A company is in its first month of operations. Supplies worth $4,000 were purchased on January 5. At the end of the month suppliesworth $3,000 were in hand. What adjusting entry would be made at the end of January? Post the adjusting entry for the scenarioprovided. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)View transaction listJournal entry worksheet1Record the consumption of supplies during the month if supplies worth $4,000were purchased on January 5 and at the end of the month supplies worth$3,000 were in hand.Note: Enter debits before credits.DateGeneral JournalDebitCreditJan 31Record entryClear entryView general journal事

Adjusting entries are required to be prepared at the end of each accounting period.it helps to…

Answered: A company is in its first month of…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

rr
7
How do I record the jornal entry for the current transaction?
Nix'It Company's ledger on July 31, its fiscal year-end, includes the following selected accounts that have normal balances. Nix'It uses the perpetual inventory system. Retained earnings Dividends Sales Sales discounts Sales returns and allowances Prepare the company's year-end closing entries. View transaction list Journal entry worksheet 1 2 Date July 31 3 4 Record the entry to close the income statement accounts with credit balances. Note: Enter debits before credits. $ 120,300 Cost of goods sold 7,000 Depreciation expense 175,000 Salaries expense 3,400 Miscellaneous expenses 6,000 Record entry General Journal Clear entry Debit Credit $ 106,500 10,800 35,000 5,000 View general journal >
Post the journal entries for the transactions to the following t-accounts. Each of which started the month with a zero balance. *****the drop down options for the first column are: a., b(1), b(2), c(1), c(2), d., e., f., g., h., i. For columns 2 and 3 you input a number for column 4 the drop down options are: a., b(1), b(2), c(1), c(2), d., e., f., g., h., i. to clarify, column 1 starts at the top and ends with "ending balance" column 2 starts at the top and ends with "0" in the photos provided Please don't add numbers to columns 1 or 4 only the drop down letters. Thank you!
Assignment/take AssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress-false eBook SA Calculator Print Item Prepare journal entries to record the following transactions for the month of November. If an amount box does not reguire an entry, leave it blank. A. On first day of the month, issued common stock for cash, $24,000. B. On third day of month, purchased equipment for cash, $12,000. C. On tenth day of month, received cash for accounting services, $14,250. D. On fifteenth day of month, paid miscellaneous expenses, $3,700. E. On last day of month, paid employee salaries, $8,300. Nov. 1 Nov. 3 Nov. 10 Nov. 15 Nov. 30 Check My Work Previous Next
Complete the General Ledger based on the recorded journal entries. Remember to: write the date, explanation, and fill out the value in the corresponding DR or CR column. Your explanation should only contain the other account names as per your journal entries, separated by a "/" where necessary.
Presented below are year-end adjusted account balances for Grouper Co. Insurance expense $11,160 Salaries and wages expense 55,230 Rent expense 22,430 Sales discounts 12,590 Inventory 26,260 Sales returns and allowances 15,640 Cost of goods sold 212,780 Sales revenue 411,350 Freight-out 7,930 Prepare the necessary closing entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit
Record the following transactions for the Scott Company: Transactions: Nov. 4 Received a $6,500, 90-day, 6% note from Tim’s Co. in payment of the account. Dec. 31 Accrued interest on the Tim’s Co. note. Feb. 2 Received the amount due from Tim’s Co. on the note. Required: Journalize the above transactions. Refer to the Chart of Accounts for exact wording of account titles. Round your answers to two decimal places. Assume a 360-day year when calculating interest. CHART OF ACCOUNTS Scott Company General Ledger ASSETS 110 Cash 111 Petty Cash 121 Accounts Receivable-Batson Co. 122 Accounts Receivable-Bynum Co. 123 Accounts Receivable-Calahan Inc. 124 Accounts Receivable-Dodger Co. 125 Accounts Receivable-Fronk Co. 126 Accounts Receivable-Miracle Chemical 127 Accounts Receivable-Solo Co. 128 Accounts Receivable-Tim’s Co. 129 Allowance for Doubtful Accounts 131 Interest Receivable 132 Notes Receivable-Tim’s Co. 141…
company received a deposit for $19600 last month for services to be provided in the current month, October. By the end of October the services have been provided. What does the appropriate journal entry include at the end of October?
Prepare a journal entry for the purchase of office equipment on February 19 for $31,400, paying $6,000 cash and the remainder on account. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.
Prepare a journal entry for the purchase of office equipment on February 19 for $14,800 paying $3,600 cash and the remainder on account. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

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,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

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

SEE MORE TEXTBOOKS