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Q1) Essay Petra industries have fiscal year (FYE) of May 31. Make adjusting entries for 2008 (FYE) based on data given below.

 

a. Balance in office supplies before adjustment is $4,200. Physical count reveals $3,350 of supplies on hand at financial year end.

 

b. Computer was purchased at starting of (FYE) for $23,000. Computer has useful life of 4 years and $3,000 salvage value. Utilize straight line method to compute depreciation.

 

c. Three year insurance policy costing $3,960 was bought on Sept. 1st 2007.

 

d. Employee's salaries are owed for 2 days of regular 5 day work week. Weekly payroll $8,700.

 

e. Unearned Maintenance Revenue has balance of $19,000 before adjustment. Record illustrate that $6,515 of that amount has been earned by FYE.

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  • Category:- Accounting Basics
  • Reference No.:- M916850

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