The November 30 adjusted trial balance includes the following account information of Citrus: Supplies Prepaid Insurance Salaries Payable Deferred Revenue Debit Credit 1,050 4,200 9,100 1,100 The following information is known for the month of December. 1. Purchases of supplies during December total 2,600. Supplies on hand at the end of December equal 2,550. 2. No insurance payments are made in December. Insurance cost is 1,050 per month. 3. November salaries payable of 9,100 were paid to employees in December. Additional salaries for December owed at the end of the year are 14,100. 4. On November 1, a tenant paid Citrus 1,650 in advance rent for the period November through January, and Deferred Revenue was credited for the entire amount. Show the adjusting entries that were made for supplies, prepaid insurance, salaries payable, and deferred revenue on December 31.

The November 30 adjusted trial balance includes the following account information of Citrus: Supplies Prepaid Insurance Salaries Payable Deferred Revenue Debit Credit 1,050 4,200 9,100 1,100 The following information is known for the month of December. 1. Purchases of supplies during December total 2,600. Supplies on hand at the end of December equal 2,550. 2. No insurance payments are made in December. Insurance cost is 1,050 per month. 3. November salaries payable of 9,100 were paid to employees in December. Additional salaries for December owed at the end of the year are 14,100. 4. On November 1, a tenant paid Citrus 1,650 in advance rent for the period November through January, and Deferred Revenue was credited for the entire amount. Show the adjusting entries that were made for supplies, prepaid insurance, salaries payable, and deferred revenue on December 31.

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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Brian Burns uses perpetual inventory system and LIFO All credit sales discounts are recorded using the net method – customers receive a 3 percent discount if they pay within 30 days. Purchase discounts are recorded using the net method All depreciation is straight line. Additional Information for Journal Entries Brian Burns records accruals for utilities expense as an adjusting journal entry at the end of each year. They pay utilities once a year on January 31st for the prior year. NOTE: There is no payment for utilities on January 31st of 2022 because January 1 of 2022 is the first day of operations. January 1 Sold 10,000 shares of common stock for $95 per share. Borrowed $2,000,000 at 8 percent with interest payable semi-annually (on July 1 and January 1). Purchased 1,000 units of inventory at $150 a piece on credit from Biggie Smalls Inc. Terms are 2/10; n/60 Paid $480,000 for 2 years of rent in advance…
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