atcunaH Last 4 Student iD Last 4 Lee Company Adjusting Journ

atcunaH Last 4 Student iD Last 4 Lee Company Adjusting Journal Entries September 30, 2017 09/30/17 h) Lee determined that $1,000 of the supplies were on hand on hand at 09/30/17 09/30/17 ) The company purchased 400,000 of equipment on September 1, 2017 $300,000 cash, the balance, issued a note payable The salvage value is $160,000, estimated life of 5 years 09/30/17 D The balance of unearned revenue was $50,000 at the end of the month 09/30/17 k) Recompute and record the acerued interest expense (one month) on September 30, 2017 The note payable is due on December 31, 2017 and the interest rate 12%, show yor eakulation and round the interst expense to the nea rest $100 (for example if the interest expense is >$950 round to $1,000 AJE h (Supplies) Debit Credit Beginning Additons Deletions Subtotal AJE End 1,000 11,000 11,00010,000 AJE I (Depreciation

Solution

Depreciation workings:

Ref	Account	Debit	Credit
h	Supplies expense	10,000
	Supplies inventory		10,000
i	Depreciation expense	4,000
	Acc dep - equipment		4,000
j	Unearned revenue	50,000
	Service revenue		50,000
k	Interest expense	1,000
	Interest payable		1,000