The balance in the office supplies account on June 1 was $5,200, supplies purchased during June were $2,500, and the supplies on hand at June 30 were $1,500. What is the amount to be used for the appropriate adjusting entry? Please help.
Q: Provide answer of this Question with general Accounting Method
A: Absorption Costing:Absorption costing, also known as full costing, is a costing method where all…
Q: General Accounting
A: The calculation of the Reserve Ratio is as follows: Reserve Ratio = (Reserve Maintained / Bank…
Q: Rena Company reports total assets and total liabilities of $251,000 and $110,000, respectively, at…
A: To determine how much shareholders initially invested in the business, we use the accounting…
Q: Tutor Provide answer to this problem
A: To calculate the income or loss from accepting the export offer, we consider only the relevant costs…
Q: Subj. General Account
A: When merchandise is sold and shipped FOB shipping point, ownership of the goods transfers to the…
Q: For the past year, Vivace Corporation recorded sales of $500,000 and average operating assets of…
A: Step 1: Formulas ROI = Net operating income/Average operating assetsNet operating income = ROI x…
Q: When higdon corporation was organised solution general accounting question
A: To calculate the dividend arrearage as of January 1, 2015, we need to determine how much cumulative…
Q: Hello can u help me with this problem
A: Explanation of SalesSales refer to the total revenue generated from the goods or services sold by a…
Q: Please given correct answer general accounting
A: Step 1: Define Net IncomeNet income is calculated as sales revenue minus the cost of goods sold and…
Q: Do fast answer of this general accounting question
A: Step 1: Let us first look at the information providedActual Overhead Cost = $420,000Standard…
Q: Variable costs 24000 and fc 16500
A: Explanation of Revenue:Revenue refers to the total amount of money generated from the sale of goods…
Q: Financial data for Hunger Games Company for last year appear below: Hunger Games Company Statements…
A: Step 1:Margin is the net profit margin that is earned by the business firm. It is calculated by Net…
Q: Peak manufacturing is planning to sell solve this accounting questions
A: Step 1: Definition of Budgeted Direct LaborBudgeted direct labor refers to the estimated labor hours…
Q: Henderson manufacturing has a profit margin solve this general accounting question
A: The Return on Assets (ROA) is calculated as: ROA = Net Income / Total Assets First, we need to…
Q: Jonathan is married, files a joint return, and has one child. During 2011, Jonathan has $85,000 of…
A: Step 1: Start with taxable income Taxable Income=85,000 Step 2: Add positive AMT…
Q: City Honda has total equity of $560,000; sales of $2,250,000; current assets of $700,000; and total…
A: To calculate the total asset turnover, we need to divide the sales by the total assets. First, we…
Q: I don't need ai answer accounting questions
A: Step 1: Definition of Cash FlowCash flow refers to the net amount of cash being transferred into and…
Q: Given answer general Accounting
A: Step 1: Calculate the Cost of Goods Available for Sale (COGAFS):• Formula: Cost of Goods Available…
Q: I won't to this question answer general Accounting
A: Step 1: Define Direct Manufacturing Overhead CostManufacturing overhead costs are those costs which…
Q: Kindly help me with accounting questions
A: Step 1: Definition of Gross Profit and LIFO MethodGross Profit: The difference between sales revenue…
Q: How does dimensional complexity affect account structures? (a) Simple structures work universally…
A: Dimensional complexity in account structures refers to the need to accommodate various business…
Q: ?? Answer
A: Option a: This option is incorrect because not all data holds equal importance in an information…
Q: General Accounting Question please correct calculation with explanation for this question
A: Step 1: Define Operating Profit under Absorption CostingUnder absorption costing, operating profit…
Q: Smith llc exchanges a warehouse solve this accounting questions
A: Step 1: Definition of Recognized GainRecognized Gain: In a like-kind exchange, recognized gain is…
Q: Which of the following is correct on these general accounting question?
A: Step 1: Define InventoryInventory refers to the tangible goods or materials that a business holds…
Q: posting in general account subject questions.
