Connect Access Card for Fundamental Accounting Principles
Connect Access Card for Fundamental Accounting Principles
23rd Edition
ISBN: 9781259693878
Author: John J Wild
Publisher: McGraw-Hill Education
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Chapter 11, Problem 1E
To determine

Liabilities: Liabilities are the amount that a company owes to other parties. Current liabilities are the liabilities that require to be settled within a year. If the liability is due after one year, it is called a long term liability

To Determine:

Type of liabilities for the given items. Put L for long term liabilities, C for Current liabilities and N for No Liability.

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Question: Record an adjusting entry for beginning inventory in a general journal format for the following:  •    a.–b. Merchandise Inventory, before adjustment, has a balance of $8,800. The newly counted inventory balance is $9,300.•    c. Unearned Seminar Fees has a balance of $5,500, representing prepayment by customers for five seminars to be conducted in June, July, and August 20X1. Two seminars had been conducted by June 30, 20X1.•    d. Prepaid Insurance has a balance of $13,200 for six months’ insurance paid in advance on May 1, 20X1.•    e. Store equipment costing $6,530 was purchased on March 31, 20X1. It has a salvage value of $530 and a useful life of five years.•    f. Employees have earned $280 that has not been paid at June 30, 20X1.•    g. The employer owes the following taxes on wages not paid at June 30, 20X1: SUTA, $8.40; FUTA, $1.68; Medicare, $4.06; and social security, $17.36.•    h. Management estimates uncollectible accounts expense at 1 percent of sales. This…

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Connect Access Card for Fundamental Accounting Principles

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