Business, 21.03.2020 09:39 BigGirlsTheBest

The ledger of Oriole Company on July 31, 2017, includes the selected accounts below before adjusting entries have been.

Debit Credit
Investment in Note Receivable $22,000
Supplies 22,500
Prepaid Rent 4,200
Buildings 260,000
Accumulated Depreciation-Buildings $120,000
Unearned Service Revenue 10,200

An analysis of the company's accounts shows the following.

1. The investment in the notes receivable earns interest at a rate of 12% per year.

2. Supplies on hand at the end of the month totaled $18,400.

3. The balance in Prepaid Rent represents 4 months of rent costs.

4. Employees were owed $3,500 related to unpaid salaries and wages.

5. Depreciation on buildings is $5,640 per year.

6. During the month, the company satisfied obligations worth $4,850 related to the Unearned Services Revenue.

7. Unpaid maintenance and repair costs were $2,150.

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

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The ledger of Oriole Company on July 31, 2017, includes the selected accounts below before adjusting...

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