SuppliesPrepaid InsuranceSalaries and Wages PayableUnearned Service RevenueWILDHORSE CO.Adjusted Trial Balance (partial)January 31, 2022Supplies ExpenseInsurance ExpenseSalaries and Wages ExpenseService Revenue(a)Supplies balance(b)Debit$Total premium for 1 yearLPurchase date(c)$6021,338817Answer these questions, assuming the year begins January 1.4461,548If the amount in Supplies Expense is the January 31 adjusting entry and $258 of supplies was purchased in January, what was thebalance in Supplies on January 1?Credit$911-6453,440If the amount in Insurance Expense is the January 31 adjusting entry and the original insurance premium was for 1 year, what was thetotal premium and when was the policy purchased?If $2,150 of salaries owed were paid in January, what was the balance in Salaries and Wages Payable at December 31, 2021?Balance in Salaries and Wages Payable at December 31, 2021 $(d)If $1,548 was received in January for services performed in January, what was the balance in Unearned Service Revenue at December31, 2021?Balance in Unearned Service Revenue at December 31, 2021

Supplies Prepaid Insurance Salaries and Wages Payable Unearned Service Revenue WILDHORSE CO. Adjusted Trial Balance (partial) January 31, 2022 Supplies Expense Insurance Expense Salaries and Wages Expense Service Revenue (a) Supplies balance $ (b) Debit Total premium for 1 year $602 Purchase date 1,338 $ 817 446 Answer these questions, assuming the year begins January 1. 1,548 Credit If the amount in Supplies Expense is the January 31 adjusting entry and $258 of supplies was purchased in January, what was the balance in Supplies on January 1? $911 645 3,440 If the amount in Insurance Expense is the January 31 adjusting entry and the original insurance premium was for 1 year, what was the total premium and when was the policy purchased? (c) If $2,150 of salaries owed were paid in January, what was the balance in Salaries and Wages Payable at December 31, 2021? Balance in Salaries and Wages Payable at December 31, 2021 $ (d) If $1,548 was received in January for services performed in January, what was the balance in Unearned Service Revenue at December 31, 2021? Balance in Unearned Service Revenue at December 31, 2021 $

Supplies Prepaid Insurance Salaries and Wages Payable Unearned Service Revenue WILDHORSE CO. Adjusted Trial Balance (partial) January 31, 2022 Supplies Expense Insurance Expense Salaries and Wages Expense Service Revenue (a) Supplies balance $ (b) Debit Total premium for 1 year $602 Purchase date 1,338 $ 817 446 Answer these questions, assuming the year begins January 1. 1,548 Credit If the amount in Supplies Expense is the January 31 adjusting entry and $258 of supplies was purchased in January, what was the balance in Supplies on January 1? $911 645 3,440 If the amount in Insurance Expense is the January 31 adjusting entry and the original insurance premium was for 1 year, what was the total premium and when was the policy purchased? (c) If $2,150 of salaries owed were paid in January, what was the balance in Salaries and Wages Payable at December 31, 2021? Balance in Salaries and Wages Payable at December 31, 2021 $ (d) If $1,548 was received in January for services performed in January, what was the balance in Unearned Service Revenue at December 31, 2021? Balance in Unearned Service Revenue at December 31, 2021 $

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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Adjustment for Insurance On December 1, a six-month liability insurance policy was purchased for $900. Analyze the required adjustment as of December 31 using T accounts, and then formally enter this adjustment in the general journal. (Trial balance is abbreviated as TB.) (Balance Sheet)Prepaid Insurance fill in the blank a8cfc50a8015fe0_2 fill in the blank a8cfc50a8015fe0_4 Bal. fill in the blank a8cfc50a8015fe0_5 (Income Statement)Insurance Expense Adj. fill in the blank a8cfc50a8015fe0_6 Page: DATE ACCOUNT TITLE DOC.NO. POST.REF. DEBIT CREDIT 1 20--Dec. 31 fill in the blank 59564e01b03df92_2 fill in the blank 59564e01b03df92_3 1 2 fill in the blank 59564e01b03df92_5 fill in the blank 59564e01b03df92_6 2
Requlred Informatlon [The following Information apples to the questions displayed below.] A company makes the payment of a one-year Insurance premlum of $4,248 on March 1, 2019. b-1. Use the horizontal model to show the amount of Insurance premlum "used" that month. (Use amounts with + for Increases and amounts with – for decreases.) Balance Sheet Liabilities Income Statement + Stockholders' Equity - Net Income Revenues Expenses Assets
zmo Company purchased a 1-year insurance policy on October 1 for $4,560. Journalize the adjusting entry on December 31. If an amount box does not require an entry, leave it blank. December 31 Insurance Expense Prepaid Insurance X X X 8 X
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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
Adjusting Entries and Financial StatementsThe unadjusted trial balance for Mitchell Pharmacy appears below. The following information is available at year end for adjustments:a. An analysis of insurance policies indicates that $2,1800 of the prepaid insurance is coverage for 2020.b. Depreciation expense for 2019 is $10,130.c. Four months' interest at 10% is owed but unrecorded and unpaid on the note payable.d. Wages of $4,950 are owed but unpaid and unrecorded at December 31.e. Income taxes of $11,370 are owed but unrecorded and unpaid at December 31.Required:1. Prepare the adjusting entries.2. Prepare an income statement, a retained earnings statement, and a balance sheet using adjusted account balances.3. CONCEPTUAL CONNECTION Why would you not want to prepare financial statements until after the adjusting entries are made?
Do a journal entry based on this transections, round interest amounts to the nearest dollar,
Journalize the adjusting entries and post to the general ledger - Adjusting entries: 1. Expired insurance for the period $500 2.Accrued salary expense ( earned but not paid ) owed to Sophia LeBron,$5600. (Credit Salaries Payable. Payroll taxes are not considered in this entry. 3.Provision for uncollectible accounts estimated at 3.0% of March creadit sales,$927
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 .
Please prepare Journal Entries & T Accts for: 2019 December Adjusting Entries Amount o. One month of the prepaid insurance has expired. $170 p. The December portion of the rent paid on December 1 has expired. $900 q. Counted supplies and found this amount still on hand (recorded the amount used as an expense) $100 r. The amount collected in transaction m is unearned at December 31. $2,000 s. Three days of wages for December 29, 30, and 31 are unpaid. These will be paid in January. $2,900 t. One month of depreciation needs to be recorded. Estimated useful life of truck in years is: 361.111 3 u. Income taxes expense to be paid in the next fiscal year. $100