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{"ops":[{"attributes":{"bold":true},"insert":"ACCOUNTING"},{"insert":"\n"},{"attributes":{"bold":true},"insert":"a). Journalize and post adjusting entries, using the following information:"},{"insert":"\nThe actual light bill received from Jamaica Light Company is $10,000."},{"attributes":{"list":"bullet"},"insert":"\n"},{"insert":"Depreciation for the Nissan Ad Wagon has not been taken into account for the month."},{"attributes":{"list":"bullet"},"insert":"\n"},{"insert":"The business uses the reducing balance method to depreciate motor vehicles at a rate of 12 percent (12%) per annum."},{"attributes":{"list":"bullet"},"insert":"\n"},{"insert":"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"},{"attributes":{"list":"bullet"},"insert":"\n"},{"insert":"\t\t the machine has not been taken into account.\n\nThe following transactions were for the first month of operations:\nJuly 1 - Miss Ryce stated business with a Nissan Ad Wagon valued at $1,200,000.\nJuly 2 - Miss Ryce purchased store furniture from Royal Cabinets Limited using a cheque\namounting to $120,000.\nJuly 3 Miss Ryce paid Telesales Electronics $15,000 with a cheque to set up her point-of-sale machine at the store.\nJuly 22 - Miss Ryce paid cash for the following utility bills for the month:\nUtility \t\t\t\t\t\t\t\t\t\t\tCompany Amount\nJamaica Light Company \t\t\t$13,000\n"}]}
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