Homework Answers
1) Adjusting Entries
While doing adjustment entries expenses/Revenues are not transferred to Profit and loss account because that will be transferred into profit and loss account after making Trial Balance.
2)Adjusted Trial Balance cannot be prepared because Trial Balance is not given in this question.
I hope this clear your doubt.
Feel free to comment if you still have any query or need something else. I'll help asap.
Do give Thumbs up if you find this helpful
Add Answer to:
Question 2 (30 marks) Part A (14 marks) of the month ended 31 May 2017 is...
Consider the unadjusted trial balance of London, Inc. at December 31, 2016, and the related month-end...
Consider the unadjusted trial balance of London, Inc. at December 31, 2016, and the related month-end adjustment data a (Click the icon to view the month-end adjustment data.) Requirements 1. Using the worksheet, prepare the adjusted trial balance of London, Inc. at December 31, 2016. The unadjusted balances have been entered for you. Key each adjusting entry by letter. 2. Prepare the single-step monthly income statement, the statement of retained earnings, and the classified balance sheet. More Info - X...
Following are two income statements for Alexis Co. for the year ended December 31. The left...
Following are two income statements for Alexis Co. for the year ended December 31. The left number column is prepared before adjusting entries are recorded, and the right column is prepared after adjusting entries. The company records cash receipts and payments related to unearned and prepaid items in balance sheet accounts. Income Statements For Year Ended December 31 Unadjusted Adjusted $24,000 42,500 $66,500 $29,400 42,500 71,900 Revenues Fees earned Commissions earned Total revenues Expenses Depreciation expense-Computers Depreciation expense-office furniture Salaries...
Following are two income statements for Alexis Co. for the year ended December 31. The left...
Following are two income statements for Alexis Co. for the year ended December 31. The left number column is prepared before adjusting entries are recorded, and the right column is prepared after adjusting entries. The company records cash receipts and payments related to unearned and prepaid items in balance sheet accounts. ALEXIS CO. Income Statements For Year Ended December 31 Unadjusted Adjusted $24,000 42, 500 $66,500 $30,000 42,500 72,500 Revenues Fees earned Commissions earned Total revenues Expenses Depreciation expense-Computers Depreciation...
Following are two income statements for Alexis Co. for the year ended December 31. The left...
Following are two income statements for Alexis Co. for the year ended December 31. The left number column is prepared before adjusting entries are recorded, and the right column is prepared after adjusting entries. The company records cash receipts and payments related to unearned and prepaid items in balance sheet accounts. ALEXIS CO. Income Statements For Year Ended December 31 Unadjusted Adjusted Revenues Fees earned $18,000 $25,000 Commissions earned 36,500 36,500 Total revenues $54,500 61,500 Expenses Depreciation expense-Computers 1,600 Depreciation...
Nickleby's Ski Store is completing the accounting process for its first year ended December 31, 2017....
Nickleby's Ski Store is completing the accounting process for its first year ended December 31, 2017. The transactions during 2017 have been journalized and posted. The following data are available to determine adjusting journal entries: a. The unadjusted balance in Office Supplies was $1,050 at December 31, 2017. The unadjusted balance in Supplies Expense was so b. Wages earned by employees during December 2017, unpaid and unrecorded at December 31, 2017, amounted to $5,300. The last paycheques were issued December...
Following are two income statements for Alexis Co. for the year ended December 31. The left...
Following are two income statements for Alexis Co. for the year ended December 31. The left number column is prepared before adjusting entries are recorded, and the right column is prepared after adjusting entries. The company records cash receipts and payments related to unearned and prepaid items in balance sheet accounts. Income Statements For Year Ended December 31 Unadjusted Adjusted Revenues Fees earned $ 24,000 $ 29,400 Commissions earned 42,500 42,500 Total revenues $ 66,500 71,900 Expenses Depreciation expense—Computers 0...
