"Adjusting Entries" tab in your workbook to complete the following entries. Take the adjusting entries from this worksheet and enter them into the trial balance Balance.
On September 30, the following adjustments must be made:
Depreciation of baking equipment transferred to company on 7/13. Assume ½ month of depreciation in July using the straight-line method. $208.33
Accrued interest for note payable. Assume a full month of interest for July. (6% annual interest on $10,000 loan from parents.
Record insurance used for the year. (Pay $1,200 for a 12-month insurance policy. Policy effective dates August 1, 2014 through July 31st, 2015)
Actual baking supplies on-hand as of September 30th is $1100.
Misc. supplies on-hand as of September 30th is $50.