The writer is very fast, professional and responded to the review request fast also. Thank you.
a.-b. Merchandise Inventory, before adjustment, has a balance of $6,900. The newly counted inventory balance is $7,400
c. Unearned Seminar Fees has a balance of $5,400, representing prepayment by customers for five seminars to be conducted in June, July, and August 2019. Two seminars had been conducted by June 30, 2019.
d. Prepaid Insurance has a balance of $8,400 for six months’ insurance paid in advance on May 1, 2019.
e. Store equipment costing $11,480 was purchased on March 31, 2019. It has a salvage value of $440 and a useful life of four years.
f. Employees have earned $190 that has not been paid at June 30, 2019.
g. The employer owes the following taxes on wages not paid at June 30, 2019: SUTA, $5.70; FUTA, $1.14; Medicare, $2.76; and social security, $11.78.
h. Management estimates uncollectible accounts expense at 1 percent of sales. This year’s sales were $1,400,000.
i. Prepaid Rent has a balance of $5,700 for six months’ rent paid in advance on March 1, 2019.
j. The Supplies account in the general ledger has a balance of $340. A count of supplies on hand at June 30, 2019, indicated $120 of supplies remain.
k.The company borrowed $12,500 from First Bank on June 1, 2019, and issued a four-month note. The note bears interest at 12 percent.
Required:
Based on the information above, record the adjusting journal entries that must be made for Sufen Consulting on June 30, 2019. The company has a June 30 fiscal year-end.
Analyze:
After all adjusting entries have been journalized and posted, what is the balance of the Prepaid Rent account?
Based on the above information, record the adjusting journal entries that must be made for Sufen Consulting on June 30, 2019. The company has a June 30 fiscal year-end. (Round your final answers to 2 decimal places.)
Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.
You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.
Read moreEach paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.
Read moreThanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.
Read moreYour email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.
Read moreBy sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.
Read more