post the journal entries and the end of year adjustment entriesDuring the fiscal year 2021 the company made the following transactions:4. The company discounted € 10,000 bills, collecting € 9,500, which were deposited in thecompany's current account.5. Equipment of the company with an acquisition cost of € 6,000 and accumulated depreciation of €1,000 (until 01/01/2021) was destroyed on 01/11/2021 and the insurance company recognized 40%,which it will pay in the future. The annual depreciation rate is 20%.6. The company proceeded to the liquidation of securities with a nominal value of € 15,000 insteadof € 17,000. The proceeds of the liquidation were deposited in the current account.7. A client of the company to whom a temporary credit had been granted for an amount of € 10,000,paid off 50% of his debt by paying cash, while for the remaining amount bills were signed (2 monthsand maturing within the year) to which interest of € 500 was added.8. The company prepaid rents of € 6,000.During the census of 31/12/2021 the following were found:1. The final stock of fuel and packaging materials amounts to € 14,000 and € 8,500 respectively.2. Depreciation of fixed assets amounts to € 2,700.3. The building insurance premiums for the month of December amounted to € 2,000.4. The pre-collection of rents took place on 1/12/2021 and concerned three-month rents.5. For the long-term loan received by the company (01/03/2021), the interest calculated at an annualinterest rate of 6% was calculated, and which will be repaid at the end of the loan.

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4. The company discounted € 10,000 bills, collecting € 9,500, which were deposited in the company's current account. 5. Equipment of the company with an acquisition cost of € 6,000 and accumulated depreciation of € 1,000 (until 01/01/2021) was destroyed on 01/11/2021 and the insurance company recognized 40%, which it will pay in the future. The annual depreciation rate is 20%. 6. The company proceeded to the liquidation of securities with a nominal value of € 15,000 instead of € 17,000. The proceeds of the liquidation were deposited in the current account.

4. The company discounted € 10,000 bills, collecting € 9,500, which were deposited in the company's current account. 5. Equipment of the company with an acquisition cost of € 6,000 and accumulated depreciation of € 1,000 (until 01/01/2021) was destroyed on 01/11/2021 and the insurance company recognized 40%, which it will pay in the future. The annual depreciation rate is 20%. 6. The company proceeded to the liquidation of securities with a nominal value of € 15,000 instead of € 17,000. The proceeds of the liquidation were deposited in the current account.

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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