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? Provide Answer
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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 adjusting entry? Provide Answer
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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 1,2,3,4Access the FASB Accounting Standards Codification at the FASB website (www.fasb.org). Determine the specific citation for each of the following items:1. What is the balance sheet classification for a note payable due in six months that was used to purchase abuilding?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…
- Need answer the questionAssume 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.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.
- 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.Suppose a customer rents a vehicle for three months from Franklin Rental on November 1, paying $3,750 ($1,250/month). Required: 1.&2. Record the necessary entries in the Journal Entry Worksheet below. 3. Calculate the year-end adjusted balances of Deferred Revenue and Service Revenue (assuming the balance of Deferred Revenue at the beginning of the year is $0).The business determines that the interest expense on a note payable for the period ending December 31 is $640. This amount is payable on January 1. Journalize the entries required on December 31 and January 1. If an amount box does not require an entry, leave it blank. December 31 January 1
- For each of the above transactions, prepare the adjusting journal entry that is required on December 31,The 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 $1,400Do 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?