What entry will they report to record the supplies use for the year ? Patty's Party Planners had $1,500 of supplies on hand onJanuary 1 2017. During the year, they purchased $30,850of supplies with cash. On December 31, 2017, they had$4,220 of supplies on hand. Patty's Party Planners has thecalendar year as its fiscal year and makes adjusting entrieson a yearly basis. What entry will they report to record thesupplies used for the year?A. Debit Supplies Expense and credit Supplies for $4,200.B. Debit Supplies and credit Cash for $30,850.C. None of these answers are correct.D. Debit Supplies Expense and credit Supplies for $26,630.E. Debit Supplies Expense and credit Supplies for $28,130.

Step 1: Define Adjusting EntriesIn accounting, the recognition of adjusting entries is necessary to…

Answered: Patty's Party Planners had $1,500 of…

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter18: Accounting Periods And Methods

Section: Chapter Questions

Problem 46P: Blue Company, an architectural firm, has a bookkeeper who maintains a cash receipts and...

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Lee receives an invoice from Office Depot dated November 2nd, 2018 for $630 with terms 6/6, 3/15, n/28. This invoice was paid on November 22nd, 2018. a. How many days were there between the date of the invoice, and when the invoice was paid? Number of days = b. How much was the amount of the discount? Amount of discount = $ c. How much was paid? days Amount paid = $ (round to the nearest cent) (round to the nearest cent)
The following selected transactions were completed by Interlocking Devices Co., a supplier of zippers for clothing: 20Y7 Dec. 7. Dec. 31. Dec. 31. 20Y8 Feb. 5. Received payment of note and interest from Unitarian Clothing & Bags Co. Journalize the entries to record the transactions. Assume 360 days in a year. If an amount box does not require an entry, leave it blank. Assume February has 28 days in 2018 If required, round the interest to the nearest cent. 20Y7, Dec. 7 Dec. 31 Received from Unitarian Clothing and Bags Co., on account, a $84,000, 60-day, 7% note dated December 7. Recorded an adjusting entry for accrued interest on the note of December 7. Recorded the closing entry for interest revenue. Dec. 31 20Y8, Feb. 5
Blue Company, an architectural firm, has a bookkeeper who maintains a cash receipts and disbursements journal. At the end of the year (2019), the company hires you to convert the cash receipts and disbursements into accrual basis revenues and expenses. The total cash receipts are summarized as follows. The accounts receivable from customers at the end of the year are 120,000. You note that the accounts receivable at the beginning of the year were 190,000. The cash sales included 30,000 of prepayments for services to be provided over the period January 1, 2019, through December 31, 2021. a. Compute the companys accrual basis gross income for 2019. b. Would you recommend that Blue use the cash method or the accrual method? Why? c. The company does not maintain an allowance for uncollectible accounts. Would you recommend that such an allowance be established for tax purposes? Explain.
Like New Steam Cleaning performs services on account. When a customer account becomes four months old, Like New converts the account to a note receivable. During 2018,the company completed the following transactions: Record the transactions in Like New's journal. Round to the nearest dollar. (Use a 365-day year for computations. Record debits first, then credits. Select the explanation on the last line of the journal entry table.)
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The Accounts Receivable balance and Allowance for Bad Debts for Turning Leaves Furniture Restoration at December 31, 2015, was $10,800 and $2,000 (credit balance). During 2016, Turning Leaves completed the following transactions: i (Click the icon to view the transactions.) Read the requirements. 1925 a. Requirement 1. Journalize Turning Leaves's transactions for 2016 assuming Turning Leaves uses the allowance method. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) a. Sales revenue on account, $265,800 (ignore Cost of Goods Sold). Accounts and Explanation Debit .. Credit
Adams Company wrote off the following accounts receivable as uncollectible for the first year of its operations ending December 31, 2019: Amount 10,000 Customer Billy Adams Stan Fry 8,000 Tammy Imes Shana Wagner 5,000 1,700 Total 24,700 a. Journalize the write-offs for 2019 under the direct write-off method. b. Journalize the write-offs for 2019 under the allowance method. Also, journalize the adjusting entry for uncollectible accounts. The company recorded $2,600,000 of credit sales during 2019. Based on past history and industry averages, 1.75% of credit sales are expected to be uncollectible. c. How much higher or lower would Adams Company's 2019 net income have been under the direct write-off method than under the allowance method? %24
You are given the following selected transactions of Bobby merchandising for the year ended December 31, 2020. You are required to prepare the adjusting journal entries without explanations.a. Supplies on hand account is shown in the books with a balance of P450. An actual count shows only P150 worth of supplies are still on hand.b. Interest of P60 was debited to Prepaid Interest account for interest paid in advance on a 60-day-6% note dated December 16.c. Salaries of P850 remain unpaid as at the end of the year.d. Office equipment was bought for P50,000 on May 31 of the current year. It is expected to be useful for only 7 years and have a salvage value of P8,000.e. Commission Income account which is shown in the books at P1,000 is only ¾ earned.f. A bill for P2,000 for services rendered to a client has not been collected.g. It is expected that only 95% of outstanding accounts receivable of P20,000 will be collectible.h. Unearned Rental Income account which is shown in the books at…
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Reed Co. had the following transactions (see below) during November and December of 2025. Requirements: 1. What amount of interest will Reed pay in 2025 (use 360 days in calculations as needed)? Record the journal entries for each of the transactions listed below. Record any necessary year-end adjusting journal entries for related to these transactions. Record the payment of the note in 2026. Transactions 1-Nov-25 Issued a note to the bank with the following terms. Interest and principal paid at maturity. Days 75 Interest Rate 5.00% Face Amount $ 75,000.00 1-Dec-25 Received $18,000 cash from a customer as an advanced payment for services to be provided and earned evenly for 1 year. 10-Dec-25 Made cash sales, not including sales tax) of $ 100,000.00 Cost of goods sold for these sales of 81,000.00 Associated sales tax rate is 6% 30-Dec-25 Paid the sales…
The Accounts Receivable balance and Allowance for Bad Debts for Turning Leaves Furniture Restoration at December 31, 2015, was $10,800 and $2,000 (credit balance). During 2016, Turning Leaves completed the following transactions: (Click the icon to view the transactions) Read the requirements. Requirement 1. Journalize Turning Leaves's transactions for 2016 assuming Turning Leaves uses the allowance method. (Record debits first, then credits. Select the explanation on the last line of the journal entry table) a. Sales revenue on account, $265,800 (ignore Cost of Goods Sold). Accounts and Explanation a. OMIS. 001 Debit Credit
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