The December 31, 2021, unadjusted trial balance for the Wolkstein Drug Company is presented below. December...
The December 31, 2021, unadjusted trial balance for the Wolkstein Drug Company is presented below. December 31 is the company’s year-end reporting date.
| Account Title | Debits | Credits | |
| Cash | 46,340 | ||
| Accounts receivable | 31,250 | ||
| Prepaid rent | 5,000 | ||
| Inventory | 48,750 | ||
| Equipment | 110,000 | ||
| Accumulated depreciation | 33,000 | ||
| Accounts payable | 35,000 | ||
| Salaries payable | 0 | ||
| Common stock | 100,000 | ||
| Retained earnings | 32,500 | ||
| Sales revenue | 483,000 | ||
| Cost of goods sold | 289,800 | ||
| Salaries expense | 96,600 | ||
| Rent expense | 30,000 | ||
| Depreciation expense | 0 | ||
| Utilities expense | 19,320 | ||
| Advertising expense | 6,440 | ||
| Totals | 683,500 | 683,500 | |
The following year-end adjusting entries are required:
- Depreciation expense for the year on the equipment is $11,000.
- Salaries at year-end should be accrued in the amount of $6,200.
Homework Answers
Solution
| Adjusting Entries | |||
| Date | General Journal | Debit | Credit |
| 31-Dec-21 | Depreciation expense | $ 11,000.00 | |
| Accumulated depreciation | $ 11,000.00 | ||
| (To record depreciation expense) | |||
| 31-Dec-21 | Salaries expense | $ 6,200.00 | |
| Salaries payable | $ 6,200.00 | ||
| (To record salaries expense) | |||
Salaries is not yet paid hence salaries payable is credited instead of cash.
Add Answer to:
The December 31, 2021, unadjusted trial balance for the
Wolkstein Drug Company is presented below. December...
The December 31, 2021, unadjusted trial balance for the Wolkstein Drug Company is presented below. December...
The December 31, 2021, unadjusted trial balance for the Wolkstein Drug Company is presented below. December 31 is the company's year-end reporting date. Credits Debits 41,870 32,750 5,400 51,250 118,000 Account Title Cash Accounts receivable Prepaid rent Inventory Equipment Accumulated depreciation Accounts payable Salaries payable Common stock Retained earnings Sales revenue Cost of goods sold Salaries expense Rent expense Depreciation expense Utilities expense Advertising expense Totals 35,400 37,000 0 100,000 35,500 503,000 301,800 100,600 32,400 20,120 6710 710,900 710,900 The...
The December 31, 2021, unadjusted trial balance for the Wolkstein Drug Company is presented below. December...
The December 31, 2021, unadjusted trial balance for the Wolkstein Drug Company is presented below. December 31 is the company's year-end reporting date Credits Debits 75,370 21,500 2,400 32, see 58, eee 17,480 22,000 2 Account Title Cash Accounts receivable Prepaid rent Inventory Equipment Accumulated depreciation Accounts payable Salaries payable Common stock Retained earnings Sales revenue Cost of goods sold Salaries expense Rent expense Depreciation expense Utilities expense Advertising expense Totals 100,000 13,000 353,000 211,800 70,600 14,400 14,120 4.710 505,...
The December 31, 2018, unadjusted trial balance for the Wolkstein Drug Company is presented below. December...
The December 31, 2018, unadjusted trial balance for the Wolkstein Drug Company is presented below. December 31 is the company’s fiscal year-end. Account TitleDebits Credits Cash70,910 Accounts receivable23,000 Prepaid rent2,800 Inventory35,000 Equipment66,000 Accumulated depreciation—equipment 19,800 Accounts payable 24,000 Salaries and wages payable 0 Common stock 100,000 Retained earnings 16,000 Sales revenue 373,000 Cost of goods sold223,800 Salaries and wages expense74,600 Rent expense16,800 Depreciation expense0 Utility expense14,920 Advertising expense4,970 Totals532,800 532,800 The following year-end adjusting entries are required: Depreciation expense for the year on the...
Required Information The following information applies to the questions displayed below) The December 31, 2021, unadjusted...
Required Information The following information applies to the questions displayed below) The December 31, 2021, unadjusted trial balance for the Wolkstein Drug Company is presented below. December 31 is the company's year-end reporting dute. Account Title Debits Credits Cash 20,000 Accounts receivable 35,000 Prepaid rent 5,00 Inventory 50,00 Equipment 100,00 Accumulated depreciation Be, Accounts payable 25,000 Salaries payable Common stock 300. Retained earnings Sales revenue 323,00 Cost of goods sold 180,00 Salaries expense 71, Rent expense Depreciation expense 30,000 Utilities...
