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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Brokeback Towing Company is at the end of its accounting year, December 31, 2021. The following data that must be considered were developed from the company’s records and related documents: On July 1, 2021, a two-year insurance premium on equipment in the amount of $820 was paid and debited in full to Prepaid Insurance on that date. Coverage began on July 1. At the end of 2021, the unadjusted balance in the Supplies account was $1,220. A physical count of supplies on December 31, 2021, indicated supplies costing $410 were still on hand. On December 31, 2021, YY’s Garage completed repairs on one of Brokeback’s trucks at a cost of $910. The amount is not yet recorded. It will be paid during January 2022. On December 31, 2021, the company completed a contract for an out-of-state company for $8,060 payable by the customer within 30 days. No cash has been collected and no journal entry has been made for this transaction. On July 1, 2021, the company purchased a new hauling van.…
Beacon Signals Company maintains and repairs warning lights, such as those found on radio towers and lighthouses. Beacon Signals Company prepared the following end-ofperiod spreadsheet at December 31, 2019, the end of the fiscal year:Beacon Signals CompanyEnd-of-Period SpreadsheetFor the Year Ended December 31, 2019Unadjusted Trial Balance Adjustments Adjusted Trial BalanceAccount Title Dr. Cr. Dr. Cr. Dr. Cr.Cash 13,000.00 13,000.00Accounts Receivable 40,500.00 (a) 12,500.00 53,000.00Prepaid Insurance 4,200.00 (b) 3,000.00 1,200.00Supplies 3,000.00 (c) 2,250.00 750.00Land 98,000.00 98,000.00Building 500,000.00 500,000.00Accumulated Depreciation-Building 255,300.00 (d) 9,000.00 264,300.00Equipment 121,900.00 121,900.00Accumulated Depreciation-Equipment 100,100.00 (e) 4,500.00 104,600.00Accounts Payable 15,700.00 15,700.00Salaries and Wages Payable (f) 4,900.00 4,900.00Unearned Rent 2,100.00 (g) 1,300.00 800.00Sarah Colin, Capital 238,100.00…
Prepare the necessary adjusting entries for Johnstone Controls at the end of its December 31, 2021, fiscal yearend for each of the following situations. No adjusting entries were recorded during the year.1. On March 31, 2021, the company lent $50,000 to another company. A note was signed with principal and interest at 6% payable on March 31, 2022.2. On September 30, 2021, the company paid its landlord $12,000 representing rent for the period September 30, 2021, to September 30, 2022. Johnstone debited prepaid rent.3. Supplies on hand at the end of 2020 totaled $3,000. Additional supplies costing $5,000 were purchased during 2021 and debited to the supplies account. At the end of 2021, supplies costing $4,200 remain on hand.4. Vacation pay of $6,000 for the year that had been earned by employees was not paid or recorded. The company records vacation pay as salaries expense.
