In the Journal Provided,prepare Year-End Adjustments for the Following Situations

question 60

Essay

In the journal provided,prepare year-end adjustments for the following situations.Omit explanations.
a. Accrued interest on notes receivable is $560.
b. Of the $7,200 received in advance of earning a service, one-third was still unearned by year end.
c. Two years of rent, totaling $24,000, was paid in advance. By year end, four months' worth had expired.
d. Services totaling $685 had been performed, but not yet billed.
e. Depreciation on trucks totaled $1,700 for the year.
f. Supplies available for use during the year amounted to $3,400. However, by year end, only $700 in supplies remained.
g. Payroll for the five-day work week, to be paid on Friday, is $6,000. Year end falls on a Tuesday.
h. Estimated federal income taxes were $2,100.

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Definitions:

After-Tax Net Income

The amount of profit remaining after all taxes have been deducted from total revenue.