Homework Answers
| Ref. | Description | Debit | Credit |
| a. | Salaries Expense | $9,500 | |
| Salaries Payable | $9,500 | ||
| b. | Interest Expense | $4,560 | |
| Interest Payable | $4,560 | ||
| c. | Accounts Receivable | $13,300 | |
| Revenue | $13,300 | ||
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Accrual Adjusting Entries Prepare adjusting journal entries for Sparky Electronics for the following items: a. Salaries...
Print eBook Question 3 P Flag question Marked out of 6.00 Not complete Accrual Adjusting Entries...
Print eBook Question 3 P Flag question Marked out of 6.00 Not complete Accrual Adjusting Entries Prepare adjusting journal entries for Sparky Electronics for the following items: a. Salaries for employees in the amount of $6,250 have not been paid. b. Interest expense of $3,000 for an outstanding note. c. Work performed but not yet billed for $8,750. General Journal Description Debit Credit Ref. a. b. C. Check A Save Answers O Previous Next O
Record adjusting journal entries for each of the following for year ended December 31. Assume no...
Record adjusting journal entries for each of the following for year ended December 31. Assume no other adjusting entries are made during the year. a. Salaries Payable. At year-end, salaries expense of $17,500 has been incurred by the company, but is not yet paid to employees. b. Interest Payable. At its December 31 year-end, the company owes $350 of interest on a line-of-credit loan. That interest will not be paid until sometime in January of the next year. c. Interest...
Charger Inc. had the following items that require adjusting entries at the end of the year....
Charger Inc. had the following items that require adjusting entries at the end of the year. a. Charger pays its employees $3,000 every Friday for a 5-day work week. This year December 31 falls on a Wednesday. b. Charger earned income of $720,000 for the year for tax purposes. Its effective tax rate is 35%. These taxes must be paid by April 15 of next year. C. Charger borrowed $360,000 with a note payable dated August 1. This note specifies...
Prepare monthly adjusting journal entries for January 20X2 for the following items: Prepare monthly adjusting journal...
Prepare monthly adjusting journal entries for January 20X2 for the
following items:
Prepare monthly adjusting journal entries for January 20X2 for
the following items:
OLH5 IULIS. 1) Prepaid professional liability insurance was purchased for $3,200 on December 1, 20X1, and provides insurance coverage from December 1, 20X1, through March 31, 20X2 2) Prepaid rent was paid on December 1, 20X1, in the amount of $30,000 for the six- month period December 1, 20X1, through May 31, 20X2. 3) Equipment was...
Prepare the adjusting journal entries for the following transactions (If no entry is required for a...
Prepare the adjusting journal entries for the following transactions (If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.) 1. Supplies for office use were purchased during the year for $680, of which $190 remained on hand (unused) at year-end. 2. Interest of $340 on a note receivable was earned at year-end, although collection of the interest is not due until the following year. 3. At year-end, salaries and wages payable of...
Prepare the adjusting journal entries for the following transactions. (If no entry is required for a...
Prepare the adjusting journal entries for the following transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) 1. Supplies for office use were purchased during the year for $640, of which $170 remained on hand (unused) at year-end. 2. Interest of $320 on a note receivable was earned at year-end, although collection of the interest is not due until the following year. 3. At year-end, salaries and wages payable of...
Record adjusting journal entries for each of the following for year ended December 31. Assume no...
Record adjusting journal entries for each of the following for year ended December 31. Assume no other adjusting entries are made during the year. a. Accounts Receivable. At year-end, the L. Cole Company has completed services of $27,000 for a client, but the client has not yet been billed for those services. b. Interest Receivable. At year-end, the company has earned, but not yet recorded, $710 of interest earned from its investments in government bonds. c. Accounts Receivable. A painting...
Trial Balance and Adjusting Entries Photomake, Inc., a commercial photography studio, has just completed its first...
Trial Balance and Adjusting Entries Photomake, Inc., a commercial photography studio, has just completed its first full year of operations on December 31. The general ledger account balances before year-end adjustments follow. No adjusting entries have been made to the accounts at any time during the year. Assume that all balances are normal. Cash $2,365 Accounts Payable Accounts Receivable 4180 Unearned Photography Fees 2.860 26.400 Prepaid insurance 3.267 Photography Fees Eamed 37,928 Supplies 4,675 Wages Expense 12,100 Equipment 25.080 Utilities...
Prepare adjusting journal entries, as needed, for the following items. (If no entry is required for...
