Homework Answers
4)
If salaries expense of $ 85,000 is not recorded , it will have the following effects:
(i) Expenses will be understated by $ 85,000
(ii) Net income will be overstated by $ 85,000
(iii) Liabilities will be understated by $ 85,000
(iv) Equity will be overstated by $ 85,000
5)
(i) Supplies Beginning = $ 330
(ii) Supplies purchased = $ 1500
(iii) Supplies ending = $ 585
Supplies expense = Supplies Beginning + Supplies purchased - Supplies ending
= 330 + 1500 - 585
= $1245
The adjusting entry will be :
| JOURNAL | |||
| DATE | ACCOUNT | DEBIT | CREDIT |
| Supplies Expense | 1245 | ||
| To record supplies expense | 1245 | ||
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A partial trial balance of Pina Corporation is as follows on
December 31, 2018.
Dr.
Cr.
Supplies
$2,900
Salaries and wages payable
$1,500
Interest Receivable
5,100
Prepaid Insurance
95,700
Unearned Rent
0
Interest Payable
15,400
Additional adjusting data:
1.
A physical count of supplies on hand on December 31, 2018,
totaled $1,200.
2.
Through oversight, the Salaries and Wages Payable account was
not changed during 2018. Accrued salaries and wages on December 31,
2018, amounted to $4,400.
3.
The Interest...
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Depreciation on the company’s equipment for the year is
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