December 31, 20, according to the Trial Balance, the Store Supplies account has a balance of 3,000.00. Adjustment data reveals that 2,000.00 of store supplies have been used at the end of the period. Journalize the adjusting entry.

Q: On July 1, a six-month liability insurance policy was purchased for $750. Required: Analyze the…

A: Accrual system of accounting says that every thing which is accrued has to be provided in books of…

Q: Mar. Purchased merchandise on account from Kirkwood Co., $372,000, terms n/30. 31 Issued a 30-day,…

A: 1) Journal Entry Date Particulars Debit Credit Mar 1 Inventory 372,000        Accounts…

Q: Customer allowances and returnsAssume the following data for Lusk Inc. before its year-end…

A: Customer Refunds means amount of sales that is expected to be returned from customers.

Q: Tarheel Corp. plans to prepare its adjusting entries for the year ending December 31, 20X1, and has…

A: At year-end when the company finalizes its accounts then any unrecognized income or expenses for the…

Q: The supplies account had a begging balance of 3375 and was debited for 6450 for supplies purchased…

A: Adjusting entries are prepared at the end of the accounting period in order to ensure the accrual…

Q: At December 31, the unadjusted trial balance of H&R Tacks reports Supplies of $9,000 and…

A: Supplies Expense shall be recorded in the adjusting journal entry.

Q: Performance Bike.co has determined that the proper balance for the allowance for doubtful account at…

A: Allowance for doubtful debts is considered as the contra asset item i.e used to decrease the value…

Q: The beginning balance of supplies is $4000. On December 31st, the physical count of remaining…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: the direct write-off method to account for uncollectible accounts, journalize the adjusting entry

A: Direct write-off method:  This method does not make allowance or estimation for uncollectible…

Q: On December 31, journalize the write-offs and the year-end adjusting entry under the allowance…

A: Journalisation of write off and the year end adjustment entry under the allowance method   write off…

Q: Performance Bike Co. has determined that the proper balance for the Allowance for Doubtful Accounts…

A: Under the aging method, first the post adjustment in allowance for doubtful accounts is computed.…

Q: December 31, 20XX, according to the Trial Balance, the Store Supplies account has a balance of…

A: Store Supplies account has a balance of 3,000.00 and out of this 2,000.00 of Store Supplies has been…

Q: Assume the following data for Casper Company before its year-end adjustments: Journalize the…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: At December 31, the unadjusted trial balance of H&R Tacks reports Interest Payable of $0 and…

A: The process of recording business transactions in the books of accounts for the first time is…

Q: Journalize the adjusting entry for each of the following accrued expenses at the end of the current…

A: Adjusting entries recorded at the end of the period for any expense or income related to that period

Q: must complete parts 1, 2, and 3 before completing p- Based on the following selected data,…

A: Date Accountand Explanation Debit Credit a Bad Debt Expense  $18,000     Allowance for Doubtful…

Q: a. On December 1, $14,000 was received for a service contract to be performed from December 1…

A: Fees earned on Dec. 31 = Total amount received / Total no. of months = $14,000 / 5 months = $2,800

Q: Selected transactions completed by Kornett Company during its first fiscal year ended December 31,…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: As of Sene 30 1994, the end of the current fiscal year, the accountant for Abay General   Trading…

A: The objective of the question is to prepare the journal entries required to adjust the accounts and…

Q: Prepare journal entries to record the following transactions. Create a T-account for…

A: Accounts payable (AP) seems to be a financial term that refers to the money owing to vendors or…

Q: At December 31, the unadjusted trial balance of H&R Tacks reports Deferred Revenue of $5,300 and…

A: Journal entries are the foremost or initial recording of business transactions in the books of an…

Q: December 31, 20XX, according to the Trial Balance, the Office Supplies account has a balance of…

A: Solution:- The adjusting entry for Office Supplies account for the year December 31, 20XXas follows…

Q: On decmeber 31, the trial balance indicates that the supplies account has a balance, prior to the…

A: The journal entries are prepared to keep the record of day to day transactions of the business.  The…

Q: At December 31, the unadjusted trial balance of H&R Tacks reports Deferred Revenue of $5.100 and…

A: Deferred revenue, often referred to as unearned revenue, alludes to money received in advance for…

Q: An invoice is dated for June 28 for $8657 with terms of 8/10 EOM,ROG . The merchandise was received…

A: EOM stands for end of Month and ROG stands for receipt of goods.

Q: Scott Company had sales of $12,350,000 and related cost of goods sold of $7,500,000 for the year…

A: (1) Adjusting entries are the Journal entries that are generally recorded at the end of an…

Q: December 31, 20, according to the Trial Balance, the Office Supplies account has a balance of…

A: Adjusting entries are prepared at the end of the accounting period to ensure the accrual base…

Q: The company determines that the interest expense on a note payable for the period ending December 31…

A: Introduction: Journal: Recording of a business transactions in a chronological order. First step in…

Q: On December 29 of the current year, Sabre Company sold merchandise for $4,000 on credit terms, 3/10,…

A: A deal is when a vendor sells something to a customer and the buyer agrees to pay the seller later…

Q: DECEMBER 31, 20, ACCORDING TO THE TRIAL BALANCE, THE OFFICE SUPPLIES ACCOUNT HAS A BALANCE OF…

A: Introduction: Journals: Each and every business transactions are to be recorded in journals. At the…