The ledger of Vaughn Lake Lumber Supply on July 31, 2022, includes the selected accounts below before adjusting entries have prepared. Debit Credit Notes Payable $19.200 Supplies $24,000 Prepaid Rent 3,700 Buildings 258,000 Accumulated Depreciation-Buildings 147,000 Unearned Service Revenue 11,000 An analysis of the company's accounts shows the following.

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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Date
Account Titles and Explanation
Debit
Credit
July 31
(To recard interest used)
July 31
(To recard supplios used)
July 31
(To recurd rent used)
July 31
(To record accrued salaries and wages)
July 31
(To record monthly depreciation)
July 31
Transcribed Image Text:Date Account Titles and Explanation Debit Credit July 31 (To recard interest used) July 31 (To recard supplios used) July 31 (To recurd rent used) July 31 (To record accrued salaries and wages) July 31 (To record monthly depreciation) July 31
The ledger of Vaughn Lake Lumber Supply on July 31, 2022, includes the selected accounts below before adjusting entries have been
prepared.
Debit
Credit
Notes Payable
$19.200
Supplies
$24,000
Prepaid Rent
3,700
Buildings
258,000
Accumulated Depreciation-Buildings
147,000
Unearned Service Revenue
11,000
An analysis of the company's accounts shows the following.
The notes payable pays interest at a rate of 5% per year.
2.
Supplies on hand at the end of the month totaled $18,300.
3.
The balance in Prepaid Rent represents 4 months of rent costs.
4.
Employees were owed $3,200 related to unpaid salaries and wages.
5.
Depreciation on buildings is $4,320 per year.
6.
During the month, the company satisfied obligations worth $4,800 related to the Unearned Services Revenue.
7.
Unpaid maintenance and repatrs costs were52,000.
Transcribed Image Text:The ledger of Vaughn Lake Lumber Supply on July 31, 2022, includes the selected accounts below before adjusting entries have been prepared. Debit Credit Notes Payable $19.200 Supplies $24,000 Prepaid Rent 3,700 Buildings 258,000 Accumulated Depreciation-Buildings 147,000 Unearned Service Revenue 11,000 An analysis of the company's accounts shows the following. The notes payable pays interest at a rate of 5% per year. 2. Supplies on hand at the end of the month totaled $18,300. 3. The balance in Prepaid Rent represents 4 months of rent costs. 4. Employees were owed $3,200 related to unpaid salaries and wages. 5. Depreciation on buildings is $4,320 per year. 6. During the month, the company satisfied obligations worth $4,800 related to the Unearned Services Revenue. 7. Unpaid maintenance and repatrs costs were52,000.
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