Alert Security Services Co. offers security services to business clients. The trial balance for Alert Security Services Co. has been prepared on the following end-or-period spreadsheet for the year ended Octaber 31, 2019. In addition, the data for year-end adjustments are as follows:a. Fees earned, but not yet billed, $13.b. Supplies on hand, $4.C. Insurance premiums expired, $10.d. Depreciation expense, $3.e. Wages accrued, but not paid, $1.Enter the adjustment data, and place the balances in the Adjusted Trial Balance columns. If a box does not require an entry, leave it blank.Alert Security Services Co.End-of-Period Spreadsheet (Work Sheet)For the Year Ended October 31, 2019Adjusted Trial BalanceCreditUnadjusted TrialUnadjusted TrialAdjustments AdjustmentsAdjusted TrialAccount TitleBalance DebitBalance CreditDebitCreditBalance DebitCash12Accounts90ReceivableSuppliesBpaid Insurance12Land190Equipment50Accum. Depr.-Equioment

According to the rules of accountancy, all assets and expenses have a normal debit balance, and all…

Answered: Alert Security Services Co. offers…

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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On December 31, 2019, $700of salaries has been accrued. (Salaries before accrued amount totaled $29,000.) The next payroll to be paid will be on February 3, 2020, for $7,500.Do the following: a. Journalize and post the adjusting entry (use T accounts). b. Journalize and post the reversing entry on January 1. c. Journalize and post the payment of the payroll. Cash has a balance of $16,000 before the payment of payroll on February 3, 2020. (Record debits first, then credits. Exclude explanations from journal entries.)
A) Conan Industries collected $100,000 from customers in 2019. Ofthe amount collected,$25,000 was from revenue earned on account in 2018. In addition, Conan earned $40,000 ofrevenue in 2019, which will not be collected until 2020. Instructions: prepare adjusting entries and post revenues in ledger in 31\12\2019
Atlantic Company is completing adjusting entries at the end of the annual accounting period, December 31, 20X1. Four adjusting entries must be made at this date to update the accounts. The following accounts, selected from Atlantic's chart of accounts, are to be used for this purpose. They are coded below for easy reference. A. Office Supplies B. Trade Receivables C. Accumulated Depreciation D. Interest Receivable E. Notes Payable J. Office Supplies Expense K. Rent Expense L. Bad Debt Expense M. Depreciation Expense N. Interest Expense O. Sales Revenue P. Rent Revenue Q. Interest Revenue R. Equipment F. Interest Payable G. Property Tax Payable H. Unearned Rent 1. Rent Payable Below are the four adjusting entries: 1. On January 1, 20X1, equipment was purchased for $6,000. The equipment had an estimated useful life of five years with no residual value. It is depreciated using the straight-line method. Record depreciation. 2. On November 1, 20X1, collected $1,800 rent revenue in advance…
IN GOOD ACCOUNTING FORM
Direction: Prepare Journal Entries for the following transactions using both Liability and Income method and prepare Adjusting Journal Entries for each transaction assuming that the adjustments are made on December 31, 2020. 1. On March 1, 2020, Dr. Sy received P125,000 dental fees to be rendered for 10 months starting on May 1, 2020.2. Ms. Curtis received P30,000 on December 1, 2020 for cleaning services to be rendered for 3 months.
The following information relates to the Muscat Company at the end of 2019. The .accounting period is the calendar year On July 1, 2019, cash of OMR 48,000 was received from customers for a 36-month service period beginning on that date. The receipt was recorded by a debit to Cash and a credit to Unearned Service Revenue. OMR 8,000 was earned on December 31; the company should make the following :adjusting entry اخترأحد الخيارات a. None of the answers are correct b. DEBIT Cash OMR 8,000 and CREDIT Service Revenue OMR 8,000 c. DEBIT Cash OMR 8,000 and CREDIT Unearned Service Revenue OMR 8,000 d. DEBIT Cash OMR 48,000 and CREDIT Service Revenue OMR 48,000 e. DEBIT Unearned Service Revenue OMR 8,000 and CREDIT Service Revenue OMR 8,000
