a photo processing store purchased office supplies on january 15 by paying cash of 5,000. on...
a photo processing store purchased office supplies on january 15 by paying cash of 5,000. on january 1, the supplies account had a beginning balance of $500. On december 31, an inventory revealed that supplies on hand amounted to $500. what adjusting journal entry is necessary at December 31st? If the adjustment in part A is not recorded, what will be the impact on the income statement, retained earnings statement, and balance sheet?
Homework Answers
Hi
Let me know in case any issue and query:
Add Answer to:
a photo processing store purchased office supplies on january 15
by paying cash of 5,000. on...
Adjusting entries ABC. Co purchased 600 of office supplies on account on October 15th. On December...
Adjusting entries ABC. Co purchased 600 of office supplies on account on October 15th. On December 31st, 150 of office supplies remain on hand. Prepare the journal entries to record the October 15th purchase and the adjusting entry on December 31st.
Moore General Store purchased office supplies on account during the month of March for $5,000. Payment...
Moore General Store purchased office supplies on account during the month of March for $5,000. Payment for the supplies will be made in April. On March 1, the balance in the supplies account was $350. On March 31, supplies on hand amounted to $310. What was the amount of supplies used during March? Select one: a. $40 x b. $310 C. $4,690 d. $5,040 e. $5,350
Page But 5 20. $20.000 machine 18 purchased by paying $5,000 cash and sory note to...
Page But 5 20. $20.000 machine 18 purchased by paying $5,000 cash and sory note to the remainder. The Journal entry would $5,000 cash and lunga promissory note for the incluce a: a. credit to Notes Receivable. b. credit to Machinery. c. credit to Notes Fayable. d. cebit to Cash. 21. Which of the following is not a valid adjusting entry? a. Debit interest expense, credit interest payable. b. Debit supplies expense, credit supplies c. Debit unearned revenue, credit service...
On December 15 we performed $5,000 worth of service for a customer and immediately received $5,000...
On December 15 we performed $5,000 worth of service for a customer and immediately received $5,000 in cash. What is our revenue for December if we use the cash basis of accounting, assuming that this is the only transaction that affected both revenue and cash in December? $0 $2,500 $5,000 cannot be determined Flag this Question Question 2 4 pts Our employees worked the last two weeks of December. They will be paid in January. What account would we debit...
Ignatenko Company purchased office supplies costing $5,000 and debited Supplies for the full amount. Supplies on...
Ignatenko Company purchased office supplies costing $5,000 and debited Supplies for the full amount. Supplies on hand at the end of the accounting period were $1,300. The appropriate adjusting journal entry to be made would be: Supplies Expense Supplies $3,700 $3,700 Supplies Expense Supplies $1,300 $1,300 Supplies Supplies Expense $1,300 $4,000 Supplies Supplies Expense $3,700 $3,700
The balance in the office supplies account on January 1 was $6,671, the supplies purchased during...
The balance in the office supplies account on January 1 was $6,671, the supplies purchased during January were $3,811, and the supplies on hand on January 31 were $2,401. The amount to be used for the appropriate adjusting entry is a.$3,811 b.$8,081 c.$2,401 d.$12,883
Office Supplies Faberton, Inc. purchases office supplies once a month and prepares monthly financial statements. The...
Office Supplies
Faberton, Inc. purchases office supplies once a month and
prepares monthly financial statements. The asset account Office
Supplies on Hand has a balance of $1,550 on May 1. Purchases of
supplies during May amount to $1,100. Supplies on hand at May 31
amount to $920.
Required:
1. Identify and analyze the effect of the
adjustment on May 31.
Activity
Accounts
Statement(s)
How does this entry affect the accounting equation?
If a financial statement item is not affected, select...
The company has a Supplies account balance of $200 on January 1. During the year, the...
The company has a Supplies account balance of $200 on January 1.
During the year, the company purchased $1,500 of supplies. As of
December 31, a count revealed that there were $500 of supplies on
hand. Complete the necessary journal entry. (If no entry is
required for a transaction/event, select "No journal entry
required" in the first account field.)
1 Record the supplies used during the year. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31
Question 13 Trotman’s variety Store is completing the accounting process for the current year just ended....
Question 13 Trotman’s variety Store is completing the accounting process for the current year just ended. December 31. The transaction during the year have been journalized and posted. The following data will respect to adjustment entries are available. a. Wages earned by employees during December, unpaid and unrecorded at December 3, amount to $2,700 the last payroll was December 28, the next payroll will be January 6. b. Office supplies on hand at January 1 of the current year totaled...
