Rise Coffee House Ltd (RCH) is a medium sized supplier of imported coffee beans from...
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Accounting
Rise Coffee House Ltd (RCH) is a medium sized supplier of imported coffee beans from Central and South America. The following transactions occurred on the following days in May 2020: 1 Bought a new delivery truck for $50,000. 1 Purchased a 12-month insurance policy covering the delivery truck. The policy cost $3,000 and provided coverage beginning on May 1, 2020. 12 Sold merchandise for $15,000 on credit. The merchandise originally cost $7,500. Adjusting entries 31 Recorded depreciation for the delivery truck which has an estimated residual value of $8,000 and a useful life of 10 years. 31 Recorded the insurance expense that was incurred during the month. Required (6 marks - 12 minutes) Prepare the journal entries and adjusting entries for the May transactions noted above
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