The following information is available on January 31, 2024. a. Depreciation on the building for the month of January is calculated using the straight-line method. At the time the building was purchased, the company estimated a service life of 10 years and a residual value of $24,400. b. The company estimates additional future uncollectible accounts of $2,252. c. Unpaid salaries at the end of January are $26,200. d. Accrued income taxes at the end of January are $8,100. e. The portion of Notes Payable (long-term) due within the next 12 months is reclassified as Notes Payable (current). The amount of the reclassification is $17,946. 2. Record the adjusting entries on January 31 for the above transactions. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list View journal entry worksheet No 1 Date January 31 General Journal Depreciation Expense Debit Credit 808 Accumulated Depreciation 808 3 January 31 Salaries Expense Salaries Payable 4 January 31 Income Tax Expense Income Tax Payable 26,200 26,200 8,100 8,100 5 10 January 31 Notes Payable (Long-term) 17,946 Notes Payable (Current) 17,946 ·
The following information is available on January 31, 2024. a. Depreciation on the building for the month of January is calculated using the straight-line method. At the time the building was purchased, the company estimated a service life of 10 years and a residual value of $24,400. b. The company estimates additional future uncollectible accounts of $2,252. c. Unpaid salaries at the end of January are $26,200. d. Accrued income taxes at the end of January are $8,100. e. The portion of Notes Payable (long-term) due within the next 12 months is reclassified as Notes Payable (current). The amount of the reclassification is $17,946. 2. Record the adjusting entries on January 31 for the above transactions. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list View journal entry worksheet No 1 Date January 31 General Journal Depreciation Expense Debit Credit 808 Accumulated Depreciation 808 3 January 31 Salaries Expense Salaries Payable 4 January 31 Income Tax Expense Income Tax Payable 26,200 26,200 8,100 8,100 5 10 January 31 Notes Payable (Long-term) 17,946 Notes Payable (Current) 17,946 ·
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
am.111.
Transcribed Image Text:The following information is available on January 31, 2024.
a. Depreciation on the building for the month of January is calculated using the straight-line method. At the time the
building was purchased, the company estimated a service life of 10 years and a residual value of $24,400.
b. The company estimates additional future uncollectible accounts of $2,252.
c. Unpaid salaries at the end of January are $26,200.
d. Accrued income taxes at the end of January are $8,100.
e. The portion of Notes Payable (long-term) due within the next 12 months is reclassified as Notes Payable (current). The
amount of the reclassification is $17,946.
2. Record the adjusting entries on January 31 for the above transactions. (If no entry is required for a particular
transaction/event, select "No Journal Entry Required" in the first account field.)
View transaction list View journal entry worksheet
No
1
Date
January 31
General Journal
Depreciation Expense
Debit
Credit
808
Accumulated Depreciation
808
3
January 31
Salaries Expense
Salaries Payable
4
January 31
Income Tax Expense
Income Tax Payable
26,200
26,200
8,100
8,100
5
10
January 31
Notes Payable (Long-term)
17,946
Notes Payable (Current)
17,946
·
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