From the adjusting entries below, prepare the reversing entry(ies) that would be needed for January 1.GENERAL JOURNALPage 1DatePostDescriptionRef.DebitCreditAdjusting EntriesDec. 31 Work in Process InventoryFactory Overhead31 Interest ReceivableInterest Revenue17,333.0017,333.002,367.002,367.0031 Office Supplies Expense6,319.00Office Supplies6,319.0031 Factory Overhead15,841.00Factory Supplies15,841.0031 Bad Debt Expense4,320.00Allowance for Doubtful Accounts4,320.0031 Factory Overhead1,927.00Prepaid Insurance1,927.0031 Factory Overhead6,210.00Accumulated Depreciation-FactoryBuilding6,210.0031 Factory Overhead14,253.00Accumulated Depreciation-FactoryEquipment14,253.00

By reversing the adjusting entries made at the end of the previous period, we return the accounts to…

Answered: From the adjusting entries below,…

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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How would i complete journal entries for a-h
k t K nt ences Peterson Furniture Designs is preparing the annual financial statements dated December 31. Ending inventory information about the five major items stocked for regular sale follows: Required: 1-a. Complete the table column "Write-Down per Item" and then sum the final column. 1-b. Compute the amount of the total write-down when the LCM/NRV rule is applied to each item. 2. Prepare the journal entry Peterson Furniture Designs would record on December 31 to write down its inventory to LCM/NRV. Complete this question by entering your answers in the tabs below. h Req 1A Req 1B Item Alligator Armoires Bear Bureaus Cougar Credenzas Dingo Cribs Elephant Dressers Complete the table column "Write-Down per Item" and then sum the final column. NRV per Item Write-down per Item Req 2 Unit Cost (FIFO) $ 60 55 53 55 22 $ 56 55 59 55 14 Req 1A Quantity on Hand 50 30 80 70 50 Total Write- down Req 1B >
Job Order Cost Accounting for a Service Company The law firm of Furlan and Benson accumulates costs associated with individual cases, using a job order cost system. The following transactions occurred during July: July 3. Charged 520 hours of professional (lawyer) time to the Obsidian Co. breech of contract suit to prepare for the trial, at a rate of $210 per hour. 10. Reimbursed travel costs to employees for depositions related to the Obsidian case, $24,100. 14. Charged 190 hours of professional time for the Obsidian trial at a rate of $280 per hour. 18. Received invoice from consultants Wadsley and Harden for $62,100 for expert testimony related to the Obsidian trial. 27. Applied office overhead at a rate of $40 per professional hour charged to the Obsidian case. 31. Paid administrative and support salaries of $20,200 for the month. 31. Used office supplies for the month, $6,800. 31. Paid professional salaries of $168,600 for the month. 31. Billed Obsidian $316,900 for successful…
Problem 7-6 Weekly Wage Payment Entries and the Month-End Wages Payable Adjusting Entry Baker Construction, Inc. pays its employees each Friday for the work they performed that week. Baker's employees only work Sunday. Baker produces monthly financial statements; thus they prepare adjusting entries at the Monday through Friday. They do not work on Saturday or end of each month. For the month of June, the last payday was on Friday June 25th. The last day of June was on Wednesday June 30th. The first payday of July was on Friday July 2nd. The following partial calendar shows these days and dates: -6 age Payı Sunday Monday Tuesday Wednesday Thursday Friday ent 1 -- W Saturday Accou June 20 June 21 June 22 June 23 June 24 Juņe 25 June 26 June 27 June 28 June 29 June 30 July 1 July 2 July 3 The following table shows the amount the employees were paid on Friday June 25th and on Friday July 2nd. The table also shows the data required to calculate the amount the employees earned for the last…
On December 7, Smart Touch delivers equipment to a small retailer on consignment. The cost of the equipment was $1,460 and the combined retail selling price is $2,200. If the retail shop sells the equipment, Smart Touch will pay 20% commission. Both companies use a perpetual inventory method. Date Accounts Debit Credit
eBook Print Item Question Content Area A company has the following transactions during the week. Purchase of $1,100 raw materials inventory Assignment of $400 of raw materials inventory to Job 5 Payroll for 25 hours with $1,250 assigned to Job 5 Factory utility bills of $760 Overhead applied at the rate of $10 per hour What is the cost assigned to Job 5 at the end of the week? $fill in the blank 1
Please complete the payrolll register. Note: this payroll register is partially done please complete the missing boxes with the right answers.
Vaughn Church Furniture manufactures custom pews, altars, and pulpits for churches across the southern United States. Since each order is unique, Vaughn uses a job order costing system. During the month of June, Vaughn worked on orders for three churches: Faith Church, Grace Church, and Hope Church. Production on the Faith and Grace orders began in May, and the Faith job was completed in June. Production on the Hope order began in June and was incomplete at the end of the month. Vaughn applies overhead to each job based on machine hours. Prior to the year, managers had estimated manufacturing overhead at $ 693,000, along with 21,000 machine hours. Additional cost information related to the three orders is as follows: Faith Grace Hope Beginning balance, June 1 $ 4,000 $ 2,800 Direct materials, June $ 8,300 $ 6,500 $ 4,000 Direct labor, June $ 13,000 $7,000 $ 5,500 Manufacturing OH, June ? ? Machine hours, June 2,200 1,300 1,400
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Given the following: 31-day billing cycle 10/5 billing Data Previous Balance $3,300 10/11 Charge $ 320 10/18 Charge $1,240 10/25 Payment $ 400 11/1 Charge $ 630 The average daily balance is:

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