Prepare adjusting entries for the following transactions. (Credit account titles are automatically indented when the amount is entered not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts) 1. 2. 3 Depreciation on equipment is $900 for the accounting period. There was no beginning balance of supplies and purchased $500 of supplies during the period. At the end of the period $150 of supplies were on hand. Prepaid rent had a $1.000 normal balance prior to adjustment. By year end $400 was unexpired. No. Account Titles and Explanation 1. 2. Debit Credit

Prepare adjusting entries for the following transactions. (Credit account titles are automatically indented when the amount is entered not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts) 1. 2. 3 Depreciation on equipment is $900 for the accounting period. There was no beginning balance of supplies and purchased $500 of supplies during the period. At the end of the period $150 of supplies were on hand. Prepaid rent had a $1.000 normal balance prior to adjustment. By year end $400 was unexpired. No. Account Titles and Explanation 1. 2. Debit Credit

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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The estimated amount of depreciation on equipment for the current year is $10,400. Journalize the adjusting entry to record the depreciation. 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.
The estimated amount of depreciation on equipment for the current year is $7,700. Journalize the adjusting entry to record the depreciation. Refer to the Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTSGeneral Ledger ASSETS 11 Cash 12 Accounts Receivable 13 Supplies 14 Prepaid Insurance 15 Land 16 Equipment 17 Accumulated Depreciation-Equipment LIABILITIES 21 Accounts Payable 22 Unearned Fees 23 Salaries Payable 24 Taxes Payable EQUITY 31 Common Stock 32 Retained Earnings 33 Dividends REVENUE 41 Fees Earned EXPENSES 51 Advertising Expense 52 Insurance Expense 53 Rent Expense 54 Salary Expense 55 Supplies Expense 56 Utilities Expense 57 Depreciation Expense 59 Miscellaneous Expense
Journalize the following adjustments. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) 1. Services performed but unbilled and uncollected at July 31 were $1,800. 2. Depreciation on equipment for the month was $190. 3. 4. One-twelfth of the insurance expired. A count shows $340 of cleaning supplies on hand at July 31. 5. Accrued but unpaid employee salaries were $420. No. Date Account Titles and Explanation July 1. Accounts Receivable 31 Service Revenue July 2. Depreciation Expense 31 Debit 1,800 190 Credit 1,800 SUPPORT 190
Journalize the following adjustments. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) 1. Services performed but unbilled and uncollected at July 31 were $1,800. 2. Depreciation on equipment for the month was $190. 3. One-twelfth of the insurance expired. 4. A count shows $340 of cleaning supplies on hand at July 31. 5. Accrued but unpaid employee salaries were $420. List of Accounts Accounts Payable Accounts Receivable Accumulated Depreciation-Buildings Accumulated Depreciation-Equipment Accumulated Depreciation-Delivery Trucks Advertising Expense Buildings Cash Debt Investments Delivery Trucks Depreciation Expense Equipment Gasoline Expense Income Summary Income Tax Expense Income Taxes Payable Insurance Expense Interest Expense Interest Payable Interest Receivable Interest Revenue Inventory Land Long-term Debt Long-term Investments Maintenance and Repairs Expense Miscellaneous Expense…
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a. Depreciation on the company's equipment for the year is computed to be $14,000. b. The Prepaid Insurance account had a $8,000 debit balance at December 31 before adjusting for the costs of any expired coverage. An analysis of the company's insurance policies showed that $1,220 of unexpired insurance coverage remains. c. The Office Supplies account had a $390 debit balance at the beginning of December; and $2,680 of office supplies were purchased in December. The December 31 physical count showed $460 of supplies available. d. Two-thirds of the work related to $12,000 of cash received in advance was performed this period. e. The Prepaid Rent account had a $5,200 debit balance at December 31 before adjusting for the costs of any expired coverage. An analysis of rental policies showed that $3,980 of rental coverage had expired. f. Wage expenses of $2,000 have been incurred but are not paid as of December 31. Prepare adjusting journal entries for the year ended (date of) December 31 for…
Journal entry worksheet 2 3 4 5 6 Depreciation on the company's equipment for the year is computed to be $16,000. Note: Enter debits before credits. Transaction General Journal Debit Credit a. Record entry Clear entry View general journal >
Required:Prepare the following accounts in the general ledger of Hogwarts Traders for the financial year ended 31 December 2019 ONLY. Start with the opening balances. Balance the accounts at the end of the month. Ignore VAT.‐ Vehicles‐ Accumulated depreciation: Vehicles‐ Depreciation ‐ Asset Disposal ‐ Profit/Loss on sale of vehicles.Show all your workings.
At the end of its first year, the trial balance of Cullumber Company shows Equipment $ 33,500 and zero balances in Accumulated Depreciation-Equipment and Depreciation Expense. Depreciation for the year is estimated to be $ 3,650. Prepare the adjusting entry for depreciation at December 31. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31 Post the adjustments to T-accounts. Depreciation Expense Accumulated Depreciation- Equipment Indicate the balance sheet presentation of the equipment at December 31. Cullumber Company Balance Sheet (Partial) $ v : %24
At the end of the current year, Accounts Receivable has a balance of $565,000, Allowance for Doubtful Accounts has a credit balance of $5,000, and sales for the year total $2,540,000. Using the aging method, the balance of Allowance for Doubtful Accounts is estimated as $26,000. a. Determine the amount of the adjusting entry for uncollectible accounts.$fill in the blank 1 b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense. Accounts Receivable $fill in the blank 2 Allowance for Doubtful Accounts $fill in the blank 3 Bad Debt Expense $fill in the blank 4 c. Determine the net realizable value of accounts receivable.$fill in the blank 5
The balance in the equipment account before adjustment on December 31, 2007 is $60,000 and the balance of accumulated depreciation on December 31, 2007 is $24,000. The adjustment amount for depreciation for the year is $12,000. What account should be credited in the journal (2) and for what amount to record the adjusting entry to record this depreciation based on this information? JOURNAL Page 25 date description p.ref. debit CREDIT Adjusting Entries 12/31 (1) ? (2) ? Group of answer choices Depreciation Expense $12,000 Equipment $12,000 Accumulated Depreciation $12,000 Depreciation Expense $36,000