Prepare adjusting journal entries, as needed, for the following items. (If no entry is required for a transaction/event, select "No Journal entry required" In the first account field.) a. The Supplies account shows a balance of $560, but a count of supplies reveals only $230 on hand at year-end. b. The company Initially records the payments of all Insurance premlums as prepald Insurance. The unadjusted trial balance at year- end shows a balance of $590 In Prepaid Insurance. A review...
Question 3 The bookkeeper for Ivanhoe Company asks you to prepare the following accrual adjusting entries...
Question 3 The bookkeeper for Ivanhoe Company asks you to prepare the following accrual adjusting entries at December 31. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) (a) (b) (c) Interest on notes payable of $310 is accrued. Services performed but unbilled totals $1,890. Salaries of $700 earned by employees have not been recorded. Debit...
Print eBook Question 3 P Flag question Marked out of 6.00 Not complete Accrual Adjusting Entries Prepare adjusting journal entries for Sparky Electronics for the following items: a. Salaries for employees in the amount of $6,250 have not been paid. b. Interest expense of $3,000 for an outstanding note. c. Work performed but not yet billed for $8,750. General Journal Description Debit Credit Ref. a. b. C. Check A Save Answers O Previous Next O
Record adjusting journal entries for each of the following for year ended December 31. Assume no other adjusting entries are made during the year. a. Salaries Payable. At year-end, salaries expense of $17,500 has been incurred by the company, but is not yet paid to employees. b. Interest Payable. At its December 31 year-end, the company owes $350 of interest on a line-of-credit loan. That interest will not be paid until sometime in January of the next year. c. Interest...
Charger Inc. had the following items that require adjusting entries at the end of the year. a. Charger pays its employees $3,000 every Friday for a 5-day work week. This year December 31 falls on a Wednesday. b. Charger earned income of $720,000 for the year for tax purposes. Its effective tax rate is 35%. These taxes must be paid by April 15 of next year. C. Charger borrowed $360,000 with a note payable dated August 1. This note specifies...
Prepare monthly adjusting journal entries for January 20X2 for the
following items:
Prepare monthly adjusting journal entries for January 20X2 for
the following items:
OLH5 IULIS. 1) Prepaid professional liability insurance was purchased for $3,200 on December 1, 20X1, and provides insurance coverage from December 1, 20X1, through March 31, 20X2 2) Prepaid rent was paid on December 1, 20X1, in the amount of $30,000 for the six- month period December 1, 20X1, through May 31, 20X2. 3) Equipment was...
Prepare the adjusting journal entries for the following transactions (If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.) 1. Supplies for office use were purchased during the year for $680, of which $190 remained on hand (unused) at year-end. 2. Interest of $340 on a note receivable was earned at year-end, although collection of the interest is not due until the following year. 3. At year-end, salaries and wages payable of...
Prepare the adjusting journal entries for the following transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) 1. Supplies for office use were purchased during the year for $640, of which $170 remained on hand (unused) at year-end. 2. Interest of $320 on a note receivable was earned at year-end, although collection of the interest is not due until the following year. 3. At year-end, salaries and wages payable of...
Record adjusting journal entries for each of the following for year ended December 31. Assume no other adjusting entries are made during the year. a. Accounts Receivable. At year-end, the L. Cole Company has completed services of $27,000 for a client, but the client has not yet been billed for those services. b. Interest Receivable. At year-end, the company has earned, but not yet recorded, $710 of interest earned from its investments in government bonds. c. Accounts Receivable. A painting...
Trial Balance and Adjusting Entries Photomake, Inc., a commercial photography studio, has just completed its first full year of operations on December 31. The general ledger account balances before year-end adjustments follow. No adjusting entries have been made to the accounts at any time during the year. Assume that all balances are normal. Cash $2,365 Accounts Payable Accounts Receivable 4180 Unearned Photography Fees 2.860 26.400 Prepaid insurance 3.267 Photography Fees Eamed 37,928 Supplies 4,675 Wages Expense 12,100 Equipment 25.080 Utilities...
Prepare adjusting journal entries, as needed, for the following items. (If no entry is required for a transaction/event, select "No Journal entry required" In the first account field.) a. The Supplies account shows a balance of $560, but a count of supplies reveals only $230 on hand at year-end. b. The company Initially records the payments of all Insurance premlums as prepald Insurance. The unadjusted trial balance at year- end shows a balance of $590 In Prepaid Insurance. A review...
Question 3 The bookkeeper for Ivanhoe Company asks you to prepare the following accrual adjusting entries at December 31. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) (a) (b) (c) Interest on notes payable of $310 is accrued. Services performed but unbilled totals $1,890. Salaries of $700 earned by employees have not been recorded. Debit...
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