• Computer Equipment owned by the business: original purchase price was $60,000, estimated useful life was 7 years, and estimated residual value was $8,600 at the end of the useful life. Depreciation...


Prepare Journal,Adjusting Entries and Ledger



















General Journal
DateAccount Title and ExplanationPost RefDebitCredit





















General Ledger
DateDescriptionRefDebitCreditBalance

• Computer Equipment owned by the business: original purchase price was $60,000, estimated useful life<br>was 7 years, and estimated residual value was $8,600 at the end of the useful life. Depreciation is<br>calculated on a monthly basis using the straight line method. The monthly depreciation charge is<br>calculated as the yearly depreciation expense divided by the number of months in a year.<br>· A number of computer lessons totalling $2,100 were provided during the month of June for Hypertronics<br>but not yet invoiced.<br>• The estimated telephone bill payable as at the end of June is $100.<br>• Instructors work every single day during the week including weekends and are paid on a periodic basis.<br>Wages were last paid up to and including June 17. Wages incurred after that day (from June 13 to June 30<br>inclusive) are estimated to have been $620 per day.<br>• Interest expense incurred during the month of June but not yet paid to BitiBank for the bank loan is $870.<br>• Provided $2,000 worth of computer lessons during the month of June in relation to the cash received in<br>advance from Turbo Tech on June 8.<br>• Office supplies totaling $1,184 are still on hand at June 30.<br>$3,400 of worth prepaid rent expired during the month of June.<br>

Extracted text: • Computer Equipment owned by the business: original purchase price was $60,000, estimated useful life was 7 years, and estimated residual value was $8,600 at the end of the useful life. Depreciation is calculated on a monthly basis using the straight line method. The monthly depreciation charge is calculated as the yearly depreciation expense divided by the number of months in a year. · A number of computer lessons totalling $2,100 were provided during the month of June for Hypertronics but not yet invoiced. • The estimated telephone bill payable as at the end of June is $100. • Instructors work every single day during the week including weekends and are paid on a periodic basis. Wages were last paid up to and including June 17. Wages incurred after that day (from June 13 to June 30 inclusive) are estimated to have been $620 per day. • Interest expense incurred during the month of June but not yet paid to BitiBank for the bank loan is $870. • Provided $2,000 worth of computer lessons during the month of June in relation to the cash received in advance from Turbo Tech on June 8. • Office supplies totaling $1,184 are still on hand at June 30. $3,400 of worth prepaid rent expired during the month of June.

Jun 10, 2022
SOLUTION.PDF

Get Answer To This Question

Related Questions & Answers

More Questions »

Submit New Assignment

Copy and Paste Your Assignment Here