Chapter 5 Cengage* CengageNOWv2 | Online teachin xE College Accounting, Chapters 1- x+ow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress-falseO eBookShow Me HowAnalysis of Adjusting Entry for SuppliesAnalyze each situation and indicate the correct dollar amount for the adjusting entry. (Trial balance is abbreviated TB.)1. Ending inventory of supplies is $95.(Balance Sheet)Supplies540 Adj.TBBal.(Income Statement)Supplies ExpenseAdj.2. Amount of supplies used is $280.(Balance Sheet)SuppliesTB330 Adj.Bal.(Income Statement)Supplies ExpenseAdj.FeedbackY Check My WorkThe adjusting entry for supplies is needed to record supplies used in a period and to lower the amount of supplies inventory. The Supplies accouread the question. In one question you are asked to calculate supplies used. In the other, you are given the amount of supplies used.Check My WorkAll work saved.

Adjusting entries are those entries which are made at the end of period to match the income and…

Analysis of Adjusting Entry for Supplies Analyze each situation and indicate the correct dollar amount for the adjusting entry. (Trial balance is abbreviated TB.) 1. Ending inventory of supplies is $95. (Balance Sheet) Supplies TB 540 Adj. Bal. (Income Statement) Supplies Expense Adj. 2. Amount of supplies used is $280. (Balance Sheet) Supplies TB 330 Adj. Bal. (Income Statement) Supplies Expense Adj. Feedback Y Check My Work The adjusting entry for supplies is needed to record supplies used in a period and to lower the amount of supplies inventory. The Supplies ac read the question. In one question you are asked to calculate supplies used. In the other, you are given the amount of supplies used. Check My Work All work saved.

Analysis of Adjusting Entry for Supplies Analyze each situation and indicate the correct dollar amount for the adjusting entry. (Trial balance is abbreviated TB.) 1. Ending inventory of supplies is $95. (Balance Sheet) Supplies TB 540 Adj. Bal. (Income Statement) Supplies Expense Adj. 2. Amount of supplies used is $280. (Balance Sheet) Supplies TB 330 Adj. Bal. (Income Statement) Supplies Expense Adj. Feedback Y Check My Work The adjusting entry for supplies is needed to record supplies used in a period and to lower the amount of supplies inventory. The Supplies ac read the question. In one question you are asked to calculate supplies used. In the other, you are given the amount of supplies used. Check My Work All work saved.

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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The balance in the supplies account before adjustment on December 31, 2007 is $3,000. The amount of supplies on hand is $500. What account should be debited in the journal (1) and for what amount to record the adjusting entry for supplies based on this information? JOURNAL Page 25 date description p.ref. debit CREDIT Adjusting Entries 12/31 (1) ? (2) ? Group of answer choices Supplies $500 Supplies Expense $1,500 Supplies Expense $2, 500 Supplies $2,500
Using the adjustments included update the worksheet with the new information. I hope this enough information to complete it. Adjustments: • Supplies-Office - ending supplies count is 1,500. • Supplies-Store - ending supplies count is $1,000 • Prepaid-Insurance used during the period was $4,500 A physical merchandise inventory count was taken on Dec. 31st and the ending inventory was $70,000. • Uncollectible accounts is estimated to be 2% of the total sales on account (Account Receivable) for the period. The office equipment depreciated by $5,000 and store equipment depreciated by $6,000
POSTING ADJUSTING ENTRIES Two adjusting entries are in the following general journal. Post these adjusting entries to the four general ledger accounts. The following account numbers were taken from the chart of accounts: 141, Supplies; 219, Wages Payable; 511, Wages Expense; and 523, Supplies Expense. If you are not using the working papers that accompany this text, enter the following balances before posting the entries: Supplies, $200 Debit; and Wages Expense, $1,200 Debit.
Hello! I need some help with accounting. I need to jurnalize the adjusting entries. Journalism the adjustments in the order given in the question. General Jurnal Date description. Post debit credit 20-- adjusting entries Mar.31 ______ ______ Mar.31 ______ ______ Mar.31 ______ ______ Mar31 ______ ______ Mar.31 ______ ______ Mar.31 ______ ______ Then I must prepare an income statement
Multiple choice 1. Unearned service revenue has a balance that is 800 less in the worksheet's balance sheet credit column than in the worksheet's trial balance credit column. From this data, it can be determined that: A. Unearned service revenue was credited for 800 in the adjustments columns B. Service revenue was debited for 800 in the adjustments columns C. Service revenue was credited for 800 in the adjustments columns D. Unearned service revenue was credited for 800 in the adjusted trial balance columns
Prior to recording adjusting entries, the Office Supplies account had a $359 debit balance. A physical count of the supplies showed $105 of unused supplies available. The required adjusting entry is: a. Debit Office Supplies $254 and credit Office Supplies Expense $254. b. Debit Office Supplies $105 and credit Office Supplies Expense $105. c. Debit Office Supplies Expense $254 and credit Office Supplies $254. d. Debit Office Supplies Expense $105 and credit Office Supplies $105.
WORK SHEET AND ADJUSTING ENTRIES A partial work sheet for Jim Jacobs’Furniture Repair is shown as follows. Indicate by letters (a) through (d) the four adjustments in the Adjustments columns of the work sheet, properly matching each debit and credit. Complete the Adjustments columns.
Take me to the text The following information was taken from the financial records of Thornhill Public House, owned by Justin Thonhill at its year end of February 28, 2021. The company uses the periodic inventory system and combines its beverage and food inventory in a single account. Freight-In Interest Expense Inventory, March 1, 2020 Inventory, February 28, 2021 Purchase Returns and Allowances Purchases Rent Expense Salaries & Wages Expense Sales Discounts Sales Revenue Purchases Required a) Calculate the Cost of Sales. Do not enter dollar signs or commas in the input boxes. Do not use negative signs. Inventory, March 1, 2020 Purchase Returns and Allowances $ Net Purchases Freight-In Subtotal Cost of Goods Available for Sale $1,330 $2,830 $161,440 $127,910 $10,180 $105,710 $29,540 $44,300 $9,940 $267,180 Inventory, February 28, 2021 S
6. What is the amount of supplies account at November 30 7. What is the amount of the prepaid insurance account at November 30 8. What is the amount of the depreciation expense-Van account at November 30? 9. What is the amount of wages expense account at November 30? 10. Did Campus Delivery Service has a net income or a net loss at November 30?