Required information [The following information applies to the questions displayed below.] The December 31, 2021, unadjusted...
Required information [The following information applies to the questions displayed below.] The December 31, 2021, unadjusted trial balance for the Wolkstein Drug Company is presented below. December 31 is the company's year-end reporting date. Credits Debits 53,040 29,000 4,400 45,000 98,000 29,400 32,000 Account Title Cash Accounts receivable Prepaid rent Inventory Equipment Accumulated depreciation Accounts payable Salaries payable Common stock Retained earnings Sales revenue Cost of goods sold Salaries expense Rent expense Depreciation expense Utilities expense Advertising expense Totals 100,000...
The unadjusted trial balance as of December 31, 2021, for the Bagley Consulting Company appears below....
The unadjusted trial balance as of December 31, 2021, for the Bagley Consulting Company appears below. December 31 is the company’s reporting year-end. Account Title Debits Credits Cash 2,250 Accounts receivable 8,250 Prepaid insurance 3,400 Land 225,000 Buildings 65,000 Accumulated depreciation—buildings 26,000 Office equipment 99,000 Accumulated depreciation—office equipment 39,600 Accounts payable 29,550 Salaries payable 0 Deferred rent revenue 0 Common stock 240,000 Retained earnings 47,850 Service revenue 85,000 Interest revenue 4,600 Rent revenue 5,700 Salaries expense 34,000 Depreciation expense 0...
The unadjusted trial balance as of December 31, 2021, for the Bagley Consulting Company appears below....
The unadjusted trial balance as of December 31, 2021, for the Bagley Consulting Company appears below. December 31 is the company’s reporting year-end. Account Title Debits Credits Cash 7,650 Accounts receivable 7,750 Prepaid insurance 3,200 Land 215,000 Buildings 60,000 Accumulated depreciation—buildings 24,000 Office equipment 93,000 Accumulated depreciation—office equipment 37,200 Accounts payable 28,850 Salaries payable 0 Deferred rent revenue 0 Common stock 230,000 Retained earnings 46,950 Service revenue 82,000 Interest revenue 4,200 Rent revenue 5,100 Salaries expense 32,000 Depreciation expense 0...
The December 31, 2021, adjusted trial balance for the Blueboy Cheese Corporation is presented below. Account...
The December 31, 2021, adjusted trial balance for the Blueboy Cheese Corporation is presented below. Account Title Debits Credits Cash 57,300 Accounts receivable 280,000 Prepaid rent 8,000 Inventory 41,000 Office equipment 510,000 Accumulated depreciation 214,000 Accounts payable 52,000 Notes payable (due in six months) 33,000 Salaries payable 6,600 Interest payable 1,100 Common stock 400,000 Retained earnings 105,000 Sales revenue 660,000 Cost of goods sold 396,000 Salaries expense 99,000 Rent expense 24,000 Depreciation expense 51,000 Interest expense 2,200 Advertising expense 3,200...
The adjusted trial balance for China Tea Company at December 31, 2021, is presented below: Credit...
The adjusted trial balance for China Tea Company at December 31, 2021, is presented below: Credit Debit 10,500 150,000 5,000 25,000 300,000 Cash Accounts receivable Prepaid rent Inventory Equipment Accumulated depreciation equipment Accounts payable Notes payable-due in three months Salaries payable Interest payable Common stock Retained earnings Dividends Sales revenue Costs of goods sold Salaries expense Rent expense Depreciation expense Interest expense Advertising expense Totals 125,000 30,000 30,000 4,000 9,000 200,000 50,000 8,000 400,000 nces 180,000 120,000 15,000 30,000 2,000...
The December 31, 2021. adjusted trial balance for Fightin' Blue Hens Corporation is presented below. Credit...
The December 31, 2021. adjusted trial balance for Fightin' Blue Hens Corporation is presented below. Credit f3 5 Debit 11,988 149,000 5,900 29,50 398, see Accounts Cash Accounts Receivable Prepaid Rent Supplies Equipment Accumulated Depreciation Accounts Payable Salaries Payable Interest Payable Notes Payable (due in two years) Common Stock Retained Earnings Service Revenue Salaries Expense Rent Expense Depreciation Expense interest Expense Total $ 134,080 11,90 10,980 4,988 39. eee 298,888 59,000 499.00 390.ee 19, see 39 4,90 $1,039,780 $1.59.780 Required:...
The December 31, 2021, unadjusted trial balance for the Wolkstein Drug Company is presented below. December 31 is the company's year-end reporting date. Credits Debits 41,870 32,750 5,400 51,250 118,000 Account Title Cash Accounts receivable Prepaid rent Inventory Equipment Accumulated depreciation Accounts payable Salaries payable Common stock Retained earnings Sales revenue Cost of goods sold Salaries expense Rent expense Depreciation expense Utilities expense Advertising expense Totals 35,400 37,000 0 100,000 35,500 503,000 301,800 100,600 32,400 20,120 6710 710,900 710,900 The...