Excel Trainers, Inc. Worksheet Month Ended January 31 Adjustments Debit Credit 2009 Adjusted Trial Balance Debit...
Excel Trainers, Inc. Worksheet Month Ended January 31 Adjustments Debit Credit 2009 Adjusted Trial Balance Debit Credit Trial Balance Debit Credit 60,000 10,000 19,000 36,000 64,000 5,000 12,000 30,000 3,000 Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Dep. - Equipment Accounts Payable Notes Payable Unearned Revenue Interest Payable Salaries Payable Common Stock Retained Earnings Service Income Salaries Expense Insurance Expense Depreciation Expense Supplies Expense Utilities Expense Interest Expense Totals 96,000 7,000 70,000 28,000 2002 1800 6,000 150g report. i)...
At December 31, the unadjusted trial balance of H&R Tacks reports Salaries and Wages Payable of...
At December 31, the unadjusted trial balance of H&R Tacks reports Salaries and Wages Payable of $0 and Salaries and Wage Expense of $24,000. Employees have been paid for work done up to December 27, but the $1,300 they have earned for December 28-31 has not yet been paid or recorded. Required: 1. Prepare the adjusting journal entry on December 31. 2. Prepare the T-accounts for each account, enter the unadjusted balances, post the adjusting journal entry, and report the...
3 2 CI On January 31, 2016, the general ledger account balances. ny showed the following...
3 2 CI On January 31, 2016, the general ledger account balances. ny showed the following ACCOUNTS Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accum. Depr.-Equip. Accounts Payable Lorraine Meeks, Capital Fees Income Depreciation Exp.-Equip. Insurance Expense Rent Expense Salaries Expense Supplies Expense 61,200 20,700 7,200 6,400 89,700 0 14.900 80,150 108,000 8.800 9,050 Additional information: a. Supplies used during January totaled $4,800. b. Expired insurance totaled $1.600. c. Depreciation expense for the month was $1,375. Complete the worksheet through...
Following are two income statements for Alexis Co. for the year ended December 31. The left...
Following are two income statements for Alexis Co. for the year ended December 31. The left number column is prepared before any adjusting entries are recorded, and the right column includes the effects of adjusting entries. The company records cash receipts and payments related to unearned and prepaid items in balance sheet accounts. The middle column shows a blank space for each income statement effect of the eight adjusting entries a through g (the balance sheet part of the entries...
Consider the unadjusted trial balance of London, Inc. at December 31, 2016, and the related month-end adjustment data a (Click the icon to view the month-end adjustment data.) Requirements 1. Using the worksheet, prepare the adjusted trial balance of London, Inc. at December 31, 2016. The unadjusted balances have been entered for you. Key each adjusting entry by letter. 2. Prepare the single-step monthly income statement, the statement of retained earnings, and the classified balance sheet. More Info - X...
Following are two income statements for Alexis Co. for the year ended December 31. The left number column is prepared before adjusting entries are recorded, and the right column is prepared after adjusting entries. The company records cash receipts and payments related to unearned and prepaid items in balance sheet accounts. Income Statements For Year Ended December 31 Unadjusted Adjusted $24,000 42,500 $66,500 $29,400 42,500 71,900 Revenues Fees earned Commissions earned Total revenues Expenses Depreciation expense-Computers Depreciation expense-office furniture Salaries...
Following are two income statements for Alexis Co. for the year ended December 31. The left number column is prepared before adjusting entries are recorded, and the right column is prepared after adjusting entries. The company records cash receipts and payments related to unearned and prepaid items in balance sheet accounts. ALEXIS CO. Income Statements For Year Ended December 31 Unadjusted Adjusted $24,000 42, 500 $66,500 $30,000 42,500 72,500 Revenues Fees earned Commissions earned Total revenues Expenses Depreciation expense-Computers Depreciation...
