On January 1 the supplies account had a balance of $811. During the month, $9,917 worth of supplies were purchased. The January 31 physical count of supplies shows there are $3,602. Determine the amount of supplies expense for January.
111) On Friday, January 26 the Wages Expense account had a debit balance of $4,500 before the posting of the current week's wage of $1,500. Employees earn $1,500 for a five-day work week ending on Friday. They are then paid for that payroll. Determine the total wage expense for the month of January.
112) From the following data, journalize the adjusting entries in proper form for the month.
(a) Equipment costing $2,120 with a residual value of $200 has an expected life of 48 months.
(b) Accrued salaries of $100.
(c) Supplies ledger balance $700, supplies on hand $200.
113) Discuss the benefits of the worksheet. Explain how the financial reports are prepared from the worksheet.
114) What is the purpose of adjusting entries? Discuss the effect of not preparing adjusting entries on various accounts.
115) List the steps of the Accounting Cycle in their order of completion that we have learned about up to this point in the course.
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