Prepare adjusting journal entries, as needed, considering the account balances excerpted from the unadjusted trial balance and the adjustment data.DebitCreditProperty, Plant, and Equipment$360,000Accumulated Depreciation$92,000Prepaid Insurance27,000Supplies7,600Unearned Service Revenue3,300A. supplies actual count at year end, $6,700.B. remaining unexpired insurance, $6,500.C. remaining unearned service revenue, $1,300.D. salaries owed to employees, $2,800.E. depreciation on property plant and equipment, $22,000.If an amount box does not require an entry, leave it blank.А.C.D.B.E.

Adjusting entries are those entries which are passed at the end of the period in order to accurately…

Answered: Prepare adjusting journal entries, as…

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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Guinevere Company has the following data extracted from its Accounts Receivable records at June 30, 2011 Customer A BCDEFG с Totals Balance Current $ 8,000 $ 5,000 $ 2,000 $ 4,000 $ 4,000 $ 9,000 $ 2,000 $ 3,000 $ 2,000 $ 6,000 $ 6,000 $ 7,000 $ 3,000 $39,000 $22,000 ● 31 -75 Over 75 days days $1,000 $ 2,000 $2,000 $ 1,000 $3,000 $8,000 $ 6,000 $1,000 $1,000 $9,000 • Guinevere's sales terms are 1/15 n/30 and it records sales at the gross amount of the invoice. Guinevere's year end is June 30 • The unadjusted balance in the Allowance for Doubtful Accounts at June 30 is $8,000 dr. • Guinevere makes average sales of $2,000,000 per year and averages write offs of uncollectible balances of $100,000 per year. • Sales for the year ended June 30, 2010 are $1,400,000 credit sales and $400,000 cash sales • Guinevere has a very conservative receivables management strategy. • No adjusting entries have been recorded at June 30 If Guinevere used the Allowance Method (aging) to estimate bad debts and…
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Lancaster Company must make three adjusting entries on December 31, 20X1. a. Supplies used, $9,200 (supplies totaling $14,400 were purchased on Decem b. Expired insurance, $6,400; on December 1, 20X1, the firm paid $38,400 for s debited Prepsid Insurance for this amount. c. Depreciation expense for equipment, $4,000. Required: Prepare the journal entries for these adjustments and post the entries to the ger
Your staff person has provided you with the following journal entry for January 20x1 depreciation. The monthly deprecation is supposed to be $100.00. What is wrong with this entry?
Determine the amount to be added to Allowance for Doubtful Accounts in each of the following cases and indicate the ending balance in each case. a. Credit balance of $400 in Allowance for Doubtful Accounts just prior to adjustment. Using the aging method, the balance of Allowance for Doubtful Accounts is estimated as $8,710. Line Item Description Amount Amount added $fill in the blank 1 Ending balance $fill in the blank 2 b. Credit balance of $400 in Allowance for Doubtful Accounts just prior to adjustment. Bad debt expense is estimated at 2% of credit sales, which totaled $973,000 for the year. Line Item Description Amount Amount added $fill in the blank 3 Ending balance $fill in the blank 4
Carla Vista Corporation has the following selected transactions during the year ended December 31, 2024: Jan. 1 Purchased a copyright for $117.480 cash. The copyright has a useful life of six years and a remaining legal life of 30 years. Mar. 1 Sept. 1 Dec. 31 Acquired a franchise with a contract period of nine years for $500,850; the expiration date is March 1, 2033, Paid cash of $38,820 and borrowed the remainder from the bank. Purchased a trademark with an indefinite life for $73,190 cash. As the purchase was being finalized, spent $33.150 cash in legal fees to successfully defend the trademark in court. Purchased an advertising agency for $640,000 cash. The agency's only assets reported on its statement of financial position immediately before the purchase were accounts receivable of $58,000, furniture of $170,000, and leasehold improvements of $320,000. Carla Vista hired an independent appraiser who estimated that the fair value of these assets was accounts receivable $58,000,…
SING THE FOLLOWING DATA, PREPARE THE APPROPRIATE CLOSING JOURNAL ENTRIES (R ---+- --T-- - ccounts payable 15 ---+- food inventory 30 ccounts receivable 87 --+-- - -+- bbq, withdrawals : 18 - -1 salaries expense 49 dining revenue 90 1- - - --- - accumulated depreciation -blg prepaid rent expense cost of sales 107 property taxes payable 一 building 60 pension obligation 27 catering income |44 transportation expense 9 70 +----+- - - unearned catering income 35 cash 'depreciation expense 2 bbq, capital --4-- - + 70 marketable securities : 40 delivery fees 20 For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). TTTT Paragraph 3 (12pt) 1ミ、三 T - Arial ABC fx @ふ囲困田一图图□0HTML CSS Mashups account title DR
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
Adjusting entries for prepaid insurance The balance in the prepaid insurance account, before adjustment at the end of the year, is $21,910. Journalize the adjusting entry required under each of the following alternatives for determining the amount of the adjustment: a. The amount of insurance expired during the year is $16,650. If an amount box does not require an entry, leave it blank. b. The amount of unexpired insurance applicable to future periods is $5,260. If an amount box does not require an entry, leave it blank. Σ .
Label the adjustments as either Deferrals / Prepaids, Accrual, or Depreciation AND as a revenue or expense. View drag and drop keyboard instructions Deferrals / Accrued Accrued Prepaid Expense Unearned Accrual Prepaids Revenue Revenue Expense Depreciation A two-year insurance policy for $700 was purchased on May 1 of the current year. Received $1,300 cash from customer Completed services that were paid for six months earlier, $3.100. in advance for six month service contract. - Prepald Expense Unearned Deferrals/ Revenue Prepaids Deferrals/ Prepaids Unearned Revenue Deferrals / Prepaids Drag card here Drag card here Drag card here
Year-end adjusting journal entries Prepare budgetary and proprietary journal entries to record the following year-end adjustments: Note: If a journal entry is not required, select No entry as your answers and leave the Debit and Credit answers blank (zero). 4. The agency recorded depreciation of $25,000 on its equipment.
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