**Ledger Overview:**The ledger of Cullumber Company includes the following unadjusted balances:- **Prepaid Insurance:** $4,300- **Service Revenue:** $56,700- **Salaries and Wages Expense:** $24,200**Adjusting entries are required for:**(a) Expired insurance: $1,600(b) Services performed: $1,900 are billed and not yet collected(c) Accrued salaries payable: $800**Task:** Enter the unadjusted balances and adjustments into a worksheet and complete the worksheet for all accounts.---**Worksheet Structure:**The worksheet is divided into two main sections: Income Statement and Balance Sheet, each with Debit (Dr.) and Credit (Cr.) columns.**Income Statement:**- **Debit (Dr.) Column:** - Initial entry: 58600 (no account specified) - Adjustment entry: 800 (no account specified) **Balance Sheet:**- Both Debit (Dr.) and Credit (Cr.) columns are empty and require completion based on adjustments and unadjusted balances.

The adjustment entries are made to adjust the revenue and expenses of the current period.

Answered: The ledger of Cullumber Company…

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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Atlantic Company is completing adjusting entries at the end of the annual accounting period, December 31, 20X1. Four adjusting entries must be made at this date to update the accounts. The following accounts, selected from Atlantic's chart of accounts, are to be used for this purpose. They are coded below for easy reference. A. Office Supplies B. Trade Receivables C. Accumulated Depreciation D. Interest Receivable E. Notes Payable J. Office Supplies Expense K. Rent Expense L. Bad Debt Expense M. Depreciation Expense N. Interest Expense O. Sales Revenue P. Rent Revenue Q. Interest Revenue R. Equipment F. Interest Payable G. Property Tax Payable H. Unearned Rent 1. Rent Payable Below are the four adjusting entries: 1. On January 1, 20X1, equipment was purchased for $6,000. The equipment had an estimated useful life of five years with no residual value. It is depreciated using the straight-line method. Record depreciation. 2. On November 1, 20X1, collected $1,800 rent revenue in advance…
Whispering Steel Company, as lessee, signed a lease agreement for equipment for 5 years, beginning December 31, 2020. Annual rental payments of $54,000 are to be made at the beginning of each lease year (December 31). The interest rate used by the lessor in setting the payment schedule is 6%; Whispering's incremental borrowing rate is 8%. Whispering is unaware of the rate being used by the lessor. At the end of the lease, Whispering has the option to buy the equipment for $5,000, considerably below its estimated fair value at that time. The equipment has an estimated useful life of 7 years, with no salvage value. Whispering uses the straight-line method of depreciation on similar owned equipment. Click here to view factor tables.
Records show that $750 of cash receipts originally recorced as unearned admissions revenue had been earned as of December 31. Show calculations where necessary. Calculations: Date Debit Credit Db Cr
During July 2022, Midtown Catering recorded the following: - Catering services of $86,400 were provided ($64,500 on account, $21,900 for cash) - Collections on account, $58,950 - Write-offs of uncollectible receivables, $2,560 - Recovery of receivable previously written off, $1,000 Journalize Midtown's transactions during July, assuming Midtown uses the allowance method. Omit explanations. Prepare the journal entry for the write off of the accounts receivable.
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The ledger of Pina Colada Corp. at the end of the current year shows Accounts Receivable $108,000; Sales Revenue $832,000; and Sales Returns and Allowances $18,100. If Pina Colada uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at (a) December 31, assuming Pina Colada determines that L. Dole's $1,000 balance is uncollectible. If Allowance for Doubtful Accounts has a credit balance of $2,000 in the trial balance, journalize the adjusting entry at (b) December 31, assuming bad debts are expected to be 11% of accounts receivable. If Allowance for Doubtful Accounts has a debit balance of $199 in the trial balance, journalize the adjusting entry (c) December 31, assuming bad debts are expected to be 8% of accounts receivable.
Journalize the following transactions, using the direct write-off method of accounting for uncollectible receivables. Mar. 17: Received $3,190 from Paula Spitler and wrote off the remainder owed of $5,900 as uncollectible. If an amount box does not require an entry, leave it blank. Mar. 17 fill in the blank e83d81f48fed021_2 fill in the blank e83d81f48fed021_3 fill in the blank e83d81f48fed021_5 fill in the blank e83d81f48fed021_6 fill in the blank e83d81f48fed021_8 fill in the blank e83d81f48fed021_9 July 29: Reinstated the account of Paula Spitler and received $5,900 cash in full payment. July 29 fill in the blank cf28d0043fd3fb7_2 fill in the blank cf28d0043fd3fb7_3 fill in the blank cf28d0043fd3fb7_5 fill in the blank cf28d0043fd3fb7_6 July 29 fill in the blank cf28d0043fd3fb7_8 fill in the blank cf28d0043fd3fb7_9 fill in the blank cf28d0043fd3fb7_11 fill in the blank cf28d0043fd3fb7_12
The following are the balances of the liability accounts of ABC Company as of December 31,2021:Accounts payable - P 1,000,000(recognized for purchase of inventories, including a debit balance in the suppliers account of P 150,000) The following are not yet reflected in the balance of accounts payable above:- Upon receipt of the goods on January 1,2022 costing P 175,000, the accounting staff of ABC Company recorded the purchase in the accounts. It was determined that the goods were shipped Shipping point on December 31,2021.-Goods with invoice cost of P 255,000 which were shipped FOB Destination on December 31,2021 from a vendor were lost in transit. On January 2, 2022, vendor filed a claim against the shipping company.Notes payable - P 1,500,000, composed of the following: - 10% , P 750,000 interest bearing note , issuance date: Jan.1,2019 ; due: December 31,2023 ( interest is payable annually) - 12%,P 750,000, interest bearing note , issuance date: Jan.1,2020 ; due: December 31,2024…
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