Your company purchases $7,200 of supplies, recording them as assets. At year end, a physical count shows $2,500 of supplies on hand. The year-end adjusting entry debits supplies expense and credits supplies on hand for $2,500. The correcting entry will _.
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Your company purchases $7,200 of supplies, recording them as assets. At year end, a physical count shows $2,500 of supplies on hand. The year-end adjusting entry debits supplies expense and credits supplies on hand for $2,500. The correcting entry will _.
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- Asset Cost: Less: Residual Value Depreciable Amount Depreciation method Depreciation p.a: Date 30/06/2018 30/06/2019 30/06/2020 Computers Depreciation Worksheet - Snow Lake Pty Ltd $66,000 $ N/A $66,000 Reducing Balance (Diminishing Balance) 30% Asset Cost $66,000 46,200 32,340 Depreciation $19,800 13,860 9,702 Accumulated Depreciation $19,800 33,660 43,362 Carrying Amount at the end $46,200 32,340 22,638 20 2014 2015 14200 1444Johnson Hardware Supply, Inc., sells on account. When a customer account becomes four months old, Johnson Hardware Supply converts the account to a note receivable. During 2018, Johnson Hardware Supply completed these transactions: A (Click the icon to view the transactions.) Requirement 1. Record the transactions in Johnson Hardware Supply, Inc.'s journal. (Record debits first, then credits. Exclude explanations from any journal entries.) Record the sales on account. Journal Entry Date Accounts Debit Credit Apr 29 More Info Record the receipt of the note. 29 Sold goods on account to Parkview Corp., $24,000. Ignore cost of goods sold. 1 Received a $24,000, 60-day, 9% note from Parkview Corp., in satisfaction of its past-due account receivable. 31 Collected the Parkview Corp., note at maturity. Use 360-day year for interest computation and round to the nearest dollar. Journal Entry Apr Date Accounts Debit Credit Sep Sep Oct Record the collection of the Parkview Corp. note. Print Done…The general ledger of the Jumper Incorporated is showing an Accounts Receivable balance of $80,000, Sales Revenue of $650,000, and Sales Returns and Allowances of $30,000. If Jumper Inc used the direct write-off method to account for uncollectible accounts, do the adjusting journal entry on December 31st, assuming Jumper Inc determines that John Hancock's $2,500 balance is uncollectable.
- Pina Company had the following adjusted account balances at year-end: Cost of Goods Sold $60,410, Inventory $15,010, Operating Expenses $29,380, Sales Revenue $126,580, Sales Discounts $1,340, and Sales Returns and Allowances $2,090.Prepare closing entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit enter an account title to close accounts with credit balances enter a debit amount enter a credit amount enter an account title to close accounts with credit balances enter a debit amount enter a credit amount (To close accounts with credit balances) enter an account title to close accounts with debit balances enter a debit amount enter a credit amount enter an account title to close accounts with debit balances enter a debit amount enter a credit amount enter an account title to close accounts with debit balances enter a debit amount…Please to do the Journal and the balance sheet and the allowance for uncollectableLike New Steam Cleaning performs services on account. When a customer account becomes four months old, Like New converts the account to a note receivable. During 2018,the company completed the following transactions: Record the transactions in Like New's journal. Round to the nearest dollar. (Use a 365-day year for computations. Record debits first, then credits. Select the explanation on the last line of the journal entry table.)
- Sarasota has year-end account balances of Sales Revenue $868,064, Interest Revenue $14,27O, Cost of Goods Sold $563,162, Administrative Expenses $206,310, Income Tax Expense $31,854, and Dividends $20,631. Prepare the year-end closing entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts.) Debit Credit No. Account Titles and ExplanationFlounder Company had the following adjusted account balances at year-end: Cost of Goods Sold $64,510, Inventory $14,660, Operating Expenses $29,240, Sales Revenue $126,730, Sales Discounts $1,140, and Sales Returns and Allowances $1,830.Prepare closing entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit enter an account title to close accounts with credit balances enter a debit amount enter a credit amount enter an account title to close accounts with credit balances enter a debit amount enter a credit amount (To close accounts with credit balances) enter an account title to close accounts with debit balances enter a debit amount enter a credit amount enter an account title to close accounts with debit balances enter a debit amount enter a credit amount enter an account title to close accounts with debit balances enter a debit amount…Jane Smith founded Premier Pet Spa. Operations started on July 1, 2021.The bookkeeper retired. Jane hires you to record the activity for September and tocomplete the accounting cycle for the quarter ended September 30, 2021.The trial balance as of 8/31/2021 and the detail for the Accounts Receivable accountbalance is on page 2.The September 2021 events are on page 3.Additional Information:• Included in “Other Receivables” is a $750 deposit Jane gave NorthShore GroomingTools (NGT) for a custom grooming machine.• Phoebe Doe is the only employee. She started on August 1st . Phoebe is paid on the5th of each month for the pay period ending on the last day of the prior month andon the 20th of the month for the pay period covering the first fifteen days of thecurrent month.Required1. Enter the balances as of 8/31/2021 in the general ledger.2. Prepare journal entries to record each of the September transactions for PremierPet Spa. Use the accounting concepts and principles you learned this…
- please finish all the questions if possible. thank you!Prepare the following journal entries. a. customer is given an allowance of $ 425. b. A customer owes on account $ 2,000. The customer pays within the discount period and receives a sales discount of $ 40. Record the receipt of cash of $1,960.of Goods Sold year-end account balances of Sales Revenue $833,235, Interest Revenue $12,7 Administrative Expenses $203,880, Income Tax Expense $32,408, and Dividends $20,388. Prepare the year-end closing entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) Account Titles and Explanation 1 (To close revenue accounts.) (To close expense accounts.) Debit Credit [
