1. Based on the information provided below, please calculate the total accrual needed at the end of Q1-2022 (3/31/2022) by vendor. 2. Round the total accrual to the nearest 10. 3. Utilizing the rounded total accrual amount, and the provided information, show what journal entry(s) should be posted at the end of Q1-2022. 4. Format/change/improve this tab however you like to make it easier to understand. This is a list of all invoices received and paid related to Q1 for the respective vendors: Invoice/Start Date Vendor Invoice Number Amount Bill Frequency 2/1/2021 California Roofing 3AD24DF982D 1/1/2022 Hot Cakes LLC 1/6/2022 Jammer Joes Pools D48F5A4D8 1/10/2022 Else's Hammer Shc 1/19/2022 Washmart Co 2/4/2022 Hot Cakes LLC 2/5/2022 ABC Plumbing 2/16/2022 Else's Hammer Shc 3/17/2022 Spooner forks Inc UUTTRSFS 3/19/2022 Else's Hammer Shc Hot Cakes LLC Else's Hammer Shop ABC Plumbing Washmart Co California Roofing Jammer Joes Pools Spooner forks Inc Total Accrual 2. Rounded Total 3. JE(s) needed at 3/31/2022: Account Type Debit Expense Accounts Payable 464675 ADD24AF381 9881815 Credit 1. Accrual needed by vendor at 3/31/2022 (Assume there is currently no accrual for each vendor): *Please include all formulas/calculations used to get the accrual amount* Vendor Accrual Needed 464676 5487341 9881816 9881817 83484.1 Annually 200 Monthly 5679.85 Quarterly 50.25 Monthly 5678.87 Monthly 200 Monthly 751.51 Monthly 50.25 Monthly 785.48 Monthly 50.25 Monthly
1. Based on the information provided below, please calculate the total accrual needed at the end of Q1-2022 (3/31/2022) by vendor. 2. Round the total accrual to the nearest 10. 3. Utilizing the rounded total accrual amount, and the provided information, show what journal entry(s) should be posted at the end of Q1-2022. 4. Format/change/improve this tab however you like to make it easier to understand. This is a list of all invoices received and paid related to Q1 for the respective vendors: Invoice/Start Date Vendor Invoice Number Amount Bill Frequency 2/1/2021 California Roofing 3AD24DF982D 1/1/2022 Hot Cakes LLC 1/6/2022 Jammer Joes Pools D48F5A4D8 1/10/2022 Else's Hammer Shc 1/19/2022 Washmart Co 2/4/2022 Hot Cakes LLC 2/5/2022 ABC Plumbing 2/16/2022 Else's Hammer Shc 3/17/2022 Spooner forks Inc UUTTRSFS 3/19/2022 Else's Hammer Shc Hot Cakes LLC Else's Hammer Shop ABC Plumbing Washmart Co California Roofing Jammer Joes Pools Spooner forks Inc Total Accrual 2. Rounded Total 3. JE(s) needed at 3/31/2022: Account Type Debit Expense Accounts Payable 464675 ADD24AF381 9881815 Credit 1. Accrual needed by vendor at 3/31/2022 (Assume there is currently no accrual for each vendor): *Please include all formulas/calculations used to get the accrual amount* Vendor Accrual Needed 464676 5487341 9881816 9881817 83484.1 Annually 200 Monthly 5679.85 Quarterly 50.25 Monthly 5678.87 Monthly 200 Monthly 751.51 Monthly 50.25 Monthly 785.48 Monthly 50.25 Monthly
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:Instructions:
1. Based on the information provided below, please calculate the total accrual needed at the end of Q1-2022 (3/31/2022) by vendor.
2. Round the total accrual to the nearest 10.
3. Utilizing the rounded total accrual amount, and the provided information, show what journal entry(s) should be posted at the end of Q1-2022.
4. Format/change/improve this tab however you like to make it easier to understand.
This is a list of all invoices received and paid related to Q1 for the respective vendors:
Invoice/Start Date Vendor
Invoice Number Amount
2/1/2021 California Roofing 3AD24DF982D
1/1/2022 Hot Cakes LLC
1/6/2022 Jammer Joes Pools D48F5A4D8
1/10/2022 Else's Hammer Sho
1/19/2022 Washmart Co
2/4/2022 Hot Cakes LLC
2/5/2022 ABC Plumbing
2/16/2022 Else's Hammer Sho
3/17/2022 Spooner forks Inc UUTTRSFS
3/19/2022 Else's Hammer Sho
Washmart Co
California Roofing
Jammer Joes Pools
Spooner forks Inc
Total Accrual
2. Rounded Total
3. JE(s) needed at 3/31/2022:
Account Type
Debit
Expense
Accounts Payable
464675
ADD24AF381
9881815
Credit
464676
5487341
9881816
9881817
1. Accrual needed by vendor at 3/31/2022 (Assume there is currently no accrual for each vendor):
*Please include all formulas/calculations used to get the accrual amount*
Vendor
Accrual Needed
Hot Cakes LLC
Else's Hammer Shop
ABC Plumbing
Bill Frequency
83484.1 Annually
200 Monthly
5679.85 Quarterly
50.25 Monthly
5678.87 Monthly
200 Monthly
751.51 Monthly
50.25 Monthly
785.48 Monthly
50.25 Monthly
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education