AC 302 Chapter 3 Question 8

AC 302 Chapter 3 Question 8
Name				Date		
Instructor				Course		
Intermediate Accounting 14th Edition by Kieso Weygandt and Warfield						
Primer on Using Excel in Accounting by Rex A Schildhouse						
						
E3-8 (Adjusting Entries) William Bryant is the new owner of Ace Computer Services. At the end of August 2012, his first month of ownership, Bryant is trying to prepare monthly financial statements. Below is some information related to unrecorded expenses that the business incurred during August.						
						
						
						
1. At August 31, Bryant owed his employees salaries and wages that will be paid on September 1 in the amount of						
$2,900 						
2. At the end of the month he had not yet received the month's utility bill. Based on past experience, he						
estimated the bill would be approximately:			$600 			
3. On August 1, Bryant borrowed			$60,000 	from a local bank on a		15
-year mortgage. The annual interest rate is			8%			
4. A telephone bill in the amount of			$117 	covering August charges is unpaid at 		
August 31.						
						
"Instructions:
Prepare the adjusting journal entries as of August 31, 2012."						
						
						
1	Account Title				Amount	
	Account Title					Amount
	Text / Memo line					
						
2	Account Title				Amount	
	Account Title					Amount
	Text / Memo line					
						
3	Account Title				Amount	
	Account Title					Amount
	Text / Memo line					
						
4	Account Title				Amount	
	Account Title					Amount
	Text / Memo line