E4-10 Determining Financial Statement Effects of Seven Typical Adjusting Entries L04-1 Dittman's Variety Store is completing...
E4-10 Determining Financial Statement Effects of Seven Typical Adjusting Entries L04-1 Dittman's Variety Store is completing the accounting process for the current year just ended, December 31. The transactions during year have been jumalized and posted. The following data with respect to adjusting entries are available a Wages earned by employees during December, unpaid and unrecorded at December 31, amounted to $2,700. The last payroll was December 28, the next payroll will be January 6 b. Office supplies on hand...
Moore General Store purchased office supplies on account during the month of March for $5,000. Payment for the supplies will be made in April. On March 1, the balance in the supplies account was $350. On March 31, supplies on hand amounted to $310. What was the amount of supplies used during March? Select one: a. $40 x b. $310 C. $4,690 d. $5,040 e. $5,350
Page But 5 20. $20.000 machine 18 purchased by paying $5,000 cash and sory note to the remainder. The Journal entry would $5,000 cash and lunga promissory note for the incluce a: a. credit to Notes Receivable. b. credit to Machinery. c. credit to Notes Fayable. d. cebit to Cash. 21. Which of the following is not a valid adjusting entry? a. Debit interest expense, credit interest payable. b. Debit supplies expense, credit supplies c. Debit unearned revenue, credit service...
Ignatenko Company purchased office supplies costing $5,000 and debited Supplies for the full amount. Supplies on hand at the end of the accounting period were $1,300. The appropriate adjusting journal entry to be made would be: Supplies Expense Supplies $3,700 $3,700 Supplies Expense Supplies $1,300 $1,300 Supplies Supplies Expense $1,300 $4,000 Supplies Supplies Expense $3,700 $3,700
Office Supplies
Faberton, Inc. purchases office supplies once a month and
prepares monthly financial statements. The asset account Office
Supplies on Hand has a balance of $1,550 on May 1. Purchases of
supplies during May amount to $1,100. Supplies on hand at May 31
amount to $920.
Required:
1. Identify and analyze the effect of the
adjustment on May 31.
Activity
Accounts
Statement(s)
How does this entry affect the accounting equation?
If a financial statement item is not affected, select...
The company has a Supplies account balance of $200 on January 1.
During the year, the company purchased $1,500 of supplies. As of
December 31, a count revealed that there were $500 of supplies on
hand. Complete the necessary journal entry. (If no entry is
required for a transaction/event, select "No journal entry
required" in the first account field.)
1 Record the supplies used during the year. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31
E4-10 Determining Financial Statement Effects of Seven Typical Adjusting Entries L04-1 Dittman's Variety Store is completing the accounting process for the current year just ended, December 31. The transactions during year have been jumalized and posted. The following data with respect to adjusting entries are available a Wages earned by employees during December, unpaid and unrecorded at December 31, amounted to $2,700. The last payroll was December 28, the next payroll will be January 6 b. Office supplies on hand...
Most questions answered within 3 hours.
-
Luther Corporation
Consolidated Balance Sheet
December 31, 2019 and 2018 (in $ millions)
Assets
2019
2018...
asked 1 minute from now -
(Expected rate of return and risk) Carter Inc. is evaluating a
security. Calculate the investment’s expected...
asked 2 hours ago -
What specific indicators can point to lack of progress for
African Americans in American society?
asked 3 hours ago -
1-The Electrons in a beam are moving at 2.7×108 m/s in an
electric field of 15000...
asked 3 hours ago -
A gas tank is a vertical cylinder. It has a radius of 1m, a
height of...
asked 4 hours ago -
Accent Software faces the following conditions. All of these
support Accent’s use of a market-penetration pricing...
asked 5 hours ago -
A mathematically inclined friend emails you the following
instructions: "Meet me in the cafeteria the first...
asked 5 hours ago -
A monopoly sells in two countries . The demand curves in the two
countries are p1...
asked 6 hours ago -
A .15kg rubber ball is bounced off a wall. Before hitting the
wall, the ball moves...
asked 7 hours ago -
A manufacturing company preparing to build a new plant is
considering three potential locations for it....
asked 7 hours ago -
B. If compound Y has approximately the same values of solubility
in toluene as compound X,...
asked 7 hours ago -
Oscar Inc. has inventory in Japan valued at 39,051,000 Yen one
year ago. One year ago...
asked 7 hours ago