Prepare the annual year-end adjusting journal entries at December 31. 1 answer below »
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Alternate problem A The trial balance of Caribbean Vacation Tours, Inc., at December 31 of the current year includes, among other items, the following account balances:
Debits
Credits
Prepaid Insurance
$24,000
Prepaid Rent
24,000
Buildings
188,000
Accumulated Depreciation—Buildings
$31,600
Salaries Expense
200,000
The balance in the Prepaid Insurance account is the advance premium for one year from September 1 of the current year.
The buildings are expected to last 25 years, with an expected residual value of USD 30,000.
Salaries incurred but not paid as of December 31 amount to USD 8,400.
The balance in Prepaid Rent is for a one-year period that started March 1 of the current year.
Prepare the annual year-end adjusting journal entries at December 31.
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