Required: 1. Prepare general journal entries to record the preceding transactions. 2. Post to general ledger T-accounts. 3. Prepare a year-end trial balance on a worksheet and complete the worksheet using the following information: (a) accrued salaries at year-end total $1,000. (b) for simplicity, the building and equipment are being depreciated using the straight- line method over an estimated life of 20 years with no residual value. (c) supplies on hand at the end of the year total $600. (d) bad debts expense for the year totals $610; and (e) the income tax rate is 30%; income taxes are payable in the first quarter of 2017.
Required: 1. Prepare general journal entries to record the preceding transactions. 2. Post to general ledger T-accounts. 3. Prepare a year-end trial balance on a worksheet and complete the worksheet using the following information: (a) accrued salaries at year-end total $1,000. (b) for simplicity, the building and equipment are being depreciated using the straight- line method over an estimated life of 20 years with no residual value. (c) supplies on hand at the end of the year total $600. (d) bad debts expense for the year totals $610; and (e) the income tax rate is 30%; income taxes are payable in the first quarter of 2017.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Required:
1. Prepare general journal entries to record the preceding transactions.
2. Post to general ledger T-accounts.
3. Prepare a year-end trial balance on a worksheet and complete the worksheet using the
following information:
(a) accrued salaries at year-end total $1,000.
(b) for simplicity, the building and equipment are being depreciated using the straight-
line method over an estimated life of 20 years with no residual value.
(c) supplies on hand at the end of the year total $600.
(d) bad debts expense for the year totals $610; and
(e) the income tax rate is 30%; income taxes are payable in the first quarter of 2017.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff709ee29-8603-4190-8b5e-80c4acbc1246%2Fdbe95d28-c935-49e2-afe5-ff92257be3ec%2Fz5as58e.jpeg&w=3840&q=75)
Transcribed Image Text:Required:
1. Prepare general journal entries to record the preceding transactions.
2. Post to general ledger T-accounts.
3. Prepare a year-end trial balance on a worksheet and complete the worksheet using the
following information:
(a) accrued salaries at year-end total $1,000.
(b) for simplicity, the building and equipment are being depreciated using the straight-
line method over an estimated life of 20 years with no residual value.
(c) supplies on hand at the end of the year total $600.
(d) bad debts expense for the year totals $610; and
(e) the income tax rate is 30%; income taxes are payable in the first quarter of 2017.
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