Essay
Journalize the adjusting entries needed on December 31,2019 for Kaimann Industries using the following data.Explanations are not required.
A.The balance in the Supplies account before adjustment is $5,000.A physical count reveals $2,750 of supplies on hand at December 31.
B.A computer was purchased on January 1,2019 for $15,000.The computer has a useful life of 3 years and is depreciated using the straight-line method.The computer has no residual value.
C.A one-year insurance policy costing $6,000 was purchased on November 1,2019.The insurance begins on November 1.
D.Employee salaries are owed for 4 days of a regular 5-day work week.Weekly payroll is $15,000.
E.Unearned Maintenance Revenue has a balance of $22,000 before adjustment.Records show that $14,000 of that amount has been earned by December 31.
Correct Answer:
Verified
Correct Answer:
Verified
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