Prior to recording adjusting entries, the Office Supplies account had a $365 debit balance. A physical count of the suppliesshowed $108 of unused supplies available. The required adjusting entry is:Multiple ChoiceDebit Office Supplies $257 and credit Office Supplies Expense $257.Debit Office Supplies Expense $108 and credit Office Supplies $108.Debit Office Supplies Expense $257 and credit Office Supplies $257.aw< Prev19 of 30Next >8:0e here to search100%2/21 Debit Office Supplies $257 and credit Office Supplies Expense $257.Debit Office Supplies Expense $108 and credit Office Supplies $108.Debit Office Supplies Expense $257 and credit Office Supplies $257.Debit Office Supplies $108 and credit Office Supplies Expense $108Debit Office Supplies $108 and credit Supplies Expense $257.< Prev19 of 30Next

Solution: Adjusting entries are journal entries generally made at the end of accounting period to…

Prior to recording adjusting entries, the Office Supplies account had a $365 debit balance. A physical count of the supplies showed $108 of unused supplies available. The required adjusting entry is: Multiple Choice

Prior to recording adjusting entries, the Office Supplies account had a $365 debit balance. A physical count of the supplies showed $108 of unused supplies available. The required adjusting entry is: Multiple Choice

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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Prior to recording adjusting entries, the Office Supplies account had a $393 debit balance. A physical count of the supplies showed $95 of unused supplies available. The required adjusting entry is: 14 Multiple Choice Debit Office Supplies $95 and credit Office Supplies Expense $95 Debit Office Supplies Expense $95 and credit Office Supplies $95. 14 of 19 Next > Mc Graw Hill < Prev 457 PM a 9/17/2019 pe here to search
Pharoah Company's trial balance at December 31 shows Supplies $8,760 and Supplies Expense $0. On December 31, there are $2,140 of supplies on hand. Prepare the adjusting entry at December 31. (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 0 for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31 SHOW LIST OF ACCOUNTS LINK TO TEXT INTERACTIVE TUTORIAL Using T-accounts, enter the balances in the accounts, post the adjusting entry, and indicate the adjusted balance in each account. (Post entries in the order of journal entries presented in the previous part.) Supplies Supplies Expense
On decmeber 31, the trial balance indicates that the supplies account has a balance, prior to the adjusting entry,pf $320. A physical count of the supplies inventory shows that $90 of supplies remain. Analyze this adjustment for the supplies using T accounts and then formally enter this adjustment in the generaljournal.
December 31, 20, according to the Trial Balance, the Store Supplies account has a balance of 3,000.00.Adjustment data reveals that 2,000.00 of store supplies have been used at the end of the period. Journalize the adjusting entry.
Complete the following adjusting entry for Mookie The Beagle Concierge.Mookie The Beagle Concierge purchased $426 of supplies during January 2018. At the end of the accounting period on January 31, Mookie The Beagle Concierge still had $236 of unused supplies on hand. The $236 of Supplies is an asset with future benefit. Since Mookie The Beagle Concierge recorded the entire $426 as Supplies Expense, an adjusting entry is needed to bring accounts up to date at January 3.
Jouralize the adjusting entries and post to the general ledger. Adjusting Entries: a, Expired insurance for the period , $500. b, Supplies on hand at the end of the month, $1,000.
Entry for uncollectible accounts
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
Please Introduction and explanation show work please without plagiarism please strictly no plagiarism please
On November 1, Cooper Equipment had a beginning balance in the Office Supplies account of 5600.. During the month, Cooper purchased $1,100 of ofice suap es. At November 30, Cooper Equipment had S200 of offce suppies on hand Read the reguirenents Requirement 1 The Office Supplies T-account has been opened for you. Enter the beginning balance and ourchase of office supplies. Use "Nov 1" as a posting refesente to erte the begnng balance and "Nov. surchases as a posting reference to post the purchase of office supplies during the month.) Office Supplies Nov 1 600 O Requirements 1 The Office Supplies T-account has been opened for you Enter the beginning balance and purchase of office supplies. 2. Record the adusting entry required at Novemoer 30 3. Post the adusting entry to twe hao accounts invoved, and shoN ther balances at iovembeot Print Done
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…
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