Brokeback Towing Company Is at the end of Its accounting year, December 31, 2018. The following data that must be considered were developed from the company's records and related documents: a. On July 1. 2018, a two-year Insurance premium on equipment in the amount of $600 was paid and debited in full to Prepaid Insurance on that date. Coverage began on July 1. b. At the end of 2018, the unadjusted balance Iin the Supplies account was $1.000. A physical count of supplies on December 31, 2018. Indicated supplies costing $300 were still on hand. c. On December 31, 2018, YY'S Garage completed repairs on one of Brokeback's trucks at a cost of $800. The amount is not yet recorded. It will be pald during January 2019. d. On December 31, 2018, the company completed a contract for an out-of-state company for $7,950 payable by the customer within 30 days. No cash has been collected and no journal entry has been made for this transaction. e. On July 1, 2018. the company purchased a new hauling…
On July 1, 2022, Sheridan Company pays $18,500 to Wildhorse Co. for a 2-year insurance contract. Both companies have fiscal years ending December 31. (a1) Journalize the entry on July 1 and the adjusting entry on December 31 for Wildhorse Co.. Wildhorse uses the accounts Unearned Service Revenue and Service Revenue. (Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit
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…
The ledger of Bourque Rental Agency on March 31, 2021, includes the following selected accounts before preparing quarterly adjusting entries: Debit Credit Supplies $ 13,600 Prepaid Insurance 3,440 Equipment 37,760 Accumulated Depreciation—Equipment $ 9,440 Unearned Revenue 9,200 Notes Payable 28,800 Rent Revenue 29,800 Salaries Expense 13,600 An analysis of the accounts shows the following: 1. The equipment has a four-year useful life. 2. One-quarter of the unearned rent is still unearned on March 31, 2021. 3. The note payable has an interest rate of 4%. Interest is paid every June 30 and December 31. 4. Supplies on hand at March 31 total $ 760. 5. The one-year insurance policy was purchased on January 1, 2021. 6. As at March 31, a tenant owed Bourque $ 600 for the month of March. Prepare the quarterly adjusting entries required at March 31, 2021
Sheffield Corp. received a check for $19080 on July 1, which represents a 6-month advance payment of rent on a building it rents to a client. Unearned Rent Revenue was credited for the full $19080. Financial statements will be prepared on July 31. Sheffield's should make the following adjusting entry on July 31: debit Unearned Rent Revenue, $19080; credit Rent Revenue, $19080. debit Cash, $19080; credit Rent Revenue, $19080. debit Rent Revenue, $3180; credit Unearned Rent Revenue, $3180. debit Unearned Rent Revenue, $3180; credit Rent Revenue, $3180.
Prepare the necessary adjusting entries at December 31, 2018, for the Microchip Company for each of the followingsituations. Assume that no financial statements were prepared during the year and no adjusting entries were recorded.1. On October 1, 2018, Microchip lent $90,000 to another company. A note was signed with principal and 8%interest to be paid on September 30, 2019.2. On November 1, 2018, the company paid its landlord $6,000 representing rent for the months of Novemberthrough January. Prepaid rent was debited.3. On August 1, 2018, collected $12,000 in advance rent from another company that is renting a portion ofMicrochip’s factory. The $12,000 represents one year’s rent and the entire amount was credited to rentrevenue.4. Depreciation on office equipment is $4,500 for the year.5. Vacation pay for the year that had been earned by employees but not paid to them or recorded is $8,000. Thecompany records vacation pay as salaries expense.6. Microchip began the year with $2,000 in…
Beacon Signals Company maintains and repairs warning lights, such as those found on radio towers and lighthouses. Beacon Signals Company prepared the following end-ofperiod spreadsheet at December 31, 2019, the end of the fiscal year:Beacon Signals CompanyEnd-of-Period SpreadsheetFor the Year Ended December 31, 2019Unadjusted Trial Balance Adjustments Adjusted Trial BalanceAccount Title Dr. Cr. Dr. Cr. Dr. Cr.Cash 13,000.00 13,000.00Accounts Receivable 40,500.00 (a) 12,500.00 53,000.00Prepaid Insurance 4,200.00 (b) 3,000.00 1,200.00Supplies 3,000.00 (c) 2,250.00 750.00Land 98,000.00 98,000.00Building 500,000.00 500,000.00Accumulated Depreciation-Building 255,300.00 (d) 9,000.00 264,300.00Equipment 121,900.00 121,900.00Accumulated Depreciation-Equipment 100,100.00 (e) 4,500.00 104,600.00Accounts Payable 15,700.00 15,700.00Salaries and Wages Payable (f) 4,900.00 4,900.00Unearned Rent 2,100.00 (g) 1,300.00 800.00Sarah Colin, Capital 238,100.00 238,100.00Sarah Colin, Drawing 10,000.00…
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.…
Prepare adjusting journal entries, as needed, considering the account balances excerpted from the unadjusted trial balance and the adjustment data. A. supplies actual count at year end, $6,500 B. remaining unexpired insurance, $6,000 C. remaining unearned service revenue, $1,200 D. salaries owed to employees, $2,400 E. depreciation on property plant and equipment, $18,000

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