On January 7, a corporation purchased supplies of $1,200. At the end of the month it...
On January 7, a corporation purchased supplies of $1,200. At the end of the month it was determined that the supplies at the end of the period was only $200. What is the ADJUSTING entry that should be recorded as a result of this information?
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Debit supplies; credit supplies expense |
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Debit supplies expense; credit Supplies |
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Debit accounts receivable; credit Supplies expense |
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Debit supplies ; credit cash |
Adjusting journal entries are divided into two main categories. What are these called?
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Depreciation and Accruals |
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Prepaids and postpaids |
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Deferrals and Accruals |
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Deferred Revenues and Deferred Expenses |
True or False: An adjusting journal entry always involves cash.
True
False
What adjusting journal entry would be made at December 31 for the following transaction:
Salaries of $500 earned by employees have not been recorded by the corporation.
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Dr. salaries and wages payable; Cr. salaries and wages expense |
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Dr. salaries and wage expense; Cr. salaries and wages payable |
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Dr. account receivable; Cr. revenue |
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Dr. salaries and wages expense; Cr. account receivable |
How many steps are there in the accounting cycle?
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4 |
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5 |
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9 |
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1 |
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1,978 |
Which of the following is true regarding temporary accounts?
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They include cash, accounts payable and retained earnings |
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are only used when a company is in the middle of issuing common stock |
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include revenues but do not include expenses |
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include revenues, expenses, dividends and the income summary |
On April 1, 2018, Zimmerman Corporation paid $48,000 cash for equipment that will be used in business operations. What is the adjusting journal entry made on December 31, 2018 to properly record depreciation expense of $9,000?
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Debit equipment; credit cash |
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Debit depreciation expense; credit accumulated depreciation |
||
|
Debit depreciation expense; credit equipment |
||
|
Debit accumulated depreciation ; credit depreciation expense |
Homework Answers
The adjusting entry to record supplies expense is debit supplies expense and credit supplies.
2nd option
Adjusting entries include incomes received in advance, expenses prepaid, expenses outstanding and incomes to be received. These types can be divided into deferred and accrued.
3rd option
Adjusting entries do not include cash. Adjusting entries will be recorded for incomes received in advance, expenses prepaid, expenses outstanding and incomes to be received.
False
The journal entry for recording salaries payable is debit salaries expense and credit salaries payable.
2nd option
The account cycle includes 9 steps. Transaction should be analysed, Transaction should be posted, Journals, Trial balance, Adjusting entries, Adjusted trial balance, Financial statements, closing entries and closing entries trial balance.
3rd option
Temporary account balance are adjusted in the current year and not carried to future years. Temporary account include revenues, expenses, dividends and the income summary
4th option
The journal entry for recording depreciation expense is debit depreciation expense and credit accumulated depreciation.
2nd option
Add Answer to:
On January 7, a corporation purchased supplies of $1,200. At the
end of the month it...
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Which of the following is an example of a current liability Accounts Payable b. Cash Equipment...
Which of the following is an example of a current liability Accounts Payable b. Cash Equipment d Note payable due in 5 years 15 business pays weekly salaries of $5.000 on Friday for a five-day week ending on the wyThe adjusting entry necessary at the end of the fiscal period ending on a Tuesday Debit Salaries and Wages Payable, $2.000; Credit Cash, $2.000 Debit Salaries and Wages Expense $5,000 Credit Cash, $5.000 Debit Salaries and Wages Expense S2000 Cred Salaries...
all help appreciated Required information [The following information applies to the questions displayed below] Starbooks Corporation...
all help appreciated
Required information [The following information applies to the questions displayed below] Starbooks Corporation provides an online bookstore for electronic books. The following is a simplified list of accounts and amounts reported in its accounting records. The accounts have normal debit or credit balances. Assume the year ended on September 30, 2018. Accounts Payable $ 595 Accounts Receivable 295 Accumulated Depreciation 895 Cash 295 Common Stock 195 Deferred Revenue Depreciation Expense Equipment Income Tax Expense Interest Revenue Notes...
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The data for year-end adjustments are as follows: Fees earned, but not yet billed, $26. Supplies...
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follows:
Fees earned, but not yet billed, $26.
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Wages accrued, but not paid, $13.
Alert Security Services Co. offers security services to business clients. The trial balance for Alert Security Services Co. has been prepared on the end-of-period spreadsheet for the year ended October 31, 2018, shown below. Alert Security Services Co. End-of-Period Spreadsheet For the Year Ended October 31, 2018 Unadjusted...
Problem 3 Page 6 Chapter 03 Group Work - STU Beerbo Advertising was founded in January...
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part a. part b. part c. Required information [The following information applies to the questions displayed...
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Required information [The following information applies to the questions displayed below.] Starbooks Corporation provides an online bookstore for electronic books. The following is a simplified list of accounts and amounts reported in its accounting records. The accounts have normal debit or credit balances. Assume the year ended on September 30, 2018. Accounts Payable Accounts Receivable Accumulated Depreciation Cash Common Stock Deferred Revenue Depreciation Expense Equipment Income Tax Expense Interest Revenue Notes Payable (long-term) Notes...
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all help appreciated
Required information [The following information applies to the questions displayed below] Starbooks Corporation provides an online bookstore for electronic books. The following is a simplified list of accounts and amounts reported in its accounting records. The accounts have normal debit or credit balances. Assume the year ended on September 30, 2018. Accounts Payable $ 595 Accounts Receivable 295 Accumulated Depreciation 895 Cash 295 Common Stock 195 Deferred Revenue Depreciation Expense Equipment Income Tax Expense Interest Revenue Notes...
The trial balance columns of the worksheet for Monty at March 31, 2019, are as follows. Cr. Monty Worksheet For the Month Ended March 31, 2019 Trial Balance Account Titles Dr. Cash 4,800 Accounts Receivable 3,000 Supplies 2,500 Equipment 11,440 Accumulated Depreciation, 1,300 Equipment Accounts Payable 2,400 Unearned Service Revenue 700 Common Stock 11,020 Retained Earnings 3,100 Dividends 1,100 Service Revenue 6,000 Salaries and Wages Expense 1,300 Miscellaneous Expense 380 24,520 24,520 Other data: 1. A physical count reveals only...
11A. Print It Printing Services purchased $4,000 of printing supplies for cash, recording the transaction using the alternative treatment for deferred expenses. At the end of the year, Print It had $400 of printing supplies remaining. Record the journal entry for the purchase of printing supplies and the adjusting entry for printing supplies not used. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) First record the journal entry for the purchase...
The data for year-end adjustments are as
follows:
Fees earned, but not yet billed, $26.
Supplies on hand, $6.
Insurance premiums expired, $32.
Depreciation expense, $13.
Wages accrued, but not paid, $13.
Alert Security Services Co. offers security services to business clients. The trial balance for Alert Security Services Co. has been prepared on the end-of-period spreadsheet for the year ended October 31, 2018, shown below. Alert Security Services Co. End-of-Period Spreadsheet For the Year Ended October 31, 2018 Unadjusted...
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part a.
part b.
part c.
Required information [The following information applies to the questions displayed below.] Starbooks Corporation provides an online bookstore for electronic books. The following is a simplified list of accounts and amounts reported in its accounting records. The accounts have normal debit or credit balances. Assume the year ended on September 30, 2018. Accounts Payable Accounts Receivable Accumulated Depreciation Cash Common Stock Deferred Revenue Depreciation Expense Equipment Income Tax Expense Interest Revenue Notes Payable (long-term) Notes...
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