Prepare the required end-of-period adjusting journal entries for each of the
following independent transactions. Each transaction will have a different
accounting period.
No.
Accounting Transactions
Transactions
West Lake Company has a calendar year-end accounting period. On
August 1, the company purchased equipment for $22,500 cash. It is.
estimated that the equipment will depreciate $375 each month. No
adjusting entry has been made until year end.
2.
1. (Hint: Calendar year-end accounting period means the company will
record adjusting entries at the end of the year on December 31st.
Question is NOT asking you to record the transaction that took place
on August 1st. You need to record depreciation of the equipment from
August through December.)
Mei Realty is in the business of renting apartment buildings and
prepares monthly financial statements. It has been determined that 4
tenants renting $1,200 per month apartments had not paid their
September rent as of September 30th.
(Hint: Record Rent Revenue that has been earned but have not been
collected. Make sure to calculate the total amount of rent earned. Think
of number of tenants and the amount each tenant pays.)
Use the chart of accounts for journal entry preparation.
