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During its first month of operation, the Melvin Plumbing Corporation, which specializes in re completed the following transactions July 1 Began business by making a deposit in a company bank account of $90,000, in for 9,000 shares of $10 par value common stock. July 3 Paid the current month's rent, $5,500 July 5 Paid the premium on a 1-year insurance policy, $4,800 July 7 Purchased supplies on account from Little Company, $900 July 10 Paid employee salaries, $3,300 July 14 Purchased equipment from Lake Company, $11,500. Paid $1,500 down and the placed on account. Payments will be $500.00 per month for 20 months. The first Note: Use accounts payable for the balance due July 15 Received cash for plumbing revenue for the first half of July, $7,700 July 19 Made payment on account to Lake Company, $500 July 31 Received cash for plumbing revenue for the last half of July, $8,505 July 31 Declared and paid cash dividends of $600Explanation / Answer
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MELVIN PLUMBING CORPORATION Adjusting Entries for the month ended July 31 Ref Account Title Debit Credit a Insurance Expense 400 Prepaid Insurance 400 (Expired insurance recorded) b Supplies Expense 525 Supplies 525 (Supplies consumed in July) c Depreciation Expense 175 Acumulated Depreciation 175 (Depreciation for the month) d Income Tax Expense 3200 Income Tax payable 3200 (Income tax for the month recorded)Related Questions
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