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LUS Kieso Intermediate Accounting, 12ce Volume 1 IMER PRINTER VERSION Problem...

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LUS Kieso Intermediate Accounting, 12ce Volume 1 IMER PRINTER VERSION Problem C-05 The following accounts appeared in the December 31 trial balance of the Ivanhoe Theatre: Credit Debit $998,400 Equipment Accumulated depreciation-equipment Notes payable Sales revenue Rent expense Salaries and wages expense Interest expense $124,800 193,400 780,000 64,500 83,200 9,400 From the account balances above and the information that follows, prepare the annual adjusting entries necessary on December 31: 1. 2. 3. The equipment has an estimated life of 16 years and residual value of $41,600. (Use the straight-line method.) The note payable is a 90-day note given to the bank on October 20 and bearing interest at 10%. (Hint: Use number of days in your calculation.) In December, 2,100 coupon admission books were sold at $25 each. They can be used for admission any time after January 1. of the Rent Expense balance, $1,100 is paid in advance. Salaries accrued but unpaid are $12,300. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required tredimoEnt account tities and enter o for the amounts. Use 365 days for calculation.) 4. 5

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