1) The supplies account has a balance of $3,000 at the beginning of the year and...
1) The supplies account has a balance of $3,000 at the beginning of the year and was debited during the year for $1,400, representing the total of supplies purchased during the year. If $800 of supplies are on hand at the end of the year, the supplies expense to be reported on the income statement for the year is ______________?
2) ABC, Inc. Made a Prepaid Rent payment of $4,000 on January 1st. The company's monthly rent is $800. The amount of Prepaid Rent that would appear on the January 31 balance sheet after adjustment is _______________
3) The unearned rent account has a balance of $64,000. If $20,000 of the $64,000 us unearned at the end of the accounting period, the amount of the adjusting entry is ___________?
4) If the balance of supplies at the start of the month was $900 and at the end of the month you had $450 on hand, the adjustment for Supplies would be:
A) $450
B) $550
C) $350
D) $ 900
5) Total wages per week are $4,800. You need to accrue $4,000 of wages. The adjusting entry would include which of the following?
A) Credit Wages Expense, $4,000; debit wages payable, $4,000
B) Debit wages expense, $4,000; credit wages payable, $4,000
C) Debit wages expense, $4,800; credit wages payable, $4,,800
D) Debit wages expense, $4,800; credit cash, $4,8000
6) Great lakes modeling agency purchased $900 of office furniture at the beginning of the month. Depreciation expense at the end of the month is $200. What is the balance of the office furniture account at the end of the month?
A) $700
B) $1,000
C) $200
D) $900
7) Which of the following transactions would result in an accrual?
A) Salary expense has been incurred but unpaid.
B) Rent expired for the month.
C) Supplies used during the accounting period.
D) Equipment depreciated over the period.
8) Adjusting entries affect:
A) The Balance Sheet
B) The income statement
C) Neither of these answers is correct.
D) Both A and B are correct.
9) Which of the following accounts would most likely not need to be adjusted at the end of the year?
A) Office supplies.
B) Prepaid Rent
C) Accumulated Depreciation
D) Cash
Homework Answers
1) Supplies expense = Beginning balance of supplies + Supplies purchased during the year – Supplies on hand at end of the year = $3,000 + $1,400 - $800 = $3,600.
2) ABC, Inc.
Prepaid Rent on January 31 balance sheet after the adjustment is made = $4,000 - $800 = $3,200.
3) Amount of the adjusting entry = $64,000 - $20,000 = $44,000.
4) Adjustment for supplies = $900 - $450 = $450
Answer: A) $450
Per HOMEWORKLIB RULES the first 4 questions have been answered. Please post the remaining separately. Thank you.
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1) The supplies account has a balance of $3,000 at the beginning
of the year and...
2. Prepare adjusting entries for the following transactions: (a) The beginning balance of the supplies account...
2. Prepare adjusting entries for the following transactions: (a) The beginning balance of the supplies account was $245. During the month the company bought additional supplies in the amount of $735. At the end of the month a physical inventory showed S343 of unused supplies. The company has a 12% note payable in the amount of $17,000 due in six months. The interest expense of $170 for the month has not been recorded. c) The company has two employees. The...
a. Unrecorded depreciation on equipment is $800. b. The Supplies account has a balance of $3,100....
a. Unrecorded depreciation on equipment is $800. b. The Supplies account has a balance of $3,100. Supplies on hand at the end of the period totaled $1,200. c. On the date for preparing financial statements, an estimated utilities expense of $425 has been incurred, but no utility bill has been received. d. On the first day of the current month, rent for four months was paid and recorded as a $2,800 debit to Prepaid Rent and a $2,800 credit to...
QUESTION 2 The supplies account has a $3,000 beginning balance. After counting the supplies in the...
QUESTION 2 The supplies account has a $3,000 beginning balance. After counting the supplies in the stock room it was determined that $1,000 in supplies are left. What is the adjusting entry? O Debit: supplies expense $2000, Credit: Supplies $2000 O Debit: supplies $1000, Credit: supplies expense $1000 O Debit: supplies expense $1000, Credit: Supplies $1000 O Debit: supplies $2000, Credit: supplies expense $2000 QUESTION 8 Employees earn $1,000 for a five day work week that begins on Monday and...
