1. Garrett Wolfe Company borrowed $10,000 by signing a 12%, one year note on September 1, 2012.
2. A count of supplies on December 31, 2012, indicates that supplies of $900 are on hand.
3. Depreciation on the equipment for 2012 is $1,000.
4. Garrett Wolfe Company paid $2,100 for 12 months of insurance coverage on June 1, 2012. 5. On December 1, 2012, Garrett Wolfe collected $30,000 for consulting services to be performed from December 1, 2012, through March 31, 2013. 6. Garrett Wolfe performed consulting services for a client in December 2012. The client will be billed $4,200.
7. Garrett Wolfe Company pays its employees total salaries of $9,000 every Monday for the preceding 5 day week (Monday through Friday). On Monday, December 29, employees were paid for the week ending December 26. All employees worked the last 3 days of 2012.
Instructions
Prepare adjusting entries for the seven items described above.
Chapter 3 ????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????
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