Simply Sewing Inc. had the folowing account balances on December 31:• Retained Earnings, January 1 $50.000• Supplies• Unearned Sewing Revenue• Prepaid Rent8,0005,00012,000Prepare the following adjusting journal entries for the year end December 31.a) A physical count of supplies at December 31 shows the balance on hand is $3.000.bị The company earned $2,000 of the sewing work that was paid for in advance.c) The prepaid rent listed above was paid for by the company on June 1 and represents one year ofrent. It has not been adjusted since it was paid on June 1. Prepare the journal entry to adjust thePrepaid Rent account to the correct amount as of December 31.(Write journal entries in proper journal entry format. Do not abbreviate when writing journalentries and make sure you identify which line is the Debit (DR) and which line is a Credit (CR) usingone of the following two examples)Example 1: DR Cash4,000CR Revenue 4.000ORDebit Credit4.000Example 2: Cash4,000RevenueORHIMLEdrExample 3: Debit Cash 4,000 and Credit Revenue 4,000

The details regarding transactions made for the year ended 31st December Required Make Adjustment…

Answered: Simply Sewing Inc. had the folowing…

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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Customer Refunds and Allowances Assume the following data for Lusk Inc. before its year-end adjustments: Sales fasthe year $3,600,000 Estimated percent of refunds for the year 0.8% Journalize the adjusting entry for customer refunds and allowances. If an amount box does not require an entry, leave it blank. 88 Sales v Customer Refunds Payable v Feedback Check My Work Sales are reduced by the estimated amount of customer refunds and allowances which are calculated based upon a percentage of sales. Pre Check My Work Subm Save and Exit Email Instructor
16.On October 17, Conrad Beauty Supplies bought $42,000 of goods with terms of 1/10, n/30. One-half of the bill was paid on October 24, and the rest of the bill was paid on October 31. Assume that the seller has agreed to grant discounts on partial payments.Required: Prepare journal entries for October 24 using the: 1. Gross Method2. Net Method
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Golden Eagle Company prepares monthly financial statements for its bank. The November 30 adjusted trial balance includes the following account information: November 30 Debit CreditSupplies $2,000Prepaid Insurance 8,000Salaries Payable $11,000Deferred Revenue 3,000The following information is known for the month of December:1. Purchases of supplies during December total $4,500. Supplies on hand at the end of December equal $3,500.2. No insurance payments are made in December. Insurance cost is $2,000 per month.3. November salaries payable of $11,000 were paid to employees in December. Additional salaries for December owed at the end of the year are $16,000.4. On November 1, a tenant paid Golden Eagle $4,500 in advance rent for the period November through January, and Deferred Revenue was credited for the entire amount.Required:Show the adjusting entries that…
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Sheridan Corporation had the following transactions during its first month of operations: 1. 2. 3. 4. 5. 6. 7. 8. Journalize the above transactions for Sheridan Corporation. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) 1. No. Account Titles and Explanation 2. 3. 4. 5. 6. Purchased raw materials on account, $96,900. Raw materials of $34,200 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $6,840 was classified as indirect materials. 7. Factory labor costs incurred were $199,500 of which $165,300 pertained to factory wages payable and $34,200 pertained to employer payroll taxes payable. Time tickets indicated that $165,300 was direct labor and $34,200 was indirect labor. Overhead costs incurred on account were $225,720. Manufacturing overhead was applied at the rate of 150% of direct labor cost. Goods costing $131,100 are still incomplete…

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