Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Management Posted 04 May 2018 My Price 6.00

Inaknot Insurance Corp


The unadjusted trial balance of Inaknot Insurance Corp. includes the following account balances at December 31, 2016, its fiscal year-end. Assume all accounts have normal debit or credit balances.

 

The following information is available:

a. A physical count indicates that $200 of supplies have not been used at December 31.

b. The prepaid insurance consists of a one-year policy, effective October 1.

c. The truck was purchased on July 1; it is expected to have a useful life of 6 years. No depreciation has been recorded during the year.

d. The unearned commission revenue at December 31 is $7,500.

e. Two days of salary amounting to $200 remain unpaid and unrecorded at December 31; the amounts will be included with the] next Friday’s payment, which will be in January.

f. Rental revenue of $300 has not yet been received for a sublet of part of a warehouse for 2 weeks during December.

g. A $300 bill for December advertizing has not yet been recorded. Required: Prepare all necessary adjusting entries at December 31, 2016. General ledger account numbers and descriptions are not necessary.

 

Answers

Maurice Tutor
(5)
Status NEW Posted 04 May 2018 05:05 PM My Price 6.00

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