02 Mar Adjusting EntriesFlood Relief Inc. prepares monthl
Adjusting EntriesFlood Relief Inc. prepares monthly financial statements and therefore adjusts its accounts at theend of every month. The following information is available for June 2008:a. Flood received a $10,000, 4%, two-year note receivable from a customer for services rendered.The principal and interest are due on June 1, 2010. Flood expects to be able to collectthe note and interest in full at that time.b. Office supplies totaling $5,600 were purchased during the month. The asset accountSupplies is debited whenever a purchase is made. A count in the storeroom on June 30, 2008,indicates that supplies on hand amount to $507. The supplies on hand at the beginning ofthe month total $475.c. The company purchased machines last year for $170,000. The machines are expected to beused for four years and have an estimated salvage value of $2,000.d. On June 1, the company paid $4,650 for rent for June, July, and August. The asset PrepaidRent was debited; it did not have a balance on June 1.e. The company operates seven days per week with a weekly payroll of $7,000. Wage earners arepaid every Sunday. The last day of the month is Saturday, June 30.f. Based on its income for the month, Flood estimates that federal income taxes for June amountto $2,900.RequiredFor each of the preceding situations, prepare in general journal form the appropriate adjusting entryto be recorded on June 30, 2008.
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