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wariber [46]
2 years ago
13

At the end of May, the following adjustment data were assembled.

Business
1 answer:
777dan777 [17]2 years ago
7 0

Answer and Explanation:

The adjusting entries are as follows:

a.  Insurance expense $275  

            To Prepaid insurance $275

(To record the insurance expense)

b.  Supplies expense $785 ($1,500 - $715)

            To Supplies $785

(To record the supplies expense)

We assume the balance of supplies before adjustment is $1,500

c. Depreciation - office equipment $330

          To Accumulated depreciation $330

( To record the depreciation expense)

d. Salary Dr $325

        To Accrued salary $325

(To record  the accrued salary)

e.  Rent expense $1,600  

           To Prepaid rent $1,600

(To record the rent expense )

f. Unearned fees $790  

          To Fees revenue $790

(To record the unearned fees is recorded)  

We assume the balance of unearned fees before adjustment is $4,000

Therefore, $790 is arrive from

= $4,000 - $3,210

= $790

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Kristen Lu purchased a second user automobile for 8,000 at the start of last year and incurred the subsequent operatingcosts:8,000atthebeginningoflastyearandincurredthefollowingoperatingcosts ($8,000 ÷5 years) Insurance Garage rent Automobile tax and license Variable operating cost​$ 1.600 $ 1.200 $ 360 $ 40 $ 0.14 per mile​$The variable expense consists of gasoline, oil, tires, maintenance, and repairs. therefore the annual straight-line depreciation is$1,600.

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