Eng Sing Furnishing Pte. Ltd. - Journal Entries
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Eng Sing Furnishing Pte. Ltd. is an interior renovation contractor. The owner employs temp account assistant to keep the company records for the year. You have been engaged to finalize the year-end income for income tax for the year ended 31 Dec 2006. The prevailing income tax rate is 20%.
Prepare journal entries for the transactions.
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Solution Summary
This solution is comprised of a journal entries for the transactions for Eng Sing Furnishing Pte. Ltd.
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Eng Sing Furnishing Pte Ltd is an interior renovation contractor. The owner employs temp account assistant to keep the company records for the year. You have been engaged to finalize the year-end income for income tax for the year ended 31 Dec 2006. The prevailing income tax rate is 20%.
Prepare journal entries for the transactions
On 3 Aug, Eng Sing completed a work amounting to $830 for a customer. The temp account assistant forgot to record it and bill the customer
Cash 830
Revenue 830
On 6 Oct, $310 worth of supplies was used up by the workers to finish a job. The foreman did not inform the temp assistant and it was not recorded in the account.
Supplies Expense 310
Supplies 310
The fire insurance of $2,400 to cover his premise for one year was bought on 1st Oct. 2006. The company only recorded the purchase. No other entries have been made since then.
Insurance Expense 600
Prepaid Insurance 600
The accumulated depreciation for the furniture and ...
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