Red Bridges Towing is owned by Ken Cordial. The compan
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Red Bridges Towing is owned by Ken Cordial. The company has a June 30 fiscal year end and prepares adjustments on an a
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Red Bridges Towing is owned by Ken Cordial. The company has a June 30 fiscal year end and prepares adjustments on an annual basis. The following is an alphabetical list of its accounts at June 30, 2014, before adjustments. All accounts have normal balances. Additional information: 1. On June 30, a physical count of supplies shows $715 of supplies on hand. 2. The insurance policy has a one-year term that began on October 1, 2013. 3. The equipment has an estimated useful life of six years. The vehicles have an estimated useful life of eight years. 4. The company collects cash in advance for any special services requested by customers. As at June 30, the company has provided all but $2,250 of these services. 5. The note payable has an annual interest rate of 4.5%. Interest is paid on the first day of each month. 6. Employees are paid a combined total of $390 per day. At June 30, 2014, six days of salaries are unpaid. 7. On June 30, the company provided $1,100 of services at a local boat show. The group organizing the show was not billed for the services until July 2. They paid on July 5. Instructions (a) Journalize the annual adjusting entries at June 30, 2014. (b) Prepare a ledger. Enter the trial balance amounts and post the adjusting entries. (c) Prepare an adjusted trial balance at June 30. TAKING IT FURTHER As at June 30, 2014, approximately how old are the equipment and vehicles? Prepare transaction and adjusting entries for notes and interest. (SO 3) AP Prepare and post adjusting entries, and prepare adjusted trial balance. (SO 2, 3, 4) AP
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