JOURNALIZE AND POST ADJUSTING ENTRIES FROM THE WORK SHEET Refer to Problem 5-15B andthe following additional information:Account NameSuppliesPrepaid InsuranceAccum. Depr.-AutomobileWages PayableWages ExpenseSupplies ExpenseInsurance ExpenseDepr. Expense-AutomobileAccount Number141145185.1219511523535541Balance in Account BeforeAdjusting Entry$ 625950001,560000REQUIRED1. Journalize the adjusting entries on page 3 of the general journal.

INTRODUCTION: An adjusting journal entry is used at the conclusion of an accounting period to…

Answered: JOURNALIZE AND POST ADJUSTING ENTRIES…

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 Journal entry to update the accounts for prepaid insurance that has expired is which of the following types of adjusting entries? Multiple Choice O O Prepaid item Unearned Revenue Accrued Expense Accrued Revenue Not an adjusting entry
Certain adjusting entries made at the end of an accounting period are reversed at the beginning of the following period. Required: Analyze the following four adjusting entries made on December 31, and determine whether a reversing entry is needed. Date Description Reversing entry Reversing entry Debit Credit necessary not necessary Dec. 31 Interest Receivable 1,200 Interest Revenue 1,200 31 Deferred Insurance 965 Insurance Revenue 965 31 Salaries Expense 150 Salaries Payable 150 31 Deferred Rent Revenue 1,550 Rent Revenue 1,550 G
WORK SHEET AND ADJUSTING ENTRIES A partial work sheet for Jim Jacobs’Furniture Repair is shown as follows. Indicate by letters (a) through (d) the four adjustments in the Adjustments columns of the work sheet, properly matching each debit and credit. Complete the Adjustments columns.
EB11. O 4.3 Prepare adjusting journal entries, as needed, considering the account balances excerpted from the unadjusted trial balance and the adjustment data. Unadjusted Trial Balance Account Title Debit Credit 66,000 Equipment Accumulated depreciation Supplies Salaries payable 22,000 6,000 3,500 A amount due for employee salaries, $4,800 B. actual count of supplies inventory, $ 2,300 C. depreciation on equipment, $3,000
Which of the following is the proper adjusting entry, based on a prepaid insurance account balance before adjustment of $16,741 and unexpired insurance of $4,804, for the fiscal year ending on April 30? a.debit Prepaid Insurance, $11,937; credit Insurance Expense, $11,937 b.debit Insurance Expense, $16,741; credit Prepaid Insurance, $16,741 c.debit Prepaid Insurance, $16,741; credit Insurance Expense, $16,741 d.debit Insurance Expense, $11,937; credit Prepaid Insurance, $11,937
The Allowance balance is a $200 credit before adjustment. Uncollectible accounts are estimated to be $2,000. The adjusting entry to record uncollectible accounts is: GENERAL JOURNAL 1 2 1 2 Date Chapter 8-Receivables Now, the adjusting entry to record uncollectible accounts is: GENERAL JOURNAL Description a. Description If the Allowance balance started with a $200 DEBIT balance and uncollectible accounts are estimated to be $2,000. Date с. Post ref Debit Post ref Note: Bad Debt Expense estimate in the prior year was wrong, it was not an error. It was still a good faith estimate and the apparent violation of the matching principle is allowed under GAAP. Age Interval Not Past Due 1-30 days past due Debit At the end of the current year, the accounts receivable account has a debit balance of $1,400,000 and sales for the year total $15,350,000. Determine the amount of the adjustment needed. Page Credit The allowance account before adjustment has a debit balance of $23,000. Bad debt expense…
11. What is the amount of the net income or net loss for campus delivery service at November 30? 12. After posting the adjusting entry to the supplies account what is the balance of the account ? 13. After posting the adjusting entry to the prepaid insurance account what is the balance of the account? 14. After posting the adjusting entry to the accumulated depreciation -Van account, what is the balance of the account? 15. After posting the adjusting entry to the wages payable account what is the balance of the account?
The Journal entry to update the accounts for customer subscriptions that are prepaid but not yet earned is which of the following types of adjusting entries? Multiple Choice O Prepaid item Unearned Revenue Accrued Expense Accrued Revenue Not an adjusting entry
Requirement 1. Journalize the adjusting entries using the letter and March 31 date in the date column. (Record debits first, then able. Check your spelling carefully and do not abbreviate. Use the account names provided in the problem.) a. Service revenue accrued, $600. Date (a) Mar. 31 Accounts and Explanation Debit Credit
CLOSING ENTRIES AND POST-CLOSING TRIAL BALANCE Refer to thework sheet in Problem 6-7A for Megaffin's Repairs. The trial balanceamounts (before adjustments) have been entered in the ledger accountsprovided in the working papers. If you are not using the working papersthat accompany this book, set up ledger accounts and enter thesebalances as of January 31, 20--. A chart of accounts is provided attached. REQUIRED 1. Journalize (page 10) and post the adjusting entries.2. Journalize (page 11) and post the closing entries.3. Prepare a post-closing trial balance.
Journalize the necessary year-end adjusting entries based on the following account balances before adjustments.
Prepare adjusting journal entries, as needed, considering the account balances excerpted from the unadjusted trial balance and the adjustment data. amount due for employee salaries, $4,800 actual count of supplies inventory, $ 2,300 depreciation on equipment, $3,000

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