Homework Answers
1) Classification
| Type of adjustment | Related accounts | |
| Account receivable | Accrued revenue | Service revenue |
| Prepaid insurance | Prepaid expense | Insurance expense |
| Accumulated depreciation-equipment | Accrued expense | Depreciation expense |
| Interest payable | Accrued expense | Interest expense |
| Unearned service revenue | Unearned revenue | service revenue |
2) Parsons company
Income statement
For the year ended December 31,2020
| Revenue | ||
| Service revenue | 37000 | |
| Expense | ||
| Salaries and wages expense | 16000 | |
| Insurance expense | 2000 | |
| Rent expense | 4000 | |
| Supplies expense | 1500 | |
| Depreciation expense | 1300 | |
| Total expense | 24800 | |
| Net income | 12200 |
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The trial balance of Yewlett Company includes the following balance sheet accounts, which may require adjustment....
Current Attempt in Progress The trial balance of Woods Company includes the following balance sheet accounts....
Current Attempt in Progress The trial balance of Woods Company includes the following balance sheet accounts. Identify the accounts that might require adjustment. For each account that requires adjustment indicate (1) the type of adjusting entry and (2) the related account in the adjusting entry (1) Type of Adjustment (2) Related Account a, Account Accounts Receivable. Prepaid Insurance b Equipment C d Accumulated Depreciation-Equipment. e. Notes Payable C . Interest Payable. 8 Unearned Service Revenue e Textbook and Media Save...
CALCULATOR PRINTER VERSION <BACK NEXT Brief Exercise 3-08 The trial balance of Beowulfwhich may require adjustment....
CALCULATOR PRINTER VERSION <BACK NEXT Brief Exercise 3-08 The trial balance of Beowulfwhich may require adjustment. Company includes the following balance sheet accounts, which may require adjustment. For each account that requires adjustment, indicate the type of adjusting entry (prepaid expense, unearned revenue, accrued revenue, or accrued expense) and the related account in the adjusting entry. Account Type of Adjustment Related Account Accounts Receivable Prepaid Insurance Accumulated Depreciation Equipment > Interest Payable Uneared Service Revenue Click if you would like...
"Brief Exercise 3-9 The adjusted trial balance of Parsons Company at December 31, 2019, includes the...
"Brief Exercise 3-9 The adjusted trial balance of Parsons Company at December 31, 2019, includes the following accounts: Common Stock $15,600, Dividends $7,000, Service Revenue $37,000, Salaries and Wages Expense $16,000, Insurance Expense $2,000, Rent Expense $4,000, Supplies Expense $1,500 and Depreciation Expense $1,300 Prepare an income statement for the year. Parsons Company Income Statement
The adjusted trial balance of Parsons Company at December 31, 2020, includes the following accounts: Common...
The adjusted trial balance of Parsons Company at December 31, 2020, includes the following accounts: Common Stock $15,600, Dividends $7,000, Service Revenue $37,000, Salaries and Wages Expense $16,000, Insurance Expense $2,000, Rent Expense $4,000, Supplies Expense $1,500, and Depreciation Expense $1,300. The balance in Common Stock is the balance as of January 1. Prepare a retained earnings statement for the year assuming net income is $12,200 for the year and Retained Earnings is $7,240 on January 1. (List items that...
The adjusted trial balance of Parsons Company at December 31, 2017, includes the following accounts: Common...
The adjusted trial balance of Parsons Company at December 31,
2017, includes the following accounts: Common Stock $16,200,
Dividends $7,500, Service Revenue $38,600, Salaries and Wages
Expense $15,500, Insurance Expense $2,600, Rent Expense $3,700,
Supplies Expense $1,500, and Depreciation Expense $1,900. Prepare
an income statement for the year.
PARSONS COMPANY Income Statement
Data Table Lemontree Rental Company Trial Balance Worksheet June 30, 2018 Adjusted Trial Trial Balance Balance...
Data Table Lemontree Rental Company Trial Balance Worksheet June 30, 2018 Adjusted Trial Trial Balance Balance Account Debit Credit Debit Credit Cash $ 9,000 9,000 Accounts receivable 6,000 6,860 Interest receivable 500 Note receivable 3,900 3,900 Supplies 1,600 300 Prepaid insurance 2,600 1,400 Building 67,000 67,000 Accumulated depreciation—building $ 8,200 $ 9,300 Accounts payable 7,300 7,300 Wages payable 810 Unearned rental revenue 2,100 1,700 Common stock 15,000 15,000 Retained earnings 40,900 40,900 Dividends 3,800 3,800 Rental revenue 22,600 23,860 Interest...
