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?
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- Refer to RE6-8. On April 23, 2020, McKinncy Co. receives a check, from Mangold Corporation for 8,500. Prepare the journal entry for McKinncy to record the collection of the account previously written off.The balance in the unearned rent account for Jones Co. as of December 31 is $1,200. If Jones Co. failed to record the adjusting entry for $600 of rent earned during December, the effect on the balance sheet and income statement for December would be: A. Assets understated by $600; net income overstated by $600. B. Liabilities understated by $600; net income understated by $600. C. Liabilities overstated by $600; net income understated by $600. D. Liabilities overstated by $600; net income overstated by $600.The general ledger of the Jumper Incorporated is showing an Accounts Receivable balance of $80,000, Sales Revenue of $650,000, and Sales Returns and Allowances of $30,000. If Jumper Inc used the direct write-off method to account for uncollectible accounts, do the adjusting journal entry on December 31st, assuming Jumper Inc determines that John Hancock's $2,500 balance is uncollectable.
- The ledger of Metlock, Inc. at the end of the current year shows Accounts Receivable $85,700; Credit Sales $845,580; and Sales Returns and Allowances $42,390. (a) If Metlock, Inc. uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Metlock, Inc. determines that Matisse’s $883 balance is uncollectible. (b) If Allowance for Doubtful Accounts has a credit balance of $1,191 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be 9% of accounts receivable. (c) If Allowance for Doubtful Accounts has a debit balance of $450 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be 8% of accounts receivable. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit (a) enter an account title enter a…On decmeber 31, the trial balance indicates that the supplies account has a balance, prior to the adjusting entry,pf $320. A physical count of the supplies inventory shows that $90 of supplies remain. Analyze this adjustment for the supplies using T accounts and then formally enter this adjustment in the generaljournal.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…
- On December 31, journalize the write-offs and the year-end adjusting entry under the allowance method, assuming that the allowance account had a beginning balance of $89,000 and the company uses the analysis of receivables method. If no entry is required, simply skip to the next transaction. Refer to the Chart of Accounts for exact wording of account titles.Need answer the questionBelow is the adjusted trial balance which was extracted from the books of Ready Hospital Supplies on June 30, the end of the company’s financial year. You are required to apply the accrual basis of accounting in the preparation of the company’s financial statements. Ready Hospital Supplies Adjusted Trial Balance as at June 30, 2020 Dr $ Cr $ Cash 127,000.00 Accounts Receivable 151,000.00 Allowance for Bad-Debts 19,500.00 Merchandise Inventory 186,000.00 Store Supplies 25,000.00 Prepaid Insurance 48,000.00 Prepaid Rent 14,000.00 Furniture & Fixtures 800,000.00 Accumulated Depreciation: Furniture & Fixtures 320,000.00 Computer Equipment 450,000.00 Accumulated Depreciation: Computer Equipment 45,000.00 Accounts Payable 133,500.00 Salaries Payable 14,000.00 Interest Payable 36,000.00…
- . If the supplies account indicated a balance of $2,250 before adjustment on May 31 and supplies on hand at May 31 totaled $950, the adjustment would be: DATE DESCRIPTION DEBIT CREDITThe balance in the Supplies account Before making the necessary adjustments is $1,400. A physical count and costing reveals that there are $675 of Supplies on hand on December 31, 2020. The adjusting entry to record the cost of the supplies used up should include: A. Debiting Supplies expense for $675 and Crediting Cash for $675 B. Debiting Supplies expense for $725 and Crediting Supplies for $725 C. Debiting Supplies for $725 and Crediting Accounts payable for $725 D. Debiting Supplies for $1,400 and Crediting Cash for $1,400Using data in Exercise 9-9, assume that the allowance for doubtful accounts for Kirchhoff Industries has a credit balance of $10,112 before adjustment on August 31. Journalize the adjusting entry for uncollectible accounts as of August 31.
