1) Accounting equation
Transaction | Assets | = | Liabilities | + | Stockholder's equity | |||
a | Account receivable | 2200 | Service revenue | 2200 | ||||
b | Prepaid insurance | -1620 | Insurance expense | -1620 | ||||
c | Salaries payable | 920 | Salaries expense | -920 | ||||
d | Deferred revenue | -235 | Service revenue | 235 | ||||
e | Accumulated depreciation | -1520 | Depreciation expense | -1520 | ||||
f | Deferred revenue | -720 | Service revenue | 720 | ||||
g | Interest payable | 620 | Interest expense | -620 | ||||
h | Income tax payable | 5500 | Income tax expense | -5500 | ||||
PB4-2 Recording Adjusting Journal Entries (LO 4-1, LO 4-2] [The following information applies to the questions...
PB4-2 Recording Adjusting Journal Entries [LO 4-1, LO 4-6] Cactus Company's annual accounting year ends on June 30. Assume it is now June 30 and all of the entries except the following adjusting journal entries have been made: d. The company earned service revenue of $2,000 on a special job that was completed June 29. Collection will be made during July no entry has been recorded. b. On March 31, Cactus paid a six- month premium for property insurance in...
PB4-2 Recording Adjusting Journal Entries LO 4-1, 4-2, 4-6 Cactus Company's annual accounting year ends on June 30. Assume it is now June 30 and all of the entries except the following adjusting journal entries have been made: a. The company earned service revenue of $2,000 on a special job that was completed June 29. Collection will be made during July, no entry has been recorded. b. On March 31, Cactus paid a six-month premium for property insurance in the...
Required information [The following information applies to the questions displayed below.] Cactus Company’s annual accounting year ends on June 30. Assume it is June 30, and all of the entries except the following adjusting journal entries have been made: The company earned service revenue of $1,900 on a special job that was completed June 29. Collection will be made during July; no entry has been recorded. On March 31, Cactus paid a six-month premium for property insurance in the amount...
Cactus Company's annual accounting year ends on June 30. Assume it is June 30, and all of the entries except the following adjusting journal entries have been made: a. The company earned service revenue of $2,600 on a special job that was completed June 29. Collection will be made during July; no entry has been recorded. b. On March 31, Cactus paid a six-month premium for property insurance in the amount of $3,320 for coverage starting on that date. Cash...
6 value: 10.00 points Cactus Company's annual accounting year ends on June 30. Assume it is June 30, and all of the entries except the following adjusting journal entries have been made: a. The company earned service revenue of $3,600 on a special job that was completed June 29 b. On March 31, Cactus paid a six-month premium for property insurance in the amount of $4,800 for c. At June 30, wages of $2,500 were earned by employees but not...
P4-2 (Algo) Recording Adjusting Entries LO4-1 [The following information applies to the questions displayed below.] All of the current year's entries for Zimmerman Company have been made, except the following adjusting entries. The company's annual accounting year ends on December 31. On September 1 of the current year, Zimmerman collected six months' rent of $8,460 on storage space. At that date, Zimmerman debited Cash and credited Unearned Rent Revenue for $8,460. On October 1 of the current year, the company...
P4-2 (Algo) Recording Adjusting Entries L04-1 [The following information applies to the questions displayed below. All of the current year's entries for Zimmerman Company have been made, except the following adjusting entries. The company's annual accounting year ends on December 31. a. On September 1 of the current year, Zimmerman collected six months' rent of $8,640 on storage space. At that date, Zimmerman debited Cash and credited Unearned Rent Revenue for $8,640. b. On October 1 of the current year,...
Check my wor E4-8 Recording Typical Adjusting Journal Entries (LO 4-1, LO 4-2, LO 4-6] Jaworski's Ski Store is completing the accounting process for its first year ended December 31, 2018. The transactions during 2018 have been journalized and posted. The following data are available to determine adjusting journal entries: a. The unadjusted balance in Supplies was $930 at December 31, 2018. The unadjusted balance in Supplies Expense was $0 at December 31, 2018. A year-end count showed $110 of...
E4-8 Recording Typical Adjusting Journal Entries [LO 4-1, LO 4-2, LO 4-6) Jaworski's Ski Store is completing the accounting process for its first year ended December 31, 2018. The transactions during 2018 have been journalized and posted. The following data are available to determine adjusting journal entries: a. The unadjusted balance in Supplies was $900 at December 31, 2018. The unadjusted balance in Supplies Expense was $0 at December 31, 2018. A year-end count showed $110 of supplies on hand....
PA4-2 Analyzing and Recording Adjusting Journal Entries (LO 4-1, LO 4-6] Brokeback Towing Company is at the end of its accounting year, December 31, 2018. The following data that must be considered were developed from the company's records and related documents: a. On July 1, 2018, a two-year insurance premium on equipment in the amount of $744 was paid and debited in full to Prepaid Insurance on that date. Coverage began on July 1. b. At the end of 2018,...