Financial Accounting
3rd Edition
ISBN: 9780133791129
Author: Jane L. Reimers
Publisher: Pearson Higher Ed
expand_more
expand_more
format_list_bulleted
Question
Chapter 3, Problem 15SEB
To determine
Calculate the amount of supplies expense that Company P would show on income statement for the month and state the amount of supplies on hand that Company P would show on
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
Wall Design Services billed its customers a total of $490,200 for the month of August, including 9 percent federal excise tax and 5 percent sales tax.
1. Determine the proper amount of service revenue to report for the month.2. Prepare a journal entry to record the revenue and related liabilities for the month
Calco Inc. rents its store location. Rent is $950 per month, payable quarterly in advance. On July 1, a check for $2,850 was issued to the landlord for the July–September quarter.Required:
Prepare the Horizontal model and Journal entry for each of the following transactions.
To record the payment on July 1, assuming that all $2,850 is initially recorded as Rent Expense.
To record the adjustment that would be appropriate at July 31 if your entry in a had been made.
To record the payment on July 1, assuming instead that all $2,850 is initially recorded as Prepaid Rent.
To record the adjustment that would be appropriate at July 31 if your entry in c had been made.
To record the adjustment that would be appropriate at August 31 and September 30, regardless of how the payment on July 1 had been initially recorded (and assuming that the July 31 adjustment had been made).
Indicate the financial statement effect.
If you were supervising the bookkeeper, how would you suggest that the July…
Give me answer
Chapter 3 Solutions
Financial Accounting
Ch. 3 - Prob. 1YTCh. 3 - Prob. 2YTCh. 3 - Prob. 3YTCh. 3 - Prob. 4YTCh. 3 - Prob. 5YTCh. 3 - Prob. 6YTCh. 3 - Prob. 7YTCh. 3 - How does accrual basis accounting differ from cash...Ch. 3 - Prob. 2QCh. 3 - Prob. 3Q
Ch. 3 - Prob. 4QCh. 3 - What are accrued expenses?Ch. 3 - Prob. 6QCh. 3 - Prob. 7QCh. 3 - Name two common deferred expenses.Ch. 3 - What does it mean to recognize revenue?Ch. 3 - How does matching relate to accruals and...Ch. 3 - What is depreciation?Ch. 3 - Why is depreciation necessary?Ch. 3 - Prob. 13QCh. 3 - Prob. 14QCh. 3 - Prob. 1MCQCh. 3 - Prob. 2MCQCh. 3 - Prob. 3MCQCh. 3 - Prob. 4MCQCh. 3 - Prob. 5MCQCh. 3 - Prob. 6MCQCh. 3 - Prob. 7MCQCh. 3 - Prob. 8MCQCh. 3 - When prepaid insurance has been used, the...Ch. 3 - Prob. 10MCQCh. 3 - Prob. 1SEACh. 3 - Prob. 2SEACh. 3 - Account for interest expense. (LO 1, 2). UMC...Ch. 3 - Prob. 4SEACh. 3 - Account for insurance expense. (LO 1, 3). Catrina...Ch. 3 - Prob. 6SEACh. 3 - Account for unearned revenue. (LO 1, 3). Able...Ch. 3 - Prob. 8SEACh. 3 - Prob. 9SEACh. 3 - Prob. 10SEACh. 3 - Calculate profit margin on sales ratio. (LO 5)....Ch. 3 - Prob. 12SEBCh. 3 - Prob. 13SEBCh. 3 - Prob. 14SEBCh. 3 - Prob. 15SEBCh. 3 - Prob. 16SEBCh. 3 - Prob. 17SEBCh. 3 - Prob. 18SEBCh. 3 - Prob. 19SEBCh. 3 - Calculate net income. (LO I, 4). Suppose a company...Ch. 3 - Prob. 21SEBCh. 3 - Prob. 22SEBCh. 3 - Prob. 23EACh. 3 - Prob. 24EACh. 3 - Prob. 25EACh. 3 - Prob. 26EACh. 3 - Prob. 27EACh. 3 - Prob. 28EACh. 3 - Account for insurance expense. (LO 1, 3). Yodel ...Ch. 3 - Prob. 30EACh. 3 - Prob. 31EACh. 3 - Prob. 32EACh. 3 - Prob. 33EACh. 3 - Prob. 34EACh. 3 - Southeast Pest Control, Inc., was started when its...Ch. 3 - Prob. 36EACh. 3 - Prob. 37EACh. 3 - Prob. 38EACh. 3 - Prob. 39EACh. 3 - Prob. 40EBCh. 3 - Prob. 41EBCh. 3 - Prob. 42EBCh. 3 - TJs Tavern paid 10,800 on February 1, 2010, for a...Ch. 3 - Prob. 44EBCh. 3 - Prob. 45EBCh. 3 - Account for insurance expense. (LO 1, 3). All...Ch. 3 - Prob. 47EBCh. 3 - Prob. 48EBCh. 3 - Prob. 49EBCh. 3 - Prob. 50EBCh. 3 - Prob. 51EBCh. 3 - Prob. 52EBCh. 3 - From the following list of accounts (1) identify...Ch. 3 - Prob. 54EBCh. 3 - Prob. 55EBCh. 3 - Prob. 56EBCh. 3 - Prob. 57PACh. 3 - Prob. 58PACh. 3 - Prob. 59PACh. 3 - Following is a partial list of financial statement...Ch. 3 - Prob. 61PACh. 3 - Record adjustments. (LO 1, 2, 3). The Gladiator...Ch. 3 - Prob. 63PACh. 3 - Transactions for Pops Company for 2011 were as...Ch. 3 - Record adjustments and prepare financial...Ch. 3 - Prob. 66PACh. 3 - Prob. 67PACh. 3 - Record adjustments and prepare income statement....Ch. 3 - Prob. 69PBCh. 3 - Prob. 70PBCh. 3 - Following is a partial list of financial statement...Ch. 3 - Prob. 72PBCh. 3 - Record adjustments. (LO 1, 2, 3). Summit Climbing...Ch. 3 - Prob. 74PBCh. 3 - Prob. 75PBCh. 3 - Record adjustments and prepare financial...Ch. 3 - Prob. 77PBCh. 3 - Prob. 78PBCh. 3 - Identify and explain accruals and deferrals. (LO...Ch. 3 - Prob. 2FSACh. 3 - Prob. 3FSACh. 3 - Prob. 1CTPCh. 3 - Prob. 1IECh. 3 - Prob. 3IECh. 3 - Prob. 4IE
