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3 years ago

The ledger of Oriole Company on July 31, 2017, includes the selected accounts below before adjusting entries have been.

Business

1 answer:

Katarina [22]3 years ago

4 0

Answer:

July 31 Dr. Cr.

1. Interest Receivable $220

Interest Income $220

2. Cost of Goods Sold $4,100

Supplies $4,100

3. Rent Expense $1,050

Prepaid Rent $1,050

4. Salaries and Wages Expense $3,500

Salaries and Wages Payable $3.500

5. Depreciation $470

Accumulated Depreciation $470

6. Unearned Service Revenue $4,850

Serivce Revenue $4,850

7. Maintainance & repair Exp. $2,150

Maintainance & repair Payable $2,150

Explanation:

Interest Income from Note receivable = $22,000 x 12% x 1/12 = 220

Reduction in supllies will be adjusted in Cost of Goods Sold by $4,100 ( $22,500 - $18,400 ).

Monthly rent accrues = 4,200 / 4 = $1,050

Unpaid salaried are recorded as the Salaries and Wages Payable of $3,500

Depreciation per month = $5,640 / 12 = $470

Service revenue will b recognized and balance is transferred from unearned revenue to service revenue.

Maintenance and repair costs is recorded as as the maintenance and repair payable by $2,150.

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