During the course of your examination of the financial statements of Trojan Corporation for the year ended December 31, 2021, you come across several items needing further consideration. Currently, net income is $100,000.1. An insurance policy covering 12 months was purchased on October 1, 2021, for $24,000. The entire amount was debited to Prepaid Insurance and no adjusting entry was made for this item in 2021.2. During 2021, the company received a $4,000 cash advance from a customer for services to be performed in 2022. The $4,000 was incorrectly credited to Service Revenue. 3. There were no supplies listed in the balance sheet under assets. However, you discover that supplies costing $2,750 were on hand at December 31, 2021.4. Trojan borrowed $70,000 from a local bank on September 1, 2021. Principal and interest at 9% will be paid on August 31, 2022. No accrual was made for interest in 2021.Required: Using the information in 1 through 4 above, determine the proper amount of net…
PROBLEM 1: The transactions of Dragon Company for December 2020 are shown below. Requirements: (a) Journalize each transaction and prepare the necessary adjusting entries; and (b) Prepare the current liabilities section of the balance sheet for the month ended December 31, 2020. Dec 1 Purchased P1,250,000 inventory on account. Received P200,000 from a lessee as an advance payment for rent over five months starting December 2020. Billed a customer who bought 400 units at P4,500 each. It is expected that 6% of the units will be defective and that repair costs will average P1,350 per unit Dec 3 Dec 9 Dec 15 Borrowed P900,000 from a bank by signing a 9-month, 10%, interest-bearing note. Dec 21 Paid P820,000 on account for inventory purchased on December 1. Dec 27 Sued by a disgruntied employee. Legal counsel believes that it is possible that the company will have to pay P80,000 in damages next year. Dec 30 Purchased new equipment for P650,000, paying P200,000 cash and signing a 3-year, 7%…
The Piper Ventura Illustrators presented the following information pertaining to accounts that will need adjustments for its Nov. 30, 2021, year-end financial statements.
The information necessary for preparing the 2021 year-end adjusting entries for Gamecock Advertising Agency appears below. Gamecock’s fiscal year-end is December 31. 1. On July 1, 2021, Gamecock receives $6,000 from a customer for advertising services to be given evenly over the next 10 months. Gamecock credits Deferred Revenue. 2. At the beginning of the year, Gamecock’s depreciable equipment has a cost of $28,000, a four-year life, and no salvage value. The equipment is depreciated evenly (straight-line depreciation method) over the four years. 3. On May 1, 2021, the company pays $4,800 for a two-year fire and liability insurance policy and debits Prepaid Insurance. 4. On September 1, 2021, the company borrows $20,000 from a local bank and signs a note. Principal and interest at 12% will be paid on August 31, 2022. 5. At year-end there is a $2,700 debit balance in the Supplies (asset) account. Only $1,000 of supplies remains on hand.Required: Record the necessary adjusting entries on…
Pitman Company is a small editorial services company owned and operated by Jan Pitman. On October 31, 2019 the end of the current year, Pitman Company’s accounting clerk prepared the following unadjusted trial balance:Pitman CompanyUNADJUSTED TRIAL BALANCEOctober 31, 2019ACCOUNT TITLE DEBIT CREDIT1Cash7,710.002Accounts Receivable37,935.003Prepaid Insurance7,070.004Supplies2,125.005Land108,400.006Building145,300.007Accumulated Depreciation-Building85,610.008Equipment134,800.009Accumulated Depreciation-Equipment96,100.0010Accounts Payable12,625.0011Unearned Rent6,340.0012Jan Pitman, Capital219,690.0013Jan Pitman, Drawing15,120.0014Fees Earned323,700.0015Salaries and Wages Expense196,770.0016Utilities Expense42,265.0017Advertising Expense23,135.0018Repairs Expense17,195.0019Miscellaneous Expense6,240.0020Totals744,065.00744,065.00The data needed to determine year-end adjustments are as follows:a. Unexpired insurance at October 31, $6,105.b. Supplies on hand at October 31, $485.c.…
Marsteller Properties Inc. owns apartments that it rents to university students. At December 31,2019, the following unadjusted account balances were available: The following information is available for adjusting entries:a. An analysis of apartment rental contracts indicates that $3,800 of apartment rent is unbilledand unrecorded at year end.b. A physical count of supplies reveals that $1,400 of supplies are on hand at December 31, 2019.c. Annual depreciation on the buildings is $204,250.d. An examination of insurance policies indicates that $12,000 of the prepaid insurance applies to coverage for 2019.e. Six months’ interest at 9% is unrecorded and unpaid on the notes payable. f. Wages in the amount of $6,100 are unpaid and unrecorded at December 31.g. Utilities costs of $300 are unrecorded and unpaid at December 31.h. Income taxes of $5,738 are unrecorded…

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