can you give me the correct answer? Late year, a company paid $15,000 for a 16 m

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can you give me the correct answer?

Late year, a company paid $15,000 for a 16 month business Insurance policy. The required adjusting journal entry was made at the end of last year. During the current year, it was determined that $12,000 9f 5the Insurance was used up. What entry will be needed to adjust the account? Annual statements are prepared. Employees are paid on Fridays for a Monday to Friday work week. Our year end is on a Tuesday. Salaries earned but not paid to employees are $50,000 per day. Record the adjustment needed to complete the financial statements for the year. Prepare the journal entry to close the Interest Expense Account which has a $567 adjusted balance at the end of the accounting period. Prepare an entry to close INCOME SUMMATY for a company with $91,500 of net income. Made a cash sale of 5 units to a customer for $100 per unit. Cost was determined to be $66 per unit. Perpetual inventory method is used. Purchased %5,000 of inventory on account, terms net 30 days, from a supplier. Also freight cost was paid directly to the trucker of $160 in cash. Perpetual method is used. Record both the purchase on account and the freight cash payment. Returned inventory to supplier which had a cost of $256. The supplier credited our account. Perpetual inventory method is used. Granted a customer $130 credit for items returned which had a cost to us of $80. Perpetual inventory method is used

Explanation / Answer

j Insurance payable A/c Dr 15000        To Cash A/c 15000 ( Being cash paid to out standing insurance ) k Salary A/c Dr 50000           To Salary payable A/c 50000 ( Being Provision for outstanding salary ) l Interest exp A/C Dr 567            To Vendor A/c 567 ( Being outstanding interest adjusted ) m Income summary A/c Dr 91500            To Drowings / Share Holder A/c 91500 ( Being income distributed ) n Cash A/c Dr 500             To Sales A/c 500 ( Being cash sales 5 Unit @ 100 Rs each ) o Goods A/c Dr 5000          To Supplier A/c 5000 ( Being credit purchase accounted ) p Purchase return A/c Dr 256               To Goods A/c 256 ( Being goods return to Supplier ) q Goods A/c Dr 80              To Creditor A/c 80 ( Being sales return accounted )

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