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Question: Requirements: A. Record adjusting entries on December 31.

B. Post all adjusting entries to T-accounts.

C. Prepare an adjusted trial balance at December 31, 2018.

Adjusting entries: The following information relates to adjusting entries as of December 31, 2018.

12/31 Depreciation of the mountain bikes purchased on July 8 and kayaks purchased on August 4 totals $8,000.

12/31 Six months' worth of insurance has expired.

12/31 Four months' worth of rent has expired.

12/31 Of the $1,800 of office supplies purchased on July 4, $300 remains on hand.

12/31 Interest expense on the $30,000 loan obtained from the city council should be recorded.

12/31 Of the $2,800 of racing supplies purchased on December 12, $200 remains on hand.

12/31 Suzie calculates that the company owes $14,000 in income taxes.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92574339

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