S.no. | Particulars | Dr. Amount | Cr. Amount | |
1) | Insurance Expense | Dr. | 800 | |
Prepaid Insurance | Cr. | 800 | ||
(Insurance = 3200/4) | ||||
2) | Rent Expense | Dr. | 5000 | |
Prepaid Rent | Cr. | 5000 | ||
(Rent = 30000/6) | ||||
3) | Depreciation Expense: Equipment | Dr. | 1000 | |
Accumulated Depreciation: Equipment | Cr. | 1000 | ||
[Depreciation = (100000-4000)/(8*12)] | ||||
4) | Interest Expense | Dr. | 400 | |
Interest Payable | Cr. | 400 | ||
(Interest = 80000*6%*1/12) | ||||
5) | Cash | Dr. | 20000 | |
Notes Payable | Cr. | 20000 | ||
Interest Expense | Dr. | 97 | ||
Interest Payable | Cr. | 97 | ||
(Interest = 20000*6%*1/12*30/31) | ||||
6) | Unearned Client Service Revenue | Dr. | 17000 | |
Client Service Revenue | Cr. | 17000 | ||
7) | Office Supplies | Dr. | 1000 | |
Cash | Cr. | 1000 | ||
(Balance of office supplies on Dec 31st is 4000, so additional 1000 worth entered) | ||||
8) | Cannot be calculated because of partial information. | |||
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. 5) On January 2, 20X2, $20,000 was borrowed and recorded as a long-term note payable at an annual rate of 6%. The principal will be paid on January 2, 20X4. Interest will be paid monthly on the first of each month beginning February 1, 20X2 6) Recognized as client service revenue for client services performed during January $17,000 that had previously been recorded upon receipt in advance as...
OLU 5 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 purchased on December 1, 20X1, for $100,000 which is being depreciated monthly based on an estimated life of 8 years. The estimated salvage...
Roth Contractors Corporation was incorporated on December 1, 2019. Required: Part A 1 Prepare journal entries to record the December transactions shown on page "Transactions Pt. A". General ledger account numbers and descriptions are not needed. 2 Post the entries to general ledger T-accounts. Part B 3 Prepare all necessary adjusting entries based on the information shown on the printed "Adj. Entries Pt. B" page. General ledger account numbers and descriptions are not necessary. 4 Post the entries to general...
Roth Contractors Corporation was incorporated on December 1, 2019. Required. Part A 1 Prepare journal entries to record the December transactions shown on page "Transactions Pt. A". General ledger account numbers and descriptions are not needed. 2 Post the entries to general ledger T-accounts. Part B Prepare all necessary adjusting entries based on the information shown on the printed "Adj. Entries Pt. B" page. General ledger account numbers and descriptions are not necessary. 4 Post the entries to general ledger...
(g) Prepare Journal Entries for Notes Receivable Akron Corporation engaged in the following transactions involving promissory notes in 20x1 and 20x2. 20x1 Sept. 1 Sold land to Marge Bailey for $160,000. A 6-month, 7 percent note was received in exchange. Cost of the land was $160,000. Nov. 1 Received a 30-day, non-interest bearing note from Fred Hansen in settlement of his accounts receivable of $4,000. Dec. 1 Fred Hansen dishonored his note issued 30 days earlier. Dec. 31 Recorded accrued...
Ched 1 Problem 6.2A (Algo) Journalizing and posting adjusting and closing entries and preparing a postclosing trial balance. LO 6-1, 6-2 20 points A completed worksheet for The King Group is given below. Skipped eBook Ask Credit References Nocount Name Cash Accounts receivable Supplies Prepaid advertising Equipment Accumulated depreciation Equipment Accounts payable Delva King, Capital Delva King, Drawing Tees income Supplies expense Advertising expense Depreciation expense-Equipment Salaries expense Utilities expense Totals Net Income THE KING GROUP Worksheet Month Ended December...
(1) Prepare adjusting journal entries for the company using the information given on the "Adjusting Journal Entries" tab. (You may also need to refer to the "Trial Balance" tab.) Use formulas for your calculations, where possible. (2) Link the adjusting journal entries into the "Trial Balance" tab (see appropriate column), and use Excel formulas to calculate the 12/31/2018 Adjusted balances. (3) Using formulas that link back to the "Trial Balance" tab, prepare a Classified Balance Sheet and Multi-Step Income Statement...
prepare the adjusting enteries at July 31 assuming that adjusting entries are made monthly. Cupei 4 Homework Dunia+2980608-3a1a-4735-9656-1819bcd0abc Question 4 of 6 < > Current Attempt in Progress The ledger of Pina Colada Corp. on July 31, 2022, includes the selected accounts below before adjusting entries have been prepared. Credit Investment in Note Receivable Supplies Prepaid Rent Buildings Accumulated Depreciation--Buildings Unearned Service Revenue Debit $18,000 22,500 5,400 210,000 $135,000 11,100 An analysis of the company's accounts shows the following. 1....
a) Prepare Closing entries b) Post adjusting and closing entries (just need help with owner's capital & Income Summary) c) Prepare a post-closing trial balance d) Determine whether the subsidiary ledgers agree with the control accounts in the general ledger Prepare a trial balance at January 31, 2020, in the trial balance columns of the worksheet. Complete the worksheet using the following additional information. 1. Office supplies at January 31 total $900. 2. Insurance coverage expires on October 31, 2020....
Prepare the adjusting entry for supplies. Prepare the adjusting entry for insurance. Prepare the adjusting entry for depreciation. Exercise 5.5 Journalizing and posting adjustments. LO 5-5 Desoto Company must make three adjusting entries on December 31, 2019. a. Supplies used, $10,600 (supplies totaling $17,200 were purchased on December 1, 2019, and debited to the Supplies account) b. Expired insurance, $7,800; on December 1, 2019, the firm paid $46,800 for six months' insurance coverage in advance and debited Prepaid Insurance for...