ournalıze the following Adjusting Entries. (Omit journal entry explanations.) Wages due the employees but not yet paid at the end of December was $2,000. b Insurance Expired during the month of December was $3,000. c Depreciation on the Equipment for the month of December was $750. d Fees Earned but not yet billed as of December was $28,000. The Supplies account balance at Dec. 31 is $2,500. The Supplies on-hand at Dec. 31 are $500. a e

ournalıze the following Adjusting Entries. (Omit journal entry explanations.) Wages due the employees but not yet paid at the end of December was $2,000. b Insurance Expired during the month of December was $3,000. c Depreciation on the Equipment for the month of December was $750. d Fees Earned but not yet billed as of December was $28,000. The Supplies account balance at Dec. 31 is $2,500. The Supplies on-hand at Dec. 31 are $500. a e

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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A company leased an entire floor of a building and paid PhP720,000 as one year advance rental on June 1, 2012. When the payment was made, the amount was charged to a nominal account. A.What is the amount of the adjustment?B. What is the adjusting journal entry at the end of December 2012? Due to payroll cut-off, the services of the employees from December 21 to 31, 2012amounting to PhP45,000 was paid on Jan. 15, 2013 payroll. a. What type of adjustment is used? b. What is the adjusting journal entry to take up the expenses?
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…
The accounting records and bank statement of Orison Supply Store provide the following information at the end of April. The closing 'Cash' account balance was $28,560, and the bank statement shows a closing balance of $32,000. On reviewing the bank statement it is found an account customer has deposited $2,000 into the bank account for a March sale and the monthly insurance premium of $4,500 was automatically charged to the account. Interest of $5,10 was paid by the bank and a bank fee of $50 was charged to the account. A payment of $1,500 to a supplier has been recorded twice in the accounts. After the ,calculation of the "ending reconciled cash balance", what is the balance of the 'cash' account?
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I am having trouble with my homework Based on the following information and the post-closing trial balance shown below, prepare a balance sheet in report form at December 31 of the current year: The merchandise inventory is stated at cost by the LIFO method. The product warranty payable is a current liability. Vacation pay payable: Current liability $7,140 Long-term liability 3,360 The unfunded pension liability is a long-term liability. Notes payable: Current liability $70,000 Long-term liability 630,000 Kornett CompanyPost-Closing Trial BalanceDecember 31, 20Y8 DebitBalances CreditBalances Petty Cash 4,500 Cash 243,960 Notes Receivable 100,000 Accounts Receivable 470,000 Allowance for Doubtful Accounts 16,000 Merchandise Inventory 320,000 Interest Receivable 1,875 Prepaid Insurance 45,640 Office Supplies 13,390 Land 654,925 Buildings 900,000 Accumulated Depreciation—Buildings 36,000 Office…
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On April 25, Foreman Electric installs wiring in a new home for $3,500 on account. However, on April 27, Foreman’s electrical work does not pass inspection, and Foreman grants the customer an allowance of $600 because of the problem. The customer makes full payment of the balance owed, excluding the allowance, on April 30. Required: 1. 2. & 3. Record the journal entries for the above information. Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
On January 1, Wei Company begins the accounting period with a $42,000 credit balance in Allowance for Doubtful Accounts. a. On February 1, the company determined that $9,200 in customer accounts was uncollectible; specifically, $2,100 for Oakley Company and $7,100 for Brookes Company Prepare the journal entry to write off those two accounts. b. On June 5, the company unexpectedly received a $2,100 payment on a customer account, Oakley Company, that had previously been written off in part a. Prepare the entries to reinstate the account and record the cash received. View transaction list Journal entry worksheet 1 2 3 > On February 1, the company determined that $9,200 in customer accounts was uncollectible; specifically, $2,100 for Oakley Company and $7,100 for Brookes Company. Prepare the journal entry to write off those two accounts. Note: Enter debits before credits. Date General Journal Debit Credit February 01