Homework Answers
Adjusting entry
| No | General Journal | Debit | Credit |
| a | Insurance expense | 4000 | |
| Prepaid insurance | 4000 | ||
| b | bad debt expense (280000*3%) | 8400 | |
| Allowance for doubtful accounts | 8400 | ||
| c | Depreciation expense | 11000 | |
| Accumulated depreciation-equipment | 11000 | ||
| d | Interest receivable | 600 | |
| Interest revenue | 600 | ||
| e | Prepaid rent | 3400 | |
| rent expense | 3400 | ||
| f | Salaries and wages expense | 2800 | |
| Salaries and wages payable | 2800 | ||
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Problem #5-Adjusting entries - 10 Points The following trial balance was taken from the books ing...
Please answer all questions with all work The following trial balance was taken from the books...
Please answer all questions with all work
The following trial balance was taken from the books of Fisk Corporation on December 31, 2014. Account Debit Credit Cash $ 9,000 Accounts Receivable 40,000 Notes Receivable 10,000 Allowance for Doubtful Accounts $ 1,800 Inventory 44,000 Prepaid Insurance 4,800 Equipment 110,000 Accumulated Depreciation--Equip. 15,000 Accounts Payable 10,800 Common Stock 44,000 Retained Earnings 55,000 Sales Revenue 280,000 Cost of Goods Sold 126,000 Salaries and Wages Expense 50,000 Rent Expense 12,800 Totals $406,600 $406,600 Estima...
The following trial balance was taken from the books of Snap Chat Corporation on December 31,...
The following trial balance was taken from the books of Snap Chat Corporation on December 31, 2019. Account Debit Credit Cash $ 9,000 Accounts Receivable 40,000 Notes Receivable 10,000 Allowance for Doubtful Accounts $ 1,800 Inventory 34,000 Prepaid Insurance 4,800 Equipment 100,000 Accumulated Depreciation--Equip. 15,000 Accounts Payable 10,800 Common Stock 44,000 Retained Earnings 55,000 Sales Revenue 260,000 Cost of Goods Sold 126,000 Salaries and Wages Expense 50,000 Rent Expense 12,800 Totals $386,600 $386,600 At year end, the following items have not...
The following trial balance was taken from the books of ABC Corporation on December 31, 2020...
The following trial balance was taken from the books of ABC Corporation on December 31, 2020 before any adjustments were made. Account Debit Credit Cash $ 9,000 Accounts Receivable 40,000 Notes Receivable 10,000 Allowance for Doubtful Accounts $ 1,800 Inventory 34,000 Prepaid Insurance 4,800 Equipment 100,000 Accumulated Depreciation--Equip. 15,000 Accounts Payable 10,800 Common Stock 46,000 Retained Earnings 55,000 Sales Revenue 260,000 Cost of Goods Sold 126,000 Salaries and Wages Expense 50,000 Prepaid Rent 12,000 Dividends 2,800 Totals $388,600 $388,600 At...
PLEASE COMPLETE THE FOLLOWING PROBLEM!! ASAP The following trial balance was taken from the records of...
PLEASE COMPLETE THE FOLLOWING PROBLEM!!
ASAP
The following trial balance was taken from the records of XYZ Company on December 31, 2020. Credit Debit $ 12,000 40,000 7,000 $ 1,800 54,000 4,800 125,000 Cash. Accounts Receivable. ........... Notes Receivable. Allowance for doubtful accounts.... Merchandise Inventory.................. Prepaid Insurance.............. Furniture and Equipment. Accumulated Depreciation-Furn. And Equip...... Accounts Payable.. Common Stock.............. Retained Earnings. Sales Cost of Goods Sold... Salaries Expense. Rent Expense..... Totals. 15,000 10,800 44,000 55,000 310,000 131,000 50,000 12.800 $ 436,600...
1. On September 1, 2020, a student paid $6,000 for tuition for the academic year to...
1. On September 1, 2020, a student paid $6,000 for tuition for the academic year to his college (half for fall 2020 and half for spring 2021). Provide all necessary journal entries for the student in 2020. 2. The following trial balance was taken from the books of Fisk Corporation on December 31, 2019 Credit Debit $ 8,000 40,000 10,000 $ 1,800 44,000 4,800 110,000 Account Cash Accounts Receivable Notes Receivable Allowance for Doubtful Accounts Inventory Prepaid Insurance Equipment Accumulated...
Please do it step by step or hand writing thx 4. An officer of Ramirez Corn....
Please do it step by step or hand writing thx
4. An officer of Ramirez Corn. purchased a new home computer for personal use with company money, charging miscellaneous expense. 5. A machine, that cost $40,000, is reported at its current market value of $45,000, Problem -2 Adjusting and closing entries. (30 points) The following trial balance was taken from the books of Fisk Corporation on December 31, 2014 Account Cash Debit Credit $ 9,000 Accounts Receivable 40,000 Notes Receivable...
Below are all the accounts from the adjusted trial balance of Fisk Corporation. All accounts have...
Below are all the accounts from the adjusted trial balance of Fisk Corporation. All accounts have normal balances. Using the information below, prepare for the month ending December 31, 2016. 1. an income statement. 2. a retained earnings statement. 3. a balance sheet. **Remember to format your Financial Statements FISK CORPORATION Account Balances from the Adjusted Trial Balance December 31, 2016 Account Balance Salaries & Wages Payable………………………………………………. $ 5,800 Insurance Expense……………………………………………………….. 2,000 Notes Receivable…………………………………………………………. 10,000 Common Stock…………………………………………………………… 44,000 Inventory………………………………………………………………… 49,400 Cost of Goods...
