Supplies Expense Miscellaneous Expense 1. 2. 3. 4. 0 5. 4 200 Journalize the five entries that adjusted the accounts at October 31, 20Y2. None of the accounts were affected by more than one adjusting entry. If an amount box does not require an entry, leave it blank. 200 2 4 212 212
Supplies Expense Miscellaneous Expense 1. 2. 3. 4. 0 5. 4 200 Journalize the five entries that adjusted the accounts at October 31, 20Y2. None of the accounts were affected by more than one adjusting entry. If an amount box does not require an entry, leave it blank. 200 2 4 212 212
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Concept explainers
Bad Debts
At the end of the accounting period, a financial statement is prepared by every company, then at that time while preparing the financial statement, the company determines among its total receivable amount how much portion of receivables is collected by the company during that accounting period.
Accounts Receivable
The word “account receivable” means the payment is yet to be made for the work that is already done. Generally, each and every business sells its goods and services either in cash or in credit. So, when the goods are sold on credit account receivable arise which means the company is going to get the payment from its customer to whom the goods are sold on credit. Usually, the credit period may be for a very short period of time and in some rare cases it takes a year.
Question
Transcribed Image Text:**Adjusting Entries from Trial Balances**
The unadjusted and adjusted trial balances for American Leaf Company on October 31, 20Y2, are as follows:
---
**American Leaf Company**
**Trial Balances**
**October 31, 20Y2**
| Account | Unadjusted Debit Balances | Unadjusted Credit Balances | Adjusted Debit Balances | Adjusted Credit Balances |
|---------------------------------------|---------------------------|----------------------------|-------------------------|--------------------------|
| Cash | 16 | | 16 | |
| Accounts Receivable | 38 | | 44 | |
| Supplies | 12 | | 10 | |
| Prepaid Insurance | 20 | | 8 | |
| Land | 26 | | 26 | |
| Equipment | 40 | | 40 | |
| Accumulated Depreciation—Equipment | | 8 | | 12 |
| Accounts Payable | | 26 | | 26 |
| Wages Payable | | 0 | | 2 |
| Erik Elmstad, Capital | | 92 | | 92 |
| Erik Elmstad, Drawing | 8 | | 8 | |
| Fees Earned | | 74 | | 80 |
| Wages Expense | 24 | | 26 | |
| Rent Expense | 8 | | 8 | |
| Insurance Expense | 0 | | 12 | |
| Utilities Expense | 4 | | 4 | |
**Explanation:**
This trial balance sheet displays the debit and credit balances before and after adjustments for various accounts in American Leaf Company as of October 31, 20Y2. Adjustments have been made to reflect changes such as accrued expenses, earned revenues, and depreciation. The table organizes accounts by type and shows changes from unadjusted to adjusted states, assisting in accurate financial reporting and decision-making.
![**Table: Adjusted Accounts Summary**
| Category | Debit | Credit |
|---------------------------|-------|--------|
| Depreciation Expense | 0 | 4 |
| Supplies Expense | 0 | 2 |
| Miscellaneous Expense | 4 | 4 |
| Totals | 200 | 200 |
| Adjusted Totals | 212 | 212 |
**Instruction:**
Journalize the five entries that adjusted the accounts at October 31, 20Y2. None of the accounts were affected by more than one adjusting entry. If an amount box does not require an entry, leave it blank.
**Journal Entries:**
1. [Dropdown] [Amount] [Amount]
2. [Dropdown] [Amount] [Amount]
3. [Dropdown] [Amount] [Amount]
4. [Dropdown] [Amount] [Amount]
5. [Dropdown] [Amount] [Amount]](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F8dbcbf0b-9123-4a1c-9796-89fa34227664%2F1e08593f-b3aa-4446-a3f8-9690760244a5%2Fth0evsl_processed.jpeg&w=3840&q=75)
Transcribed Image Text:**Table: Adjusted Accounts Summary**
| Category | Debit | Credit |
|---------------------------|-------|--------|
| Depreciation Expense | 0 | 4 |
| Supplies Expense | 0 | 2 |
| Miscellaneous Expense | 4 | 4 |
| Totals | 200 | 200 |
| Adjusted Totals | 212 | 212 |
**Instruction:**
Journalize the five entries that adjusted the accounts at October 31, 20Y2. None of the accounts were affected by more than one adjusting entry. If an amount box does not require an entry, leave it blank.
**Journal Entries:**
1. [Dropdown] [Amount] [Amount]
2. [Dropdown] [Amount] [Amount]
3. [Dropdown] [Amount] [Amount]
4. [Dropdown] [Amount] [Amount]
5. [Dropdown] [Amount] [Amount]
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 2 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education