Record and post the following adjustments on month end: Insurance expired 150 Supplies on hand 1,020 (Total supplies from trial balance is 2000) Depreciation using straight-line method (5 yr useful life) Office Equipment- 7500, Furniture 3050 Accrued Salaries 20. Rent Expired 1,500

Record and post the following adjustments on month end: Insurance expired 150 Supplies on hand 1,020 (Total supplies from trial balance is 2000) Depreciation using straight-line method (5 yr useful life) Office Equipment- 7500, Furniture 3050 Accrued Salaries 20. Rent Expired 1,500

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter4: Adjusting Entries And The Work Sheet

Section: Chapter Questions

Problem 2PB: The trial balance of The New Decors for the month ended September 30 is as follows: Data for the...

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Record the following in the adjustment journal template then post it to the T-accounts. additional information for adjustments for December 31, 2021. a. Unexpired prepaid rent is $1,000. b. The annual prepaid insurance was paid Nov. 1 $2,500. Record the expired portion. c. Cleaning supplies on hand, $3,200. d. Depreciation expense office equipment, $110. e. Cleaning Equipment original cost $12,000 with a residual value $800, useful life is 5 years. Record the annual depreciation expense. f. Record the vehicle depreciation expense $280. g. Accrued wages $ 950.
Prepare adjusting journal entries, as needed, considering the account balances excerpted from the unadjusted trial balance and the adjustment data. A. supplies actual count at year end, $6,500 B. remaining unexpired insurance, $6,000 C. remaining unearned service revenue, $1,200 D. salaries owed to employees, $2,400 E. depreciation on property plant and equipment, $18,000
The trial balance of The New Decors for the month ended September 30 is as follows: Data for the adjustments are as follows: a. Expired or used-up insurance, 425. b. Depreciation expense on equipment, 2,750. c. Wages accrued or earned since the last payday, 475 (owed and to be paid on the next payday). d. Supplies remaining at end of month, 215. Required 1. Complete a work sheet. (Skip this step if using GL.) 2. Journalize the adjusting entries. If you are using CLGL, use the year 2020 when recording transactions.
Worksheet Victoria Company has the following account balances on December 31, 2019, prior to any adjustments: Additional adjustment information: (a) depreciation on buildings, 1,100; on equipment, 600; (b) bad debts expense, 240; (c) interest accumulated but not paid: on note payable, 50; on mortgage payable, 530 (this interest is due during the next accounting period); (d) insurance expired, 175; (e) salaries accrued but not paid 370; (f) rent was collected in advance and the performance obligation is now satisfied, 800; (g) office supplies cm hand at year-end, 230 (expensed when originally purchased earlier in the year); and (h) the income tax rate is 30% on current income and is payable in the first quarter of 2020. Required: 1. Transfer the account balances to a 10-column worksheet and prepare a trial balance. 2. Prepare the adjusting entries in the general journal and complete the worksheet. 3. Prepare the companys income statement, retained earnings statement, and balance sheet. 4. Prepare closing entries in the general journal.
The trial balance for Harris Pitch and Putt on June 30 is as follows: Data for month-end adjustments are as follows: a. Expired or used-up insurance, 380. b. Depreciation expense on equipment, 1,950. c. Depreciation expense on repair equipment, 1,650. d. Wages accrued or earned since the last payday, 585 (owed and to be paid on the next payday). e. Supplies remaining at end of month, 120. Required 1. Complete a work sheet for the month. (Skip this step if using CLGL.) 2. Journalize the adjusting entries. 3. If using CLGL, prepare an adjusted trial balance. 4. Prepare an income statement, a statement of owners equity, and a balance sheet. Assume that no additional investments were made during June. If you are using CLGL, use the year 2020 when recording transactions.
Prepare adjusting journal entries, as needed, considering the account balances excerpted from the unadjusted trial balance and the adjustment data. A. amount due for employee salaries, $4,800 B. actual count of supplies inventory, $ 2,300 C. depreciation on equipment, $3,000
Required: 1. Post the adjusting journal Adjusting journal entries a. Bad debts expense 20000 entries (a-d)in the adjustment columns in Allowance for bad debts 20000 b Prepaid rent 10000 the worksheet 2. Complete the adjusted trial Rent Expense 10000 balance 3. Extend to Income statement and Depreciation Expense Accumulated Depreciation 15,000 15,000 balance sheet columns 4.Prepare a single- d Salaries Expense 22,000 Salaries Payable 22000 step Income Statement 5. Prepare a balance Account Titles Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Cash in Bank Accounts Receivable Allowance for Bad Debts Prepaid Rent office Equipment Accumulated Depreciation-Office Equipment Salaries Payable Accounts Payable Fred Leyes, Capital Service Income Salaries Expense sheet 6. Prepare the closing entries for all 50000 240000 P 330000 the income statement accounts 7. Prepare a 30000 120000 300000 post-closing trial balance 700000…
Journalize the adjusting entries: Purchase washer and dryers for $ 25000, paying $10000 and sinning a $15000, 6 months,12% note payable.
Please make the adjustments and adjusted trial balanceAdditional information for adjustments: a. On December 31, a physical count of the office supplies reveals that15,300 worth of supplies are available at the end of the month. b. On December 31, one month of the prepaid rent of P18,000 has been usedup. c. The office equipment purchased by Mr. M for P324,000 on December 2,2020 is expected to last six years with no residual value. d. On December 5, Mr. M signed a four-month contract to perform work for P7,500 per month with the entire contract price of P30,000 received in advance. e. At the close of business, December 30, 2020 the employee has worked one week during December for which salaries of P8,100 are not paid until January 2021. f. The two-year bank loan obtained by the company amounting to P360,000 has a 10% annual interest rate payable every November 30. g. On December 2, 2020, Mr. M entered into a one-year contract with a local company. Mr. M agreed to maintain the company’s…
Required 1. Prepare and complete a 10-column work sheet for fiscal year 2019, starting with the unadjusted trial balance and including adjustments based on these additional facts. a. The supplies available at the end of fiscal year 2019 had a cost of $7,900. b. The cost of expired insurance for the fiscal year is $10,600. c. Annual depreciation on equipment is $7,000. d. The April utilities expense of $800 is not included in the unadjusted trial balance because the bill arrived after the trial balance was prepared. The $800 amount owed needs to be recorded. e. The company’s employees have earned $2,000 of accrued and unpaid wages at fiscal year-end. f. The rent expense incurred and not yet paid or recorded at fiscal year-end is $3,000. g. Additional property taxes of $550 have been assessed for this fiscal year but have not been paid or recorded in the accounts. h. The $300 accrued interest for April on the long-term notes payable has not yet been paid or recorded. 2. Using information…
I. On November 1, 20X3, your calendar year company receives $40,000 for space it is subletting for 5 months at $8,000 a month from Nov 1 20X3 through March 31, 20X4 and books the amount as rent Revenue. On December 31 20X3 you discover the following adjusting entry. Rent Revenue 32,000 Rent Receive in Advance 32,000 To correct this error you must II. Your calendar year company completes a $6,000 job, of which $1,000 has been received by year end and credited to revenue. If you discover before the books are closed that no adjusting entry was made, your correcting entry will
Req #4: Prepare adjustment entries using the following info in the General Journal below. Show calculationsa) One month's insurance has expired. b) The remaining inventory of repair supplies is $250. c) The estimated depreciation on repair equipment is $160. d) The estimated income taxes are $95. Req #5: Post the adjusting entries on July 31 below to the General Ledger T-accounts (Step 2) and compute adjusted balances. Just add to the balances that are already listed.