Prepare the adjusting journal entry on December 31 st for the Company H&R and to post the entries in the separate T-account and report the adjusted balance.

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Answer 1

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Chapter 4, Problem 21ME

To determine

Prepare the adjusting journal entry on December 31^st for the Company H&R and to post the entries in the separate T-account and report the adjusted balance.

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Summary information from the financial statements of two companies competing in the same industry follows. Barco Company Kyan Company Barco Kyan Company Company Data from the current year-end balance sheets Data from the current year's income statement Assets $ 810,000 $ 886,200 Cash $ 18,500 $ 32,000 Accounts receivable, net 36,400 84,340 590,100 7,600 644,500 Merchandise inventory Prepaid expenses Plant assets, net Total assets Liabilities and Equity Current liabilities Long-term notes payable Common stock, $5 par value Retained earnings Total liabilities and equity 6,100 330,000 52,400 132,500 7,600 305,400 $ 475,340 $ 529,900 Sales Cost of goods sold Interest expense Income tax expense Net income Basic earnings per share Cash dividends per share Beginning-of-year balance sheet data Accounts receivable, net Merchandise inventory Total assets $ 71,340 82,800 $ 98,300 117,000 170,000 151,200 226,000 88,600 Common stock, $5 par value $ 475,340 $ 529,900 Retained earnings 14,000 15,569…

Question: Record the purchase of equipment in a general journal format. • July 1, 2021- Signed a lease for an office and issued Check 101 for $15,600 to pay the rent in advance for six months. • July 1, 2021- Borrowed money from Bancorp West by issuing a four-month, 4.5 percent note for $40,000; received $39,400 because the bank deducted the interest in advance. • July 1, 2021- Signed an agreement with Johnson Ventures to provide financial services for one year at $6,000 per month; received the entire fee of $72,000 in advance. The $72,000 was credited to Unearned Financial Service Fees. • July 1, 2021- Purchased office equipment for $15,900 from Office Outfitters; issued a two-month, 6 percent note in payment. The equipment is estimated to have a useful life of five years and a $1,500 salvage value. The equipment will be depreciated using the straight-line method. • July 1, 2021- Purchased a one-year insurance policy and issued Check 102 for $1,860 to pay the entire…

Question: Record the fees received in advance in a general journal format. • July 1, 2021- Signed a lease for an office and issued Check 101 for $15,600 to pay the rent in advance for six months. • July 1, 2021- Borrowed money from Bancorp West by issuing a four-month, 4.5 percent note for $40,000; received $39,400 because the bank deducted the interest in advance. • July 1, 2021- Signed an agreement with Johnson Ventures to provide financial services for one year at $6,000 per month; received the entire fee of $72,000 in advance. The $72,000 was credited to Unearned Financial Service Fees. • July 1, 2021- Purchased office equipment for $15,900 from Office Outfitters; issued a two-month, 6 percent note in payment. The equipment is estimated to have a useful life of five years and a $1,500 salvage value. The equipment will be depreciated using the straight-line method. • July 1, 2021- Purchased a one-year insurance policy and issued Check 102 for $1,860 to pay the…

Answer 2

Question

Chapter 4, Problem 21ME

To determine

Prepare the adjusting journal entry on December 31^st for the Company H&R and to post the entries in the separate T-account and report the adjusted balance.

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Answer 3

Question

Chapter 4, Problem 21ME

To determine

Prepare the adjusting journal entry on December 31^st for the Company H&R and to post the entries in the separate T-account and report the adjusted balance.

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Answer 4

Question

Chapter 4, Problem 21ME

To determine

Prepare the adjusting journal entry on December 31^st for the Company H&R and to post the entries in the separate T-account and report the adjusted balance.

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Answer 5

Chapter 4, Problem 21ME

To determine

Prepare the adjusting journal entry on December 31^st for the Company H&R and to post the entries in the separate T-account and report the adjusted balance.

Answer 6

Chapter 4, Problem 21ME

To determine

Prepare the adjusting journal entry on December 31^st for the Company H&R and to post the entries in the separate T-account and report the adjusted balance.

Answer 7

Chapter 4, Problem 21ME

To determine

Prepare the adjusting journal entry on December 31^st for the Company H&R and to post the entries in the separate T-account and report the adjusted balance.

Answer 8

Expert Solution & Answer

Answer 9

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Answer 10

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Answer 11

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Prepare the adjusting journal entry on December 31 st for the Company H&R and to post the entries in the separate T-account and report the adjusted balance.

Solution Summary: The author explains that adjusting entries are recorded at the end of the accounting period to correct or adjust the revenue and expense accounts.

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Prepare the adjusting journal entry on December 31^st for the Company H&R and to post the entries in the separate T-account and report the adjusted balance.

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Chapter 4 Solutions

Prepare the adjusting journal entry on December 31 st for the Company H&amp;R and to post the entries in the separate T-account and report the adjusted balance.

Solution Summary: The author explains that adjusting entries are recorded at the end of the accounting period to correct or adjust the revenue and expense accounts.

Concept explainers

Videos

Prepare the adjusting journal entry on December 31st for the Company H&R and to post the entries in the separate T-account and report the adjusted balance.

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Chapter 4 Solutions

Prepare the adjusting journal entry on December 31 st for the Company H&R and to post the entries in the separate T-account and report the adjusted balance.

Prepare the adjusting journal entry on December 31^st for the Company H&R and to post the entries in the separate T-account and report the adjusted balance.