The December 31, 2021, unadjusted trial balance for the Wolkstein Drug Company is presented below. December 31 is the company's year-end reporting date Credits Debits 75,370 21,500 2,400 32, see 58, eee 17,480 22,000 2 Account Title Cash Accounts receivable Prepaid rent Inventory Equipment Accumulated depreciation Accounts payable Salaries payable Common stock Retained earnings Sales revenue Cost of goods sold Salaries expense Rent expense Depreciation expense Utilities expense Advertising expense Totals 100,000 13,000 353,000 211,800 70,600 14,400 14,120 4.710 505,...
Required Information The following information applies to the questions displayed below) The December 31, 2021, unadjusted trial balance for the Wolkstein Drug Company is presented below. December 31 is the company's year-end reporting dute. Account Title Debits Credits Cash 20,000 Accounts receivable 35,000 Prepaid rent 5,00 Inventory 50,00 Equipment 100,00 Accumulated depreciation Be, Accounts payable 25,000 Salaries payable Common stock 300. Retained earnings Sales revenue 323,00 Cost of goods sold 180,00 Salaries expense 71, Rent expense Depreciation expense 30,000 Utilities...
Required information [The following information applies to the questions displayed below.] The December 31, 2021, unadjusted trial balance for the Wolkstein Drug Company is presented below. December 31 is the company's year-end reporting date. Credits Debits 53,040 29,000 4,400 45,000 98,000 29,400 32,000 Account Title Cash Accounts receivable Prepaid rent Inventory Equipment Accumulated depreciation Accounts payable Salaries payable Common stock Retained earnings Sales revenue Cost of goods sold Salaries expense Rent expense Depreciation expense Utilities expense Advertising expense Totals 100,000...
The adjusted trial balance for China Tea Company at December 31, 2021, is presented below: Credit Debit 10,500 150,000 5,000 25,000 300,000 Cash Accounts receivable Prepaid rent Inventory Equipment Accumulated depreciation equipment Accounts payable Notes payable-due in three months Salaries payable Interest payable Common stock Retained earnings Dividends Sales revenue Costs of goods sold Salaries expense Rent expense Depreciation expense Interest expense Advertising expense Totals 125,000 30,000 30,000 4,000 9,000 200,000 50,000 8,000 400,000 nces 180,000 120,000 15,000 30,000 2,000...
The December 31, 2021. adjusted trial balance for Fightin' Blue Hens Corporation is presented below. Credit f3 5 Debit 11,988 149,000 5,900 29,50 398, see Accounts Cash Accounts Receivable Prepaid Rent Supplies Equipment Accumulated Depreciation Accounts Payable Salaries Payable Interest Payable Notes Payable (due in two years) Common Stock Retained Earnings Service Revenue Salaries Expense Rent Expense Depreciation Expense interest Expense Total $ 134,080 11,90 10,980 4,988 39. eee 298,888 59,000 499.00 390.ee 19, see 39 4,90 $1,039,780 $1.59.780 Required:...
Most questions answered within 3 hours.
-
In females, the labia swells and the vagin-a lubricates during
which phase of the sexual response...
asked 26 minutes ago -
2. An item costs a retailer $200. If a 30 percent markup is
desired, what should...
asked 28 minutes ago -
Your client, Anita, is hurt in a car accident and comes to you
for some advice....
asked 39 minutes ago -
how many mL of 0.1050 M NaOH is needed to reach a pH of 3.74
when...
asked 35 minutes ago -
QUESTION
Memory retrieval that is easier when the person is in the same
psychological condition during...
asked 38 minutes ago -
The mean annual inflation rate in the UNited States over the
past 98 years in 3.37%...
asked 45 minutes ago -
Design a class Holiday that represents a
holiday during the year. This class has three
private...
asked 1 hour ago -
Problem 1 (Logistic Regression and KNN). In this problem, we
predict Direction using the data Weekly.csv....
asked 1 hour ago -
What is the difference between VNTRs (Variable Number Tandem
Repeats) and STRs (Short Tandem Repeats) used...
asked 1 hour ago -
Fill in
Isotope: 15 O
1. Element name:
2. Atomic number:
3. Mass number:
4. Number...
asked 1 hour ago -
These days with the cost of a college education it is important
to be able to...
asked 1 hour ago -
c++
Implement Radix Sort Most sorting algorithms, like bubble,
insertion, selection and shell follow similar implementations....
asked 1 hour ago