) David's Renovations purchased a piece of construction equipment in January 2020 for $85,000. The annual depreciation rate is 25% and is recorded on a monthly basis using the declining balance method. The accumulated depreciation is $3505. What would the adjusting entry be for March 2020?

Q5) Blake's Consulting purchased a 3-year insurance policy for $3600 in September 2019. The company completed adjusting entries monthly. What would the adjusting entry for March 2020 be?

Q6) Slinky's Toys prepaid 6 months of rent for $4200 in January 2020. The business completed adjusting entries on a monthly basis. What would the adjusting entry be for March 2020?

Q7) Harley's Suit Rental had $3500 in supplies on the April 2019 balance sheet. Supplies were counted at the end of May and totaled $2800. What would the May 31 adjusting entry be?

Q8) Rodney's Pool Company secured a $15,000 bank loan with an annual interest rate of 8% in January 2020. The business completes adjusting entries monthly. What would the adjusting entry for March 2020 be?

Q9) Stanley's Painting Service had 3 employees work 4 days at the end of February that will be paid in March. Each staff member makes $200 per day. What would the adjusting entry for February be?

Q10) Heinz Structural Design has a monthly utilities bill of $140 that is regularly received after the month has ended. What would the adjusting entry be for February 2020?