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ioda
3 years ago
10

[The following information applies to the questions displayed below.]

Business
1 answer:
Sunny_sXe [5.5K]3 years ago
5 0

Answer:

Since the requirements are missing, I believe that you need the adjusting entries:

1. Depreciation on the equipment for the month of January is calculated using the straight-line method.

Dr Depreciation expense 375 ($18,000/4 x 1/12)

    Cr Accumulated depreciation, equipment 375

2. At the end of January, $3,500 of accounts receivable are past due, and the company estimates that 50% of these accounts will not be collected. Of the remaining accounts receivable, the company estimates that 2% will not be collected. The note receivable of $18,000 is considered fully collectible and therefore is not included in the estimate of uncollectible accounts.

Dr Bad debt expense 6,250

    Cr Allowance for doubtful accounts 6,250

3. Accrued interest revenue on notes receivable for January.

Dr Interest receivable 75 ($18,000 x 5% x 1/12)

    Cr Interest revenue 75

4. Unpaid salaries at the end of January are $33,100.

Dr Salaries expense 33,100

    Cr Salaries payable 33,100

5. Accrued income taxes at the end of January are $9,500

Dr Income tax expense 9,500

    Cr Income tax payable 9,500

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Answer:

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a. DATE          DESCRIPTION                    DEBIT        CREDIT

Dec 31         Depreciation Expenses        $7,000

2018            Accumulated Expenses                             $7,000

                 (Record depreciation on equipment )

b. DATE          DESCRIPTION                    DEBIT        CREDIT

Dec 31         Salary expenses                   $3,400

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c. DATE          DESCRIPTION                    DEBIT        CREDIT

Dec 31            Interest receivables            $660

2018               (12,000 * 6% * 11/12)

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d. DATE          DESCRIPTION                    DEBIT        CREDIT

Dec 31           Insurance Expenses             $11,250

2018              (15,000 * 9/12)

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e. DATE          DESCRIPTION                    DEBIT        CREDIT

Dec 31.           Supplies Expenses               $1,500

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f. DATE          DESCRIPTION                    DEBIT        CREDIT

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