The following information is available for Stake Technology Inc. on June 30 for the month...
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Accounting
The following information is available for Stake Technology Inc. on June 30 for the month just ended. a. Of the rent paid to Stake Technology Inc. in advance, $1,000 has been earned. b. A review of the $14,000 unadjusted balance in the prepaid insurance account shows a remaining balance of $9,100 at the end of the month. c. The monthly depreciation on the furniture is $410. d. The estimated monthly depreciation on the building is $110. e. Interest of $70 has accrued on a note payable but is unrecorded. Prepare the required adjusting entries at June 30, 2014. Enter the transaction letter as the description when entering the transactions in the journal. Dates must be entered in the format dd/mmm (i.e., January 15 would be 15/Jan). For each journal entry, indicate how each account affects the balance sheet (Assets, Liabilities, Equity). Use + for increase and - for decrease. For example, if an account decreases equity, choose '-Equity'. General Journal Page GJS Effect On Date Account/Explanation F Debit Credit Balance Sheet + - + - + - +-1 +
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