Make the year end, 12-31-13, general journal adjustments for Macomb Mold Company.
Company only prepares adjustments and financial statements once a year on 12-31.
Here is this information to make the adjustments:
1 During the year the company borrowed money from a bank. Interest will be paid 4-25-14 but accrued int @ 12-31-13 is 375.00
2 On 11-1-13 we were paid 9,000 up front for a job we will finish sometime in 2014. On 12-31-13 this job is 60% completed. The orig. collection was credited to unearned rev. 3 For the year, Depreciation on Machinery is 3,250 and on Office Furniture 1,200 4 At 12-31-13 30% of a 15,000 service was completed but can not be invoiced until March, 2014
5 Company wages are 10,000 a week, paid weekly on Monday for the previous week worked. Assume Dec 31, 2013 fell on aThurday
6 Supplies acct. balance is now 4,820 but an inventory shows on hand 1,140.00
7 On 4-1-13 Company paid for a one yr. liab. insurance policy where coverage begins 4-1-13. Paid and Debited to the acct. Prepaid Insurance 4,200.00