Business, 03.07.2020 19:01, leilaelmazry

The ledger of Tamarisk, Inc. on July 31, 2017, includes the selected accounts below before adjusting entries have been prepared. Debit Credit
Investment in Note Receivable Y Prepaid Rent $12,000
Supplies 23,000
Prepaid Rent 5,800
Buildings 210,000
Accumulated Depreciation-Buildings $140,000
Unearned Service Revenue 10,500

An analysis of the company's accounts shows the following.

1. The investment in the notes receivable earns interest at a rate of 6% per year,
2. Supplies on hand at the end of the month totaled $17,600.
3. The balance in Prepaid Rent represents 4 months of rent costs.
4. Employees were owed $2,900 related to unpaid salaries and wages
5. Depreciation on buildings is $6,000. per year.
6. During the month, the company satisfied obligations worth $4,550 related to the Unearned Services Revenue.
7. Unpaid maintenance and repairs costs were $2,300.

Required:
Prepare the adjusting entries at July 31 assuming that adjusting entries are made monthly.

Answers: 1

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The ledger of Tamarisk, Inc. on July 31, 2017, includes the selected accounts below before adjusting...