4. EX.04-04eBookA partial work sheet for Marge's Place is shown below.Prepare the following adjustments on this work sheet for the month ended June 30, 20--.a. Expired or used-up insurance, $450.b. Depreciation expense on equipment, $750 (Remember to credit the Accumulated Depreciation account for equipment, not Equipment).c. Wages accrued or earned since the last payday, $380 (owed and to be paid on the next payday).d. Supplies used, $110.If no amount is required, enter 0.W1 Cash2 Supplies3 Prepaid Insurance4 Equipment5 Accumulated Depreciation, Equipment6 Accounts Payable7 M. Benson, Capital8 M. Benson, Drawing9 Income from Services10 Rent Expense11 Supplies Expense12 Wages Expense13 Miscellaneous Expense1415161718ACCOUNT NAMEVideoMarge's PlaceWork SheetFor Month Ended June 30, 20--TRIAL BALANCEDEBIT4,3702501,8004,8802,0001,0862566606815,370CREDIT1,3502,5394,5446,93715,370ADJUSTMENTSDEBITCREDIT12345678сл910111213141516671718

The worksheet is the statement which shows the unadjusted trial, the adjustments to be made,…

A partial work sheet for Marge's Place is shown below. Prepare the following adjustments on this work sheet for the month ended June 30, 20--. a. Expired or used-up insurance, $450. b. Depreciation expense on equipment, $750 (Remember to credit the Accumulated Depreciation account for equipment, not Equipment) c. Wages accrued or earned since the last payday, $380 (owed and to be paid on the next payday). d. Supplies used, $110. If no amount is required, enter 0. ACCOUNT NAME 1 Cash 2 Supplies 3 Prepaid Insurance 4 Equipment 5 Accumulated Depreciation, Equipment 6 Accounts Payable 7 M. Benson, Capital 8 M. Benson, Drawing 9 Income from Services 10 Rent Expense 11 Supplies Expense 12 Wages Expense 13 Miscellaneous Expense 14 15 16 17 18 Marge's Place Work Sheet For Month Ended June 30, 20-- TRIAL BALANCE DEBIT 4,370 250 1,800 4,880 2,000 1,086 256 660 68 15,370 CREDIT 1,350 2,539 4,544 6,937 15,370 ADJUSTMENTS DEBIT CREDIT 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18

