Thursday
August 28, 2014

Homework Help: Accounting Concepts

Posted by Brenda on Saturday, August 8, 2009 at 8:59pm.

To close the accounting cycle for Joe Smith's business, complete the following:


Journalize and post the adjusting entries for Joe's business. Make the following adjusting entries: (Note: you may need to create additional ledger accounts)
Adjustment for expired insurance
Adjustment for office supplies used (note: a physical inventory of supplies on Nov 30 showed $35 worth of supplies)
Adjustment for depreciation on the tools, reference materials, and truck used for the business. To keep things simple, Joe will use the straight-line depreciation method. The tools and reference materials are expected to have a useful life of 10 years. The tools are expected to have a salvage value of $50 at the end of 10 years. The reference materials are not expected to have a salvage value. The truck is expected to last 5 years and to have a salvage value of $2,500. (note: use individual depreciation accounts for each type of asset 3 different accounts)
Adjustment for accrued interest on the truck loan. The annual interest rate on the loan is 6%.
Journalize and post the closing entries.
Prepare a post-closing trial balance.
Prepare the financial statements (income statement, statement of owner's equity, and balance sheet) for the first three months

Note: I have the first part of this assignment saved on my excel files I am just not understanding this part of it.

Answer this Question

First Name:
School Subject:
Answer:

Related Questions

Accounting - This is in regards to adjusting entries. If I own a hotel and In ...
college princ. of accounting II - Prepare the adjusting entries at March 31, ...
accounting - List the following steps of the accounting cycle in their proper ...
accounting - List the following steps of the accounting cycle in their proper ...
accounting - how do i record adjusting and closing entries for a service ...
Accounting - On June 1, Coble Company Ltd. borrows $64,000 from First Bank on a ...
accounting - This is the question: "Use page 3 of the journal. Jornalize and ...
Accounting - It is stand accounting procedures, or GAAP, to make an adjusting ...
accounting - E4-19 On December 31, the adjusted trial balance of Oslo Employment...
acct. correction - can someone correct these for me thanks. for the accounting ...

Search
Members