On March 31, the following data were accumulated to assist the accountant in preparing the adjusting entries for Potomac Realty:• The supplies account balance on March 31 is $5,640, the supplies on hand on March 31 are $1,445.The unearned rent account balance on March 31 is $5,400 representing the receipt of an advance payment on March 1 of four months' rent fromtenants.Wages accrued but not paid at March 31 are $2,125.· Fees accrued but unbilled at March 31 are $18,590.Depreciation of office equipment is $4,785.Required:1. Journalize the adjusting entries required at March 31. Refer to the Chart of Accounts for exact wording of account titles.2. What is the difference between adjusting entries and correcting entries?6.1011

Adjusting entries are necessary for things such as pay rates, past-due costs, income-tax costs,…

Answered: On March 31, the following data were…

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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2a
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.
State whether each situation is a deferral or an accrual Services totaling $690 have been performed but not yet recorded or billed. Legal fees of $2,890 were collected in advance. By year end, 70 percent were still unearned. Salaries earned by employees by year end but not yet paid or recorded amounted to $1,655. Property taxes that have been incurred but that have not yet been paid or recorded amount to $1,034.
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balance of Pharoah Exposure Inc. had these balances for the following select accounts: Supplies $3,950, Unearned Service Revenue $8,900, and Prepaid Rent $1,710. At the end of the period, a count showed $820 of supplies on hand. Services of $3,750 had been performed related to the unearned revenue account, and one month's worth of rent, worth $570, had been consumed by Pharoah Exposure. Record the required adjusting entries related to these events. (List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) No. Account Titles and Explanation 1. 2. 3. (To record supplies used) (To record revenue for services performed) (To record rent expired) Debit Credit
The balance in the unearned fees account, before adjustment at the end of the year, is $14,310. Required: Journalize the adjusting entry required if the amount of unearned fees at the end of the year is $7,560. Refer to the Chart of Accounts for exact wording of account titles.
On March 31, the following data were accumulated to assist the accountant in preparing the adjusting entries for Potomac Realty: • The supplies account balance on March 31 is $5,925, the supplies on hand on March 31 are $1,275. • The unearned rent account balance on March 31 is $5,200 representing the receipt of an advance payment on March 1 of four months' rent from tenants. Wages accrued but not paid at March 31 are $2,320. • Fees accrued but unbilled at March 31 are $18,220. • Depreciation of office equipment is $4,350. Required: 1. Journalize the adjusting entries required at March 31. Refer to the Chart of Accounts for exact wording of account titles. 2. What is the difference between adjusting entries and correcting entries?
Determine the amount of employees net, wages?
Marsteller Properties Inc. owns apartments that it rents to university students. At December 31,2019, the following unadjusted account balances were available: The following information is available for adjusting entries:a. An analysis of apartment rental contracts indicates that $3,800 of apartment rent is unbilledand unrecorded at year end.b. A physical count of supplies reveals that $1,400 of supplies are on hand at December 31, 2019.c. Annual depreciation on the buildings is $204,250.d. An examination of insurance policies indicates that $12,000 of the prepaid insurance applies to coverage for 2019.e. Six months’ interest at 9% is unrecorded and unpaid on the notes payable. f. Wages in the amount of $6,100 are unpaid and unrecorded at December 31.g. Utilities costs of $300 are unrecorded and unpaid at December 31.h. Income taxes of $5,738 are unrecorded…
On December 31, the following data were accumulated for preparing the adjusting entries for Flagship Realty: • The supplies account balance on December 31 is $5,450. The supplies on hand on December 31 are $1,460. • The unearned rent account balance on December 31 is $4,700 representing the receipt of an advance payment on December 1 of five months’ rent from tenants. • Wages accrued but not paid at December 31 are $2,375. • Fees earned but unbilled at December 31 are $18,920. • Depreciation of office equipment is $4,965. Required: 1. Journalize the adjusting entries required at December 31. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. 2. What is the difference between adjusting entries and correcting entries?…

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