1. Unrecorded interest accrued on savings bonds is $216. 2. Property taxes incurred but not paid...
| 1. | Unrecorded interest accrued on savings bonds is $216. | ||
| 2. | Property taxes incurred but not paid or recorded amount to $972. | ||
| 3. | Salaries incurred by year end but not yet paid or recorded amounted to $648. |
Prepare adjusting entries for the above transactions.
(Credit account titles are automatically indented when
the amount is entered. Do not indent manually. If no entry is
required, select "No entry" for the account titles and enter 0 for
the amounts.)
|
No. |
Account Titles and Explanation |
Debit |
Credit |
|---|---|---|---|
|
1. |
enter an account title for the first adjusting entry
|
enter a debit amount
|
enter a credit amount
|
| enter an account title for the first adjusting entry
|
enter a debit amount
|
enter a credit amount
|
|
|
2. |
enter an account title for the second adjusting entry
|
enter a debit amount
|
enter a credit amount
|
| enter an account title for the second adjusting entry
|
enter a debit amount
|
enter a credit amount
|
|
|
3. |
enter an account title for the third adjusting entry
|
enter a debit amount
|
enter a credit amount
|
| enter an account title for the third adjusting entry
|
enter a debit amount
|
enter a credit amount
|
Homework Answers
| No. | Account Titles and Explanation | Debit | Credit |
| 1 | Interest Receivable | 216 | |
| Interest Revenue | 216 | ||
| 2 | Property Tax Expense | 972 | |
| Property Taxes Payable | 972 | ||
| 3 | Salaries and Wages Expense | 648 | |
| Salaries and Wages Payable | 648 |
Add Answer to:
1.
Unrecorded interest accrued on savings bonds is $216.
2.
Property taxes incurred but not paid...
Brief Exercise 235 1. Unrecorded interest accrued on savings bonds is $200. 2. Property taxes incurred...
Brief Exercise 235 1. Unrecorded interest accrued on savings bonds is $200. 2. Property taxes incurred but not paid or recorded amount to $900. 3. Salaries incurred by year end but not yet paid or recorded amounted to $600. Prepare adjustments entries for the above transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Interest Receivable Interest Revenue Property Tax Expense Property Taxes Payable Salaries and Wages Expense Salaries and Wages Payable Question...
Exercise 23 Prepare adjusting entries for the following transactions. Credit account ties are automatically indented when...
Exercise 23 Prepare adjusting entries for the following transactions. Credit account ties are automatically indented when the amount is entered. Do not indent manually. If na entry is required, selecta amount) entry for the account titles and enter a forche 1. Unrecorded interest accrued on savings bonds is 5360 Property taxes incurred but not paid or recorded amount to $704 Unearned service revenue of $3,520 was collected in advance. By year and $516 was still unearned. Prepaid insurance had a...
1. Depreciation on equipment is $800 for the accounting period. 2. There was no beginning balance...
1.
Depreciation on equipment is $800 for the accounting
period.
2.
There was no beginning balance of supplies and $600 of supplies
were purchased during the period. At the end of the period $153 of
supplies were on hand.
3.
Prepaid rent had a $1,240 normal balance prior to adjustment.
By year end $288 was unexpired.
Prepare adjusting entries for the above transactions.
(Credit account titles are automatically indented when
the amount is entered. Do not indent manually. If no...
Riverbed Corp issued 2,300 6%, 5-year, $1,000 bonds dated January 1, 2022, at face value. Interest...
Riverbed Corp issued 2,300 6%, 5-year, $1,000 bonds dated
January 1, 2022, at face value. Interest is paid each January
1.
(a) Prepare the journal entry to record the sale of these bonds on
January 1, 2022.
Date
Account Titles and Explanation
Debit
Credit
Jan. 1, 2022
enter an account title for the journal entry on January 1,2017
enter a debit amount
enter a credit amount
enter an account title for the journal entry on January 1,2017
enter a debit...
1. 2. On December 31, adjusting information for Sheffield Corp. is as follows: Estimated depreciation on...
1. 2. On December 31, adjusting information for Sheffield Corp. is as follows: Estimated depreciation on equipment is $3,960. Property taxes amounting to $2,620 have been incurred but are unrecorded and unpaid. Employee wages that have been earned by employees but are unpaid and unrecorded amount to $3,820. 4. The Service Revenue account includes amounts that have been paid by customers for services that have not yet been completed. The amount has been determined to be $5,010. Interest of $120...
1. Prepare adjusting entries for the following transactions. (Credit account titles are automatically indented when Unrecorded...
1. Prepare adjusting entries for the following transactions. (Credit account titles are automatically indented when Unrecorded interest accrued on savings bonds is $488. Property taxes incurred but not paid or recorded amount to $976. 3. Unearned service revenue of $4,880 was collected in advance. By year end $854 was still unearned. Prepaid insurance had a $915 debit balance prior to adjustment. By year end, 60 percent was still unexpired. 5. Salaries incurred by year end but not yet paid or...
Exercise 10-17 Sandhill Co. issued $310,000 of 8%, 20-year bonds on January 1, 2022, at face...
