2,061,000 2,061,000 REQUIREHENT 1 Prepare adjustments based on the information below. (1) Prepare adjustmenting journal entires (2) Post adjustments to the t-accounts. Basic Information is based on the entire year 2020. a. A count of supplies indicated $1,200 remained at year-end b. Wages of S15,000 earned by employees but not paid as of year-end c. Interest on the loan payable incurred but not paid was $500. d. Interest earned on the notes receivable was $1,000. e Income tax was estimated to be $3,000 Moderate: f Amortization of the patent was calculated to be $5,000 g Depreciation expense was calculated to be S20,000 [contra] h Accounts receivable of $4,000 was estimated to be uncollectible [contra]

2,061,000 2,061,000 REQUIREHENT 1 Prepare adjustments based on the information below. (1) Prepare adjustmenting journal entires (2) Post adjustments to the t-accounts. Basic Information is based on the entire year 2020. a. A count of supplies indicated $1,200 remained at year-end b. Wages of S15,000 earned by employees but not paid as of year-end c. Interest on the loan payable incurred but not paid was $500. d. Interest earned on the notes receivable was $1,000. e Income tax was estimated to be $3,000 Moderate: f Amortization of the patent was calculated to be $5,000 g Depreciation expense was calculated to be S20,000 [contra] h Accounts receivable of $4,000 was estimated to be uncollectible [contra]

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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