Homework Answers
| The following transactions may require adjustments: |
| Six months of rent were paid in advance |
| Equipment was purchase in the middle of the year |
| An advance payment was received from a customer earlier in the month, but only partially earned by the end of the month |
| A 24 month insurance policy was prepaid |
| Supplies were purchase at the beginning of the year, but not all were used |
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Determine which of the following transactions may require adjustments. (Check all that apply) O An employee...
Determine which of the following transactions may require adjustments.(Check all that apply) O a one-month premium...
Determine which of the following transactions may require adjustments.(Check all that apply) O a one-month premium on an insurance policy was paid Equipment was purchased in the middle of the year. An employee was paid his weekly wages in full at the end of the week. Rent was paid for the month. An advance payment was received from a customer earlier in the month, but only partially earned by the end of the month. Six months of rent were paid...
Classifying Types of Adjustments Classify the following items as (a) accrued revenue, (b) accrued expense, (c)...
Classifying Types of Adjustments Classify the following items as (a) accrued revenue, (b) accrued expense, (c) unearned revenue, or (d) prepaid expense: 1. Bill for ads that appeared in prior month's local newspaper. 2. Fees received but not yet earned. 3. Fees earned but not yet received. 4. Premium paid on a one-year insurance policy. 5. Rent received in advance for rental of office space. 6. Supplies on hand. 7. Rent paid in advance. 8. Wages owed but payable in...
Assessing Financial Statement Effects of Transactions and Adjustments Selected accounts of Portage Properties, a real estate...
Assessing Financial Statement Effects of Transactions and Adjustments Selected accounts of Portage Properties, a real estate management firm, are shown below as of January 31, before any accounts have been adjusted. Debit Credit Prepaid Insurance $3,240 Supplies 1,540 Office Equipment 6,240 Unearned Rent Revenue $5,550 Salaries Expense 2,325 Rent Revenue 13,250 Portage Properties prepares monthly financial statements. Using the following information, adjust the accounts as necessary on January 31 using the financial statements effect template. (a) Prepaid insurance represents a...
For each of the following separate situations, prepare the necessary adjustments in journal entry form. 1....
For each of the following separate situations, prepare the necessary adjustments in journal entry form. 1. Unrecorded depreciation on equipment is $610. 2. On the date for preparing financial statements, an estimated utilities expense of $390 has been incurred, but no utility bill has yet been received or paid. 3. On the first day of the current period, rent for four periods was paid and recorded as a $2,800 debit to Prepaid Rent and a $2,800 credit to Cash. 4....
ssessing Financial Statement Effects of Transactions and Adjustments Selected accounts of Portage Properties, a real estate...
ssessing Financial Statement Effects of Transactions and Adjustments Selected accounts of Portage Properties, a real estate management firm, are shown below as of January 31, before any accounts have been adjusted. Debits Credits Prepaid Insurance $3,240 Supplies 1,540 Office Equipment 6,240 Unearned Rent Revenue $5,550 Salaries Expense 2,325 Rent Revenue 13,250 Portage Properties prepares monthly financial statements. Using the following information, adjust the accounts as necessary on January 31 using the financial statements effect template. (a) Prepaid insurance represents a...
Preparing Accounting Transactions and Adjustments Sloan Company has the following account balances at December 31, the...
Preparing Accounting Transactions and Adjustments Sloan Company has the following account balances at December 31, the end of its fiscal year (all accounts have normal balances). $1,680 61,320 4.788 Prepaid advertising Wages expense Prepaid insurance Unearned service fees Service fees earned Rental income 7.560 121,800 6.860 a. Prepare Sloan Company's accounting adjustments at December 31 using journal entries and the following additional information. 1. Prepaid advertising at December 31 is $1,120. 2. Unpaid wages earned by employees in December are...
The following items are independent. Assume that the original transactions have been recorded correctly or as...
The following items are independent. Assume that the original transactions have been recorded correctly or as described. Assume a December 31 year-end unless otherwise noted. Prepaid insurance had a debit balance of $16,800 at the beginning of January. This represents the remaining 14 months in an insurance policy that was purchased in a prior year. On 1 April of the current year, a 30-month policy was bought for $46,600, which was debited to prepaid insurance. There were no other entries...
For each of the following separate situations, prepare the necessary adjustments (a) using the financial statement...
For each of the following separate situations, prepare the necessary adjustments (a) using the financial statement effects template 1. Unrecorded depreciation on equipment is $610. 2. On the date for preparing financial statements, an estimated utilities expense of $390 has been incurred, but no utility bill has yet been received or paid. 3. On the first day of the current period, rent for four periods was paid and recorded as a $2,800 debit to Prepaid Rent and a $2,800 credit...
Alt Company is in the process of analyzing their accounts in order to prepare adjusting entries...
Alt Company is in the process of analyzing their accounts in order to prepare adjusting entries for the fiscal year 2018, which ends on December 31, 2018. The following information has been collected by the accounting staff in order to prepare the adjusting entries for 2018. The balance in the Insurance Expense account contains the total premium costs of a policy with an original cost of $10,800 that has a 3-yr. term beginning on October 1, 2018. The policy was...
Journalizing and Posting Transactions and Adjustments D. Roulstone opened Roulstone Roofing Service on April 1. Transactions...
Journalizing and Posting Transactions and Adjustments D. Roulstone opened Roulstone Roofing Service on April 1. Transactions for April follow. Apr.1 Roulstone contributed $34,500 cash to the business in exchange for common stock. Paid $18,300 cash for the purchase of a used truck. Purchased $9,300 of ladders and other equipment; the company paid $1,000 cash, with the balance due in 30 days. Paid $8,640 cash for two-year (or 24-month) premium toward liability insurance. Purchased $3,600 of supplies on credit. Received an...
Determine which of the following transactions may require adjustments.(Check all that apply) O a one-month premium on an insurance policy was paid Equipment was purchased in the middle of the year. An employee was paid his weekly wages in full at the end of the week. Rent was paid for the month. An advance payment was received from a customer earlier in the month, but only partially earned by the end of the month. Six months of rent were paid...
Classifying Types of Adjustments Classify the following items as (a) accrued revenue, (b) accrued expense, (c) unearned revenue, or (d) prepaid expense: 1. Bill for ads that appeared in prior month's local newspaper. 2. Fees received but not yet earned. 3. Fees earned but not yet received. 4. Premium paid on a one-year insurance policy. 5. Rent received in advance for rental of office space. 6. Supplies on hand. 7. Rent paid in advance. 8. Wages owed but payable in...
Preparing Accounting Transactions and Adjustments Sloan Company has the following account balances at December 31, the end of its fiscal year (all accounts have normal balances). $1,680 61,320 4.788 Prepaid advertising Wages expense Prepaid insurance Unearned service fees Service fees earned Rental income 7.560 121,800 6.860 a. Prepare Sloan Company's accounting adjustments at December 31 using journal entries and the following additional information. 1. Prepaid advertising at December 31 is $1,120. 2. Unpaid wages earned by employees in December are...
Journalizing and Posting Transactions and Adjustments D. Roulstone opened Roulstone Roofing Service on April 1. Transactions for April follow. Apr.1 Roulstone contributed $34,500 cash to the business in exchange for common stock. Paid $18,300 cash for the purchase of a used truck. Purchased $9,300 of ladders and other equipment; the company paid $1,000 cash, with the balance due in 30 days. Paid $8,640 cash for two-year (or 24-month) premium toward liability insurance. Purchased $3,600 of supplies on credit. Received an...
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