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ASSETS - ACCOUNT NAMES ACCT# CHANGE 20X2 CASH 101 345,654 ACCONTS RECEIVABLE ACCOUNTS RECEIVABLE - PROG BILLINGS ALLOWANCE FOR BAD DEBTS EQUITY
Hydromaint Inc yr 2All the work on the trucks was completed by Hydromaint’s crew. They worked on the trucks and other jobs in the shop during that time. And the entire $8,000 was incurred on the retooling job. Total shop labor for the same period amounted to $14,600. that ratio was the basis of my allocation of rent and utilities. They worked 400 hours on the trucks.Shop rent and utilities expense for the one and one half months totaled $6,090.Question1. What are the shop rent and the utilities expense (how do I work out the math)? How would I write the adjusting transaction/entries?2. The amount could be used as a historical cost, how would I write the adjusting transaction/entries?