Newkirk Company began operations on January 1. The trial balance as of December 31 is presented below.
Data for the adjustments are as follows:

a.The office equipment has a life of five years with an estimated trade-in value of $600 at the end of five years.
b.Weekly wages amount to $180 for a five-day week. As of December 31, three days' wages have accrued.
c.Prepaid Insurance represents a twelve-month policy beginning March 1 of the year.
d.Supplies used during December, $215.
Instructions:
Record the adjusting entries for Newkirk Company in general journal form.

Question

Newkirk Company began operations on January 1. The trial balance as of December 31 is presented below.
Data for the adjustments are as follows:
  
a.The office equipment has a life of five years with an estimated trade-in value of $600 at the end of five years.
b.Weekly wages amount to $180 for a five-day week. As of December 31, three days' wages have accrued.
c.Prepaid Insurance represents a twelve-month policy beginning March 1 of the year.
d.Supplies used during December, $215.
Instructions:
Record the adjusting entries for Newkirk Company in general journal form.

Quizplus · Accepted Answer

The Answer of Newkirk Company began operations on January 1. The trial balance as of December 31 is presented below.
Data for the adjustments are as follows:
  
a.The office equipment has a life of five years with an estimated trade-in value of $600 at the end of five years.
b.Weekly wages amount to $180 for a five-day week. As of December 31, three days' wages have accrued.
c.Prepaid Insurance represents a twelve-month policy beginning March 1 of the year.
d.Supplies used during December, $215.
Instructions:
Record the adjusting entries for Newkirk Company in general journal form.

Newkirk Company Began Operations on January 1