Supplies were purchased on January 1, to be usedthroughout the year, in the amount of $10,400. OnDecember 31, a physical count revealed that the remainingsupplies totaled $2,100. There was no beginning of theyear balance in the Supplies account. Based on theinformation provided:A. Create journal entries for the original transaction. If anamount box does not require an entry, leave it blank.CashCommon StockВ.al entries for the December 31 adjustmentNotes PayableneSuppliesg the balances to correct. If an amount boxdo Supplies Expense e an entry, leave it blank.C. Show the activity, with ending balance. If an amountbox does not require an entry, leave it blank.SuppliesBeginning Balance $PurchasedSubtotalUsedRemaining Supplies were purchased on January 1, to be usedthroughout the year, in the amount of $10,400. OnDecember 31, a physical count revealed that the remainingsupplies totaled $2,100. There was no beginning of theyear balance in the Supplies account. Based on theinformation provided:A. Create journal entries for the original transaction. If anamount box does not require an entry, leave it blank.B. Create journal entries for the December 31 adjustmentneeded to bring the balances to correct. If an amount boxdoes not require an entry, leave it blank.C. Show the activity, with ending balance. If an amountbox does not require an entry, leave it blank.SuppliesBeginning Balance $PurchasedSubtotalUsedRemaining$

Name: Supplies were purchased on January 1, to be usedthroughout the year,
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: Supplies were purchased on January 1, to be usedthroughout the year, in the amount of $10,400. OnDecember 31, a physical count revealed that the remainingsupplies totaled $2,100. There was no beginning of theyear balance in the Supplies account. Bas

Supplies: A current asset representing the cost of supplies on hand at a point in time. The account…

Business

Accounting

Supplies were purchased on January 1, to be used throughout the year, in the amount of $10,400. On December 31, a physical count revealed that the remaining supplies totaled $2,100. There was no beginning of the year balance in the Supplies account. Based on the information provided: A. Create journal entries for the original transaction. If an amount box does not require an entry, leave it blank. Cash Common Stock В. al entries for the December 31 adjustment Notes Payable ne Supplies g the balances to correct. If an amount box do Supplies Expense e an entry, leave it blank. C. Show the activity, with ending balance. If an amount box does not require an entry, leave it blank. Supplies Beginning Balance $ Purchased Subtotal $ Used Remaining 2$

Supplies were purchased on January 1, to be used throughout the year, in the amount of $10,400. On December 31, a physical count revealed that the remaining supplies totaled $2,100. There was no beginning of the year balance in the Supplies account. Based on the information provided: A. Create journal entries for the original transaction. If an amount box does not require an entry, leave it blank. Cash Common Stock В. al entries for the December 31 adjustment Notes Payable ne Supplies g the balances to correct. If an amount box do Supplies Expense e an entry, leave it blank. C. Show the activity, with ending balance. If an amount box does not require an entry, leave it blank. Supplies Beginning Balance $ Purchased Subtotal $ Used Remaining 2$

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter22: End-of-fiscal-period Work For A Corporation

Section: Chapter Questions

Problem 1CP

See similar textbooks

Similar questions

On January 1, Whispering Corporation issues a $140,000, 10-year non-interest-bearing note to Camden Production for new machinery. The market interest rate is 11% and Camden is to pay $14,000 instalments at the end of each year. Fair value for a purchase of the new machinery in cash is not available from the supplier at this time. Click here to view the factor table PRESENT VALUE OF 1. Click here to view the factor table PRESENT VALUE OF AN ANNUITY OF 1. Calculate the purchase price using any of the three methods (tables, financial calculator, or Excel). (Round factor values to 5 decimal places, e.g. 1.25124 and final answer to O decimal places, e.g. 5,275.) $ Purchase price eTextbook and Media List of Accounts
Prior to recording the following, Elite Electronics, Incorporated, had a credit balance of $2,200 in its Allowance for Doubtful Accounts. Required: Prepare journal entries for each transaction. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) On August 31, a customer balance for $320 from a prior year was determined to be uncollectible and was written off. On December 15, the customer balance for $320 written off on August 31 was collected in full.
Prior to recording the following, Elite Electronics, Inc., had a credit balance of $2,000 in its Allowance for Doubtful Accounts.Required:Prepare journal entries for each transaction.a. On August 31, a customer balance for $300 from a prior year was determined to be uncollectible and was written off.b. On December 15, the customer balance for $300 written off on August 31 was collected in full.
I need help with the attached image
(b) Your answer is partially correct. Flounder Co. sells $390,000 of 12% bonds on June 1, 2025. The bonds pay interest on December 1 and June 1. The due date of the bonds is June 1, 2029. The bonds yield 10%. On October 1, 2026, Flounder buys back $120,900 worth of bonds for $124,900 (includes accrued interest). Give entries through December 1, 2027.
Part B is “Complete the aging of receivables schedule by adding the omitted accounts to the bottom of the schedule and updating the totals. If an amount does not require a box, leave it blank.”
Kingbird Company sells one product. Presented below is information for January for Kingbird Company. Jan. 1 4 11 13 20 27 Inventory 121 units at $4 each 100 units at $8 each 159 units at $6 each 126 units at $9 each 175 units at $7 each 114 units at $11 each Sale Purchase Sale Purchase Sale
You are tasked to perform cut-off procedures for expenses and its related payable. In testing the completeness/cut-off assertion, what document would you most likely inspect? A. Vendor invoice register 15 days before and 15 days after report date. B. Cash disbursement journal 15 days before and 15 days after report date. C. Accounts payabie subsidiary ledger. D. Purchase journal 15 days before and 15 days after report date.
Johnson Hardware Supply, Inc., sells on account. When a customer account becomes four months old, Johnson Hardware Supply converts the account to a note receivable. During 2018, Johnson Hardware Supply completed these transactions: A (Click the icon to view the transactions.) Requirement 1. Record the transactions in Johnson Hardware Supply, Inc.'s journal. (Record debits first, then credits. Exclude explanations from any journal entries.) Record the sales on account. Journal Entry Date Accounts Debit Credit Apr 29 More Info Record the receipt of the note. 29 Sold goods on account to Parkview Corp., $24,000. Ignore cost of goods sold. 1 Received a $24,000, 60-day, 9% note from Parkview Corp., in satisfaction of its past-due account receivable. 31 Collected the Parkview Corp., note at maturity. Use 360-day year for interest computation and round to the nearest dollar. Journal Entry Apr Date Accounts Debit Credit Sep Sep Oct Record the collection of the Parkview Corp. note. Print Done…
Prepare journal entries for each transaction
June 18: Returned $1,403 worth of faulty product to Abejundio Coffee. Received a Credit Memorandum for $1,403. Questions: What is the journal entry? What journal or special journal does this transaction get posted to? How do I post it in the journal its supposed to be in? If it needs to be posted in a ledger, which ledger account do I post this transaction too?
The following selected transactions were completed by Interlocking Devices Co., a supplier of zippers for clothing: 20Y7 Dec. 7. Dec. 31. Dec. 31. 20Y8 Feb. 5. Received payment of note and interest from Unitarian Clothing & Bags Co. Journalize the entries to record the transactions. Assume 360 days in a year. If an amount box does not require an entry, leave it blank. Assume February has 28 days in 2018 If required, round the interest to the nearest cent. 20Y7, Dec. 7 Dec. 31 Received from Unitarian Clothing and Bags Co., on account, a $84,000, 60-day, 7% note dated December 7. Recorded an adjusting entry for accrued interest on the note of December 7. Recorded the closing entry for interest revenue. Dec. 31 20Y8, Feb. 5