Record separately the following adjusting journal entries dated April 30, current year. Number the adjusting journal entries AJE1, AJE2, and so on: Please explain how to carefully record the adjusting journal entries inside the window. Record the insurance expense. Office supplies on hand totaled $420. Depreciation for the Tennis Courts for the four months ending April 30 is $1,000. Depreciation for the Furniture for the four months ending April 30 is $300. Depreciation for the Equipment for the four months ending April 30 is $400.

Record separately the following adjusting journal entries dated April 30, current year. Number the adjusting journal entries AJE1, AJE2, and so on: Please explain how to carefully record the adjusting journal entries inside the window. Record the insurance expense. Office supplies on hand totaled $420. Depreciation for the Tennis Courts for the four months ending April 30 is $1,000. Depreciation for the Furniture for the four months ending April 30 is $300. Depreciation for the Equipment for the four months ending April 30 is $400.

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

Willow Creek Company purchased and installed carpet in its new general offices on April 30 for a total cost of $18,000. The carpet is estimated to have a 15-year useful life and no residual value.a. Prepare the journal entry necessary for recording the purchase of the new carpet.b. Record the December 31 adjusting entry for the partial-year depreciation expense for the carpet, assuming that Willow Creek Company uses the straight-line method.
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?
Read the following case and record the transactions and the corresponding adjustment entries: At Caribe Music, a company dedicated to the sale of music equipment, there have been the following transactions and adjustments in the past two years. The transactions are related to the use of the shipping equipment. The depreciation method was the double declining balance. First year Transacción February 6 A used delivery truck was purchased in cash for $35,000. July 7 $700 was paid in truck repairs. December 31 Records the depreciation of the truck for the calendar year. The truck had a lifespan of 3 years. The truck had a residual of $4,500. Second year January 8 A new truck was purchased in cash for $52,000. June 10 Maintenance and repairs were performed on the truck for $625. July 9 $300 was paid for repairs to the used truck that was purchased the first year. September 19 The truck that was purchased in the first year was sold for…
The following transactions and adjusting entries were completed by Legacy Furniture Co. during a three-year period. All are related to the use of delivery equipment. The double-declining-balance method of depreciation is used. Year 1 Jan. 4. Purchased a used delivery truck for $27,200, paying cash. Nov. 2. Paid garage $630 for miscellaneous repairs to the truck. Dec. 31. Recorded depreciation on the truck for the year. The estimated useful life of the truck is four years, with a residual value of $5,005 for the truck. Year 2 Jan. 6. Purchased a new truck for $49,250, paying cash. Apr. 1. Sold the used truck for $14,670. (Record depreciation to date in Year 2 for the truck.) June 11. Paid garage $450 for miscellaneous repairs to the truck. Dec. 31. Record depreciation for the new truck. It has an estimated residual value of $8,950 and an estimated life of five years. Year 3 July 1. Purchased a new truck for $53,920, paying cash. Oct. 2. Sold the truck…
The following transactions and adjusting entries were completed by Legacy Furniture Co. during a 3-year period. All are related to the use of delivery equipment. The double-declining-balance method of depreciation is used. Year 1 Jan. 4. Purchased a used delivery truck for $27,680, paying cash. Nov. 2. Paid garage $725 for miscellaneous repairs to the truck. Dec. 31. Recorded depreciation on the truck for the year. The estimated useful life of the truck is 4 years, with a residual value of $4,900 for the truck. Year 2 Jan. 6. Purchased a new truck for $49,850, paying cash. Apr. 1. Sold the used truck for $15,050. (Record depreciation to date in Year 2 for the truck.) June 11. Paid garage $450 for miscellaneous repairs to the truck. Dec. 31. Record depreciation for the new truck. It has an estimated residual value of $9,185 and an estimated life of 5 years. Year 3 July 1. Purchased a new truck for $53,640, paying cash. Oct. 2. Sold the truck purchased…
Adjusting Entries: Please tell me how this would be recorded on a General Journal. The following categories are in this order Date, Description, Post Ref, Debit, Credit.a) Depreciation expense for the month on the building is $2,000b) A count of the Supplies account indicates that supplies of $450 have been usedc) Two months have passed since insurance for the year was paid. The amount of the check was $1,200. The entry at time of payment debited the Prepaid Insurance accountd) Employees have earned $400 since the last pay daye) Advertising in the local paper was paid this month in the amount of $500. THe amount was debited to Prepaid Advertising and the advertisement is to run next monthf) Joe Moreland paid us $500 in advance for work to be done on his residence. The entry to record the collection of this cash included a credit to Labor Revenue. The work is halfway done.
Adjusting entries. 4-5. For each of the following adjusting entries, identify whether the entry is correct. If it is not correct, provide the correct entry in the journal on the next page and specny why the entry given below is wrong. Depreciation Expense a. 1,500 Accumulated Depreciation 1,500 To record depreciation on trucks for one year. The trucks cost $30,000 and have no salvage value. They are being depreciated straight line over six years. Interest Revenue b. 730 Interest Receivable 730 To record one year's interest on a loan to an officer of the company. The loan was for $10,000 at 7% interest. Supplies Expense Supplies C. 563 563 The Supplies account started with a balance of $1,900. At the end of the period, a count of remaining supplies indicated we had $563 left. 1,900 Wages Expense Wages Payable d. 1,900 Employees have earned $1,900 since last payday. 700 Taxes Payable e. 700 Taxes Expense The company received a bill from the County Treasurer for $700 for property taxes.…
The following transactions and adjusting entries were completed by Legacy Furniture Co. during a three-year period. All are related to the use of delivery equipment. The double-declining-balance method of depreciation is used. Year 1 Jan. 4 Purchased a used delivery truck for $15,360, paying cash. Nov. 2 Paid garage $240 for miscellaneous repairs to the truck. Dec. 31 Recorded depreciation on the truck for the year. The estimated useful life of the truck is 4 years, with a residual value of $3,200 for the truck. Year 2 Jan. 6 Purchased a new truck for $9,000, paying cash. Apr. 1 Sold the used truck purchased on Jan. 4 of Year 1 for $6,270. (Record depreciation to date in Year 2 for the truck.) June 11 Paid garage $260 for miscellaneous repairs to the truck. Dec. 31 Record depreciation for the new truck. It has an estimated residual value of $1,600 and an estimated life of 5 years. Year 3 July 1 Purchased a new truck for $88,000, paying cash. Oct. 2 Sold the truck purchased January 6,…