Unformatted text preview: 24,000- Interest expense 500- Utilities expense 5,400-81,090 $ 81,090 $ The Display equipment was purchased near the beginning of the year. It has a 3-year life and no salvage value. Its cost should be depreciated equally over its life. Amber is entitled to receive $17,900 of commissions for art sold. This revenue has not yet been recorded, but it is fully expected that the artists will soon be making payment. Supplies on hand at year end were counted, and amount to $3,400. December's rent of $1,000 has not yet been paid. (a) Prepare the necessary adjusting enties as of December 31, 20X4. (b) Use T-accounts to determine the adjusted balances of the accounts. (c) Prepare the adjusted trial balance for Amber Nestor....
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This note was uploaded on 02/29/2012 for the course ACCOUNTING 101 taught by Professor Hudack during the Spring '11 term at FIU.
- Spring '11