Prepare in journal entry form all adjusting andcorrecting journal entries based on the followinginformation. All information was provided to you as of12/31/2018. (Round all numbers to the nearestdollar).

(e) Per a physical count of office supplies,$4,430 of supplies remained at the end of 2018. The balance $4,800in the office supplies account represents last years endingbalance. During the year, $28,000 of office supplieswere purchased and immediately expensed.

(f) On November 1, 2018 Czar paid EwaldAdvertising $12,800 for a four-month campaign ofadvertising services. Equal services areprovided each month.

(g) Because of a new product line, Czar neededsome temporary additional storage space so on January 1, 2018 theyrented a unit for an annual rate of $13,600 and they paid theentire amount up front.

(h) The storage building was self-constructedthis year by Czar. The Company had their initialexpenditure of $400,000 on January 1. They paid an additional$300,000 on May 1st, $200,000 on August 1st,and then the final payment of $120,000 on December 1stwhen the building was completed and occupancy occurred. The companyhas decided to use the Straight-Line Method fordepreciation. The storage building is estimatedto have a life of 40 years and a salvage value of $56,430. Thecompany depreciates using partial years.

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Beverley Smith
Beverley SmithLv2
28 Sep 2019

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