A partial work sheet for Marge's Place is shown below. Prepare the following adjustments on this work sheet for the month ended June 30, 20--. a. Expired or used-up insurance, $450. b. Depreciation expense on equipment, $750 (Remember to credit the Accumulated Depreciation account for equipment, not Equipment) c. Wages accrued or earned since the last payday, $380 (owed and to be paid on the next payday). d. Supplies used, $110. If no amount is required, enter 0. ACCOUNT NAME 1 Cash 2 Supplies 3 Prepaid Insurance 4 Equipment 5 Accumulated Depreciation, Equipment 6 Accounts Payable 7 M. Benson, Capital 8 M. Benson, Drawing 9 Income from Services 10 Rent Expense 11 Supplies Expense 12 Wages Expense 13 Miscellaneous Expense 14 15 16 17 18 Marge's Place Work Sheet For Month Ended June 30, 20-- TRIAL BALANCE DEBIT 4,370 250 1,800 4,880 2,000 1,086 256 660 68 15,370 CREDIT 1,350 2,539 4,544 6,937 15,370 ADJUSTMENTS DEBIT CREDIT 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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5. EX.04-04.ALGO (Algorithmic) eBook A partial work sheet for Marge's Place is shown below. Prepare the following adjustments on this work sheet for the month ended June 30, 20-- a. Expired or used-up insurance, $650. b. Depreciation expense on equipment, $870 (Remember to credit the Accumulated Depreciation account for equipment, not Equipment). c. Wages accrued or earned since the last payday, $1,330 (owed and to be paid on the next payday). d. Supplies used, $110. If no amount is required, enter 0. 14 15 16 17 18 ACCOUNT NAME 1 Cash 2 Supplies 3 Prepaid Insurance 4 Equipment 5 Accumulated Depreciation, Equipment 6 Accounts Payable 7 M. Benson, Capital 8 M. Benson, Drawing 9 Income from Services 10 Rent Expense 11 Supplies Expense 12 Wages Expense 13 Miscellaneous Expense Marge's Place Work Sheet For Month Ended June 30, 20-- TRIAL BALANCE DEBIT 4,628 250 1,800 4,880 2,000 1,086 256 660 68 15,628 CREDIT 1,350 2,539 4,802 6,937 15,628 ADJUSTMENTS DEBIT CREDIT 1 2 3 4 5 6 7 8 9 10 11…
Adjustment for Wages On December 31, the trial balance shows wages expense of $1,200. An additional $400 of wages was earned by the employees, but has not yet been paid. Analyze this adjustment for wages using T accounts, and then formally enter this adjustment in the general journal. (Trial balance is abbreviated as TB.)
Your staff person has provided you with the following journal entry for January 20x1 depreciation. The monthly deprecation is supposed to be $100.00. What is wrong with this entry?
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Required information [The following information applies to the questions displayed below.] The following year-end Information is taken from the December 31 adjusted trial balance and other records of Leone Company. Advertising expense Depreciation expense-Office equipment Depreciation expense-Selling equipment Depreciation expense-Factory equipment Raw materials purchases (all direct materials) Maintenance expense-Factory equipment Factory utilities Direct labor Indirect labor office salaries expense Rent expense-Office space Rent expense-selling space Rent expense-Factory building sales salaries expense Costs $ 54,000 33,000 34,000 76,000 860,000 43,800 38,200 1. Advertising expense 2. Depreciation expense-Office equipment 3. Depreciation expense-Selling equipment 4. Depreciation expense-Factory equipment 5. Raw materials purchases (all direct materials) 6. Maintenance expense-Factory equipment 7. Factory utilities 8. Direct labor 9. Indirect labor 10. Office salaries expense 11. Rent…
a On December 1, $11,650 was received for a service contract to be performed from December 1 through April 30. b Assuming the work is performed evenly throughout the contract period, prepare the adjusting journal entry on December 31. Required: Record journal entries for the above transactions. Refer to the Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTS General Ledger ASSETS 11 Cash 12 Accounts Receivable 13 Supplies 14 Prepaid Insurance 16 Office Building 17 Accumulated Depreciation-Office Building LIABILITIES 21 Accounts Payable 22 Notes Payable 23 Unearned Fees 24 Wages Payable 25 Interest Payable EQUITY 31 Common Stock 32 Retained Earnings 33 Dividends REVENUE 41 Fees Earned EXPENSES 51 Advertising Expense 52 Insurance Expense 53 Interest Expense 54 Wages Expense 55 Supplies Expense 56 Utilities Expense 57 Depreciation…
Required information Use the following information for the Problems below. (Algo) [The following information applies to the questions displayed below.] The following year-end information is taken from the December 31 adjusted trial balance and other records of Leone Company. Advertising expense Depreciation expense-Office equipment Depreciation expense-Selling equipment Depreciation expense-Factory equipment Raw materials purchases (all direct materials) Maintenance expense-Factory equipment Factory utilities Direct labor Indirect labor Office salaries expense Rent expense-Office space Rent expense-Selling space Rent expense-Factory building Sales salaries expense Problem 14-2A (Algo) Classifying costs LO C2 Costs $ 30,000 9,000 10,000 52,000 1. Advertising expense 2. Depreciation expense-Office equipment 620,000 36,600 33,400 408,000 61,000 37,000 22,000 53,000 Required: Identify each cost as either a product cost or a period cost. If a product cost, classify it as direct materials,…
On December 1, $18,000 was received for a service contract to be performed from December 1 through April 30. Assuming the work is performed evenly throughout the contract period, calculate the amount of the adjusting entry for December 31.
At December 31, the unadjusted trial balance of H&R Tacks reports Equipment of $32,000 and zero balances in Accumulated Depreciation and Depreciation Expense. Depreciation for the period is estimated to be $6,400. Required: 1. Prepare the adjusting journal entry on December 31. 2 Prepare the T-accounts for each account, enter the unadjusted balances, post the adjusting journal entry, and report the adjusted balance.
Required information [The following information applies to the questions displayed below.] The following year-end information is taken from the December 31 adjusted trial balance and other records of Leone Company. Advertising expense Depreciation expense-Office equipment Depreciation expense-Selling equipment Depreciation expense-Factory equipment Raw materials purchases (all direct materials) Maintenance expense-Factory equipment Factory utilities Direct labor Indirect labor Office salaries expense Rent expense-Office space Rent expense-Selling space Rent expense-Factory building Sales salaries expense Using the following additional information for Leone Company, complete the requirements below. Raw materials inventory, beginning Raw materials inventory, ending Work in process inventory, beginning Sales Work in process inventory, ending Finished goods inventory, beginning Finished goods inventory, ending Required 1 Required: 1. Prepare the schedule of cost of goods manufactured for…
Required information [The following information applies to the questions displayed below.] The following year-end information is taken from the December 31 adjusted trial balance and other records of Leone Company. Advertising expense Depreciation expense-Office equipment Depreciation expense-Selling equipment Depreciation expense-Factory equipment Raw materials purchases (all direct materials) Maintenance expense-Factory equipment Factory utilities Direct labor Indirect labor Office salaries expense Rent expense-Office space Rent expense-Selling space Rent expense-Factory building Sales salaries expense Work in process inventory, ending Finished goods inventory, beginning Finished goods inventory, ending Required: $ 45,000 24,000 25,000 $ 154,000 159,000 46,000 2,576,000 50,000 64,000 72,000 67,000 770,000 41,100 36,400 468,000 Using the following additional information for Leone Company, complete the requirements below. Raw materials inventory, beginning Raw materials inventory,…
At December 31, the unadjusted trial balance of H&R Tacks reports Equipment of $25,500 and zero balances in Accumulated Depreciation and Depreciation Expense. Depreciation for the period is estimated to be $5,100. Required: 1. Prepare the adjusting journal entry on December 31. 2. Post the beginning balances and adjusting entries to the following T-accounts. Complete this question by entering your answers in the tabs below. Required 11 Required 2 Post the beginning balances and adjusting entries to the following T-accounts. Accumulated Depreciation Beginning Balance Debit Ending Balance Credit Answer is not complete. 5,100 5,100 Beginning Balance Debit Ending Balance Credit