Q1) Essay Petra industries have fiscal year (FYE) of May 31. Make adjusting entries for 2008 (FYE) based on data given below.
a. Balance in office supplies before adjustment is $4,200. Physical count reveals $3,350 of supplies on hand at financial year end.
b. Computer was purchased at starting of (FYE) for $23,000. Computer has useful life of 4 years and $3,000 salvage value. Utilize straight line method to compute depreciation.
c. Three year insurance policy costing $3,960 was bought on Sept. 1st 2007.
d. Employee's salaries are owed for 2 days of regular 5 day work week. Weekly payroll $8,700.
e. Unearned Maintenance Revenue has balance of $19,000 before adjustment. Record illustrate that $6,515 of that amount has been earned by FYE.