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    Argosy University/ Phoniex University/
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    Phoniex University
    Oct-2001 - Nov-2016

Category > Management Posted 10 Oct 2017 My Price 9.00

Taggart Corp

Reconstruction of Adjusting Entries from Account Balances

 

Taggart Corp. records adjusting entries each month before preparing monthly financial statements.

 

The following selected account balances are taken from its trial balances on June 30, 2008.

 

The “unadjusted” columns set forth the general ledger balances before the adjusting entries were

 

posted. The “adjusted” columns reflect the month-end adjusting entries.

 

 

Required

 

1. The company purchased a 36-month insurance policy on June 1, 2007 . Reconstruct the adjusting

 

journal entry for insurance on June 30, 2008.

 

2. What was the original cost of the insurance policy? Explain your answer.

 

3. The equipment was purchased on February 1, 2007, for $9,600. Taggart uses straight-line

 

depreciation and estimates that the equipment will have no salvage value. Reconstruct the

 

adjusting journal entry for depreciation on June 30, 2008.

 

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

 

5. Taggart signed a two-year note payable on February 1, 2007, for the purchase of the equipment.

 

Interest 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 on June 30,

 

2008.

 

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

 

 

 

 

 

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Maurice Tutor
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Status NEW Posted 10 Oct 2017 02:10 PM My Price 9.00

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