A: Step 1: Compute the Net Realizable Value (NRV)The formula for NRV is:NRV=Estimated Selling…
Q: Please see attachment for details
A: Explanation of Executory Costs: These are ongoing operational expenses associated with leased assets…
Q: Answer? ? Financial accounting
A: WACC = (Cost of Equity*Weight of Equity) + (Cost of Debt*Weight of Debt)*(1-Tax Rate) WACC =…
Q: Calculate the selling price solution this question
A: To calculate the selling price with a 20% markup on the selling price and a profit of R5,800, we can…
Q: What is the amount of liabilities for Jassi?
A: Explanation of Accounting Equation: The accounting equation is the fundamental principle that states…
Q: Please provide this question solution general accounting
A: Step 1: Define Cash CycleThe average time that is taken by a business to convert its payables into…
Q: General Accounting question
A: Step 1: Define Du Pont AnalysisDu Pont model aids in assessing return equity. To obtain a clear…
Q: I need answer of this question solution general accounting
A: Step 1: Definition of Unit Manufacturing Cost under Absorption CostingUnder absorption costing, the…
Q: Need Answer of this Accounting Question
A: Step 1: Concept of High and Low Volume Method:This type of method is used by the manufacturing units…
Q: Please provide this question solution general accounting
A: Step 1: Definition of Beginning Cash BalanceThe beginning cash balance refers to the amount of cash…
Q: Crystal Bay: what us the unaccounted variance?
A: To calculate the unaccounted variance, we compare the expected closing count with the actual closing…
Q: How?
A: Explanation of Cost-Plus-Incentive Contracts:Cost-plus-incentive contracts are agreements where the…
Q: Compute the gross profit ratio for this general accounting question
A: Step 1: identify the formula• Gross Profit Ratio = (Gross Profit ÷ Sales Revenue) × 100 Step 2:…
Q: CVP INCOME STATEMENT
A: Explanation of Sales RevenueSales revenue represents the total income generated from selling goods…
Q: Accounting question
A: Step 1: Define Net LossA negative figure for revenue is a net loss in accountancy. In other words, a…
Q: Accounting question
A: To calculate the total fixed cost, we use the following formula: Operating Income = Revenue ×…
Q: Solve
A: Explanation of Stock Dividends:Stock dividends refer to the distribution of a company's own shares…
Q: Iris Company has provided the following information regarding two of its items of inventory at…
A: Formulae used:Net realizable value = 'selling price' - 'cost to sell'Valuation = lower of 'cost' or…
Q: Thech pro uses the straight line method solve this accounting questions
A: Straight-Line Depreciation MethodThe straight-line method evenly allocates the cost of an asset…
Q: How does Economic?
A: Economic impact sequencing refers to the order in which economic events and their effects are…
Q: The downtown bistro project sales solve this accounting questions
A: Step 1: Definition of Key TermsCash Sales Revenue: The portion of total sales revenue that is…
Q: Why does stakeholder diversity influence disclosure choices? [Financial Accounting MCQ] (a)…
A: Explanation of Stakeholder Diversity: This refers to the variety of different groups and individuals…
Q: How many basis points do you earn in interest on a typical day for this financial accounting…
A: To calculate the number of basis points earned in interest on a typical day with an annual interest…
Q: Roth Inc. has a deferred tax liability of $68,000 at the beginning of 2013. At the end of 2013, it…
A: Step 1: Key DefinitionsIncome Tax Expense includes both:Current tax expense (based on taxable income…
Q: Vista corporation had originally expected solve this accounting questions
A: Step 1: Definition of Degree of Operating Leverage (DOL)The Degree of Operating Leverage (DOL)…
The balance in the office supplies account on June 1 was $5,200, supplies purchased during June were $2,500, and the supplies on hand at June 30 were $1,500. What is the amount to be used for the appropriate
Step by step
Solved in 2 steps
- 1) Record the adjusting entry for rent on December 31. 2) Record the adjusting entry for deferred revenue on December 31. 3) Record the adjusting entry for salaries on December 31. 4) Record the adjusting entry for supplies on December 31. I need a Journal entry worksheet for numbers 1, 2, 3, and 4. Please answer ques 1,2,3,4Prepare a worksheet for Brown’s Plumbing and Heating. Write the heading for the worksheet for the fiscal period ending December 31, 20xx. Record the trial balance using the accounts and their balances from the Ledger tab. Some are done for you. Calculate and record the Supplies adjustment. There is $5,600.00 in supplies on hand at the end of the fiscal year. Calculate and record the Insurance adjustment. There is $900.00 of insurance coverage left at the end of the fiscal year. Prove the Adjustments columns. Extend all balance sheet account balances. Extend all income statement account balances. Calculate and record the net income or loss. Total and rule the Income Statement and Balance Sheet columns.Required: 1. Prepare the journal entries for the February transactions. 2. Post the entries to the ledger accounts. Be sure to make the appropriate posting references in the journal and ledger as you post. The following are the other accounts used by the company: Supplies (130); Ventic, Withdrawals (320); School Revenues (410); Salaries Expense (510); Rent Expense (520); Gas and Oil Expense (530) and Utilities Expense (540). 3. Prepare a trial balance as at Feb. 28, 2014.
