Question

Required information E4-16 through E4-18 Recording Four Adjusting Journal Entries and Preparing an Adjusted Trial Balance, ReChp. 4 Homework Problems (REQUIRED) A Saved Required information Using T-accounts, determine the adjusted balances in each ac

0 0
Add a comment Improve this question Transcribed image text
Answer #1
Adjusting Entries
Particulars Debit Credit
a) Insurance Expense $      7.00
To Prepaid Insurance $      7.00
b) Depreciation Expense $      6.00
To Accumulated Depreciation $      6.00
c) Salaries and Wages Expense $      9.00
To Salaries and Wages Payable $      9.00
d) Income Tax Expense $   11.00
To Income Tax Payable $   11.00
Cash Accounts Receivable Prepaid Insurance
Beg. Bal. $   45.00 End. Bal. $   45.00 Beg. Bal. $   16.00 End. Bal. $   16.00 Beg. Bal. $      8.00 a) $      7.00
End. Bal $      1.00
Equipment Accumulated Depreciation Accounts Payable
Beg. Bal. $   94.00 End. Bal. $   94.00 End. Bal $      6.00 Beg. Bal. End. Bal $   16.00 Beg. Bal. $   16.00
b) $      6.00
Salaries and Wages Payable Income Tax Payable Common Stock
End. Bal. $      9.00 Beg. Bal. End. Bal. $   11.00 Beg. Bal. End. Bal. $   90.00 Beg. Bal. $   90.00
c) $      9.00 d) $   11.00
Retained Earnings
End. Bal. $   12.00 Beg. Bal. $   12.00
Adjusted Trial Balance
Particulars Debit Credit
Cash $   45.00
Accounts Receivable $   16.00
Prepaid Insurance $      1.00
Equipment $   94.00
Accumulated Depreciation $      6.00
Accounts Payable $   16.00
Salaries and Wages Payable $      9.00
Income Tax Payable $   11.00
Common Stock $   90.00
Retained Earnings $   12.00
Sales Revenue $   95.00
Insurance Expense $      7.00
Depreciation Expense $      6.00
Salaries and Wages Expense $   26.00
Supplies Expense $   33.00
Income Tax Expense $   11.00
$ 239.00 $ 239.00
Income Statement
Sales Revenue $   95.00
Less: Expenses
Insurance Expense $      7.00
Depreciation Expense $      6.00
Salaries and Wages Expense $   26.00
Supplies Expense $   33.00
Income Tax Expense $   11.00
Total Expense $   83.00
Net Income $   12.00

As HOMEWORKLIB RULES's policy, I've completed first four parts of the question

Add a comment
Know the answer?
Add Answer to:
Required information E4-16 through E4-18 Recording Four Adjusting Journal Entries and Preparing an Adjusted Trial Balance,...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • E4-16 through E4-18 Recording Four Adjusting Journal Entries and Preparing an Adjusted Trial Balance, Reporting an...

    E4-16 through E4-18 Recording Four Adjusting Journal Entries and Preparing an Adjusted Trial Balance, Reporting an Income Statement, Statement of Retained Earnings, and Balance Sheet and Recording Closing Entries [LO 4-2, LO 4-3, LO 4-4 and LO 4-5) [The following information applies to the questions displayed below) Mint Cleaning Inc. prepared the following unadjusted trial balance at the end of its second year of operations ending December 31. (Assume amounts are reported in thousands of dollars) Credit Debit $ 38...

  • E4-16 through E4-18 Recording Four Adjusting Journal Entries and Preparing an Adjusted Trial Balanc Reporting an...

    E4-16 through E4-18 Recording Four Adjusting Journal Entries and Preparing an Adjusted Trial Balanc Reporting an Income Statement, Statement of Retained Earnings, and Balance Sheet and Recording Closing Entries [LO 4-2, LO 4-3, LO 4-4 and LO 4-5) (The following information applies to the questions displayed below.) Mint Cleaning Inc. prepared the following unadjusted trial balance at the end of its second year of operations ending December 31. (Assume amounts are reported in thousands of dollars.) Credit Debit $ 38...

  • Required information E4-16 through E4-18 Recording Four Adjusting Journal Entries and Preparing an Adjusted Trial Balance,...

