cep #6 Record the necessary adjusting entries at end of A Depreciation on the ma

Question

cep #6 Record the necessary adjusting entries at end of A Depreciation on the machines for the year is $9,000 2018 and post to T-accounts. Assets 2018 net income with credits, with detbits) e with debits,- with credits) Shareholders equity with credits) +with credits +with credits, - with debits) with debits) Common Retained 12-31-18 adjusting entry: Dr. B. Salaries earned by employees at the end of 2018 to be paid in January, 2019 are $3,000 Liabilities Shareholders' equity 2018 net income + with debits with credits) + with credits+with credits,- with debits) Revenues- -with debits) Common Retained Sock (e with credits, - with debils) Expenses ( with debils,-with credits) 12-31-18 adjusting entry: Dr. Cr. C. Recorded interest owed on $30,000, 5-year, 9% note issued on September 1, Interest payable annually: paid on September 1.2019. ghareholidens equly 2018 net Incoma Liabilities + with debits +with credits+with credits, -with debits) -with credits) 2018 net income Revenues- (e with credits, -with debits) -with debits) Common Stock Retained with debits,-with credits) 12-31-18 adjusting entry: Dr.

Explanation / Answer

Assets Liabilities Shareholders Equity CommonStock Retained Earnings 2018 Net income A ($9,000) ($9,000) ($9,000) B $3,000 ($3,000) ($3,000) C $900 ($900) ($900) D ($15,000) ($15,000) ($15,000) E ($6,000) ($6,000) ($6,000) F $1,700 ($$1,700) ($1,700) ADJUSTING ENTRIES Ref Account Debit Credit A Depreciation expense $9,000 Accumulated Depreciation $9,000 B Wage expense $3,000 Wages Payable $3,000 900 C Interest expense $900 (0.09*30000)*(4/12) Interest payable $900 D Insurance expense $15,000 (18000*(10/12) 15000 Prepaid Insurance $15,000 E Supples Expense $6,000 Supplies balance not mentioned Supplies $6,000 Assume Supplies balance=$10,000 F Utilities expense $1,700 Accrued expense $1,700

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