Big Oaks, annually on December 31. Most guests of the campground pay at the time they...
Big Oaks, annually on December 31. Most guests of the campground pay at the time they check out, and the amounts collected are credited to Camper Revenue. The following information is available as a source for preparing the adjusting entries at December 31 a large campground in Vermont, adjusts its accounts monthly and closes its accounts 1. Big Oaks invests some of its excess cash in certificates of deposit (CDs) with its local bank. Accrued interest revenue on its CDs...
Big Oaks, annually on December 31. Most guests of the campground pay at the time they check out, and the amounts collected are credited to Camper Revenue. The following information is available as a source for preparing the adjusting entries at December 31 a large campground in Vermont, adjusts its accounts monthly and closes its accounts 1. Big Oaks invests some of its excess cash in certificates of deposit (CDs) with its local bank. Accrued interest revenue on its CDs...
Question 27 A partial trial balance of Skysong Corporation is as follows on December 31, 2018, Dr. Cr. $2.500 $1,500 Supplies Salaries and wages payable Interest Receivable Prepaid Insurance Unearned Rent Interest Payable 5,400 90,500 13,900 Additional adjusting data: 1. A physical count of supplies on hand on December 31, 2018, totaled $1,000. 2. Through oversight, the Salaries and Wages Payable account was not changed during 2018. Accrued salaries and wages on December 31, 2018, amounted to $4,000. 3. The...
Required: Record the necessary adjusting entries at December 31, 2021, for Hurricane Company for each of the situations. Assume that no financial statements were prepared during the year and no adjusting entries were recorded. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations.) Journal entry worksheet 1. On October 1, 2021, Hurricane lends $7,700 to another company. The other company signs a note indicating principal...
A partial trial balance of Pina Corporation is as follows on
December 31, 2018.
Dr.
Cr.
Supplies
$2,900
Salaries and wages payable
$1,500
Interest Receivable
5,100
Prepaid Insurance
95,700
Unearned Rent
0
Interest Payable
15,400
Additional adjusting data:
1.
A physical count of supplies on hand on December 31, 2018,
totaled $1,200.
2.
Through oversight, the Salaries and Wages Payable account was
not changed during 2018. Accrued salaries and wages on December 31,
2018, amounted to $4,400.
3.
The Interest...
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 unadiusted balance in Supplies was $820 at December 31, 2018. The unadjusted balance in Supplies Expense was $0 at December 31, 2018. A year-end count showed $100 of supplies on hand. b. Wages earned by employees during December 2018, unpaid and unrecorded at...
The trial balance for Novak Corp. on August 31 is as follows: Novak Corp. Trial Balance August 31, 2020 Debit Credit $6,900 3,000 1,950 21,300 141,000 $20,304 12,000 Cash Prepaid insurance Supplies Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation equipment Accounts payable Unearned rent revenue Notes payable Common shares Retained earnings Dividends 3,240 4,400 4,600 78,000 81,000 4,250 4,850 71,000 49,314 Rent revenue Salaries and wages expense Insurance expense Interest expense Utilities expense Repairs and maintenance expense 10,500 3,900 8,300...
A partial statement of financial position of Wildhorse Ltd. on December 31, 2019, showed the following property, plant, and equipment assets accounted for under the cost model (accumulated depreciation includes depreciation for 2019): Buildings Less: accumulated depreciation Equipment Less: accumulated depreciation $326,000 126,000 $200,000 $125,000 45,000 80,000 Wildhorse uses straight-line depreciation for its building (remaining useful life of 20 years, no residual value) and for its equipment (remaining useful life of 8 years, no residual value). Wildhorse applies IFRS and...
A partial trial balance of Pina Corporation is as follows on
December 31, 2018.
Dr.
Cr.
Supplies
$2,900
Salaries and wages payable
$1,500
Interest Receivable
5,100
Prepaid Insurance
95,700
Unearned Rent
0
Interest Payable
15,400
Additional adjusting data:
1.
A physical count of supplies on hand on December 31, 2018,
totaled $1,200.
2.
Through oversight, the Salaries and Wages Payable account was
not changed during 2018. Accrued salaries and wages on December 31,
2018, amounted to $4,400.
3.
The Interest...
Jordan Company’s annual accounting year ends on December 31. It
is now December 31, 2018, and all of the 2018 entries have been
made except for the following:
The company owes interest of $900 on a bank loan. The interest
will be paid when the loan is repaid on September 30, 2019. No
interest has been recorded.
On September 1, 2018, Jordan collected six months’ rent of
$7,800 on storage space. At that date, Jordan debited Cash and
credited Deferred...