Cash Office Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Trademarks Accounts Payable Wages Payable Unearned Service Revenue Bonds Payable, due 2014 Common Stock Retained Earnings Service Revenue Wages Expense Insurance Expense Rent Expense Interest Expense Total Debits $ ? 1,200 1,000 48,000 950 9,000 1,400 1,200 900 $ Credits $ 4,000 10,000 500 2,000 9,000 10,000 25,000 10,000 $

Cash Office Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Trademarks Accounts Payable Wages Payable Unearned Service Revenue Bonds Payable, due 2014 Common Stock Retained Earnings Service Revenue Wages Expense Insurance Expense Rent Expense Interest Expense Total Debits $ ? 1,200 1,000 48,000 950 9,000 1,400 1,200 900 $ Credits $ 4,000 10,000 500 2,000 9,000 10,000 25,000 10,000 $

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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The following data were provided by Mystery Incorporated for the year ended December 31, Please no plagiarism please
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Required information [The following information applies to the questions displayed below.] On December 31, the bookkeeper for Grillo Company prepared the income statement and balance sheet but neglected to consider three adjusting entries. Data on the three adjusting entries follow: a. Rent revenue of $2,100 earned in December of the current year was neither collected nor recorded. b. Depreciation of $4,600 on the equipment for the current year was rfot recorded. c. Income tax expense of $4,700 for the current year was neither paid nor recorded. Required: 1. Prepare the three adjusting entries that were omitted. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet 1 Prepare the adjusting entry needed at December 31. Rent revenue of $2,100 earned in December of the current year was neither collected nor recorded. Note: Enter debits before credits. Transaction General Journal…
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Brothers Harry and Herman Hausyerday began operations of their machine shop (H & H Tool, Inc.) on January 1, 2016. The annual reporting period ends December 31. The trial balance on January 1, 2018, follows (the amounts are rounded to thousands of dollars to simplify): Debit Credit $ 3 Account Titles Cash Accounts Receivable Supplies Land 12 Equipment Accumulated Depreciation 52 $ 6 Sof tware 22 Accumulated Amortization 8. Accounts Payable Notes Payable (short-term) Salaries and Wages Payable Interest Payable Income Tax Payable Connon Stock 67 Retained Earnings Service Revenue Salaries and Wages Expense Depreciation Expense Armortization Expense Income Tax Expense Interest Expense Supplies Expense Totals $94 $94 Transactions and events during 2018 (summarized In thousands of dollars) follow: a. Borrowed $12 cash on March 1 using a short-term note. b. Purchased land on March 2 for future bullding site: pald cash, $9. c. Issued additional shares of common stock on April 3 for $32. d.…