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The ledger of Pharoah Company on July 31, 2022, includes the selected accounts below before adjusting...

Question:

The ledger of Pharoah Company on July 31, 2022, includes the selected accounts below before adjusting entries have been prepa

No. Account Titles and Explanation Debit Credit Date July 31 1. Interest Receivable 120 Interest Revenue 120 2. July 31 Suppl

The ledger of Pharoah Company on July 31, 2022, includes the selected accounts below before adjusting entries have been prepared. Debit Credit $24,000 Investment in Note Receivable Supplies Prepaid Rent Buildings Accumulated Depreciation-Buildings Unearned Service Revenue 24,000 4,200 290,000 $120,000 11,900 An analysis of the company's accounts shows the following. 1. 2. 3. 4. The investment in the notes receivable earns interest at a rate of 12% per year. Supplies on hand at the end of the month totaled $16,800. The balance in Prepaid Rent represents 4 months of rent costs. Employees were owed $3,500 related to unpaid salaries and wages. Depreciation on buildings is $5,040 per year. During the month, the company satisfied obligations worth $4,600 related to the Unearned Services Revenue. Unpaid maintenance and repairs costs were $2,250. 5. 6. 7. Prepare the adjusting entries at July 31 assuming that adjusting entries are made monthly. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
No. Account Titles and Explanation Debit Credit Date July 31 1. Interest Receivable 120 Interest Revenue 120 2. July 31 Supplies Expense Supplies 3. July 31 Rent Expense Prepaid Rent 4. July 31 Salaries and Wages Expense Salaries and Wages Payable 5. July 31 Depreciation Expense Accumulated Depreciation-Buildings 6. July 31 Unearned Service Revenue Service Revenue 7. July 31 Maintenance and Repairs Expense Accounts Payable

Answers

Date Account Ref. Debit Credit 1 $ 240 Interest recievable Interes revenue $ 24000 x 12% x 1/12 For 1 month 240 2 $ 7,200 Sup

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