Prepare any necessary journal entries for 2020, including adjusting entries. 4. Acme’s employees earned $1,000 as of 12/31/20 which will be paid to them on 1/5/21.
Date | General Journal | Debit | Credit |
12/31/20 | Salaries and wages expense | $1,000 | |
Salaries and wages payable | $1,000 | ||
1/5/21 | Salaries and wages payable | $1,000 | |
Cash | $1,000 | ||
Prepare any necessary journal entries for 2020, including adjusting entries. 4. Acme’s employees earned $1,000 as...
Prepare any necessary journal entries for 2020, including adjusting entries. On 1/1/20 Acme Bakery purchased equipment for $50,000 cash. They estimated that they would be able to use the equipment for 5 years. On 1/1/20, Acme Bakery entered into a 2-year rental agreement. They paid $24,000 on 1/1/20 for the 2-year lease. Acme borrowed $100,000 from a bank on 9/1/20 at an 8% interest rate. The loan plus interest is to be repaid on 9/1/21. Acme’s employees earned $1,000 as...
Prepare any necessary journal entries for 2020, including adjusting entries. Acme borrowed $100,000 from a bank on 9/1/20 at an 8% interest rate. The loan plus interest is to be repaid on 9/1/21
Prepare any necessary journal entries for 2020, including adjusting entries. On 1/1/20, Acme Bakery entered into a 2-year rental agreement. They paid $24,000 on 1/1/20 for the 2-year lease.
Prepare any necessary journal entries for 2020, including adjusting entries. On 1/1/20 Acme Bakery purchased equipment for $50,000 cash. They estimated that they would be able to use the equipment for 5 years.
Prepare adjusting entries If the original entries were recorded to a temporary and permanent account. 1. The company paid $18,000 for a one year lease that commenced on 9/1/20. 2. The company received $25,000 in advance for services to be rendered in the future. As of 12/31/20 the company had earned $15,000. 3. The company paid $9,000 for a 1 year fire policy with an effective date of April 1, 2020. 4. During the year the company purchased $1,400 in...
Problem 6 30 points Prepare the adjusting journal entries needed (if any) on December 31, 2019. AJE's are only prepared at year end (December 31). 15 points 1. On May 1, 2019, the company paid a one-year premium of $6,000 on an insurance policy that is effective May 31, 2019, and expires May 31, 2020. 2. The company received $18,000 on June 30, 2019, in return for which the company agreed to provide consulting services for 12 months beginning immediately. 3. Employee...
C4-4 From Recording Transactions (Including Adjusting Journal Entries) to Preparing Financial Statements and Closing Journal Entries (Chapters 2, 3, and 4) [LO 2-3, LO 3-3, LO 4-1, LO 4-2, LO 4-3, LO 4-4, LO 4-5, LO 4-6] [The following information applies to the questions displayed below.] Alison and Chuck Renny began operations of their furniture repair shop (Lazy Sofa Furniture, Inc.) on January 1, 2017. The annual reporting period ends December 31. The trial balance on January 1, 2018, follows...
Please complete this part also. Prepare any necessary adjusting entries relative to depreciation and amortization on December 31, 2022. (Round answers to 0 decimal places, e.g. 38,548. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit December 31, 2022 (To record the depreciation.) December 31, 2022 (To amortize the discount.)...
E2-9 Adjusting entries LO2-6 Prepare the necessary adjusting entries at December 31, 2021, for the Microchip Company for each of the following situations. Assume that no financial statements were prepared during the year and no adjusting entries were recorded 1. On October 1, 2021, Microchip lent $90.000 to another company. A note was signed with principal and 8% interest to be paid on September 30, 2022 2. On November 1, 2021, the company paid its landlord $6,000 representing rent for...
* Prepare the appropriate journal entries associated with the below transactions. Transactions during January 2020: 1. On January 1, 2020, the owner of ACC invested $10,000.00 cash in the company. 2. An invoice was received from ACC's insurance provider on January 15, 2020, for casualty insurance coverage in the amount of $2,400.00 for the period January 1, through December 31, 2020. 3. Employees earned salary and wages in January of $6,500.00 which was paid on February 1, 2020. 4. The...