(Using debits and credits for adjusting journal entries) Ken Cascioli and Bill Ryder (see E15-10)...

(Using debits and credits for adjusting journal entries) Ken Cascioli and Bill Ryder (see E15-10) need to make adjusting journal entries to prepare financial statements based on their first month’s activities. Make adjusting journal entries for the following events, referring to the transactions in E15-10 as necessary.

1. Record depreciation for 1 month on the ladders and other equipment.

2. Record depreciation for 1 month on the pickup truck.

3. Accrue interest for 1 month on the note referred to in transaction 2b.

4. Record the cost of insurance for 1 month (see transaction 3).

5. Ken and Bill worked on the last 2 days of the month and earned a total of $850, but they did not collect cash because the last day of the month fell on a Tuesday. Make an accrual for their earnings.