24 Jan Adjusting EntriesKretz Corporation prepares monthl
Adjusting EntriesKretz Corporation prepares monthly financial statements and therefore adjusts its accounts at theend of every month. The following information is available for March 2008:a. Kretz Corporation takes out a 90-day, 8%, $15,000 note on March 1, 2008, with interest andprincipal to be paid at maturity.b. The asset account Office Supplies on Hand has a balance of $1,280 on March 1, 2008. DuringMarch, Kretz adds $750 to the account for purchases during the period. A count of the supplieson hand at the end of March indicates a balance of $1,370.c. The company purchased office equipment last year for $62,600. The equipment has an estimateduseful life of six years and an estimated salvage value of $5,000.d. The company’s plant operates seven days per week with a daily payroll of $950. Wage earnersare paid every Sunday. The last day of the month is Saturday, March 31.e. The company rented an idle warehouse to a neighboring business on February 1, 2008, at arate of $2,500 per month. On this date, Kretz Corporation credited Rent Collected in Advancefor six months’ rent received in advance.f. On March 1, 2008, Kretz Corporation credited a liability account, Customer Deposits, for $4,800.This sum represents an amount that a customer paid in advance and that Kretz will earn evenlyover a four-month period.g. Based on its income for the month, Kretz Corporation estimates that federal income taxes forMarch amount to $3,900.RequiredFor each of the preceding situations, prepare in general journal form the appropriate adjustingentry to be recorded on March 31, 2008.
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