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Category > Management Posted 05 Oct 2017 My Price 9.00

Zola Corporation

 

Problem 4-8A Reconstruction of Adjusting Entries from Account Balances

Zola Corporation records adjusting entries each month before preparing monthly financial state- ments. The following selected account balances are taken from its trial balances on June 30, 2014. The ‘‘unadjusted’’ columns set forth the general ledger balances before the adjusting entries were posted. The ‘‘adjusted’’ columns reflect the month-end adjusting entries.

Unadjusted                              Adjusted

 

 

Account Title

Debit

Credit

 

Debit

Credit

Prepaid Rent

$4,000

 

 

$3,000

 

Equipment

9,600

 

 

9,600

 

Accumulated  Depreciation

 

$   800

 

 

$   900

Notes Payable

 

9,600

 

 

9,600

Interest Payable

 

768

 

 

864

Required

1.        The company paid for a six-month lease on April 1, 2014. Reconstruct the adjusting journal entry for rent on June 30, 2014.

2.        What amount was prepaid on April 1, 2014? Explain your answer.

3.        The equipment was purchased on September 30, 2013, for $9,600. Zola uses straight-line depreciation and estimates that the equipment will have no salvage value. Reconstruct the adjusting journal entry for depreciation on June 30, 2014.

4.        What is the equipment’s estimated useful life in months? Explain your answer.

5.        Zola signed a two-year note on September 30, 2013, for the purchase of the equipment. In- terest on the note accrues on a monthly basis and will be paid at maturity along with the principal amount of $9,600. Reconstruct the adjusting journal entry for interest expense on June 30, 2014.

6.        What is the monthly interest rate on the loan? Explain your answer.

 

Answers

Maurice Tutor
(5)
Status NEW Posted 05 Oct 2017 05:10 PM My Price 9.00

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