Chapter 3, Problem 17E

Atlantic Company is completing adjusting entries at the end of the annual accounting period, December 31, 20X1. Four adjusting entries must be made at this date to update the accounts. The following accounts, selected from Atlantic's chart of accounts, are to be used for this purpose. They are coded below for easy reference. A. Office Supplies B. Trade Receivables C. Accumulated Depreciation D. Interest Receivable E. Notes Payable J. Office Supplies Expense K. Rent Expense L. Bad Debt Expense M. Depreciation Expense N. Interest Expense O. Sales Revenue P. Rent Revenue Q. Interest Revenue R. Equipment F. Interest Payable G. Property Tax Payable H. Unearned Rent 1. Rent Payable Below are the four adjusting entries: 1. On January 1, 20X1, equipment was purchased for $6,000. The equipment had an estimated useful life of five years with no residual value. It is depreciated using the straight-line method. Record depreciation. 2. On November 1, 20X1, collected $1,800 rent revenue in advance…

For each of the following transactions below, prepare the journal entry (if one is required) to record the initial transaction and then prepare the adjusting entry, if any, required on September 30, the end of the fiscal year. (a)The accountant for the concessions company reported that gross receipts for September were $150,000. Ten percent is due to the track and will be remitted by October 10. (a) Journal Entry:       enter an account title for the journal entry enter a debit amount enter a credit amount   enter an account title for the journal entry enter a debit amount enter a credit amount   Adjusting Entry:       enter an account title for the adjusting entry enter a debit amount enter a credit amount   enter an account title for the adjusting entry enter a debit amount enter a credit amount

Among the ledger accounts used by Glenwood Speedway are the following: Prepaid Rent, RentExpense, Unearned Admissions Revenue, Admissions Revenue, Prepaid Printing, PrintingExpense, Concessions Receivable, and Concessions Revenue. For each of the following items, provide the journal entry (if one is needed) to record the initial transaction and provide the adjust-ing entry, if any, required on May 31, the end of the fiscal year. a. On May 1, borrowed $300,000 cash from National Bank by issuing a 12 percent note payabledue in three months.b. On May 1, paid rent for six months beginning May 1 at $30,000 per month.c. On May 2, sold season tickets for a total of $910,000 cash. The season includes 70 racingdays: 20 in May, 25 in June, and 25 in July.d. On May 4, an agreement was reached with Snack-Bars, Inc., allowing that company to sellrefreshments at the track in return for 10 percent of the gross receipts from refreshment sales.

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, 14,066

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.

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

1. II. PREPARE ALL THE ADJUSTING ENTRIES SHOWING THE DETAILED COMPUTATIONS. PREPARE THE WORKING PAPER OF VICTORY COMPANY. Note: Please keep in mind the dates of each numbers. At the end of the calendar year 2021, December 31. VICTORY COMPANY accounting in charge has to make some adjustments to its Unadjusted trial balance in order to reflect the correct accounts and figures for the current year's financial statements. The following are the transactions that needs to be recorded as adjusting entries. 1 The vehicle the company bought in February 1, 2021 needs to be depreciated. It has an estimated salvage value of 25% of the cost and a usefull of 4 years. Cash Accounts Receivable Notes Receivable Prepaid Advertising Furnitures and Fixtures Vehicle PUT YOUR DETAILED COMPUTATION HERE 2 The office tables and chairs amounting to P100,000.00 has a useful life of 3 years with a salvage value of P20,000.00. These were bought January 15, 2021. (Keep in mind the date January 15 count starting 16…

The balance in the unearned fees account, before adjustment at the end of the year, is $14,310.   Required:   Journalize the adjusting entry required if the amount of unearned fees at the end of the year is $7,560. Refer to the Chart of Accounts for exact wording of account titles.

On decmeber 31, the trial balance indicates that the supplies account has a balance, prior to the adjusting entry,pf $320. A physical count of the supplies inventory shows that $90 of supplies remain. Analyze this adjustment for the supplies using T accounts and then formally enter this adjustment in the generaljournal.