Exercise 10-17
Sandhill Co. issued $310,000 of 8%, 20-year bonds on January 1,
2022, at face value. Interest is payable annually on January 1.
Prepare the journal entry to record the issuance of the bonds.
(Credit account titles are automatically indented when
amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
Jan. 1, 2022
enter an account title to record the issuance of the bonds on
January 1, 2017
enter a debit amount
enter a...
On June 1, Huntley Company borrows $50,000 from the bank by signing a 60-day, 6%, interest-bearing...
On June 1, Huntley Company borrows $50,000 from the bank by signing a 60-day, 6%, interest-bearing note. Prepare the necessary entries below associated with the note payable on the books of Huntley Company. Prepare the entry on June 1 when the note was issued. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit June 1 enter an account title enter a debit amount enter a credit amount...
Harvard Inc. issues $4.0 million, 5-year, 8% bonds at 102, with interest payable on January 1....
Harvard Inc. issues $4.0 million, 5-year, 8% bonds at 102, with interest payable on January 1. The straight-line method is used to amortize bond premium. Prepare the journal entry to record the sale of these bonds on January 1, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1 Cash enter a debit amount Bonds Payable $4,000,000 Premium on Bonds Payable enter a credit amount Prepare...
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Splish Brothers Inc. issued 3,900, 7%, 5-year, $1,000 bonds dated January 1, 2020, at 100. Interest is paid each January 1 Prepare the journal entry to record the sale of these bonds on January 1, 2020. (Cre dit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1 SHOW LIST OF ACCOUNTS Prepare the adjusting journal entry on December 31, 2020, to record interest expense. (Credit account titles...
Brief Exercise 235 1. Unrecorded interest accrued on savings bonds is $200. 2. Property taxes incurred but not paid or recorded amount to $900. 3. Salaries incurred by year end but not yet paid or recorded amounted to $600. Prepare adjustments entries for the above transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Interest Receivable Interest Revenue Property Tax Expense Property Taxes Payable Salaries and Wages Expense Salaries and Wages Payable Question...
Exercise 23 Prepare adjusting entries for the following transactions. Credit account ties are automatically indented when the amount is entered. Do not indent manually. If na entry is required, selecta amount) entry for the account titles and enter a forche 1. Unrecorded interest accrued on savings bonds is 5360 Property taxes incurred but not paid or recorded amount to $704 Unearned service revenue of $3,520 was collected in advance. By year and $516 was still unearned. Prepaid insurance had a...
1.
Depreciation on equipment is $800 for the accounting
period.
2.
There was no beginning balance of supplies and $600 of supplies
were purchased during the period. At the end of the period $153 of
supplies were on hand.
3.
Prepaid rent had a $1,240 normal balance prior to adjustment.
By year end $288 was unexpired.
Prepare adjusting entries for the above transactions.
(Credit account titles are automatically indented when
the amount is entered. Do not indent manually. If no...
Riverbed Corp issued 2,300 6%, 5-year, $1,000 bonds dated
January 1, 2022, at face value. Interest is paid each January
1.
(a) Prepare the journal entry to record the sale of these bonds on
January 1, 2022.
Date
Account Titles and Explanation
Debit
Credit
Jan. 1, 2022
enter an account title for the journal entry on January 1,2017
enter a debit amount
enter a credit amount
enter an account title for the journal entry on January 1,2017
enter a debit...
1. 2. On December 31, adjusting information for Sheffield Corp. is as follows: Estimated depreciation on equipment is $3,960. Property taxes amounting to $2,620 have been incurred but are unrecorded and unpaid. Employee wages that have been earned by employees but are unpaid and unrecorded amount to $3,820. 4. The Service Revenue account includes amounts that have been paid by customers for services that have not yet been completed. The amount has been determined to be $5,010. Interest of $120...
1. Prepare adjusting entries for the following transactions. (Credit account titles are automatically indented when Unrecorded interest accrued on savings bonds is $488. Property taxes incurred but not paid or recorded amount to $976. 3. Unearned service revenue of $4,880 was collected in advance. By year end $854 was still unearned. Prepaid insurance had a $915 debit balance prior to adjustment. By year end, 60 percent was still unexpired. 5. Salaries incurred by year end but not yet paid or...
Exercise 10-17
Sandhill Co. issued $310,000 of 8%, 20-year bonds on January 1,
2022, at face value. Interest is payable annually on January 1.
Prepare the journal entry to record the issuance of the bonds.
(Credit account titles are automatically indented when
amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
Jan. 1, 2022
enter an account title to record the issuance of the bonds on
January 1, 2017
enter a debit amount
enter a...
Splish Brothers Inc. issued 3,900, 7%, 5-year, $1,000 bonds dated January 1, 2020, at 100. Interest is paid each January 1 Prepare the journal entry to record the sale of these bonds on January 1, 2020. (Cre dit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1 SHOW LIST OF ACCOUNTS Prepare the adjusting journal entry on December 31, 2020, to record interest expense. (Credit account titles...
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