Chapter 3, Problem 1PSA

Consider the following situations for Bookfield Welding Services: (Click the icon to view the situations.) Journalize the adjusting entry needed on December 31 for each situation. Use the letters to label the journal entries. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) C a. Depreciation for the current year includes Equipment, $2,000. X Accounts and Explanation Debit Cre More info Date (a) Dec. 31 a. Depreciation for the current year includes equipment, $2,000. b. Each Monday, Bookfield pays employees for the previous week's work. The amount of weekly payroll is $1,400 for a seven-day workweek (Monday to Sunday). This year, December 31 falls on Thursday. c. The beginning balance of Office Supplies was $2,200. During the year, Bookfield purchased office supplies for $2,700, and at December 31 the office supplies on hand totaled $2,000. d. Bookfield prepaid a two full years' insurance on October 1 of the current year, $4,800.…

following information applies to the questions displayed belo Drs. Glenn Feltham and David Ambrose began operations of their physical therapy clinic, called Northland Physical Therapy, on January 1, 2020. The annual reporting period ends December 31. The trial balance on January 1, 2021, was as follows (the amounts are rounded to thousands of dollars to simplify): Account Titles Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Software Accumulated Amortization Accounts Payable Notes Payable (short-term) Salaries and Wages Payable Interest Payable Income Taxes Payable Deferred Revenue Common Stock Retained Earnings Service Revenue Depreciation Expense Amortization Expense Salaries and Wages Expense Supplies Expense Interest Expense Income Tax Expense Totals Debit $ 6 229 7 0 0 0 0 0 0 $ 26 Credit $2 2 ܘܘܘܘܘܘܘܗ 16 $26 Transactions during 2021 (summarized in thousands of dollars) follow: a. Borrowed $23 cash on July 1, 2021, signing a six-month note payable. b.…

Carmen Ramos started a business under the name of Perfect Cleaning. The following transactions occurred in January 2020: date transaction January 1 Invested $10,000 in cash to start the business. He bought a vehicle for the business for $12,000 of which $3,000 was in cash and the rest in credit. January 3 January 3 He purchased cleaning products for a total of $1,500. January 4|He paid a prepayment insurance policy for $2,000 effective Jan. 1. January 5 Performed a fee earned in the amount of $2,100. January Paid a subscription to the vehicle purchased for $500 10 January He paid employees salary of $1,800. 15 January He did a cleaning job in a building on credit for $3,000. 16 January He did housekeeping work in some offices and charged him in cash for $2,500. 18 January The client who was done the work on January 16 paid him $1,200. 20 January He paid $80 for the gasoline from the business vehicle. 21 January He did office cleaning work for $1,000 in cash. 22 January He paid $20 for…