It said determine the amount of the adjustment given the trial balance ( prepare before any adjus...
it said determine the amount of the adjustment given
the trial balance ( prepare before any adjusting entire bare made)
and facts below
Instructions: Determine the amount of the adjustment given the trial balance (prepared BEFORE any adjusting entries are made) and facts below Supplies 2,400 18,000 Equipment Accumulated Depreciation-Equipment Accounts Payable Notes Payable Interest Payable 12,000 Unearned Service Revenue Wages Payable Owner's Capital Owner's Drawing Service Revenue Supplies Expense Insurance Expense 8800 4,000 19,000 200 Depreciation Expense Interest Expense...
The trial balances before and after adjustment for Sunland Company at October 31, 2021, which is...
The trial balances before and after adjustment for Sunland Company at October 31, 2021, which is the end of its fiscal year, are as follows: Before Adjustment After Adjustment Debit Credit Debit Credit Cash $9.190 $9,190 Accounts Receivable 8,865 9,405 Supplies 2.510 610 Prepaid Insurance 3,830 2.550 Equipment 34,205 34,205 Accumulated Depreciation-Equipment $3,300 Accounts Payable Notes Payable 38,275 Salaries Payable Interest Payable 0 440 Unearned Revenue 1.485 295 E. Sunland, Capital 5. 630 5 ,630 E. Sunland, Drawings 10.370 10.370...
list of accounts Sandhill Company had the following adjusted trial balance. $3,840 Sandhill Company Adjusted Trial...
list of accounts
Sandhill Company had the following adjusted trial balance. $3,840 Sandhill Company Adjusted Trial Balance For the Month Ended June 30, 2020 Adjusted Trial Balance Account Titles Debit Credit Cash Accounts Receivable 4,070 Supplies 400 Accounts Payable $1,700 Unearned Service Revenue 190 Owner's Capital 3,900 Owner's Drawings Service Revenue 5,920 Salaries and Wages Expense 1,300 Miscellaneous Expense 200 Supplies Expense 1,930 Salaries and Wages Payable 540 $12,250 $12,250 510 Prepare closing entries at June 30, 2020. (Credit account...
Account Trial Balance Debit Credit 8,300 6,800 Adjusted Trial Balance Debit Credit $ 8,300 6,850 800...
Account Trial Balance Debit Credit 8,300 6,800 Adjusted Trial Balance Debit Credit $ 8,300 6,850 800 4,300 1,000 4,300 1.900 Cash Accounts receivable Interest receivable Note receivable Supplies Prepaid insurance Building Accumulated depreciation building Accounts payable Wages payable Unearned rental revenue 2,200 66,700 600 66,700 $ 9,700 6,300 11,600 6,300 850 600 19,000 Common stock Retained earnings Dividends 1,400 19,000 43,800 43,800 4,000 4,000 Rental revenue 15,600 800 16,450 1,600 Interest revenue Depreciation expense-building Supplies expense Utilities expense Wage expense...
Current Attempt in Progress The trial balance of Woods Company includes the following balance sheet accounts. Identify the accounts that might require adjustment. For each account that requires adjustment indicate (1) the type of adjusting entry and (2) the related account in the adjusting entry (1) Type of Adjustment (2) Related Account a, Account Accounts Receivable. Prepaid Insurance b Equipment C d Accumulated Depreciation-Equipment. e. Notes Payable C . Interest Payable. 8 Unearned Service Revenue e Textbook and Media Save...
CALCULATOR PRINTER VERSION <BACK NEXT Brief Exercise 3-08 The trial balance of Beowulfwhich may require adjustment. Company includes the following balance sheet accounts, which may require adjustment. For each account that requires adjustment, indicate the type of adjusting entry (prepaid expense, unearned revenue, accrued revenue, or accrued expense) and the related account in the adjusting entry. Account Type of Adjustment Related Account Accounts Receivable Prepaid Insurance Accumulated Depreciation Equipment > Interest Payable Uneared Service Revenue Click if you would like...
