C 24 Problem # 1- Prepare adjusting journal entries on 6/30 for the month of June. 1) Purchased $3,000 of supplies of 6/3, $1,150 supplies left on hand on 6/30. 2) Purchased 1 year insurance policy on 6/1 for $1,800. 3) Agreed to provide 3 weeks of service beginning on 6/23, will complete the work on 7/14 and will collect $4,500 upon completion. 4) Company pays salaries of $5,000 every Friday, 6/30 falls on a Tuesday. 5) Company signed a $10,000 6 month 4% note payable on 6/1. 6) Company received a $2,000 cash advance on 6/16 for four weeks of service. 7) Company purchased $24,000 machine on 6/1, estimated life 10 years.
C 24 Problem # 1- Prepare adjusting journal entries on 6/30 for the month of June. 1) Purchased $3,000 of supplies of 6/3, $1,150 supplies left on hand on 6/30. 2) Purchased 1 year insurance policy on 6/1 for $1,800. 3) Agreed to provide 3 weeks of service beginning on 6/23, will complete the work on 7/14 and will collect $4,500 upon completion. 4) Company pays salaries of $5,000 every Friday, 6/30 falls on a Tuesday. 5) Company signed a $10,000 6 month 4% note payable on 6/1. 6) Company received a $2,000 cash advance on 6/16 for four weeks of service. 7) Company purchased $24,000 machine on 6/1, estimated life 10 years.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Can you help me with this, I dont understant very well. Thank you.
Transcribed Image Text:- abe X, x?
A
Styles Styles
Pane
Paste
BIU
C 24
Problem #1- Prepare adjusting journal entries on 6/30 for the month of June.
1) Purchased $3,000 of supplies of 6/3, $1,150 supplies left on hand on 6/30.
2) Purchased 1 year insurance policy on 6/1 for $1,800.
3) Agreed to provide 3 weeks of service beginning on 6/23, will complete the
work on 7/14 and will collect $4,500 upon completion.
4) Company pays salaries of $5,000 every Friday, 6/30 falls on a Tuesday.
5) Company signed a $10,000 6 month 4% note payable on 6/1.
6) Company received a $2,000 cash advance on 6/16 for four weeks of service.
7) Company purchased $24,000 machine on 6/1, estimated life 10 years.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps with 1 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education