    Required information E4-16 through E4-18 Recording Four Adjusting Journal Entries and Preparing an Adjusted Trial Balance, Reporting an Income Statement, Statement of Retained Earnings, and Balance Sheet and Recording Closing Entries (LO 4-2, LO 4-3, LO 4.4 and LO 4.5) [The following information applies to the questions displayed below.) Mint Cleaning Inc, prepared the following unadjusted trial balance at the end of its second year of operations ending December 31. (Assume amounts are reported in thousands of dollars.) Debit Credit...

  • Required information C4-2 From Recording Transactions (Including Adjusting Journal Entries) to Preparing Financial Statements and Closing...

    Required information C4-2 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.) Brothers Harry and Herman Hausyerday began operations of their machine shop (H & H Tool, Inc.) on January 1, 2016. The annual reporting period ends December 31. The trial balance on January...

  • 3. By what amount would net income have been understated or overstated had the adjusting journal...

    3. By what amount would net income have been understated or overstated had the adjusting journal entries not been recorded? (Enter your answers in thousands of dollars.) Net income by Check my work Part 2 of 7 Required information [The following information applies to the questions displayed below.) Mint Cleaning Inc. prepared the following unadjusted trial balance at the end of its second year of operations ending December 31. (Assume amounts are reported in thousands of dollars.) points Debit Credit...

  • E4-20 (Algo) Recording Four Adjusting Entries and Completing the Trial Balance Worksheet LO4-1 Green Valley Company...

    E4-20 (Algo) Recording Four Adjusting Entries and Completing the Trial Balance Worksheet LO4-1 Green Valley Company prepared the following trial balance at the end of its first year of operations ending December 31. To simplify the case, the amounts given are in thousands of dollars. UNADJUSTED Account Titles Debit Credit Cash 25 Accounts receivable 22 Prepaid insurance 17 Machinery 84 Accumulated depreciation Accounts payable 18 Wages payable Income taxes payable Common stock (3,000 shares) 3 Additional paid-in capital 64 Retained...

  • Required information Problem 3-3A Preparing adjusting entries, adjusted trial balance, and financial statements LO P1,...

    Required information Problem 3-3A Preparing adjusting entries, adjusted trial balance, and financial statements LO P1, P2, P3 The following information applies to the questions displayed below.] Wells Technical Institute (WTI), a school owned by Tristana Wells, provides training to individuals who pay tuition directly to the school. WTI also offers training to groups in off-site locations. Its unadjusted trial balance as of December 31, 2018 follows. WTI initially records prepaid expenses and unearned revenues in balance sheet accounts. Descriptions of...

  • Required information C4-6 Recording/Posting Transactions and Adjustments, and Preparing Trial Balances and Financial Statements-Requires Calculating Depreciation...

    Required information C4-6 Recording/Posting Transactions and Adjustments, and Preparing Trial Balances and Financial Statements-Requires Calculating Depreciation and Interest (Chapters 2, 3, and 4) [LO 2-3, LO 3-3, LO 4. 2, LO 4-4) Fast Deliveries, Inc. (FDI), was organized in December last year and had limited activity last year. The resulting balance sheet at the beginning of the current year is provided below. $ 700 Assets: Cash Accounts Receivable Supplies $12,600 600 720 FAST DELIVERIES, INC. Balance Sheet at January 1...

  • Required information Problem 3-3A Preparing adjusting entries, adjusted trial balance, and financial statements LO P1, P2,...

    Required information Problem 3-3A Preparing adjusting entries, adjusted trial balance, and financial statements LO P1, P2, P3 The following information applies to the questions displayed below.] Wells Technical Institute (WTI), a school owned by Tristana Wells, provides training to individuals who pay tuition directly to the school. WTI also offers training to groups in off-site locations. Its unadjusted trial balance as of December 31, 2018, follows. WTI initially records prepaid expenses and unearned revenues in balance sheet accounts. Descriptions of...

  • Required information C4-6 Recording/Posting Transactions and Adjustments, and Preparing Trial Balances and Financial Statements-Requires Calculating Depreciation...

    Required information C4-6 Recording/Posting Transactions and Adjustments, and Preparing Trial Balances and Financial Statements-Requires Calculating Depreciation and Interest (Chapters 2, 3, and 4) (LO 2-3, LO 3-3, LO 4- 2, LO 4.4) Fast Deliveries, Inc. (FDI), was organized in December last year and had limited activity last year. The resulting balance sheet at the beginning of the current year is provided below: Assets: Cash Accounts Receivable Supplies FAST DELIVERIES, INC. Balance Sheet at January 1 Liabilities: Accounts Payable Stockholders' Equity!...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT