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

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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 $11,500 Accounts Receivable 17,400 Administrative Expense 60,000 Cash 44,000 Common Stock 32,000 Prepaid Insurance 15,500 Service Revenue 93,400 Adjustments needed: • Salaries due to administrative employees, but unpaid at period end, $2,100. • Insurance still unexpired at end of the period, $12,200. Adjusted Trial Balance Debit Credit %$4 Accounts Payable Administrative Expense Common Stock Salaries Payable Service Revenue
Effects of Errors on Adjusted Trial Balance For each of the following errors, considered individually, indicate whether the error would cause the adjusted trial balance totals to be unequal. If the error would cause the adjusted trial balance totals to be unequal, indicate whether the debit or credit total is higher and by how much. a. The adjustment for accrued wages of $4,590 was journalized as a debit to Wages Expense for $4,590 and a credit to Accounts Payable for $4,590. Enter the difference between the debit and credit totals. If the totals are equal, enter a zero.$fill in the blank 2 b. The entry for $2,860 of supplies used during the period was journalized as a debit to Supplies Expense of $2,860 and a credit to Supplies of $2,680. Enter the difference between the debit and credit totals. If the totals are equal, enter a zero.
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.
Prepare adjusting journal entries, as needed, considering the account balances excerpted from the unadjusted trial balance and the adjustment data. Debit (DR) Credit (CR) Property Plant & Equipment $320,000 Accumulated $89,500 Depreciation Prepaid Insurance $24,000 Supplies $7,500 Salaries Payable $6,700 Unearned Service $3,000 Revenue Supplies actual count at year end, $6500; DR CR Remaining unexpired insurance, $6000 DR CR Remaining unearned service revenue, $1200 DR CR Salaries owed to employees, $2400 DR CR Depreciation on property plant and equipment, $18,000 DR CR
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
Included in Blossom’s December 31 trial balance is unearned revenue of $12,600. Management reviewed the company’s progress on the underlying contracts and determined that $4,000 of revenue should be recognized. Prepare Blossom’s December 31 adjusting entry
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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.)
The balance in the salaries expense account before adjustment on December 31, 2007 is $52,000. The amount of accrued salaries for December 30 and 31 are $500. What account should be debited in the journal (1) and for what amount to record the adjusting entry for accrued salaries based on this information? JOURNAL Page 25 date description p.ref. debit CREDIT Adjusting Entries 12/31 (1) ? (2) ? Group of answer choices Salaries Payable $52,000 Salaries Payable $500 Salaries Expense $52,000 Salaries Expense $500
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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…
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