Cash Accounts receivable Supplies Prepaid insurance Equipment Accumulated depreciation-equipment Accounts payable Notes payable Salaries payable Interest payable Unearned revenue E. Sandhill, capital E Sandhill, drawings Service revenue Depreciation expense Insurance expense Interest expense Rent expense Salaries expense Supplies expense Totals (a) Before Adjustment Debit $9,155 8,880 2,440 3,755 34,145 10,200 0 0 1.215 15.240 16,690 0 $101,720 Credit $3,410 5,765 38,235 0 0 1.685 5.495 47.130 $101.720 After Adjustment Debit $9.155 9,405 715 2,480 34,145 10.200 2.235 1,275 1.620 15,240 17.855 1.725 $106.050 Credit $5.645 5,765 38,235 1,165 405 910 5,495 48,430 $106,050 Prepare the adjusting entries that were made. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts List all debit entries before credit

Cash Accounts receivable Supplies Prepaid insurance Equipment Accumulated depreciation-equipment Accounts payable Notes payable Salaries payable Interest payable Unearned revenue E. Sandhill, capital E Sandhill, drawings Service revenue Depreciation expense Insurance expense Interest expense Rent expense Salaries expense Supplies expense Totals (a) Before Adjustment Debit $9,155 8,880 2,440 3,755 34,145 10,200 0 0 1.215 15.240 16,690 0 $101,720 Credit $3,410 5,765 38,235 0 0 1.685 5.495 47.130 $101.720 After Adjustment Debit $9.155 9,405 715 2,480 34,145 10.200 2.235 1,275 1.620 15,240 17.855 1.725 $106.050 Credit $5.645 5,765 38,235 1,165 405 910 5,495 48,430 $106,050 Prepare the adjusting entries that were made. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts List all debit entries before credit

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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A/C Name Trial Balance DR CR Cash 560,000 Accounts receivable 3,710,000 Allowance for bad debt 290,000 Merchandise Inventory 2,580,000 Store Supplies 1,300,000 Prepaid Insurance 2,775,000 Prepaid rent 1,000,000 Furniture 2,650,000 Accumulated deprecation-Furniture 2,080,000 Machinery 1,800,000 Accumulated depreciation- Machinery 1,328,141 Accounts payable 630,000 Salary payable Interest payable Unearned Sales revenue 800,000 Note Payable, long term 2,500,000 Patty Patterson, Capital 5,200,000 Patty Patterson, Withdrawals 280,000 Sales revenue 22,726,859 Sales discount 1,200,000 Sales returns and allowances 800,000 Cost of goods sold 8,100,000 Salaries expense…
Sales Revenue Cost of Goods Sold Gross Profit Depreciation Expense Salaries and Wages Expense Net Income Accounts Receivable. Inventory Accounts Payable Salaries and Wages Payable Net Income: Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities Changes in Assets and Liabilities Case A Year 2 $ 11,000 6,000 5,000 1,000 2,500 $1,500 $ 300 750 800 1,000 Case A Year 1 $ 9,000 5,500 3,500 1,000 2,000 $ 500 Case B $ 400 500 700 1,200 I... Case Year 2 $ 21,000 12,000 9,000 1,500 5,000 $ 2,500 Required: Show the operating activities section of the statement of cash flows for year 2 using the indirect method. (Amoun should be indicated with a minus sign.) $750 730 800 200 B Year 1 $ 18,000 11,000 7,000 1,500 5,000 $ 500 $ 600 800 850 250
Ergonomics Supply Inc., a wholesaler of office products, was organized on July 1 of the current year, with an authorization of 27,000 shares of preferred 2% stock, $100 par, and 600,000 shares of $10 par common stock. The following selected transactions were completed during the first year of operations: July 1. Issued 213,000 shares of common stock at par for cash. 1. Issued 400 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation. Aug. Issued 69,400 shares of common stock in exchange for land, buildings, and equipment with fair market 7. prices of $149,100, S505,120 and $164,700 respectively. Sept. 20. Issued 17,600 shares of preferred stock at $105 for cash. Required: Journalize the transactions. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a…
CHART OF ACCOUNTS 101 Cash 401 Service Revenue 211 Notes Payable 212 Accounts Payable 451 Rent Revenue 111 Notes Receivable 214 Interest Payable 491 Interest Revenue 112 Accounts Receivable 114 Interest Receivable 216 Wages Payable 511 Depreciation Expense 125 Supplies 261 Unearned Revenue 513 Insurance Expense 130 Prepaid Insurance 311 Common Stock 515 Rent Expense 320 Retained Earnings 517 Wages Expense 519 Supplies Expense 132 Prepaid Rent 161 Equipment 162 Accumulated Depreciation 591 Interest Expense Corporation purchased equipment on July 1 and gave an 18-month, 10% interest-bearing note with a face value of $45,000. Depreciation will be for 10 years using the straight-line method. The December 31 depreciation adjusting entry would be: Date Enter Account Number Debit Credit XX/XX/XX Would this adjusting entry be reversed? (Y for Yes or N for No)
