Solved >   35) Mac, Inc. purchased equipment on December:1252977 …

 

35) Mac, Inc. purchased equipment on December 1, 2011 in exchange for a 4-month, 9%, $120,000 note. The equipment has an estimated useful life of four years and $0 residual value. Record (a) the purchase of the equipment December 1, 2011 and the adjusting entries for (b) straight-line depreciation and (c) interest for the month-ended December 31, 2011 in the T-accounts provided.

 

Equipment

 

Notes payable

 

Depreciation expense

 

Accumulated depreciation

 

Interest payable

 

Interest expense

 

 

 

36) MT Pockets, Inc.’s unadjusted trial balance and additional information are below:

 

MT Pockets, Inc.

Unadjusted Trial Balance

December 31, 2011

 

Debit

Credit

Cash

$   40,000

 

Accounts receivable

30,000

 

Truck

120,000

 

Accumulated depreciation

 

$          0

Note payable

 

60,000

Interest payable

 

0

Salary payable

 

0

Common stock

 

90,000

Service revenue

 

100,000

Interest expense

0

 

Salary expense

60,000

 

Depreciation expense

0

 

Totals

$250,000

$250,000

The truck was purchased on January 1, 2011 and has an estimated useful life of ten years and $0 residual value. MT Pockets uses straight-line depreciation. The $60,000, 6%, two-year note was issued on February 1, 2011. On December 31, 2011, MT Pockets owes its employee $10,000, which will be paid in January 2012.

 

A. Record MT Pockets’ year-end adjusting journal entries using the information above.

 

Date

Transaction

Debit

Credit

12/31/11

 

_________________________________________________________

12/31/11

 

_________________________________________________________

12/31/11

 

B. Using the information MT’s Unadjusted Trial Balance, prepare MT Pockets’ adjusted trial balance.

MT Pockets, Inc.

Adjusted Trial Balance

December 31, 2011

 

Debit

Credit

Cash

 

 

Accounts receivable

 

 

Truck

 

 

Accumulated depreciation

 

 

Note payable

 

 

Interest payable

 

 

Salary payable

 

 

Common stock

 

 

Service revenue

 

 

Salary expense

 

 

Interest expense

 

 

Depreciation expense

 

 

Totals

 

 

 

 

 

 

 

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