Correct answer The net income reported on theincomestatement is$86,560.However, adjusting entries have notbeen made yet at the end of the monthfor supplies expense of $5,720 andaccrued wages of $8,440.Net income, as corrected, is $

Explanation: In the given case, it is stated that the reported net income before adjustments was…

Answered: The net income reported on the income…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

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Chapter4: The Adjustment Process

Section: Chapter Questions

Problem 7EB: Reviewing payroll records indicates that one-fifth of employee salaries that are due to be paid on...

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The totals from the first payroll of the year are shown below. TotalEarnings FICAOASDI FICAHI FITW/H StateTax UnionDues NetPay $36,195.10 $2,244.10 $524.83 $6,515.00 $361.95 $500.00 $26,049.22 Journalize the adjustment for accrued wages for the following Monday, which is the end of the accounting period. The gross payroll for that day is $7,475.
The totals from the first payroll of the year are shown below. TotalEarnings FICAOASDI FICAHI FITW/H StateTax UnionDues NetPay $36,195.10 $2,244.10 $524.83 $6,515.00 $361.95 $500.00 $26,049.22 Journalize the adjustment for accrued wages for the following Monday, which is the end of the accounting period. The gross payroll for that day is $7,475.
Refer to Exhibit 6-1. Journalize the adjustment for accrued wages for the following Monday, which is the end of the accounting period. The gross payroll for that day is $7,475.
Nix Company paid a premium of $420 for workers’ compensation insurance based on the estimated payroll as of the beginning of the year. Based on actual payroll as of the end of the year, the premium is only $400. Prepare the adjusting entry to reflect the overpayment of the insurance premium at the end of the year (December 31, 20--).
At the end of the year, a company has a balance in Allowance for Uncollectible Accounts of $220 (credit) before any year-end adjustment. The balance of ACcounts Receivable is $15,900. The company estimates that 14% of accounts receivable will not be collected over the next year. Record the adjustment for uncollectible accounts. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 Record the adjustment for uncollectible accounts. Note: Enter debits before credits. Event General Journal Debit Credit 吕0 F3 888 4 F5 F6 F7 FB # 2$ & * 4 5 7 9 E R Y U P S F G J K C V alt mand command option *3
At the end of the year, a company has a balance in Allowance for Uncollectible Accounts of $220 (credit) before any year-end adjustment. The balance of Accounts Receivable is $15,900. The company estimates that 14% of accounts receivable will not be collected over the next year. Record the adjustment for uncollectible accounts. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 Record the adjustment for uncollectible accounts. Note: Enter debits before credits. Event General Journal Debit Credit 30 F3 888 F7 F9 F10 # 2$ % & 3 4 6 7 8 9. E R Y P { F K L < ? C V alt command option + || .. .. | H
At December 31, 2021, Wonder of the World Travel has an Accounts Receivable balance of $89,000. Allowance for Uncollectible Accounts has a credit balance of $830 before the year-end adjustment. Service revenue (all on account) for 2021 was $700,000. Wonder of the World estimates that its uncollectible-account expense for the year is 2% of service revenue. Read the requirement. Make the year-end entry to record uncollectible-account expense. (Record debits first, then credits. Exclude explanations from any journal entries.) Date Dec 31 Journal Entry Accounts Debit Credit Show how Accounts Receivable and the Allowance for Uncollectible Accounts are reported on the balance sheet at December 31, 2021. BALANCE SHEET (Partial) Current assets: Less:
A company has the following December 31 year-end unadjusted balances: Allowance for Sales Discounts, $0; and Accounts Receivable, $11,200. Of the $11,200 of receivables, $2,600 are within a 3% discount period, and the company expects buyers to take $78 in future discounts arising from this period's sales. Required: 1. Prepare the December 31 year-end adjusting journal entry for future sales discounts.
Accrued salaries at December 31 amounted to $31,560. Ignore related payroll liabilities. Salaries & Wages Expense- $549,033 What is the adjusting entry?
At the end of the year, a company has the following accounts receivable and estimates of uncollectible accounts: Accounts not yet due = $72,000; estimated uncollectible = 7%. Accounts 1 to 30 days past due = $32,000; estimated uncollectible = 20%. Accounts more than 30 days past due = $8,000; estimated uncollectible = 50%. Required: Record the year-end adjusting entry for uncollectible accounts, assuming the current balance of the Allowance for Uncollectible Accounts is $1,400 (debit). (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
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Reviewing payroll records indicates that one-fifth of employee salaries that are due to be paid on the first payday in January, totaling $15,000, are actually for hours worked in December. There was no previous balance in the Salaries Payable account at that time. Based on the information provided, make the December 31 adjusting journal entry to bring the balances to correct.

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The net income reported on the income statement is $86,560. However, adjusting entries have not been made yet at the end of the month for supplies expense of $5,720 and accrued wages of $8,440. Net income, as corrected, is $