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FINANCIAL ACCOUNTING
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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Prepare adjusting journal entries for the following. (Credit account titles are automatically indented when amount is ent indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts.) 1. Bad debt expense is estimated to be €1,319. 2. Equipment is depreciated based on a 7-year life (no residual value). 3. Insurance expired during the year €2,351. 4. Interest accrued on notes payable €3,261. 5. Salaries and wages earned but not paid €2,461. 6. Advertising paid in advance €638, charged to advertising expense when paid. 7. Office supplies on hand €1,570, charged to Office Expense when purchased.
Transcribed Image Text:Prepare adjusting journal entries for the following. (Credit account titles are automatically indented when amount is ent indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts.) 1. Bad debt expense is estimated to be €1,319. 2. Equipment is depreciated based on a 7-year life (no residual value). 3. Insurance expired during the year €2,351. 4. Interest accrued on notes payable €3,261. 5. Salaries and wages earned but not paid €2,461. 6. Advertising paid in advance €638, charged to advertising expense when paid. 7. Office supplies on hand €1,570, charged to Office Expense when purchased.
Cash €18,800 Accounts Receivable 35,800 Allowance for Doubtful ACcounts €638 Inventory, December 31 84,850 Prepaid Insurance 6,860 Equipment 91,000 Accumulated Depreciation-Equipment 36,650 Notes Payable 29,280 Share Capital-Ordinary 80,329 Retained Earnings 9,970 Sales Revenue 635,513 Cost of Goods Sold 419,500 Salaries and Wages Expense 124,210 Advertising Expense 6,730 Office Expense 4,630 €792,380 €792,380
Transcribed Image Text:Cash €18,800 Accounts Receivable 35,800 Allowance for Doubtful ACcounts €638 Inventory, December 31 84,850 Prepaid Insurance 6,860 Equipment 91,000 Accumulated Depreciation-Equipment 36,650 Notes Payable 29,280 Share Capital-Ordinary 80,329 Retained Earnings 9,970 Sales Revenue 635,513 Cost of Goods Sold 419,500 Salaries and Wages Expense 124,210 Advertising Expense 6,730 Office Expense 4,630 €792,380 €792,380
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