On December 1, 2014, Boline Distributing Company had the following account balan

Question

On December 1, 2014, Boline Distributing Company had the following account balances.

Debit

Credit

During December, the company completed the following summary transactions.

Adjustment data:

Journalize the adjusting entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

No.

Account Titles and Explanation

Debit

Credit

THEN POST TO A T ACCOUNT

Debit

Credit

Cash $7,430 Accumulated Depreciation—Equipment $2,607 Accounts Receivable 4,600 Accounts Payable 4,870 Inventory 12,370 Salaries and Wages Payable 1,040 Supplies 1,280 Common Stock 14,920 Equipment 26,070 Retained Earnings 28,313 $51,750 $51,750

Explanation / Answer

The adjusting journal entry for accrued salaries Payable is:

Dr Salaries Expense 760
Dr Salaries Payable 760

( For salaries accrued credited to liability account)

Depreciation account debit ( 237 * 12) 2,844

Acumulated epreciation account credit 2,844

3) Supplies on hand $1,600.

Supplies expense account debit $1,300

To Supplies $1,300

4)

Income etax expenses account debit $160

To incom tax payable $160

2. Depreciation $237 per month.

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