(Answered) Problem - the following list are the adjusting entries for

Accounting

Problem - The following list are the adjusting entries for the first month (July 2017) of operations for Reynolds Corporation. Prepare the Adjusting Journal Entries in good form with descriptions.

July 31, 2017 Record the one month of insurance 7/5/2017 paid for three month of insurance $1,890

July 31, 2017 Record one month depreciation for Building Purchased 7/5/2017 (assume 1 month) $720,000

Useful life 30 years assume straight line depreciation. 30 years

July 31, 2017 Record one month depreciation for Furniture.

Purchased 7/6/2017 (assume 1 month) $54,600

Useful life 7 years assume straight line depreciation. 7 years

July 31, 2017 Accrue 5 days of wages earn through July 31^st $17,000

July 31, 2017 Supplies on hand at the beginning of the month are $15,000

Purchased additional supplies in July $8,550

An inventory at July 31 show a balance of $13,250

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