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The unadjusted trial balance for a company as of December 31, 2015 appears below. Debit Credit Cash $1,200 900 Accounts Receivable Prepaid Insurance Supplies Land Office Furniture 900 2,000 10,000 4,500 Accounts Payable 900 Unearned Revenue 1,500 Note Payable 5,500 Common Stock 3,000 Retained Earnings 7,400 Dividends 1,100 Service Revenues 4,100 Rent Expense 600 Salaries Expense 1.200 $22,400 $22,400 Additional Information: 1. The Company paid $900 for a one-year insurance policy on July 1, 2015 2. The office furniture was...
1. Depreciation on equipment is $800 for the accounting period. 2. There was no beginning balance...
1. Depreciation on equipment is $800 for the accounting period. 2. There was no beginning balance of supplies and purchased $600 of office supplies during the period. At the end of the period $120 of sup 3. Prepaid rent had a $1,000 normal balance prior to adjustment. By year end $300 was unexpired. Prepare adjusting entries for the above transactions. No. Account Titles and Explanation Debit Credit Brief Exercise 259 1. Depreciation on equipment is $800 for the accounting period....
13 seconds. Status: Trial Balance wash Accounts Receivable Supplies Land Accounts Payable Wages Payable Common Stock...
13 seconds. Status: Trial Balance wash Accounts Receivable Supplies Land Accounts Payable Wages Payable Common Stock Retained Earnings Dividends Fees Earned Wages Expense Rent Expense 10000 20000 5000 37000 11000 3000 44000 7000 15000 35000 6000 7000 100000 100000 === ======== == What are the total assets? $35,000 $72,000 $116,000 Click Save and Submit to save and submit. Click Save All A QUESTION 10 I bou ght office supplies on account. How do I record that? a. Office Supplies, debit:...
Prepare adjusting entries for the following transactions The beginning balance of the supplies account was $345....
Prepare adjusting entries for the following transactions The beginning balance of the supplies account was $345. During the month the company bought additional supplies in the amount of $735. At the end of the month physical inventory showed $343 of unused supplies The company has a 12% note payable in the amount of S17,000 due in six months. The interest expense of $170 for the month has not been recorded The company has two employees. The manager is paid on...
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The balance in the Prepaid Rent account before adjustment at the end of the year is $24900, which represents three months' rent paid on December 1. The adjusting entry required on December 31 is to O debit Prepaid Rent $16600, credit Rent Expense. $16600 debit Prepaid Rent $8300: credit Rent Expense, $8300 debit Rent Expense, $8300, credit Prepaid Rent. $8300 debit Rent Expense, 516600;credit Prepaid Rent $16600 At March 1, 2020, Vaughn Corp. had supplies on hand of $550. During...
2. Prepare adjusting entries for the following transactions: (a) The beginning balance of the supplies account was $245. During the month the company bought additional supplies in the amount of $735. At the end of the month a physical inventory showed S343 of unused supplies. The company has a 12% note payable in the amount of $17,000 due in six months. The interest expense of $170 for the month has not been recorded. c) The company has two employees. The...
a. Unrecorded depreciation on equipment is $800. b. The Supplies account has a balance of $3,100. Supplies on hand at the end of the period totaled $1,200. c. On the date for preparing financial statements, an estimated utilities expense of $425 has been incurred, but no utility bill has been received. d. On the first day of the current month, rent for four months was paid and recorded as a $2,800 debit to Prepaid Rent and a $2,800 credit to...
QUESTION 2 The supplies account has a $3,000 beginning balance. After counting the supplies in the stock room it was determined that $1,000 in supplies are left. What is the adjusting entry? O Debit: supplies expense $2000, Credit: Supplies $2000 O Debit: supplies $1000, Credit: supplies expense $1000 O Debit: supplies expense $1000, Credit: Supplies $1000 O Debit: supplies $2000, Credit: supplies expense $2000 QUESTION 8 Employees earn $1,000 for a five day work week that begins on Monday and...
The unadjusted trial balance for a company as of December 31, 2015 appears below. Debit Credit Cash $1,200 900 Accounts Receivable Prepaid Insurance Supplies Land Office Furniture 900 2,000 10,000 4,500 Accounts Payable 900 Unearned Revenue 1,500 Note Payable 5,500 Common Stock 3,000 Retained Earnings 7,400 Dividends 1,100 Service Revenues 4,100 Rent Expense 600 Salaries Expense 1.200 $22,400 $22,400 Additional Information: 1. The Company paid $900 for a one-year insurance policy on July 1, 2015 2. The office furniture was...
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