PB 15. LO 4.4 Prepare an adjusted trial balance from the following account information, considering the adjustment data provided (assume accounts have normal balances). Building and Equipment were recently purchased, so there is neither depreciation expense nor accumulated depreciation. Accounts payable Accounts receivable Building Cash Common stock Dividends Equipment Fees earned revenue Land Supplies expense Notes payable Retained earnings Salaries expense Supplies $3,600 45,333 156,000 50,480 110,000 ● 18,000 33,500 225,430 18,000 5,123 85,500 60,606 151,900 6,800 Adjustments needed: Physical count of supplies inventory remaining at end of period, $3,300 • Customer fees collected in advance (payments were recorded as Fees Earned), $18,500

PB 15. LO 4.4 Prepare an adjusted trial balance from the following account information, considering the adjustment data provided (assume accounts have normal balances). Building and Equipment were recently purchased, so there is neither depreciation expense nor accumulated depreciation. Accounts payable Accounts receivable Building Cash Common stock Dividends Equipment Fees earned revenue Land Supplies expense Notes payable Retained earnings Salaries expense Supplies $3,600 45,333 156,000 50,480 110,000 ● 18,000 33,500 225,430 18,000 5,123 85,500 60,606 151,900 6,800 Adjustments needed: Physical count of supplies inventory remaining at end of period, $3,300 • Customer fees collected in advance (payments were recorded as Fees Earned), $18,500

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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Exercise 15. Adjusting entries for depreciation; effect of error On December 31, a business estimates depreciation on equipment used during the first year of operations to be P8,500. If the adjusting entry were omitted, which items would be erroneously stated on (1) the SCI for the year and (2) the SFP as F December 31?
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K Use transaction analysis charts to analyze the following adjustments: a. Depreciation on equipment, $1,800. b. Rent expired, $1,400. a. Depreciation on equipment, $1,800. a. Accounts Affected Category Increase/ Decrease Rules T Account Update
Here are selected 2022 transactions of Bridgeport Company. Jan. 1 June 30 Dec. 31 Retired a piece of machinery that was purchased on January 1, 2012. The machine cost $63,500 and had a useful life of 10 years with no salvage value. Sold a computer that was purchased on January 1, 2019. The computer cost $39,300 and had a useful life of 5 years with no salvage value. The computer was sold for $15,400 cash. Discarded a delivery truck that was purchased on January 1, 2018. The truck cost $42,900. It was depreciated based on a 6-year useful life with a $3,000 salvage value. Journalize all entries required on the above dates, including entries to update depreciation on assets disposed of where applicable. Bridgeport Company uses straight-line depreciation. (Assume depreciation is up to date as of December 31, 2021.) (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the…
10.2.3 ACCOUNTING 1: ASSIGNMENT 2 QUESTION ONE Samke Limited sells new equipment and repairs equipment for their regular customers. The following information was extracted from the accounting records for the financial year ended 30 June 2021 1. Extracted from the Pre-Adjustment Trial Balance at 30 June 2021: R Fixed deposit Inventory: Trade goods Debtors control Machinery Accumulated depreciation: Machinery Long term borrowing: Finhouse Sales Debtors allowances Cost of sales Service fee income (in respect of repair services) Rent income Interest income Salaries and wages Audit fees Directors fees Consumable stores Bank charges Travel and entertainment - Directors 2. 2.1 2.2 2.4 auditors are owed a further R28 000 in audit fees. Bank charges of R310 reflected on the June 2021 bank statement have not yet been entered in the books. 2.3 The stock count on 30 June 2021 revealed the following on hand: • Inventory: Trade goods; R202 000 • Consumable stores; R900 2.5 Adjustments and additional…
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I am so confused there is a journal entry worksheet 1-4?
PB13. LO 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 Debit Credit 250,000 56,000 Buildings and equipment Accumulated depreciation Prepaid advertising Unearned rental revenue Interest payable 6,400 8,900 3,500 A. depreciation on buildings and equipment, $17,500 B. advertising still prepaid at year end, $2,200 C. interest due on notes payable, $4,300 D. unearned rental revenue, $6,900 E. interest receivable on notes receivable, $1,200
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