"Brief Exercise 3-9 The adjusted trial balance of Parsons Company at December 31, 2019, includes the following accounts: Common Stock $15,600, Dividends $7,000, Service Revenue $37,000, Salaries and Wages Expense $16,000, Insurance Expense $2,000, Rent Expense $4,000, Supplies Expense $1,500 and Depreciation Expense $1,300 Prepare an income statement for the year. Parsons Company Income Statement
The adjusted trial balance of Parsons Company at December 31, 2020, includes the following accounts: Common Stock $15,600, Dividends $7,000, Service Revenue $37,000, Salaries and Wages Expense $16,000, Insurance Expense $2,000, Rent Expense $4,000, Supplies Expense $1,500, and Depreciation Expense $1,300. The balance in Common Stock is the balance as of January 1. Prepare a retained earnings statement for the year assuming net income is $12,200 for the year and Retained Earnings is $7,240 on January 1. (List items that...
The adjusted trial balance of Parsons Company at December 31,
2017, includes the following accounts: Common Stock $16,200,
Dividends $7,500, Service Revenue $38,600, Salaries and Wages
Expense $15,500, Insurance Expense $2,600, Rent Expense $3,700,
Supplies Expense $1,500, and Depreciation Expense $1,900. Prepare
an income statement for the year.
PARSONS COMPANY Income Statement
Data Table Lemontree Rental Company Trial Balance Worksheet June 30, 2018 Adjusted Trial Trial Balance Balance Account Debit Credit Debit Credit Cash $ 9,000 9,000 Accounts receivable 6,000 6,860 Interest receivable 500 Note receivable 3,900 3,900 Supplies 1,600 300 Prepaid insurance 2,600 1,400 Building 67,000 67,000 Accumulated depreciation—building $ 8,200 $ 9,300 Accounts payable 7,300 7,300 Wages payable 810 Unearned rental revenue 2,100 1,700 Common stock 15,000 15,000 Retained earnings 40,900 40,900 Dividends 3,800 3,800 Rental revenue 22,600 23,860 Interest...
it said determine the amount of the adjustment given
the trial balance ( prepare before any adjusting entire bare made)
and facts below
Instructions: Determine the amount of the adjustment given the trial balance (prepared BEFORE any adjusting entries are made) and facts below Supplies 2,400 18,000 Equipment Accumulated Depreciation-Equipment Accounts Payable Notes Payable Interest Payable 12,000 Unearned Service Revenue Wages Payable Owner's Capital Owner's Drawing Service Revenue Supplies Expense Insurance Expense 8800 4,000 19,000 200 Depreciation Expense Interest Expense...
The trial balances before and after adjustment for Sunland Company at October 31, 2021, which is the end of its fiscal year, are as follows: Before Adjustment After Adjustment Debit Credit Debit Credit Cash $9.190 $9,190 Accounts Receivable 8,865 9,405 Supplies 2.510 610 Prepaid Insurance 3,830 2.550 Equipment 34,205 34,205 Accumulated Depreciation-Equipment $3,300 Accounts Payable Notes Payable 38,275 Salaries Payable Interest Payable 0 440 Unearned Revenue 1.485 295 E. Sunland, Capital 5. 630 5 ,630 E. Sunland, Drawings 10.370 10.370...
list of accounts
Sandhill Company had the following adjusted trial balance. $3,840 Sandhill Company Adjusted Trial Balance For the Month Ended June 30, 2020 Adjusted Trial Balance Account Titles Debit Credit Cash Accounts Receivable 4,070 Supplies 400 Accounts Payable $1,700 Unearned Service Revenue 190 Owner's Capital 3,900 Owner's Drawings Service Revenue 5,920 Salaries and Wages Expense 1,300 Miscellaneous Expense 200 Supplies Expense 1,930 Salaries and Wages Payable 540 $12,250 $12,250 510 Prepare closing entries at June 30, 2020. (Credit account...
Account Trial Balance Debit Credit 8,300 6,800 Adjusted Trial Balance Debit Credit $ 8,300 6,850 800 4,300 1,000 4,300 1.900 Cash Accounts receivable Interest receivable Note receivable Supplies Prepaid insurance Building Accumulated depreciation building Accounts payable Wages payable Unearned rental revenue 2,200 66,700 600 66,700 $ 9,700 6,300 11,600 6,300 850 600 19,000 Common stock Retained earnings Dividends 1,400 19,000 43,800 43,800 4,000 4,000 Rental revenue 15,600 800 16,450 1,600 Interest revenue Depreciation expense-building Supplies expense Utilities expense Wage expense...
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