Carter Inc. had $3,000 of supplies on hand onJanuary 1. During the year, the companypurchased $4,800 of supplies, and on December31, determined that only $1,200 of supplies werestill on hand. The adjusting entry for Carter Inc. onDecember 31 will include:a. Debit Supplies $4,800b. Credit Supplies Expense $6,600c. Debit Supplies Expense $6,600d. Debit Supplies Expense $2,800

Step 1: Determine Supplies UsedSupplies Used = (Beginning Supplies + Purchases) - Ending Supplies=…

Answered: Carter Inc. had $3,000 of supplies on…

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

Vigeland Company completed the following transactions during Year 1. Vigeland’s fiscal year ends on December 31. January 15 Purchased and paid for merchandise. The invoice amount was $15,400; assume a perpetual inventory system. April 1 Borrowed $660,000 from Summit Bank for general use; signed a 10-month, 13% annual interest-bearing note for the money. June 14 Received a $34,000 customer deposit for services to be performed in the future. July 15 Performed $3,950 of the services paid for on June 14. December 12 Received electric bill for $26,260. Vigeland plans to pay the bill in early January. December 31 Determined wages of $18,000 were earned but not yet paid on December 31 (disregard payroll taxes).
During the year
Vigeland Company completed the following transactions during Year 1. Vigeland’s fiscal year ends on December 31. January 15 Purchased and paid for merchandise. The invoice amount was $15,200; assume a perpetual inventory system. April 1 Borrowed $774,000 from Summit Bank for general use; signed a 10-month, 9% annual interest-bearing note for the money. June 14 Received a $24,000 customer deposit for services to be performed in the future. July 15 Performed $3,450 of the services paid for on June 14. December 12 Received electric bill for $26,160. Vigeland plans to pay the bill in early January. December 31 Determined wages of $15,000 were earned but not yet paid on December 31 (disregard payroll taxes). Required: Prepare journal entries for each of these transactions. Prepare the adjusting entries required on December 31.
During the year, Kiner Company made an entry to write off a $9,000 uncollectible account. Before this entry was made, the balance in accounts receivable was $315,000 and the balance in the allowance account was $27,000. The net realizable value of accounts receivable after the write-off entry was: A. $200,000. B. $184,000. C. $176,000. D. $288,000. answer
Ruiz Company's Accounts Receivable balance at December 31 was $150,000 and there was a balance of $700 in the Allowance for Uncollectible Accounts. Sales for the year were $900,000. The firm estimates credit losses for the year at 1.5% of sales. After the appropriate adjusting entry is made for credit losses, what is the net amount of accounts receivable included in the current assets at year-end? Select one: a. $150,000 b. $135,800 c. $162,700 d. $138,700 e. None of the above
please answer
Tyrell Company entered into the following transactions involving short-term liabilities. Year 1 April 20 Purchased $37,500 of merchandise on credit from Locust, terms n/30. May 19 Replaced the April 20 account payable to Locust with a 90-day, 8 %, $35,000 note payable along with paying $2,500 in cash. July 8 Borrowed $57,000 cash from NBR Bank by signing a 120-day, 11%, $57,000 note payable. _?Paid the amount due on the note to Locust at the maturity date. Paid the amount due on the note to NBR Bank at the maturity date. November 28 Borrowed $24,000 cash from Fargo Bank by signing a 60-day, 9%, $24,000 note payable. December 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank. Year 2 _?_ Paid the amount due on the note to Fargo Bank at the maturity date. 5. Prepare journal entries for all the preceding transactions and events. Note: Do not round your intermediate calculations. View transaction list < Journal entry worksheet 1 2 3 4 5 6 7 8 Purchased $37,500 of…
For each of the above independent situations, prepare the adjusting entries that must be made on the December 31, 20X1, worksheet.
please note every entry should have narration , explanation , calculation answer in text form show full working for each entry and parts
Weat
Please answer
On January 1, 2022, Harvee Company had Accounts Receivable of $54,200 and Allowance for Doubtful Accounts of $3,700. Harvee Company prepares financial statements annually. During the year, the following selected transactions occurred: Jan. 5 Sold $4,000 of merchandise to Rian Company, terms n/30. Feb. 2 Accepted a $4,000, 4-month, 9% promissory note from Rian Company for balance due. 12 Sold $12,000 of merchandise to Cato Company and accepted Cato’s $12,000, 2-month, 10% note for the balance due. 26 Sold $5,200 of merchandise to Malcolm Co., terms n/10. Apr. 5 Accepted a $5,200, 3-month, 8% note from Malcolm Co. for balance due. 12 Collected Cato Company note in full. June 2 Collected Rian Company note in full. 15 Sold $2,000 of merchandise to Gerri Inc. and accepted a $2,000, 6-month, 12% note for the amount due. - Journalize the transactions (Omit cost of good sold entries)

SEE MORE QUESTIONS

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS