|
Equipment |
$160,000 |
Unearned Revenues |
$50,000 |
|
Inventory |
$ 95,000 |
Accounts Payable |
$60,000 |
|
Accounts Receivable |
$ 20,000 |
Accumulated Depreciation Equipment |
($30,000) |
|
Building |
$100,000 |
Accumulated Depreciation Bldg |
($50,000) |
|
Cash |
$ 150,000 |
Note Payable |
$140,000 |
|
Supplies |
$ 12,000 |
Capital Stock |
$150,000 |
|
Prepaid Rent |
$ 15,000 |
Retained Earnings, beg. bal. |
$172,000 |
|
Land |
$100,000 |
1. Employee salaries in the amount of $55,000 were incurred for the year. Of that amount, $50,000 had been paid in cash, the remainder was still owed to employees at the end of the year. Record the journal entry necessary at December 31, 2005 to account for both the paid and unpaid portion of salaries.
2. At the end of the year, $5,000 of the supplies remained on hand. Record the adjustment necessary at December 31, 2005.
3. The company paid $20,000 on their accounts payable during the year. Record the entry.
HOW WOULD WE PUT NUMBERS 1, 2 AND 3 IN JOURNAL ENTRIES??? THANKS FOR THE HELP