Problem - The following list are the adjusting entries for the first month (July 2017) of operations for Reynolds Corporation. Prepare the Adjusting Journal Entries in good form with descriptions.
July 31, 2017 Record the one month of insurance 7/5/2017 paid for three month of insurance $1,890
July 31, 2017 Record one month depreciation for Building Purchased 7/5/2017 (assume 1 month) $720,000
Useful life 30 years assume straight line depreciation. 30 years
July 31, 2017 Record one month depreciation for Furniture.
Purchased 7/6/2017 (assume 1 month) $54,600
Useful life 7 years assume straight line depreciation. 7 years
July 31, 2017 Accrue 5 days of wages earn through July 31st $17,000
July 31, 2017 Supplies on hand at the beginning of the month are $15,000
Purchased additional supplies in July $8,550
An inventory at July 31 show a balance of $13,250
Attachment:- Assignment.rar