Module 6 Homework Use complete sentences, Show and label all work to receive any

Question

Module 6 Homework Use complete sentences, Show and label all work to receive any credit for the homework al Balance is often used to identify events that need adjusting entries. Below is a Trial 4. A Tri Balance as of July 31 Cash n. Determine which of the accounts would require adjustment (i.e. an adjusting entry) at the end of the current one month period for the Cash Inn. Do not attempt to determine the amount of the adjustment, but DO specify the accounts in a General Journal entry that would be required by the adjustment. Include the proper measurement date in creating the entry. , XX, for Les Cash, and his wife Mora. Together they own and operate the Account Dr Cr. Cash $1048 460 840 1200 $140000 Billings Supplies Prepaid Insurance Building Accumulated Depreciation Buildin Land A/P Salary Payable 20000 1000 410 600 3300 102000 6519 16540 Prepaid Reservations Note Payable 15yr Les and Mora Cash Capital Lodging Fees 621 4200 Utility Expense Salary Expense Totals 149369 149369

Explanation / Answer

There should be an adjustment for accumulated depreciation to be charged with building. That is why we can correctly measure the actual value of building.

Journal entry will be :

Accumulated Depreciation A/c .......Dr 20000

To, Building A/c 20000

Actual book value of building will be (140000 -20000) = 120000

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