Ch 3 Worksheet

Please answer Requirements 7  & 8   Purchasing Supplies and the Monthly Supplies Adjusting EntryOn July 1, 2021, Martha Jones started Martha’s Auto Repair Shop, Inc. On that same day, Marthapurchased the following supplies for use in the repair shop:Item Unit ofMeasureQuantityPurchasedPrice perUnitExtendedTotal CostShop Towels Rolls 120 $4 $480Degreasing Fluid Quarts 75 $9 $675Gasket Sealer Tubes 40 $6 $240Total $1,395On July 1, Martha paid cash for the supplies and set the accounting policy that all supplies wouldinitially be recorded in the Supplies asset account.At the end of July, Martha counted the supplies that were left and prepared the following listing:Item Unit ofMeasureQuantityRemainingShop Towels Rolls 80Degreasing Fluid Quarts 65Gasket Sealer Tubes 32At the end of August, Martha counted the supplies that were left and prepared the following listing:Item Unit ofMeasureQuantityRemainingShop Towels Rolls 55Degreasing Fluid Quarts 48Gasket Sealer Tubes 22The following is a…

Preparing a partial worksheet Just Right Hair Stylists has begun the preparation of its worksheet as follows: Year-end data include the following: a. Office supplies on hand, $300. b. Depreciation, $700. c. Accrued interest expense, $800. Complete just Right’s worksheet through the adjusted trial balance section. In the adjustments section, mark each adjustment by letter.

provide correct answer of both................

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I. On November 1, 20X3, your calendar year company receives $40,000 for space it is subletting for 5 months at $8,000 a month from Nov 1 20X3 through March 31, 20X4 and books the amount as rent Revenue. On December 31 20X3 you discover the following adjusting entry. Rent Revenue 32,000 Rent Receive in Advance 32,000 To correct this error you must II. Your calendar year company completes a $6,000 job, of which $1,000 has been received by year end and credited to revenue. If you discover before the books are closed that no adjusting entry was made, your correcting entry will

Need help with balance sheet and Net Income part!! Thank you

Preparation of Adjustments on a Spreadsheet for a Merchandising Business: Periodic Method The trial balance for the Venice Beach Kite Shop, a business owned by Molly Young is shown in the End-of-Period Spreadsheet. Year-end adjustment information: (a, b) A physical count shows that merchandise inventory costing $84,000 is on hand as of December 31, 20--. (c, d, e)  Young estimates that customers will be granted $5,700 in refunds of this year’s sales next year and the merchandise expected to be returned will have a cost of $4,300. (f) Supplies remaining at the end of the year, $3,300. (g) Unexpired insurance on December 31, $3,800. (h) Depreciation expense on the building for 20--, $11,500. (i) Depreciation expense on the store equipment for 20--, $6,500. (j) Unearned rent revenue as of December 31, $4,600. (k) Wages earned but not paid as of December 31, $3,400.

Suppose a customer rents a vehicle for three months from Franklin Rental on November 1, paying $3,750 ($1,250/month).  Required: 1.&2. Record the necessary entries in the Journal Entry Worksheet below. 3. Calculate the year-end adjusted balances of Deferred Revenue and Service Revenue (assuming the balance of Deferred Revenue at the beginning of the year is $0).

7-3 Purchasing Supplies and the Monthly Supplies Adjusting Entry On July 1, 2021, Martha Jones started Martha’s Auto Repair Shop, Inc. On that same day, Martha purchased the following supplies for use in the repair shop: Item Unit of MeasureQuantity PurchasedPrice per UnitExtended Total CostShop Towels Rolls 120 $4 $480Degreasing Fluid Quarts 75 $9 $675Gasket Sealer Tubes 40 $6 $240Total $1,395On July 1, Martha paid cash for the supplies and set the accounting policy that all supplies would initially be recorded in the Supplies asset account. At the end of July, Martha counted the supplies that were left and prepared the following listing: Item Unit of MeasureQuantity RemainingShop Towels Rolls 80 Degreasing Fluid Quarts 65 Gasket Sealer Tubes 32 At the end of August, Martha counted the supplies that were left and prepared the following listing: Item Unit of MeasureQuantity RemainingShop Towels Rolls 55 Degreasing Fluid Quarts 48 Gasket Sealer Tubes 22 The following is a partial list…

