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[solution] » The charter of the corporation authorized 500,000 shares of $5

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The charter of the corporation authorized 500,000 shares of $5

The charter of the corporation authorized 500,000 shares of $5 par

common stock, and 50,000 shares of $40 par, 3%, preferred stock. As of January

1, 2014, there were 20,000 shares of common stock issued and outstanding and

4,000 shares of preferred stock issued and outstanding.

I am having trouble with the adjusting balance sheet can someone help me?

Adjusting Entries

(1) The employees? accrued vacation pay at the end of the year was $26,000.

(2) Record depreciation on the equipment purchased on February 1, using the

straight-line method. The equipment has an estimated 9-year useful life and

an estimated residual value of $13,520.

(3) Record insurance expired on the policy purchased January 31.

(4) Record the adjusting entry for the interest accrued and the amortization of the

premium on the bonds payable.


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