I have 9 entries I have to create adjusting entries for. 1. One of the company’s liability is a mortgage…

I have 9 entries I have to create adjusting entries for.
1. One of the company’s liability is a mortgage payable in the amount of $520,000. On June 30, the accrued intereston this mortgage was $26,000.
2. On Friday, July 2, the company, which is on a five day work week and pays employees weekly, will pay its regular salaried employees $37,400.
3.On June 29, the company completed negotiations and signed a contract to provide services to a new client at an annual rate of $14,400.
4. The supplies account shows a beginning balance of $3,230 and puchases during the year of $8,230. The end of year inventory reveals supplies on hand of $2,636.
5. The prepaid Insurance account shows the following entries on June 30: Beginning Balance $3240, January 1 $5800, May 1 $6732, the beginning balance represents the unexpired portion of a one year policy purchased a year ago. The January 1 entry represents a new one year policy;May 1 entry represents the additional coverage of a three year policy.
6.The following table contains the cost and annual depreciation for buildings and equipment, all of which were purchased before the current year: Buildings- Cost-$340,000 Annual Depreciation-$14600 and Equipment cost-$436000 annual depreciation $41300.
7.On June 1, the company completed negotiations with another client and accepted a payment of $43,200,representing one years service paid in advance. The $43,200was credited to service collected in advance.
8.The company calculates that as of June 30, it has earned $9,000on a $15,000 contract that will be completed and billed in august.
9.Federal income taxes for the year are estimated to be $ 12,600.

 

Business & Finance homework help

Save your time - order a paper!

Get your paper written from scratch within the tight deadline. Our service is a reliable solution to all your troubles. Place an order on any task and we will take care of it. You won’t have to worry about the quality and deadlines

Order Paper Now