instructionsa enter the balances in ledger


Instructions

(a) Enter the balances in ledger accounts. Allow five lines for each account.

(b) From the trial balance and the information given below, prepare annual adjusting entries and post to the ledger accounts.

(1) The buildings have an estimated life of 30 years with no salvage value (straight-line method).

(2) The equipment is depreciated at 10% per year.

(3) Insurance expired during the year $3,500.

(4) The rent revenue represents the amount received for 11 months for dining facilities. The December rent has not yet been received.

(5) It is estimated that 12% of the accounts receivable will be uncollectible.

(6) Salaries and wages earned but not paid by December 31, $3,600.

(7)Dues received in advance from members $8,900.

(c) Prepare an adjusted trial balance.

(d) Prepare closing entries and post.

Request for Solution File

Ask an Expert for Answer!!
Accounting Basics: instructionsa enter the balances in ledger
Reference No:- TGS0499731

Expected delivery within 24 Hours