60.1K

Verified Solution

Link Copied!

The ledger of Wildhorse Co. on July 31, 2022, includes the selected accounts below before adjusting entries have been prepared. Debit Credit $18,000 Investment in Note Receivable 22,000 Supplies 5,600 Prepaid Rent 250,000 Buildings Accumulated Depreciation-Buildings $120,000 10,200 Unearned Service Revenue An analysis of the company's accounts shows the following. 1 The investment in the notes receivable earns interest at a rate of 12 % per year. 2. Supplies on hand at the end of the month totaled $15,400. 3. The balance in Prepaid Rent represents 4 months of rent costs 4 Employees were owed $3,500 related to unpaid salaries and wages. Depreciation on buildings is $4,560 per year. 5. 6. During the month, the company satisfied obligations worth $4,800 related to the Unearned Services Revenue. 7. Unpaid maintenance and repairs costs were $2,250. Prepare the adjusting entries at July 31 assuming that adjusting entries are made monthly. (if no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually) Credit Debit Account Titles and Explanation Date No. Prepare the adjusting entries at July 31 assuming that adjusting entries are made monthly. (If no entry is required, select "No Entry for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually) Debit Credit No. Date Account Titles and Explanation July 31 1. July 31 2. July 31 3. 4 July 31 July 31 5. July 31 6

Answer & Explanation Solved by verified expert

See Answer