hi , i need help in my accounting home work Exercise: 4 Selected


Question Description:

25

hi , i need help in my accounting  home work Exercise: 4 Selected transactions for Rosewood Industries are presented below. The fiscal year end for the company is April 30. Net income prior to these adjustments is $43,670. a. The company had purchased a 2-year insurance policy for $2,400 on January 1 and debited the prepaid insurance account. b. Depreciation on equipment for the month was $600. c. The company borrowed $15,000 on February 1 at 12% interest. Principal and interest are due on February 1 of the following year. d. The unadjusted trial balance showed a balance in Supplies of $2,650. A month-end inventory showed $900 on hand. e. The company loaned $8,000 to a customer on April 1. The note has an annual interest rate of 12% and is due along with accrued interest on March 31 of the following year. e. Employees had earned $5,600 in salaries as of April 30. These salaries will be paid on May 3. f. The unadjusted trial balance showed unearned revenues of $7,200. During April, $1,200 of these revenues were earned. Required: Prepare the necessary adjusting entries for Rosewood Industries as of April 30. arwaghandourah
posted a question · Apr 04, 2016 at 4:14pm

Answer

25