are an adjusted trial balance from the following account information, considering the adjustment data provided (assume accounts have normal balances). Adjustments needed: Salaries due to administrative employees, but unpaid at period end, $2,000 Insurance still unexpired at end of the period, $12,00

are an adjusted trial balance from the following account information, considering the adjustment data provided (assume accounts have normal balances). Adjustments needed: Salaries due to administrative employees, but unpaid at period end, $2,000 Insurance still unexpired at end of the period, $12,00

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

Jouralize the adjusting entries and post to the general ledger. Adjusting Entries: a, Expired insurance for the period , $500. b, Supplies on hand at the end of the month, $1,000.
At December 31, the unadjusted trial balance of H&R Tacks reports Deferred Revenue of $5.100 and Service Revenues of $33,900. Obligations for one-half of the deferred revenue have been fulfilled as of December 31. Requlred: 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.
T accounts, adjusting entries, financial statements, and closing entries; optional end-of-period spreadsheetThe unadjusted trial balance of Epicenter Laundry at June 30, 2018, the end of the fiscal year, follows: The data needed to determine year-end adjustments are as follows:(A) Laundry supplies on hand at June 30 are $3,600.(B) Insurance premiums expired during the year are $5,700.(C) Depreciation of laundry equipment during the year is $6,500.(D) Wages accrued but not paid at June 30 are $1,100.Instructions1. For each account listed in the unadjusted trial balance, enter the balance in a T account.Identify the balance as “June 30 Bal.” In addition, add T accounts for Wages Payable, Depreciation Expense, Laundry Supplies Expense, Insurance Expense, and Income Summary.2. (Optional) Enter the unadjusted trial balance on an end-of-period spreadsheet and completethe spreadsheet. Add the accounts listed in part (1) as needed.3. Journalize and post the adjusting entries. Identify the…
Which of the following is the proper adjusting entry, based on a prepaid insurance account balance before adjustment of $14,337 and unexpired insurance of $5,149, for the fiscal year ending on April 30? a.) debit Prepaid Insurance, $9,188; credit Insurance Expense, $9,188 b.) debit Prepaid Insurance, $14,337; credit Insurance Expense, $14,337 c.) debit Insurance Expense, $9,188; credit Prepaid Insurance, $9,188 d.) debit Insurance Expense, $14,337; credit Prepaid Insurance, $14,337
help me
On June 30 of the current year, Rosemount Copy Center has completed the Trial Balance columns of the work sheet. Analyze the adjustment information given here into debit and credit parts. Record the adjustments on the work sheet. Total the Adjustments columns. Adjustment Information June 30 Supplies on hand $188.00 Value of prepaid insurance 540.00 WORK SHEET For Month Ended June 30, 20-- ACCOUNT TITLE TRIAL BALANCE ADJUSTMENTS INCOME STATEMENT BALANCE SHEET DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT 1 Cash 8,715.00 1 2 Petty Cash 75.00 2 3 Accounts Receivable-Raymond O’Neil 642.00 3 4 Supplies 518.00 4 5 Prepaid Insurance 675.00 5 6 Accounts Payable-Western Supply 268.00 6 7 Akbar…
At December 31, the unadjusted trial balance of H&R Tacks reports Interest Payable of $0 andInterest Expense of $0. Interest incurred and owed in December totals $500. Prepare the adjustingjournal entry on December 31. In separate T-accounts for each account, enter the unadjusted balances, post the adjusting journal entry, and report the adjusted balance.
Fill in the t-accounts for each situation and label each transaction as Deferrals/Prepaid or Accrual. Calculate the adjusted balance and use a Bal. post reference to show the ending balance of each account. 1. Completed services that were paid for six months earlier, $970. The Service Revenue unadjusted balance as of December 31 is $9,100. The Unearned Revenue balance as of December 31 is $8,100. 2. Incurred interest expense of $2,900. 3. A two year insurance policy for $1,320 was purchased on November 1 of the current year. Record the transaction for the year ended December 31.
Certain adjusting entries made at the end of an accounting period are reversed at the beginning of the following period. Required: Analyze the following four adjusting entries made on December 31, and determine whether a reversing entry is needed. Date Description Reversing entry Reversing entry Debit Credit necessary not necessary Dec. 31 Interest Receivable 1,200 Interest Revenue 1,200 31 Deferred Insurance 965 Insurance Revenue 965 31 Salaries Expense 150 Salaries Payable 150 31 Deferred Rent Revenue 1,550 Rent Revenue 1,550 G
Which of the following is the proper adjusting entry, based on a prepaid insurance account balance before adjustment of $16,741 and unexpired insurance of $4,804, for the fiscal year ending on April 30? a.debit Prepaid Insurance, $11,937; credit Insurance Expense, $11,937 b.debit Insurance Expense, $16,741; credit Prepaid Insurance, $16,741 c.debit Prepaid Insurance, $16,741; credit Insurance Expense, $16,741 d.debit Insurance Expense, $11,937; credit Prepaid Insurance, $11,937
Salary expense has a balance of $65,400 in the trial balance debit column of a worksheet. The adjustments credit column contains a $500 credit to salary payable. The adjusted trial balance column will show:
Prepare an adjusted trial balance from the following account information, considering the adjustment data provided (assume accounts have normal balances). If an amount box does not require an entry, leave it blank. Accounts Payable $11,100 Accounts Receivable 17,600 Administrative Expense 59,000 Cash 46,000 Common Stock 33,000 Prepaid Insurance 16,300 Service Revenue 94,800 Adjustments needed: • Salaries due to administrative employees, but unpaid at period end, $2,300. • Insurance still unexpired at end of the period, $12,200.