Lancaster Company must make three adjusting entries on December 31, 20X1.a. Supplies used, $9,200 (supplies totaling $14,400 were purchased on Decemb. Expired insurance, $6,400; on December 1, 20X1, the firm paid $38,400 for sdebited Prepsid Insurance for this amount.c. Depreciation expense for equipment, $4,000.Required:Prepare the journal entries for these adjustments and post the entries to the ger

The accounting process starts with the process of journalizing and posting to the ledger. After…

Lancaster Company must make three adjusting entries on December 31, 20X1. a. Supplies used, $9,200 (supplies totaling $14,400 were purchased on Decen b. Expired insurance, $6,400; on December 1, 20X1, the firm paid $38,400 for debited Prepsid Insurance for this amount. c. Depreciation expense for equipment, $4,000. Required: Prepare the journal entries for these adjustments and post the entries to the ge

Lancaster Company must make three adjusting entries on December 31, 20X1. a. Supplies used, $9,200 (supplies totaling $14,400 were purchased on Decen b. Expired insurance, $6,400; on December 1, 20X1, the firm paid $38,400 for debited Prepsid Insurance for this amount. c. Depreciation expense for equipment, $4,000. Required: Prepare the journal entries for these adjustments and post the entries to the ge

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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Prepare adjusting journal entries, as needed, considering the account balances excerpted from the unadjusted trial balance and the adjustment data. Debit Credit Property, Plant, and Equipment $360,000 Accumulated Depreciation $92,000 Prepaid Insurance 27,000 Supplies 7,600 Unearned Service Revenue 3,300 A. supplies actual count at year end, $6,700. B. remaining unexpired insurance, $6,500. C. remaining unearned service revenue, $1,300. D. salaries owed to employees, $2,800. E. depreciation on property plant and equipment, $22,000. If an amount box does not require an entry, leave it blank. А. C. D. B. E.
At the end of the year, Metro, Inc. has an unadjusted credit balance in the Manufacturing Overhead account of $820. Which of the following is the year−end adjusting entry needed to adjust the account? A. A debit to Cost of Goods Sold of $820 and a credit to Manufacturing Overhead of $820 B. A debit to Cost of Goods Sold of $820 and a credit to Finished Goods Inventory of $820 C. A debit to Manufacturing Overhead of $820 and a credit to Cost of Goods Sold of $820 D. A debit to Manufacturing Overhead of $820 and a credit to Finished Goods Inventory of $820
Record the following in the adjustment journal template then post it to the T-accounts. additional information for adjustments for December 31, 2021. a. Unexpired prepaid rent is $1,000. b. The annual prepaid insurance was paid Nov. 1 $2,500. Record the expired portion. c. Cleaning supplies on hand, $3,200. d. Depreciation expense office equipment, $110. e. Cleaning Equipment original cost $12,000 with a residual value $800, useful life is 5 years. Record the annual depreciation expense. f. Record the vehicle depreciation expense $280. g. Accrued wages $ 950.
Transaction Entries and Adjusting Entries: Deluxe Building Services offers janitorial services on both a contract basis and an hourly basis. On January 1, Deluxe collected $42,000 in advance on a six-month contract for work to be performed evenly during the next six months. a. Provide the general journal entry on January 1 to record the receipt of $42,000 for contract work. b. Provide the adjusting entry to be made on January 31, for the contract work done during January. c. At January 31, a total of 40 hours of hourly rate janitor work was unbilled. The billing rate is $25 per hour. Provide the adjusting entry needed on January 31. ( Note: The firm uses the account Fees Receivable to reflect amounts due but not yet billed.)
INSTRUCTIONS: (1) Complete the adjustments section of the worksheet [WS]. Use the following information regarding unadjusted items. (a) On September 30, the firm received its utilities bill for the month of September amounting to P14,300. This remains to be unpaid at month-end. Record an adjustment for the utilities for the month of September. Accrued Expense (b) On September 21, the firm received a 6% 90-day note for money lent to Ling Ying Wei amounting to P400,000. The remainder of the amount pertains to a 12-month 9% promissory note received on May 1, 2021. Record an adjustment for the accrued interest from both notes for the month of September. Accrued Income (c) On September 30, an inventory of Warehouse Supplies and Office Supplies showed that items costing P127,000 and P12,000 were on hand respectively. Record an adjustment for the supplies used in September. Prepaid Expense (d) On July 1, 2021, the firm purchased a six-month insurance policy for P232,000. Record an…
Your staff person has provided you with the following journal entry for January 20x1 depreciation. The monthly deprecation is supposed to be $100.00. What is wrong with this entry?
Wilson Company paid $6,300 for a 4-month insurance premium in advance on November 1, with coverage beginning on that date. The balance in the prepaid insurance account before adjustment at the end of the year is $6,300, and no adjustments had been made previously. The adjusting entry required on December 31 is: Multiple Choice O O O Debit Prepaid Insurance, $1,575; credit Insurance Expense, $1,575. Debit Cash, $6,300; Credit Prepaid Insurance, $6,300. Debit Prepaid Insurance, $3,150; credit Insurance Expense, $3,150. O Debit Insurance Expense, $1,575; credit Prepaid Insurance, $1,575. Debit Insurance Expense, $3,150; credit Prepaid Insurance, $3,150.
The following additional accounts from Recessive Interiors' chart of accounts should be used: Wages Payable, 22; Income Summary, 33; Depreciation Expense-Equipment, 54; Supplies Expense, 55; Depreciation Expense-Trucks, 56; Insurance Expense, 57. The data needed to determine year-end adjustments are as follows: Supplies on hand at January 31 are $2,850. Insurance premiums expired during the year are $3,150. Depreciation of equipment during the year is $5,250. Depreciation of trucks during the year is $4,000. Wages accrued but not paid at January 31 are $900. Required: 1. Journalize the closing entries on of the journal. Then post to the general ledger in the attached spreadsheet. For a compound transaction, if an amount box does not require an entry, leave it blank.
Reviewing insurance policies revealed that a single policy was purchased on August 1, for oneyear’s coverage, in the amount of $6,000. There was no previous balance in the Prepaid Insurance account atthat time. Based on the information provided:A. Make the December 31 adjusting journal entry to bring the balances to correct.B. Show the impact that these transactions had.
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
Required information Use the following information for the Problems below. (Algo) [The following information applies to the questions displayed below.] The following year-end information is taken from the December 31 adjusted trial balance and other records of Leone Company. Advertising expense Depreciation expense-Office equipment Depreciation expense-Selling equipment Depreciation expense-Factory equipment Raw materials purchases (all direct materials) Maintenance expense-Factory equipment Factory utilities Direct labor Indirect labor Office salaries expense Rent expense-Office space Rent expense-Selling space Rent expense-Factory building Sales salaries expense Problem 14-2A (Algo) Classifying costs LO C2 Costs $ 30,000 9,000 10,000 52,000 1. Advertising expense 2. Depreciation expense-Office equipment 620,000 36,600 33,400 408,000 61,000 37,000 22,000 53,000 Required: Identify each cost as either a product cost or a period cost. If a product cost, classify it as direct materials,…
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