Following are two income statements for Alexis Co. for the year ended December 31. The left number column is prepared before adjusting entries are recorded, and the right column is prepared after adjusting entries. The company records cash receipts and payments related to unearned and prepaid items in balance sheet accounts. ALEXIS CO. Income Statements For Year Ended December 31 Unadjusted Adjusted Revenues Fees earned $18,000 $25,000 Commissions earned 36,500 36,500 Total revenues $54,500 61,500 Expenses Depreciation expense-Computers 1,600 Depreciation...
Nickleby's Ski Store is completing the accounting process for its first year ended December 31, 2017. The transactions during 2017 have been journalized and posted. The following data are available to determine adjusting journal entries: a. The unadjusted balance in Office Supplies was $1,050 at December 31, 2017. The unadjusted balance in Supplies Expense was so b. Wages earned by employees during December 2017, unpaid and unrecorded at December 31, 2017, amounted to $5,300. The last paycheques were issued December...
Excel Trainers, Inc. Worksheet Month Ended January 31 Adjustments Debit Credit 2009 Adjusted Trial Balance Debit Credit Trial Balance Debit Credit 60,000 10,000 19,000 36,000 64,000 5,000 12,000 30,000 3,000 Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Dep. - Equipment Accounts Payable Notes Payable Unearned Revenue Interest Payable Salaries Payable Common Stock Retained Earnings Service Income Salaries Expense Insurance Expense Depreciation Expense Supplies Expense Utilities Expense Interest Expense Totals 96,000 7,000 70,000 28,000 2002 1800 6,000 150g report. i)...
At December 31, the unadjusted trial balance of H&R Tacks reports Salaries and Wages Payable of $0 and Salaries and Wage Expense of $24,000. Employees have been paid for work done up to December 27, but the $1,300 they have earned for December 28-31 has not yet been paid or recorded. Required: 1. Prepare the adjusting journal entry on December 31. 2. Prepare the T-accounts for each account, enter the unadjusted balances, post the adjusting journal entry, and report the...
3 2 CI On January 31, 2016, the general ledger account balances. ny showed the following ACCOUNTS Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accum. Depr.-Equip. Accounts Payable Lorraine Meeks, Capital Fees Income Depreciation Exp.-Equip. Insurance Expense Rent Expense Salaries Expense Supplies Expense 61,200 20,700 7,200 6,400 89,700 0 14.900 80,150 108,000 8.800 9,050 Additional information: a. Supplies used during January totaled $4,800. b. Expired insurance totaled $1.600. c. Depreciation expense for the month was $1,375. Complete the worksheet through...
Most questions answered within 3 hours.
-
i
need the summary of this article “Why I Don’t Trust The Video Games
Cause Violence”...
asked 9 minutes ago -
Draw the reactants and products of the following
reaction:
3-ethyl-2-heptene + HOH → 3-ethyl-3-heptanol +
3-ethyl-2-heptanol...
asked 7 minutes ago -
Determine the ratio of adipic acid and butylene glycol that
should be used to obtain a...
asked 16 minutes ago -
Calculate the ratio of the resistance of 11.0 m of aluminum wire
2.5 mm in diameter,...
asked 9 minutes ago -
Kinkaid Co. is incorporated at the beginning of this year and
engages in a number of...
asked 13 minutes ago -
when setting up a simple pendulum, calculate the string length
required for the period to equal...
asked 32 minutes ago -
: A small but very close dense mass of 389 kg is brought close
to a...
asked 32 minutes ago -
Create a class called Hotel. The hotel class will track the
current reservations for your one-room...
asked 55 minutes ago -
In space, a 4.0 kg metal ball moving 30 m/s has a head on
collision with...
asked 1 hour ago -
Financial Markets and Corporate Strategy (assignment template) –
1 of 2
Insights/Instructions: Use this template to...
asked 1 hour ago -
A firm has announced a cash dividend of $3 dollar per share.
Assuming an efficient market,...
asked 58 minutes ago -
Which of the following statements is consistent with the fact
that capital in an economy is...
asked 1 hour ago