Question 2: You are given the account balances at the end of 2020 before and after adjustments Salaries expense Accounts payable Prepaid Rent Rent expense Service Revenue Accounts Receivable Unearned Revenues as follows: Un-Adjusted Trial Balance Adjusted Trial Balance 2020 12000 2020 11000 5000 7000 Zero 50000 50000 4000 Zero 100000 4000 Required: 1- Calculate the missing numbers ????? in the table above. 2- Prepare the necessary adjusting entries on 31 December 2020.

Question 2: You are given the account balances at the end of 2020 before and after adjustments Salaries expense Accounts payable Prepaid Rent Rent expense Service Revenue Accounts Receivable Unearned Revenues as follows: Un-Adjusted Trial Balance Adjusted Trial Balance 2020 12000 2020 11000 5000 7000 Zero 50000 50000 4000 Zero 100000 4000 Required: 1- Calculate the missing numbers ????? in the table above. 2- Prepare the necessary adjusting entries on 31 December 2020.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Prepare an adjusted trial balance. If an amount Ledger Accounts, Adjusting Entries, Financial Statements, and Closing Entries; Optional Spreadsheet The unadjusted trial balance of Recessive Interiors at January 31, 2019, the end of the year, follows: Recessive InteriorsUnadjusted Trial BalanceJanuary 31, 2019 Account No. Debit Balances Credit Balances Cash 11 13,100 Supplies 13 8,000 Prepaid Insurance 14 7,500 Equipment 16 113,000 Accumulated Depreciation-Equipment 17 12,000 Trucks 18 90,000 Accumulated Depreciation-Trucks 19 27,100 Accounts Payable 21 4,500 Jeanne McQuay, Capital 31 126,400 Jeanne McQuay, Drawing 32 3,000 Service Revenue 41 155,000 Wages Expense 51 72,000 Rent Expense 52 7,600 Truck Expense 53 5,350 Miscellaneous Expense 59 5,450 325,000 325,000 The following additional accounts from Recessive…
Short term: Blair, Inc. ANC Corporation Totals Long term: Drake Corporation Aaron Industries Totals Required 1 Required 2 View transaction list Cost Required: 1. Prepare appropriate adjusting entries at December 31, 2021. 2. What amount would be reported in the income statement at December 31, 2021, as a result of the adjusting entry? < Fair Value $ 494,000 $ 398,000 457,000 494,000 $ 951,000 $ 892,000 Complete this question by entering your answers in the tabs below. 1 $ 494,000 $ 567,000 713,000 667,000 $1,207,000 $1,234,000 Prepare appropriate adjusting entry at December 31, 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet Date December 31, 2021 Record the adjusting entry for December 31, 2021. Note: Enter debits before credits. Gain (Loss) $ (96,000) 37,000 $(59,000) $ 73,000 (46,000) $ 27,000 General Journal Debit Credit
Current Attempt in Progress The bookkeeper for Sandhill Company asks you to prepare the following accrual adjusting entries at December 31. Use these account titles: Service Revenue, Accounts Receivable, Interest Expense, Interest Payable, Salaries and Wages Expense, and Salaries and Wages Payable. (List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) a. b.. C No. a. b. C. D Interest on notes payable of $420 should be accrued. Services performed but unbilled totals $1,780. Salaries of $750 earned by employees have not been recorded or paid. Date Account Titles and Explanation Dec. 31 Dec. 31 Dec. 31 Debit Credit www
(b) Prepare the entry to record the accrued interest and the amortization of premium on December 31, 2025, using the straight-line method. (List all debit entries before credit entries. Credit account titles are automatically indented when 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. Round answers to O decimal places, e.g. 1,225.) Date Dec. 31, 2025 Account Titles and Explanation Debit Credit
The balance in the salaries expense account before adjustment on December 31, 2007 is $52,000. The amount of accrued salaries for December 30 and 31 are $500. What account should be debited in the journal (1) and for what amount to record the adjusting entry for accrued salaries based on this information? JOURNAL Page 25 date description p.ref. debit CREDIT Adjusting Entries 12/31 (1) ? (2) ? Group of answer choices Salaries Payable $52,000 Salaries Payable $500 Salaries Expense $52,000 Salaries Expense $500
Crane Company Ltd. publishes a monthly sports magazine, Fishing Preview. Subscriptions to the magazine cost $28 per year. During November 2022, Crane sells 5,400 subscriptions for cash, beginning with the December issue. Crane prepares financial statements quarterly and recognizes subscription revenue at the end of the quarter. The company uses the accounts Unearned Subscription Revenue and Subscription Revenue. The company has a December 31 year-end.
1. Journalize the year-end adjusting entry for bad debts on the basis of the aging schedule. Show the T-account for the Allowance for Bad Debts at December 31, 2018. 2. Show how Solar Energy Manufacturing will report its net accounts receivable on its December 31, 2018, balance sheet.
PROBLEM B. WideJoy Tech Services The following information were made available for Widejoy Tech Services (WTS) as of December 31, 2021: a) Balance of prepaid rent amounting to P525,000.00 is shown in the Adjusted Trial Balance 2020 of WTS b) Rental is for a period of 1 year and occupancy started in the first day of the month. WTS made an adjusting journal entry of a credit to prepaid rent expense amounting to 375,000.00 Identify the required below. Question 24 The balance of Rent Expense in the Unadjusted Trial Balance 2020 of WTS amounts to. Question 25 What month in 2021 did WTS start renting? e.g January, February, etc
The Eldorado Corporation's controller prepares adjusting entries only at the end of the reporting year. The following adjusting entries were prepared on December 31, 2021: Debit Credit Interest expense 5,400 Interest payable Rent expense Prepaid rent Interest receivable Interest revenue 5,400 17,500 17,500 450 450 Additional information: 1. The company borrowed $180,000 on March 31, 2021. Principal and interest are due on March 31, 2022. This note is the company's only interest-bearing debt. 2. Rent for the year on the company's office space is $42,000. The rent is paid in advance. 3. On October 31, 2021, Eldorado lent money to a customer. The customer signed a note with principal and interest at 3.0% due in one year. Required: 1. What is the interest rate on the company's note payable? 2. The 2021 rent payment was made at the beginning of which month? (Do not round your intermediate calculation.) 3. How much did Eldorado lend its customer on October 31?
View Policies Current Attempt in Progress On July 1, 2022, Blossom Co. pays $12.000 to Nash's Insurance Co. for a 4-year insurance contract. Both companies have fiscal years ending December 31. For Blossom Co. journalize and post the entry on July 1 and the annual adjusting entry on December 31. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem) Debit Credit Date Account Titles and Explanation 100
Rodriguez Corp. changed from the straight-line method of depreciation on its plant assets acquired in early 2018 to the double- declining-balance method in 2020 (before finalizing its 2020 financial statements) because of a change in the pattern of benefits received. The assets had an eight-year life and no expected residual value. Information related to both methods follows: Double-Declining- Balance Depreciation Straight-Line Depreciation Year Difference 2018 $410,000 $205,000 $205,000 2019 307,500 205.000 102.500 2020 230,625 205,000 25,625 Net income for 2019 was reported at $452,000; income for 2020 before depreciation and income tax is $482.000. Assume an income tax rate of 30%. The change from the straight-line method to the double-declining-balance method is considered a change in estimate. What net income is reported for 2020? Net income, 2020 What is the amount of the adjustment to opening retained earnings as at January 1, 2020? Adjustment to opening retained earnings,…
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 .