Jõurnalizing Lorring Landscaping has the following data for the December 31 adjusting entriee a. Each Friday, Lorring pays employees for the current week's work. The the weekly payroll is $6,000 for a five-day workweek. This year, December 31 fll. on a Tuesday. Lorring will pay its employees on January 3. b. On January 1 of the current year, Lorring purchases an insurance policy that covers two years, $4,000. amount of c. The beginning balance of Office Supplies was $4,100. During the year, Lorring purchased office supplies for $5,500, and at December 31 the office supplies on hand total $2,200. d. During December, Lorring designed a landscape plan and the client prepaid $4,000. Lorring recorded this amount as Unearned Revenue. The job will take several months to complete, and Lorring estimates that the company has earned 50% of the total revenue during the current year. e. At December 31, Lorring had earned $4,500 for landscape services completed for Tomball Appliances. Tomball has…

Suppose a customer rents a vehicle for three months from Commodores Rental on November 1, paying $6,000 ($2,000/month).   Required: 1.&2. Record the necessary entries in the Journal Entry Worksheet below. 3. Calculate the year-end adjusted balances of Deferred Revenue and Service Revenue (assuming the balance of Deferred Revenue at the beginning of the year is $0). 1 Record the rental of a vehicle to a customer for three months, receiving cash of $6,000 ($2,000/month) on November 1.   2 Record the adjusting entry for the rental on December 31.

Journalize the following selected transactions of Mirmax Rentals. Omit explanations. Aug. 1 Purchased two new saws on credit at $425 each.  The saws are added to Mirmax’s rental inventory. Payment is due in 30 days.         8 Accepted advance deposits of $125 for tool rentals that will be applied to the cash rental when the tools are returned.         20 Charged customers $1,250 on account for tool rentals. Payment is due within 30 days.         31 Paid utility bill for the month, $180.         31 Received $600 in payments from the customers that were billed for rentals on August 20.

Hi, please help me with my accounting assignment with explanations and solutions please for me to further understand. Thank you in advance

Please Introduction and show work and please I humble request to no plagiarism please

Suppose a customer rents a vehicle for three months from Commodores Rental on November 1, paying $5,250 ($1,750/month).  1.&2. Record the necessary entries in the Journal Entry Worksheet below. 3. Calculate the year-end adjusted balances of the Deferred Revenue and Service Revenue accounts (assuming the balance of Deferred Revenue at the beginning of the year is $0). Deferred revenue ending balance:____________ Service revenue ending balance:  _____________

Consider the following situations for College Park Welding Services: i (Click the icon to view the situations.) Journalize the adjusting entry needed on December 31 for each situation. Use the letters to label the journal entries. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) More info 4 a. Depreciation for the current year includes equipment, $2,800. b. Each Monday, College Park pays employees for the previous week's work. The amount of weekly payroll is $7,700 for a seven-day workweek (Monday to Sunday). This year, December 31 falls on Thursday. c. The beginning balance of Office Supplies was $2,700. During the year, College Park purchased office supplies for $2,800, and at December 31 the office supplies on hand totaled $1,300. d. College Park prepaid a two full years' insurance on April 1 of the current year, $6,960. Record insurance expense for the year ended December 31. e. College Park had earned $2,900 of unearned…

Prepare a worksheet for Brown’s Plumbing and Heating. Write the heading for the worksheet for the fiscal period ending December 31, 20xx. Record the trial balance using the accounts and their balances from the Ledger tab. Some are done for you. Calculate and record the Supplies adjustment. There is $5,600.00 in supplies on hand at the end of the fiscal year. Calculate and record the Insurance adjustment. There is $900.00 of insurance coverage left at the end of the fiscal year. Prove the Adjustments columns. Extend all balance sheet account balances. Extend all income statement account balances. Calculate and record the net income or loss. Total and rule the Income Statement and Balance Sheet columns.

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