Prepare the following adjusting entries as of 9/30/21: 1 Depreciation using the straight-line method, full month: a. 9/3 Equipment has a useful life of 5 years; no salvage. b. 9/3 Building has a useful life of 10 years; 600 salvage. c. 9/10 Equipment has a useful life of 5 years; no salvage 2 The note payable is a 90-day note given to the bank September 6, 2021 and bearing interest at 8% (use 360 days for denominator to compute prorated interest for the month). Prorate interest for the month. 3 50 coupons were redeemed during September for either a round of miniature golf, or for a bucket of balls. 4 Salaries accrued but unpaid were $375. 5 Of the supplies purchased on 9/6, 1/3 had been used. 6 One month of insurance had expired. 7 Three Oaks will need to bill for a birthday party held on 9/30 for $300. 8 Maintenance expense for the month of September is estimated to be $975. General Journal Date Account Titles Debit Credit 9/30 9/30 9/30 9/30 9/30 9/30 9/30 9/30

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 the following adjusting entries as of 9/30/21:

1	Depreciation using the straight-line method, full month:
	a. 9/3 Equipment has a useful life of 5 years; no salvage.
	b. 9/3 Building has a useful life of 10 years; 600 salvage.
	c. 9/10 Equipment has a useful life of 5 years; no salvage

2	The note payable is a 90-day note given to the bank September 6, 2021 and
	bearing interest at 8% (use 360 days for denominator to compute prorated interest for the month).
	Prorate interest for the month.

3	50 coupons were redeemed during September for either a round of miniature
	golf, or for a bucket of balls.

4	Salaries accrued but unpaid were $375.

5	Of the supplies purchased on 9/6, 1/3 had been used.

6	One month of insurance had expired.

7	Three Oaks will need to bill for a birthday party held on 9/30 for $300.

8	Maintenance expense for the month of September is estimated to be $975.

	General Journal


Date	Account Titles	Debit	Credit
9/30


9/30


9/30


9/30


9/30


9/30


9/30


9/30

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