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Julli [10]
3 years ago
9

The accounts listed below appeared in the December 31 trial balance of the Savard Theater.

Business
1 answer:
ioda3 years ago
3 0

Answer:

Adjusting journal entries

a) 1 . Debit Depreciation $10500 Credit Accumulated depreciation $10500.

2 . Debit interest expense  $40 , Credit Bank $40

3 . Debit Admission revenue $ 60000, Credit Unearned admission revenue $60000

4. Debit Prepaid expense $1100 , Credit Advertising expense $1100

5. Debit salary $4700, Credit Salary payable ( accrued salary) $4700

Explanation:

Depreciation = (cost - salvage value)/ useful life

it is said that the equipment has a useful life of 16 years at that date (31 Dec) and depreciation needs to be adjusted for the year. Even even that $192000 is Carrying amount it is not depreciable amount we still need to subtract the salvage value hence (192000- 24000)/16 = $10500 Depreciation

interest expense = 90000*8%*72/360 = $1440

The 72 days numerator is arrived at by adding the remaining 11 days in Oct plus full 30 days Nov plus full 31 days Dec. $1400 of interest has already been recorded so in adjusting to the total of $1440 we need to record $40 of interest.

december coupon = 2000*$30 =$60000

if the coupon admission book revenue for december is not included in the trial balance then its journal entry is debit bank $60000 credit unearned revenue $60000

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