Question
In: Accounting
Carla Vista Company has a September 30 fiscal year end and prepares adjusting entries on an...
Carla Vista Company has a September 30 fiscal year end and
prepares adjusting entries on an annual basis. The trial balance
included the following selected accounts:
| Accumulated depreciation | $4,650 | |
| Depreciation expense | 0 | |
| Interest expense | 3,400 | |
| Interest payable | 0 | |
| Interest receivable | 0 | |
| Interest revenue | 0 | |
| Salaries expense | 155,000 | |
| Salaries payable | 0 |
Additional information for its September 30, 2021, year-end
adjustments:
| 1. | Carla Vista has a two-year, 3.5% note receivable for $4,800 that was issued on April 1, 2021. Interest is payable every six months, on October 1 and April 1. Principal is payable at maturity. Carla Vista collected the correct amount on October 1, 2021. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2. | Accrued salaries as at September 30, 2021, were $2,300. Payroll totalling $2,830 was paid on October 2, 2021. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 3. | Carla Vista has a five-year, 5% note payable for $81,600 issued in 2019. Interest is payable quarterly on January 31, April 30, July 31, and October 31 each year. Carla Vista paid the correct amounts in 2021. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 4. |
Depreciation expense for the year ended September 30, 2021, was $4,650. Post adjusting journal entries for items 1 to 4 above.
(Post entries in the order of journal entries presented
above. Round answers to 0 decimal places, e.g.
5,275.)
|
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Solutions
Expert Solution
| Account Titles | Debit | Credit | |
| Interest Receivable | $ 84 | =4800*3.5%*6/12 | |
| Interest Revenue | $ 84 | ||
| Salaries Expense | $ 2,300 | ||
| Salaries Payable | $ 2,300 | ||
| Interest Expense | $ 680 | =81600*5%*2/12 | |
| Interest Payable | $ 680 | ||
| Depreciation Expense | $ 4,650 | ||
| Accumulated Depreciation | $ 4,650 |
| Interest Receivable | |||
| 1 | 84 | ||
| 84 | |||
| Interest Revenue | |||
| 84 | 1 | ||
| 84 | Bal | ||
| Salaries Payable | |||
| 2300 | 2 | ||
| 2300 | Bal | ||
| Salaries Expense | |||
| Sept. 30 Bal. | 155,000 | ||
| 2 | 2300 | ||
| Bal | 157,300 | ||
| Interest Payable | |||
| 680 | 3 | ||
| 680 | Bal | ||
| Interest Expense | |||
| Sept. 30 Bal. | 3,400 | ||
| 3 | 680 | ||
| Bal | 4,080 | ||
| Accumulated Depreciation | |||
| 4,650 | Sept. 30 Bal. | ||
| 4650 | 4 | ||
| 9,300 | Bal | ||
| Depreciation Expense | |||
| 4 | 4650 | ||
| Bal | 4650 |
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ekkarill92 answered 2 years agoRelated Solutions
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