Knowledge Booster
Similar questions
- The following accounts appear in the ledger of Celso and Company as of June 30, the end of this fiscal year. The data needed for the adjustments on June 30 are as follows: ab.Merchandise inventory, June 30, 54,600. c.Insurance expired for the year, 475. d.Depreciation for the year, 4,380. e.Accrued wages on June 30, 1,492. f.Supplies on hand at the end of the year, 100. Required 1. Prepare a work sheet for the fiscal year ended June 30. Ignore this step if using CLGL. 2. Prepare an income statement. 3. Prepare a statement of owners equity. No additional investments were made during the year. 4. Prepare a balance sheet. 5. Journalize the adjusting entries. 6. Journalize the closing entries. 7. Journalize the reversing entry as of July 1, for the wages that were accrued in the June adjusting entry. Check Figure Net income, 14,066arrow_forwardIf a customer owed your company $100 on the first day of the month, then purchased $200 of goods on credit on the fifth and paid you $50 on fifteenth, the customer’s ending balance for the month would show a (debit or credit) of how much?arrow_forwardEnvirocan Resources prepares adjusting entries monthly. In reviewing the accounts on March 31, Envirocan Resources discovered the following: Interest of $1,250 had accrued on the note payable as at March 31. It is to be paid on April 2. Unpaid and unrecorded salaries at March 31 totalled $31,850. The $31,850 plus salaries of $20,900 for the first four days of April were paid on April 4. The March telephone bill for $340 is unpaid and unrecorded at March 31. It is to be paid on April 15. Envirocan normally pays rent in three-month installments. At March 31, rent of $3,200 per month had not been paid for February, March, or April. Rent of $3,200 was correctly accrued at the end of February. The balance owing plus rent for May, June, and July was paid on April 26. Envirocan pays commissions to the technicians at the rate of 4% of services performed. During March, total services performed were $310,000. Commissions are unrecorded and unpaid at March 31. Commissions are paid on the 15th of…arrow_forward
- Triple Tier Bakery is a locally-owned business offering custom cakes, cupcakes, desserts and wedding cakes. At year end, Triple Tier's balance of Allowance for Uncollectible Accounts is $530 (credit before adjustment. The Accounts Receivable balance is $21,500, During the next year, Triple Tier estimates that 15% of accounts will be uncollectible. Record the adjustment required for Allowance 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 Record the adjusting entry for Allowance for Uncollectible Accounts. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journalarrow_forwardAn analysis of the accounts shows the following. 1. The equipment depreciates $300 per month. 2. One-third of the unearned rent revenue was earned during the quarter. 3. Interest of $500 is accrued on the notes payable. 4. Supplies on hand total $590. 5. Insurance expires at the rate of $400 per month.arrow_forwardErnie Upshaw is the supervising manager of Sleep Tight Bedding. At the end of the year, the company's accounting manager provides Ernie with the following information, before any adjustment. Accounts receivable Estimated percent uncollectible Allowance for uncollectible accounts. Operating income $ 520,000 $ 22,000 $ 340,000 88 (debit) In the previous year, Sleep Tight Bedding reported operating income (after adjustment) of $295,000. Ernie knows that it's important to report an upward trend in earnings. This is important not only for Ernie's compensation and employment, but also for the company's stock price. If investors see a decline in earnings, the stock price could drop significantly, and Ernie owns a large amount of the company's stock. This has caused Ernie many sleepless nights. Required: 1. Record the adjusting entry for uncollectible accounts using the accounting manager's estimate of 8% of accounts receivable. 2-a. After the adjusting entry is recorded in requirement 1, what…arrow_forward
