The ledger of Marigold Corp. on July 31, 2017, includes the selected accounts below before adjusting entries have been prepared. Debit Credit
Investment in Note Receivable $22,000
Supplies 24,000
Prepaid Rent 3,600
Buildings 270,000
Accumulated Depreciation-Buildings $140,000
Unearned Service Revenue 12,000
An analysis of the company’s accounts shows the following.
1. Supplies on hand at the end of the month totaled $14,880.
2. The balance in Prepaid Rent represents 4 months of rent costs.
3. Employees were owed $2,480 related to unpaid and unrecorded salaries and wages.
4. Depreciation on buildings is $4,800 per year.
5. During the month, the company satisfied obligations worth $3,760 related to the Unearned Service Revenue account.
6. Unpaid and unrecorded maintenance and repairs costs were $1,840.
Prepare the adjusting entries at July 31 assuming that adjusting entries are made monthly.

1.July 31

Dr Supplies expense$9,120

Cr Supplies $9,120

2.July 31

Dr Rent expense$900

Cr Prepaid rent $900

3.July 31

Dr Salaries and wages expense$2480

Cr Salaries and wages payable $2480

4.July 31

Dr Depreciation expense$400

Cr Accumulated depreciation - Building $400

5.July 31

Dr Unearned service revenue$3,760

Cr Service revenue $3,760

6.July 31

Dr Miscellaneous expense$1,840

Cr Miscellaneous expense payable $1,840

Explanation:

Preparation of the adjusting entries at July 31 assuming that adjusting entries are made monthly.

1.July 31

Dr Supplies expense$9,120

Cr Supplies $9,120

($24,000-$14,880)

(Being To record supplies expense)

2.July 31

Dr Rent expense$900

Cr Prepaid rent $900

(3,600*1/4)

(Being To record rent expense)

3.July 31

Dr Salaries and wages expense$2480

Cr Salaries and wages payable $2480

(Being To record salaries and wages expense)

4.July 31

Dr Depreciation expense$400

Cr Accumulated depreciation - Building $400

($4,800*1/12)

(BeingTo record depreciation expense)

5.July 31

Dr Unearned service revenue$3,760

Cr Service revenue $3,760

(Being To record unearned service revenue)

6.July 31

Dr Miscellaneous expense$1,840

Cr Miscellaneous expense payable $1,840

(Being To record maintenance and repairs expense)

answer; dogs;

match the scenarios with terms related to financial aid.

pell grant

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