Prepare any necessary journal entries for 2020, including adjusting entries.
Prepare any necessary journal entries for 2020, including adjusting entries. On 1/1/20 Acme Bakery purchased equipment...
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. 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. 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. 4. Acme’s employees earned $1,000 as of 12/31/20 which will be paid to them on 1/5/21.
Journalize and post both normal monthly transactions for
December 2018 and Adjusting Journal Entries.
Acme, Inc. - Normal journal entries for the month of December, 2018: Dec 1 Issued 65,000 shares of common stock for $14 per share. Dec 1 Paid December rent of $7,500. Dec 1 Issued $200,000 note payable at face amount with an interest rate of 10% due in 5 years. Dec 3 Purchased $350,000 of inventory terms 1/10, net 30. Dec 5 Sold land at cost...
(1) Prepare adjusting journal entries for the company using the
information given on the "Adjusting Journal Entries" tab. (You may
also need to refer to the "Trial Balance" tab.) Use formulas for
your calculations, where possible.
(2) Link the adjusting journal entries into the "Trial Balance" tab
(see appropriate column), and use Excel formulas to calculate the
12/31/2018 Adjusted balances.
(3) Using formulas that link back to the "Trial Balance" tab,
prepare a Classified Balance Sheet and Multi-Step Income Statement...
Use the following information to prepare any necessary adjusting
entries.
(a)
Examination of the insurance policy showed $1,240 of expired
insurance.
(b)
An inventory showed $210 of unused shop supplies on hand.
(c)
The Shop Equipment was purchased in 2014 for 3,860 with an
estimated salvage value of 860 and an estimated useful life of
three years.
(d)
$800 of the Unearned Rent account balance was earned by
year-end.
(e)
The one employee, a receptionist, works a five-day workweek at...
adjusting entries
Prepare only the adjusting entries for the month of June based on the following information: 1. Equipment costing $48,000 has an estimated useful life of 4 years with no estimated value at the end of 4 years. 2. A loan of $36,000 was taken out on June 1st. The loan is to be repaid in 24 months including interest at 5% annually. 3. $1,350 of office supplies was purchased during June; at the end of June $840 of...
Prepare the journal entries to record all the 2020 transactions, including the adjustment for bad debts expense at year end. (Credit account titles are automatically indented when 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.) Account Titles and Explanation Debit Credit (To record sales) (To record cash collected from customers) (To write off accounts receivable) (To reinstate an account that were previously written...
Required: Prepare the adjusting journal entries that were recorded at December 31, 2021 The general ledger of the Karlin Company, a consulting company, at January 1.2021. contained the account balances: Account Title Debits Credits 30,000 15,000 20,000 Cash Accounts receivable Equipment Accumulated depreciation Salaries payable Common stock Retained earnings Total 6,000 9,000 40,500 9.500 65,000 65,000 The following is a su u sactions for the year: a. Service revenue, S u ch 50,000 was on account and the balance was...