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Selected amounts from Oriole Company's trial balance of 12/31/20 appear below: 1. Accounts Payable 2. 3. 4. Allowance for Doubtful Accounts 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. Accounts Receivable Accumulated Depreciation-Equipment 15. Bonds Payable Cash Common Stock Equipment Prepaid Insurance Interest Expense Inventory Notes Payable (due 6/1/21) Prepaid Rent Retained Earnings Salaries and Wages Expense $128,000 140,900 212,800 25,000 510,500 143,600 64,400 872,400 31,100 9,600 297,500 219,100 249,600 811,500 317,000 (All of the above accounts have their standard or normal debit or credit balance.)

Selected amounts from Oriole Company's trial balance of 12/31/20 appear below: 1. Accounts Payable 2. 3. 4. Allowance for Doubtful Accounts 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. Accounts Receivable Accumulated Depreciation-Equipment 15. Bonds Payable Cash Common Stock Equipment Prepaid Insurance Interest Expense Inventory Notes Payable (due 6/1/21) Prepaid Rent Retained Earnings Salaries and Wages Expense $128,000 140,900 212,800 25,000 510,500 143,600 64,400 872,400 31,100 9,600 297,500 219,100 249,600 811,500 317,000 (All of the above accounts have their standard or normal debit or credit balance.)

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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(a) Prepare adjusting journal entries at year end, December 31, 2020, based on the following supplemental information. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) a. b. C. d. e. No. Account Titles and Explanation a. b. C. d. The equipment has a useful life of 15 years with no salvage value. (Straight-line method being used.) Interest accrued on the bonds payable is $15,315 as of 12/31/20. Prepaid insurance at 12/31/20 is $18,500. The rent payment of $249,600 covered the six months from November 30, 2020 through May 31, 2021. Salaries and wages earned but unpaid at 12/31/20, $23,200. e. Debit Credit
Transcribed Image Text:(a) Prepare adjusting journal entries at year end, December 31, 2020, based on the following supplemental information. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) a. b. C. d. e. No. Account Titles and Explanation a. b. C. d. The equipment has a useful life of 15 years with no salvage value. (Straight-line method being used.) Interest accrued on the bonds payable is $15,315 as of 12/31/20. Prepaid insurance at 12/31/20 is $18,500. The rent payment of $249,600 covered the six months from November 30, 2020 through May 31, 2021. Salaries and wages earned but unpaid at 12/31/20, $23,200. e. Debit Credit
Selected amounts from Oriole Company's trial balance of 12/31/20 appear below: 1. Accounts Payable 2. 3. Accumulated Depreciation-Equipment Allowance for Doubtful Accounts Bonds Payable Cash Common Stock Equipment Prepaid Insurance Interest Expense Inventory Notes Payable (due 6/1/21) Prepaid Rent Retained Earnings Salaries and Wages Expense 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. Accounts Receivable 15. $128,000 140,900 212,800 25,000 510,500 143,600 64,400 872,400 31,100 9,600 297,500 219,100 249,600 811,500 317,000 (All of the above accounts have their standard or normal debit or credit balance.)
Transcribed Image Text:Selected amounts from Oriole Company's trial balance of 12/31/20 appear below: 1. Accounts Payable 2. 3. Accumulated Depreciation-Equipment Allowance for Doubtful Accounts Bonds Payable Cash Common Stock Equipment Prepaid Insurance Interest Expense Inventory Notes Payable (due 6/1/21) Prepaid Rent Retained Earnings Salaries and Wages Expense 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. Accounts Receivable 15. $128,000 140,900 212,800 25,000 510,500 143,600 64,400 872,400 31,100 9,600 297,500 219,100 249,600 811,500 317,000 (All of the above accounts have their standard or normal debit or credit balance.)
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