Required information [The following information applies to the questions displayed below.]
Ho...
Business, 27.03.2020 04:50 kyreesegordon
Required information [The following information applies to the questions displayed below.]
Hoffman, Inc. adjusts its books each month but closes its books at the end of the year. The trial balance at March 31 before adjustments is as follows:
Debit Credit
Cash $11,070
Accounts Receivable 9,770
Supplies 1,450
Prepaid Insurance 2,920
Equipment 24,000
Accumulated Depreciation:
Equipment $9,600
Unearned Service Revenue 7,250
Capital Stock 5,950
Retained Earnings 24,150
Dividends 1,710
Service Revenue Earned 15,110
Salaries Expense 8,550
Utilities Expense 540
Rent Expense 2,050
$62,060 $62,060
1) On March 1, Hoffman paid in advance for four months of insurance. What should the necessary adjusting entry at 3/31 be?
2) At March 31, the amount of supplies on hand is $620. What amount is reported in the March income statement for supplies expense?
3) The equipment had an estimated useful life of five years. Compute the book value of the equipment at March 31, after the proper March adjustment is recorded.
4) Employees are owed $950 for services since the last payday in March, to be paid the first week in April. The amount to be reported in the March income statement for salaries expense is $.
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