Kirk Enterprises offers rug cleaning services to business clients. Below are the adjustments data for the year ended July 31. Using this information along with the spreadsheet below, record the adjusting entries in proper general journal form.Adjustments:
(a) The equipment is estimated to last for five years with no salvage value. The asset will be depreciated evenly over its useful life. Record one month's depreciation.
(b) Accrued wages, $2.
(c) Unused supplies on hand, $8.
(d) Of the unearned revenue, 75% has been earned.
(e) Unexpired insurance remaining at the end of the month, $9.

Question

Kirk Enterprises offers rug cleaning services to business clients. Below are the adjustments data for the year ended July 31. Using this information along with the spreadsheet below, record the adjusting entries in proper general journal form.Adjustments:
(a) The equipment is estimated to last for five years with no salvage value. The asset will be depreciated evenly over its useful life. Record one month's depreciation.
(b) Accrued wages, $2.
(c) Unused supplies on hand, $8.
(d) Of the unearned revenue, 75% has been earned.
(e) Unexpired insurance remaining at the end of the month, $9.​

Quizplus · Accepted Answer

The Answer of Kirk Enterprises offers rug cleaning services to business clients. Below are the adjustments data for the year ended July 31. Using this information along with the spreadsheet below, record the adjusting entries in proper general journal form.Adjustments:
(a) The equipment is estimated to last for five years with no salvage value. The asset will be depreciated evenly over its useful life. Record one month's depreciation.
(b) Accrued wages, $2.
(c) Unused supplies on hand, $8.
(d) Of the unearned revenue, 75% has been earned.
(e) Unexpired insurance remaining at the end of the month, $9.​

Kirk Enterprises Offers Rug Cleaning Services to Business Clients