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Net income Accounts payable increased by Accounts receivable decreased by Inventories increased by Depreciation expense. Net cash provided by operating activities was: Multiple Choice О $138,200 $69,800 O $85,400 O $101,000. $153,800. $ 66,000 19,400 26,400 7,800 34,200
A Accounts Payable AA Losses due to fire B Accounts Receivable BB Merchandise Inventory E Accumulated Depreciation—Equip EE Notes Payable F Allowance for Doubtful Accounts FF Payroll Tax Expense G Bad Debt Expense GG Premium on Bonds Payable H Bonds Payable HH Prepaid Insurance I Building II Prepaid Rent J Capital Lease Payable JJ Rent Expense K Cash KK Rent Revenue L Cost of Goods Sold LL Retained Earnings M Depreciation Expense MM Salaries and Wages Expense N Discount on Bonds Payable NN Salaries and Wages Payable O Dividends OO Sales Commission Expense P Equipment PP Sales Commission Payable Q Fed Income Tax Payable QQ Sales Returns R Fed Unemployment Tax Payable RR Sales Revenues S FICA Taxes Payable SS Sales Taxes Payable T Income Summary TT Service Revenue U Insurance Expense UU State Income Tax Payable V Interest Expense VV State Unemployment Tax Payable W Interest Payable WW Supplies X Interest Receivable XX Supplies Expense Y…
A Accounts Payable AA Losses due to fire B Accounts Receivable BB Merchandise Inventory E Accumulated Depreciation—Equip EE Notes Payable F Allowance for Doubtful Accounts FF Payroll Tax Expense G Bad Debt Expense GG Premium on Bonds Payable H Bonds Payable HH Prepaid Insurance I Building II Prepaid Rent J Capital Lease Payable JJ Rent Expense K Cash KK Rent Revenue L Cost of Goods Sold LL Retained Earnings M Depreciation Expense MM Salaries and Wages Expense N Discount on Bonds Payable NN Salaries and Wages Payable O Dividends OO Sales Commission Expense P Equipment PP Sales Commission Payable Q Fed Income Tax Payable QQ Sales Returns R Fed Unemployment Tax Payable RR Sales Revenues S FICA Taxes Payable SS Sales Taxes Payable T Income Summary TT Service Revenue U Insurance Expense UU State Income Tax…
The two independent cases are listed below: Sales Revenue Cost of Goods Sold Gross Profit Depreciation Expense Salaries and Wages Expense Net Income Accounts Receivable Inventory Accounts Payable Salaries and Wages Payable Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities Changes in Assets and Liabilities $ Case Year 2 $ 10,100 5,190 4,910 1,100 1,600 $ 2,210 Case A $ 255 705 710 955 A 0 $ Year 1 $ 4,500 1,900 2,600 1,100 1,100 $ 400 $ 310 410 655 1,110 Required: Show the operating activities section of the statement of cash flows for year 2 using the indirect method. (Amounts to be d should be indicated with a minus sign.) Case B Case Year 2 $ 20,100 11,190 8,910 1,050 4,100 $ 3,760 0 $ 660 685 890 385 B Year 1 $ 13,500 7,720 5,780 1,050 4,100 $ 630 $ 555 710 945 440
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Whispering Winds Corp, provides the following information for the month ended October 31, 2019; sales on credit $329,600, cash sales $102,500, sales discounts $6,700, and sales returns and allowances $10,900, Prepare the sales section of the income statement based on this information. Whispering Winds Corp. Income Statement (Partial)
A Accounts Payable AA Losses due to fire B Accounts Receivable BB Merchandise Inventory E Accumulated Depreciation—Equip EE Notes Payable F Allowance for Doubtful Accounts FF Payroll Tax Expense G Bad Debt Expense GG Premium on Bonds Payable H Bonds Payable HH Prepaid Insurance I Building II Prepaid Rent J Capital Lease Payable JJ Rent Expense K Cash KK Rent Revenue L Cost of Goods Sold LL Retained Earnings M Depreciation Expense MM Salaries and Wages Expense N Discount on Bonds Payable NN Salaries and Wages Payable O Dividends OO Sales Commission Expense P Equipment PP Sales Commission Payable Q Fed Income Tax Payable QQ Sales Returns R Fed Unemployment Tax Payable RR Sales Revenues S FICA Taxes Payable SS Sales Taxes Payable T Income Summary TT Service Revenue U Income Tax Payable UU State Income Tax Payable V Interest Expense VV State Unemployment Tax Payable W Interest Payable WW Supplies X Interest Receivable XX Supplies Expense Y…