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.
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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
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- 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.
- Paid the owner $45 for office supplies purchased with the owner's own funds. The office supplies are already accounted for in the March 31st Trial Balance. What would be the correct General Ledger Entry?Help 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.Lakeview Company completed the following two transactions. The annual accounting period ends December 31. a. On December 31, calculated the payroll, which indicates gross earnings for wages ($64,000), payroll deductions for income tax ($6,400), payroll deductions for FICA ($4,800), payroll deductions for American Cancer Society ($2,400), employer contributions for FICA (matching), and state and federal unemployment taxes ($560). Employees were paid in cash, but payments for the corresponding payroll deductions have not yet been made and employer taxes have not yet been recorded. b. Collected rent revenue of $5,700 on December 10 for office space that Lakeview rented to another business. The rent collected was for 30 days from December 11 to January 10 and was credited in full to Deferred Revenue. Required: 1. & 2. Prepare the journal entries to record payroll on December 31, the collection of rent on December 10 and adjusting journal entry on December 31. 3. Show how any of the…The 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.
- 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.Note: You must complete parts 1, 2, and 3 before completing part 4 of this comprehensive problem. Based on the following selected data, journalize the adjusting entries as of December 31 of the current year: If an amount box does not require an entry, leave it blank. If no entry is required, select "No Entry Required" from the dropdown and leave the amount boxes blank. a. Estimated uncollectible accounts at December 31, $16,000, based on an aging of accounts receivable. The balance of Allowance for Doubtful Accounts at December 31 was $2,000 (debit). Description Debit Credit b. The physical inventory on December 31 indicated an inventory shrinkage of $3,300. Description Debit Credit c. Prepaid insurance expired during the year, $22,820. Description Debit Credit d. Office supplies used during the year, $3,920. Description Debit Credit