Answer to Question #208850 in Economics for Kelisa Williams

Question

ACCOUNTING

a). Journalize and post adjusting entries, using the following information:

• The actual light bill received from Jamaica Light Company is $10,000.
• Depreciation for the Nissan Ad Wagon has not been taken into account for the month.
• The business uses the reducing balance method to depreciate motor vehicles at a rate of 12 percent (12%) per annum.
• The furniture and point-of-sale machine in the business are to be depreciated using the straight-line method at a rate of 8%. Depreciation for furniture and point-of-sale

the machine has not been taken into account.

The following transactions were for the first month of operations:

July 1 - Miss Ryce stated business with a Nissan Ad Wagon valued at $1,200,000.

July 2 - Miss Ryce purchased store furniture from Royal Cabinets Limited using a cheque

amounting to $120,000.

July 3 Miss Ryce paid Telesales Electronics $15,000 with a cheque to set up her point-of-sale machine at the store.

July 22 - Miss Ryce paid cash for the following utility bills for the month:

Utility Company Amount

Jamaica Light Company $13,000

Answer 1

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