- At the end of April, Hernandez Company had a balance of $35,070 in the vacation benefits payable account. During May, employees earned an additional $2,730 in vacation benefits, but some employees used vacation days that amounted to $1,920 of the vacation benefits. The $1,920 was charged to Wages Expense when it was paid in May. What adjusting entry would Hernandez Company make at the end of May to bring the vacation benefits payable account up to date? If an amount box does not require an entry, leave it blank. Account Debit Credit Vacation Benefits Expense Vacation Benefits Payable Feedback Additional Vacation benefits earned less benefits paid; balance should be debited to Vacation Benefits Expense and credited to Vacation Benefits Payable.arrow_forwardRussell Co. received a $480 utility bill for the current month's electricity. It is not due until the end of the next month which is when they intend to pay it. Which of the following general journal entries will Russell Co. make to record the receipt of the bill?arrow_forwardNeed Answerarrow_forward
- At the end of April, Hernandez Company had a balance of $37,910 in the vacation benefits payable account. During May, employees earned an additional $2,950 in vacation benefits, but some employees used vacation days that amounted to $2,060 of the vacation benefits. The $2,060 was charged to Wages Expense when it was paid in May. What adjusting entry would Hernandez Company make at the end of May to bring the vacation benefits payable account up to date? If an amount box does not require an entry, leave it blank or enter "0". Account Debit Credit Vacation Benefits Expense Vacation Benefits Payablearrow_forwardC. The Supplies account had a balance of P4,480 on Jan. 1. During the year, b. All employees earn a total of P10,000 per day for a five-day week beginning Prepare the adjusting entry for each of the following situations. The last day of the on Monday and ending Friday. They were paid for the workweek ending P11,000 of supplies were bought. A year-end inventory showed that P6,400 t of the P19,000 insurance premium for two years in advance Dec. 26. They worked on Monday, Dec. 29, Tuesday, Dec. 30 and was originally recorded as Prepaid Insurance. One year of the policy has now Problem 19 preparing Adjusting Entries a. The payment expired. Wednesday, Dec. 31. worth of supplies are still on hand. d. Equipment costing P588,000 has a useful life of five years with an P80,000 salvage value at the end of five years. Record the depreciation for the year.arrow_forwardAccounts Payable had a balance of 4,400 at the beginning of the month and 6,200 at the end of the month. During the month, purchases on account amounted to 10,300. Calculate the payments to suppliers during the month. Accounts Payable had a balance of 4,900 at the beginning of themonth and 7,200 at the end of the month. During the month,purchases on account amounted to 11,800. Calculate the payments tosuppliers during the month.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
College Accounting (Book Only): A Career ApproachAccountingISBN:9781337280570Author:Scott, Cathy J.Publisher:South-Western College Pub
Principles of Accounting Volume 2AccountingISBN:9781947172609Author:OpenStaxPublisher:OpenStax College
Financial AccountingAccountingISBN:9781305088436Author:Carl Warren, Jim Reeve, Jonathan DuchacPublisher:Cengage Learning
Financial AccountingAccountingISBN:9781337272124Author:Carl Warren, James M. Reeve, Jonathan DuchacPublisher:Cengage LearningCentury 21 Accounting Multicolumn JournalAccountingISBN:9781337679503Author:GilbertsonPublisher:Cengage
College Accounting (Book Only): A Career Approach
Accounting
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:South-Western College Pub
Principles of Accounting Volume 2
Accounting
ISBN:9781947172609
Author:OpenStax
Publisher:OpenStax College
Financial Accounting
Accounting
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Cengage Learning
Financial Accounting
Accounting
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Cengage Learning
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:9781337679503
Author:Gilbertson
Publisher:Cengage