90.2K

Verified Solution

Link Copied!

Prepare the adjusting entries at July 31 assuming that adjusting entries are made monthly

a t /courses/22515/assignments/209422 Hwk due June 12th e June 12th Kimmel, Accounting.6 Grace Period: 8 days left I Re BACK Exercise 4-12 The ledger of Tamarisk, Inc on July 31, 2017, includes the selected accounts below before adjusting entries have been prepared. Debit Credit $12,000 23,000 Investment in Note Receivable Y Prepaid Rent 5,800 10,000 Buildings Accumulated Depreciation-Buildings Unearned Service Revenue $140,000 An analysis of the company's accounts shows the following. 1. The investment in the notes receivable earns nterest at a rate of 6% per year, Supplies on hand at the end of the month totaled $7,600 3. The balance in Prepaid Rent represents 4 months of rent costs. 4. Employees were owed $2,900 related to unpaid salaries and wages 5. Depreciation on buildings is $6,000 per year 6. During the month, the company satisfied obligations werth 4.sso related to the Unearmed Services Revenue. 7. Unpaid maintenance and repairs costs were $2,300 Prepare the adjusting entries at July 31 assuming that adjusting entries are made monthly af no entry is required, select "No Entry" for the account tities and enter 0 for the amounts, Credit account eitles are automaticaly indeeted when the amount is entered. Do not indent manually.) No. Date Account Titles and Explanation DOLL F8 5 6 8 9

Answer & Explanation Solved by verified expert

See Answer