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CALCULATOR FULL SCREEN PRINTER VERSION Equipment « BACK 8,000 Interest Payable Notes Payable 11,000 Prepaid Insurance 3,120 Salaries and Wages Payable Supplies 2,200 Unearned Service Revenue 28,000 All the accounts have normal balances. The information below has been gathered at December 31, 2020. 1. Cullumber Company borrowed $9,400 by signing a 9%, one-year note on September 1, 2020. 2. A count of supplies on December 31, 2020, indicates that supplies of $970 are on hand. 3. Depreciation on the equipment for 2020 is $2,000. 4. Cullumber Company. paid $3,120 for 12 months of insurance coverage on June 1, 2020. On December 1, 2020, Cullumber collected $28,000 for consulting services to be performed from December 1, 2020, through March 3 2021. The company had performed 1/4 of the services by December 31. 5. 6. Cullumber performed consulting services for a client in December 2020. The client will be billed $4,200. Cullumber Company pays its employees total salaries of $5,600 every Monday for the preceding 5-day week (Monday through Friday). On Monday, December 29, employees were paid for the week ending December 26. All employees worked the last 3 days of 2020. 7. Prepare adjusting entries for the seven items described above. (Credit account titles are automatically indented when the amount is

CALCULATOR FULL SCREEN PRINTER VERSION Equipment « BACK 8,000 Interest Payable Notes Payable 11,000 Prepaid Insurance 3,120 Salaries and Wages Payable Supplies 2,200 Unearned Service Revenue 28,000 All the accounts have normal balances. The information below has been gathered at December 31, 2020. 1. Cullumber Company borrowed $9,400 by signing a 9%, one-year note on September 1, 2020. 2. A count of supplies on December 31, 2020, indicates that supplies of $970 are on hand. 3. Depreciation on the equipment for 2020 is $2,000. 4. Cullumber Company. paid $3,120 for 12 months of insurance coverage on June 1, 2020. On December 1, 2020, Cullumber collected $28,000 for consulting services to be performed from December 1, 2020, through March 3 2021. The company had performed 1/4 of the services by December 31. 5. 6. Cullumber performed consulting services for a client in December 2020. The client will be billed $4,200. Cullumber Company pays its employees total salaries of $5,600 every Monday for the preceding 5-day week (Monday through Friday). On Monday, December 29, employees were paid for the week ending December 26. All employees worked the last 3 days of 2020. 7. Prepare adjusting entries for the seven items described above. (Credit account titles are automatically indented when the amount is

FINANCIAL ACCOUNTING
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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Equipment Interest Payable CALCULATOR FULL SCREEN PRINTER VERSION 8,000 BACK Notes Payable 11,000 Prepaid Insurance 3,120 Salaries and Wages Payable Supplies 2,200 Unearned Service Revenue 28,000 All the accounts have normal balances. The information below has been gathered at December 31, 2020. 1. Cullumber Company borrowed $9,400 by signing a 9%, one-year note on September 1, 2020. 2. A count of supplies on December 31, 2020, indicates that supplies of $970 are on hand. 3. Depreciation on the equipment for 2020 is $2,000. 4. Cullumber Company. paid $3,120 for 12 months of insurance coverage on June 1, 2020. On December 1, 2020, Cullumber collected $28,000 for consulting services to be performed from December 1, 2020, through March 31, 2021. The company had performed 1/4 of the services by December 31. 5. 6. Cullumber performed consulting services for a client in December 2020. The client will be billed $4,200. 7. Cullumber Company pays its employees total salaries of $5,600 every Monday for the preceding 5-day week (Monday through Friday). On Monday, December 29, employees were paid for the week ending December 26. All employees worked the last 3 days of 2020. Prepare adjusting entries for the seven items described above. (Credit account titles are automatically indented when the amount is entered, Do not indent manually.)
Transcribed Image Text:Equipment Interest Payable CALCULATOR FULL SCREEN PRINTER VERSION 8,000 BACK Notes Payable 11,000 Prepaid Insurance 3,120 Salaries and Wages Payable Supplies 2,200 Unearned Service Revenue 28,000 All the accounts have normal balances. The information below has been gathered at December 31, 2020. 1. Cullumber Company borrowed $9,400 by signing a 9%, one-year note on September 1, 2020. 2. A count of supplies on December 31, 2020, indicates that supplies of $970 are on hand. 3. Depreciation on the equipment for 2020 is $2,000. 4. Cullumber Company. paid $3,120 for 12 months of insurance coverage on June 1, 2020. On December 1, 2020, Cullumber collected $28,000 for consulting services to be performed from December 1, 2020, through March 31, 2021. The company had performed 1/4 of the services by December 31. 5. 6. Cullumber performed consulting services for a client in December 2020. The client will be billed $4,200. 7. Cullumber Company pays its employees total salaries of $5,600 every Monday for the preceding 5-day week (Monday through Friday). On Monday, December 29, employees were paid for the week ending December 26. All employees worked the last 3 days of 2020. Prepare adjusting entries for the seven items described above. (Credit account titles are automatically indented when the amount is entered, Do not indent manually.)
ULL SCREEN PRINTER VERSION < BACK Questlon 6 Cullumber Company has the following balances in selected accounts on December 31, 2020. Accounts Receivable $ 0 Accumulated Depreciation-Equipment Equipment 8,000 Interest Payable Notes Payable 11,000 Prepaid Insurance 3,120 Salaries and Wages Payable Supplies 2,200 Unearned Service Revenue 28,000 All the accounts have normal balances. The information below has been gathered at December 31, 2020. 1. Cullumber Company borrowed $9,400 by signing a 9%, one-year note on September 1, 2020. 2. A count of supplies on December 31, 2020, indicates that supplies of $970 are on hand. 3. Depreciation on the equipment for 2020 is $2,000. 4. Cullumber Company paid $3,120 for 12 months of insurance coverage on June 1, 2020. On December 1, 2020, Cullumber collected $28,000 for consulting services to be performed from December 1, 2020, through March 3 2021. The company had performed 1/4 of the services by December 31. 5. 6. Cullumber performed consulting services for a client in December 2020. The client will be billed $4,200.
Transcribed Image Text:ULL SCREEN PRINTER VERSION < BACK Questlon 6 Cullumber Company has the following balances in selected accounts on December 31, 2020. Accounts Receivable $ 0 Accumulated Depreciation-Equipment Equipment 8,000 Interest Payable Notes Payable 11,000 Prepaid Insurance 3,120 Salaries and Wages Payable Supplies 2,200 Unearned Service Revenue 28,000 All the accounts have normal balances. The information below has been gathered at December 31, 2020. 1. Cullumber Company borrowed $9,400 by signing a 9%, one-year note on September 1, 2020. 2. A count of supplies on December 31, 2020, indicates that supplies of $970 are on hand. 3. Depreciation on the equipment for 2020 is $2,000. 4. Cullumber Company paid $3,120 for 12 months of insurance coverage on June 1, 2020. On December 1, 2020, Cullumber collected $28,000 for consulting services to be performed from December 1, 2020, through March 3 2021. The company had performed 1/4 of the services by December 31. 5. 6. Cullumber performed consulting services for a client in December 2020. The client will be billed $4,200.
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