The worksheet for Gibler Rental Company appears below. Using the adjustment data below, complete the worksheet. Add any accounts that are necessary. Adjustment data: (a) Prepaid rent expired during August, $2. (b) Depreciation expense on equipment for the month of August, $8. (c) Supplies on hand on August 31 amounted to $6. (d) Salaries and wages expense incurred at August 31 but not yet paid amounted to $10. GIBLER RENTAL COMPANY Worksheet For the Month Ended August 31, 2021 Adjusted Trial Balance Adjustments Income Statement Balance Sheet Trial Balance Account Titles Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Cash 20 Accounts Receivable 12 Prepaid Rent 8 Supplies Equipment Accum. Depreciation- Equipment Accounts Payable Owner's Capital Owner's Drawings Rent Revenue Depreciation Expense Rent Expense Salaries and Wages Expense Totals Supplies Expense Salaries Payable Totals Net Income Totals 10 50 2 6 4 20 132 10 20 25 77 132

The worksheet for Gibler Rental Company appears below. Using the adjustment data below, complete the worksheet. Add any accounts that are necessary. Adjustment data: (a) Prepaid rent expired during August, $2. (b) Depreciation expense on equipment for the month of August, $8. (c) Supplies on hand on August 31 amounted to $6. (d) Salaries and wages expense incurred at August 31 but not yet paid amounted to $10. GIBLER RENTAL COMPANY Worksheet For the Month Ended August 31, 2021 Adjusted Trial Balance Adjustments Income Statement Balance Sheet Trial Balance Account Titles Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Cash 20 Accounts Receivable 12 Prepaid Rent 8 Supplies Equipment Accum. Depreciation- Equipment Accounts Payable Owner's Capital Owner's Drawings Rent Revenue Depreciation Expense Rent Expense Salaries and Wages Expense Totals Supplies Expense Salaries Payable Totals Net Income Totals 10 50 2 6 4 20 132 10 20 25 77 132

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

The following partial work sheet covers the affairs of Masanto and Company for the year ended June 30. Required: 1. Journalize the six adjusting entries. 2. Journalize the closing entries. 3. Journalize the reversing entry as of July 1, for the salaries that were accured in the June adjusting entry.
A select list of transactions for Texas Delivery Service follows: For each transaction, identify what type of adjusting entry would be needed. Select from the following four types of adjusting entries: deferred expense, deferred revenue, accrued expense, and accrued revenue. Apr. 1: Paid six months of rent, $6, 800. Apr. 10: Received $1, 800 from customer for six - month service contract that began April 1. Apr. 15: Purchased a computer for $1,500. Apr.18: Purchased $600 of supplies on account. Apr. 30: Work performed but not yet billed to customer, S8, 000 Apr. 30: Employees earned S4, 000 in salaries that will be paid May 2. Accrued expense Accrued revenue Deferred expense Deferred rēvenue
I want to solve the income statement and the statement of financial position for this question after the trial balance and adjustments The data needed to determine year-end adjustments are as follows:a. Supplies on hand at March 31 are $7,500.b. Insurance premiums expired during the year are $1,800.c. Depreciation of equipment during the year is $8,350.d. Depreciation of trucks during the year is $6,200.e. Wages accrued but not paid at March 31 are $600.
On June 30 of the current year, Rosemount Copy Center has completed the Trial Balance columns of the work sheet. Analyze the adjustment information given here into debit and credit parts. Record the adjustments on the work sheet. Total the Adjustments columns. Adjustment Information June 30 Supplies on hand $188.00 Value of prepaid insurance 540.00 WORK SHEET For Month Ended June 30, 20-- ACCOUNT TITLE TRIAL BALANCE ADJUSTMENTS INCOME STATEMENT BALANCE SHEET DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT 1 Cash 8,715.00 1 2 Petty Cash 75.00 2 3 Accounts Receivable-Raymond O’Neil 642.00 3 4 Supplies 518.00 4 5 Prepaid Insurance 675.00 5 6 Accounts Payable-Western Supply 268.00 6 7 Akbar…
The following additional accounts from Recessive Interiors' chart of accounts should be used: Wages Payable, 22; Income Summary, 33; Depreciation Expense-Equipment, 54; Supplies Expense, 55; Depreciation Expense-Trucks, 56; Insurance Expense, 57. The data needed to determine year-end adjustments are as follows: Supplies on hand at January 31 are $2,850. Insurance premiums expired during the year are $3,150. Depreciation of equipment during the year is $5,250. Depreciation of trucks during the year is $4,000. Wages accrued but not paid at January 31 are $900. Required: 1. Journalize the closing entries on of the journal. Then post to the general ledger in the attached spreadsheet. For a compound transaction, if an amount box does not require an entry, leave it blank.
Please help me
On January 2, Good Dog Mart prepaid $22,080 rent for the year and recorded the prepayment in an asset account. Journalize the January 31 adjusting entry for rent expense. If an amount box does not require an entry, leave it blank. January 31
The Yellow Company made year-end adjusting entries affecting each of the following accounts: Office Salaries Payable (credited); Depreciation Expense (debited); Unearned Rental Revenue (debited); and Prepaid Insurance (credited). Which account is likely to appear in Yellow's reversing entries? a. Office salaries payable b. Depreciation expense c. Unearned rental revenue d. Prepaid insurance
Prepare the adjusting entries for the following situations:A. The supplies account balance on December 31, 2021 is $1,475. Actual supplies on hadat the end of the year was 350. Prepare the adjusting entry.B. Depreciation for the year is $7,200. Please prepare the adjusting entry.C. Fees earned but not yet billed totaled $23,750.D. Wages accrued but not paid at year end was $15,680.E. Unearned revenue had a balance of $6,900, at the end of the year you have earned$4,300. Please make the adjusting entry. 2. After the accounts have been adjusted at January 31, the end of the year, the followingbalances are taken from the ledger of Harrison's Dog Walking Service Company: Harrison Taylor, Capital $349,000Harrison Taylor, Drawing 6,000Fees Earned 124,600Wages Expense 29,000Rent Expense 43,000Supplies Expense 7,300Miscellaneous Expense 5,700
On March 1, Gonzales Company purchased $2,280 of supplies on account. On March 1, Gonzales Company debited Supplies Expense, which is an alternate way of recording the initial expenditure. By the end of the calendar year, $350 of supplies was used. Required:Journalize the adjusting entry on December 31.
Prepare adjusting journal entries, as needed, considering the account balances excerpted from the unadjusted trial balance and the adjustment data. A. supplies actual count at year end, $6,500 B. remaining unexpired insurance, $6,000 C. remaining unearned service revenue, $1,200 D. salaries owed to employees, $2,400 E. depreciation on property plant and equipment, $18,000
The worksheet for Gibler Rental Company appears below. Using the adjustment data below, complete the worksheet. Add any accounts that are necessary. Adjustment data: a) Prepaid rent expired during August,$2 b) Depreciation expense on equipmemt for the month of August ,$8 c) Supplies on hand on August 31 amounted $6 d)Salaries and wages expense incurred at August 31 but not yet paid amount to $10.