The adjustments columns of the worksheet for Sheridan Company are shown below. Account Titles Accounts Receivable Prepaid Insurance Accumulated Depreciation-Equipment Salaries and Wages Payable Service Revenue Salaries and Wages Expense Insurance Expense Depreciation Expense (a) Account Titles and Explanation Adjustments (To record service revenue on account) Debit Credit 1,160 460 470 900 2,990 470 900 460 1,160 Prepare the adjusting entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) 2,990 Debit Credit

The adjustments columns of the worksheet for Sheridan Company are shown below. Account Titles Accounts Receivable Prepaid Insurance Accumulated Depreciation-Equipment Salaries and Wages Payable Service Revenue Salaries and Wages Expense Insurance Expense Depreciation Expense (a) Account Titles and Explanation Adjustments (To record service revenue on account) Debit Credit 1,160 460 470 900 2,990 470 900 460 1,160 Prepare the adjusting entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) 2,990 Debit Credit

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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POSTING ADJUSTING ENTRIES Two adjusting entries are in the following general journal. Post these adjusting entries to the four general ledger accounts. The following account numbers were taken from the chart of accounts: 141, Supplies; 219, Wages Payable; 511, Wages Expense; and 523, Supplies Expense. If you are not using the working papers that accompany this text, enter the following balances before posting the entries: Supplies, $200 Debit; and Wages Expense, $1,200 Debit.
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Viking Trivia Company Chart of Account Titles (selected): Assets: Prepaid Rent, Prepaid Advertising. Prepaid Insurance, Office Supplies, Inventory, Accumulated Depreciation Liabilities: Interest Payable, Utilities Payable, Commissions Payable, Unearned Rent Revenues: Rent Revenue, Interest Revenue Expenses: Office Supplies Expense, Commissions Expense, Utilities Expense, Insurance Expense, Advertising Expense, Depreciation Expense, Interest Expense, Rent Expense Review the following items and make the necessary adjusting entries using the account titles shown above as of December 31, 2019. If no entry is required, write N/A in all blanks for that item. Round all amounts to the nearest dollar. On October 1, 2019, Viking Trivia Company purchased office equipment that cost $44,000. The estimated life of the office equipment was five years with no residual value. Debit Account: Debit Amount: Credit Account: Credit Amount:
Appendix: Completing an End-of-Period Spreadsheet Alert Security Services Co. offers security services to business clients. Complete the following end-of-period spreadsheet for Alert Security Services Co.: If an amount box does not require an entry, leave it blank. Alert Security Services Co. End-of-Period Spreadsheet (Work Sheet) For the Year Ended October 31, 20Y7 Account Title AdjustedTrial BalanceDebit AdjustedTrial BalanceCredit Income StatementDebit Income StatementCredit Balance SheetDebit Balance SheetCredit Cash 12 fill in the blank 1 fill in the blank 2 fill in the blank 3 fill in the blank 4 Accounts Receivable 103 fill in the blank 5 fill in the blank 6 fill in the blank 7 fill in the blank 8 Supplies 4 fill in the blank 9 fill in the blank 10 fill in the blank 11 fill in the blank 12 Prepaid Insurance 2 fill in the blank 13 fill in the blank 14 fill in the blank 15 fill in the blank 16 Land 190 fill in the blank 17 fill in the blank 18 fill…
"Classify the following adjusting entries as involving prepaid expenses (PE), unearned revenues (UR), accrued expenses (AE), or accrued revenues (AR). a. To record revenue earned that was previously received as cash in advance. b. To record wages expense incurred but not yet paid (nor recorded). C. To record revenue earned but not yet billed (nor recorded). d. To record expiration of prepaid insurance. е. To record annual depreciation expense"
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Account Titles and Explanation Accounts Receivable Service Revenue (To record service revenue not yet billed to customers) Supplies Expense Supplies (To record supplies expense) Insurance Expense Prepald Insurance (To recognize insurance expense expired) Depreciation Expense Accumulated Depreciation-Equipment (To record depreciation for the period) Salarles and Wages Expense Salarles and Wages Payable (To record salaries payable) Unearned Service Revenue Service Revenue (To record service revenue earned with prior payment) Unearned Rent Revenue Rent Revenue (To record rent revenue earned with prior payment) Debit 2,175 1,875 4,350 1,740 4,500 1,025 1,575 Credit 2,175 1,875 4,350 1,740 4,500 1,025 1,575
Sunshine Company began operations on January 1, 2020. In its first year, the following transactions occurred: 1. Issued common shares for $308,000 cash. 2. Borrowed $64,000 from the bank for a five-year term. 3. Purchased equipment for $202,000 cash. 4. Purchased supplies, on account, for $6,000. 5. Sales on account amounted to $106,000. 6. Collected $82,000 from customers for services provided. 7. Paid wages of $31,000 to employees. 8. Paid $21,500 for utilities (telephone, electricity, heat, & water). For Sunshine Company, the following adjustments are required prior to them being able to prepare financial statements for the year ended December 31, 2020. 1. The bank loan was taken out on January 1st and has an interest rate of 8%. Interest is due January 1st of the following year. 2. The equipment was purchased on January 1st and has an estimated useful life of 10 years and a residual value of $12,500. The company uses the straight-line depreciation method. 3. Wages in the amount of…
Requirement 1. Journalize the adjusting entries using the letter and March 31 date in the date column. (Record debits first, then able. Check your spelling carefully and do not abbreviate. Use the account names provided in the problem.) a. Service revenue accrued, $600. Date (a) Mar. 31 Accounts and Explanation Debit Credit
Journalize the necessary year-end adjusting entries based on the following account balances before adjustments.
The following are account balances of Grameen Corporation: Account Title Amount in Unadjusted Trial Balance Balance after Adjustment Interest Receivable $ -0- $100 Prepaid Insurance 1,500 700 Interest Payable -0- 80 Salaries Payable -0- 450 Unearned Rent 500 200 Required: 1. Enter the unadjusted balance for each account in the following 2. Ledger accounts: Interest Receivable, Prepaid Insurance, Interest Payable, Salaries Payable, Unearned Rent, Interest Earned, Rent Earned, Insurance Expense, Interest Expense, and Salaries Expense. 3. Do the adjusting entry that must have been recorded for each account from the following report. 4. Post these adjusting entries and agree ending balances in each ledger to the adjusted balances above. 5. Identify revenue and expense amounts for the period.
Adjusting entries affect at least one balance sheet account and at least one income statement account. For the entries below, identify the account to be debited and the account to be credited. Indicate which of the accounts is the income statement account and which is the balance sheet account. Assume the company records prepayments of expenses in asset accounts, and cash receipts of unearned revenues in liability accounts. a. Entry to record janitorial expense incurred but not yet paid. b. Entry to record rent expense incurred but not yet paid. c. Entry to record interest expense incurred but not yet paid. d. Entry to record expiration of prepaid rent. e. Entry to record supplies used as supplies expense. Accounts Account Title Financial Statement a. Account to be debited Account to be credited b. Account to be debited Account to be credited C. Account to be debited Account to be credited d. Account to be debited Account to be credited e. Account to be debited Account to be credited