- Need answer the questionHelp please Valley Company’s adjusted account balances from its general ledger on August 31, its fiscal year-end, follows. It categorizes the following accounts as selling expenses: sales salaries expense, rent expense—selling space, store supplies expense, and advertising expense. It categorizes the remaining expenses as general and administrative. Use the following information for the Problems below. Skip to question [The following information applies to the questions displayed below.] Valley Company’s adjusted account balances from its general ledger on August 31, its fiscal year-end, follows. It categorizes the following accounts as selling expenses: sales salaries expense, rent expense—selling space, store supplies expense, and advertising expense. It categorizes the remaining expenses as general and administrative. Adjusted Account Balances Debit Credit Merchandise inventory (ending) $ 32,000 Other (non-inventory) assets 128,000 Total liabilities $ 36,960…Assume TriTeal made the appropriate adjusting entries at the end of June. The events listed below occurred during the month of July. Please provide the journal entry(ies) TriTeal used (if any) to record each transaction. On July 15, TriTeal paid its sales staff $10,000 in commissions related to sales which were recognized in June.
- Among the ledger accounts used by Glenwood Speedway are the following: Prepaid Rent, RentExpense, Unearned Admissions Revenue, Admissions Revenue, Prepaid Printing, PrintingExpense, Concessions Receivable, and Concessions Revenue. For each of the following items, provide the journal entry (if one is needed) to record the initial transaction and provide the adjust-ing entry, if any, required on May 31, the end of the fiscal year. a. On May 1, borrowed $300,000 cash from National Bank by issuing a 12 percent note payabledue in three months.b. On May 1, paid rent for six months beginning May 1 at $30,000 per month.c. On May 2, sold season tickets for a total of $910,000 cash. The season includes 70 racingdays: 20 in May, 25 in June, and 25 in July.d. On May 4, an agreement was reached with Snack-Bars, Inc., allowing that company to sellrefreshments at the track in return for 10 percent of the gross receipts from refreshment sales.Need Help Please Provide AnswerThe supplies account had a begging balance of 3375 and was debited for 6450 for supplies purchased during the year. Journalize the adjusting entry required at 5he end of the year assuming the amount of supplies on hand is 2980.
- Do a journal entry to account for insurance expense incurred in the month of December. Date the journal entry for December 31, 2019. If the insurance was paid on december 10 in the amount of $636 and runs through May 31st. How do I record this in Journal entry?Tarheel Corp. plans to prepare its adjusting entries for the year ending December 31, 20X1, and has the following information available: . At the beginning of December, the "Supplies" account had a balance of $200. • On December 10, supplies costing $450 were purchased. • On December 31, 20X1, a physical count shows supplies costing $100 are still unused. Required: In the general journal below, prepare the adjusting entry needed on Dec 31, 20X1 related to the supplies. Assume the Dec 10 entry was correctly recorded. Reminder: Do not use symbols, decimals, commas, or cents in your numerical responses. Date Account Name: 12/31/X1 4) Debit Credit1. Calculate the Supplies expense in each case and write the adjusting journal entry:a) For the month of March, if at the end of March, the Ledger account shows $1,235 worth of supplies, but a physical count shows only $655 left.b) For the month of July, if the ledger account shows $1,960 worth of supplies, but a count shows just $245.