The following trial balance was taken from the books Of pharaoh corporation on December 31st 2020....
The following trial balance was taken from the books Of pharaoh corporation on December 31st 2020. Cache 7800 accounts receivable 39400 notes receivable 9200 allowances for doubtful accounts 1620 Every Tory 3 3400 prepaid insurance 5050 equipment 122900 accumulated depreciation appointment 14800 accounts payable 10200 common stock 43200 retained earnings 42330 sales revenue 290000 cost of goods sold 120800 salary and wage expense 51100 rent expense 12500. At year end, the following items have not been recorded. Insurance expired doing...
2. Eastline Inc. at January 31, 2019, shows the following Eastline Inc Adjusted Trial Balance Partial)...
2. Eastline Inc. at January 31, 2019, shows the following Eastline Inc Adjusted Trial Balance Partial) January 31, 2019 Credit Debit Supplies S 2,800 Prepaid Insurance 9.600 Salaries and Wages Payable Uneamed Revenue Supplies Expense 3.800 Insurance Expense Salaries and Wages Expense 7,200 Service Revenue $3,200 3,000 8,000 Instructions (20 pts) Answer the following questions, assuming the year begins January 1. (a) If the amount in Supplies Expense is the January 31 adjusting entry, and $3,400 of supplies was purchased...
The following trial balance was taken from the books of Frisk Corporation on December 31, 2020....
The following trial balance was taken from the books of Frisk Corporation on December 31, 2020. Cash, Debit: $ 9,000 Accounts Receivable, Debit:50,000 Allowance for Doubtful Accounts, Credit:$ 1,800 Inventory, Debit: 38,800 Equipment, Debit: 100,000 Accumulated Depreciation--Equip., Credit:15,000 Accounts Payable, Credit: 10,800 Common Stock, Credit: 44,000 Dividends, Debit: 5,000 Retained Earnings, Credit: 55,000 Sales Revenue, Credit: 260,000 Cost of Goods Sold, Debit: 121,000 Salaries and Wages Expense, Debit: 50,000 Rent Expense, Debit: 12,800 Totals, Debit: $386,600, Credit: $386,600 Prepare the...
Please answer all questions with all work
The following trial balance was taken from the books of Fisk Corporation on December 31, 2014. Account Debit Credit Cash $ 9,000 Accounts Receivable 40,000 Notes Receivable 10,000 Allowance for Doubtful Accounts $ 1,800 Inventory 44,000 Prepaid Insurance 4,800 Equipment 110,000 Accumulated Depreciation--Equip. 15,000 Accounts Payable 10,800 Common Stock 44,000 Retained Earnings 55,000 Sales Revenue 280,000 Cost of Goods Sold 126,000 Salaries and Wages Expense 50,000 Rent Expense 12,800 Totals $406,600 $406,600 Estima...
The following trial balance was taken from the books of ABC Corporation on December 31, 2020 before any adjustments were made. Account Debit Credit Cash $ 9,000 Accounts Receivable 40,000 Notes Receivable 10,000 Allowance for Doubtful Accounts $ 1,800 Inventory 34,000 Prepaid Insurance 4,800 Equipment 100,000 Accumulated Depreciation--Equip. 15,000 Accounts Payable 10,800 Common Stock 46,000 Retained Earnings 55,000 Sales Revenue 260,000 Cost of Goods Sold 126,000 Salaries and Wages Expense 50,000 Prepaid Rent 12,000 Dividends 2,800 Totals $388,600 $388,600 At...
PLEASE COMPLETE THE FOLLOWING PROBLEM!!
ASAP
The following trial balance was taken from the records of XYZ Company on December 31, 2020. Credit Debit $ 12,000 40,000 7,000 $ 1,800 54,000 4,800 125,000 Cash. Accounts Receivable. ........... Notes Receivable. Allowance for doubtful accounts.... Merchandise Inventory.................. Prepaid Insurance.............. Furniture and Equipment. Accumulated Depreciation-Furn. And Equip...... Accounts Payable.. Common Stock.............. Retained Earnings. Sales Cost of Goods Sold... Salaries Expense. Rent Expense..... Totals. 15,000 10,800 44,000 55,000 310,000 131,000 50,000 12.800 $ 436,600...
1. On September 1, 2020, a student paid $6,000 for tuition for the academic year to his college (half for fall 2020 and half for spring 2021). Provide all necessary journal entries for the student in 2020. 2. The following trial balance was taken from the books of Fisk Corporation on December 31, 2019 Credit Debit $ 8,000 40,000 10,000 $ 1,800 44,000 4,800 110,000 Account Cash Accounts Receivable Notes Receivable Allowance for Doubtful Accounts Inventory Prepaid Insurance Equipment Accumulated...
Please do it step by step or hand writing thx
4. An officer of Ramirez Corn. purchased a new home computer for personal use with company money, charging miscellaneous expense. 5. A machine, that cost $40,000, is reported at its current market value of $45,000, Problem -2 Adjusting and closing entries. (30 points) The following trial balance was taken from the books of Fisk Corporation on December 31, 2014 Account Cash Debit Credit $ 9,000 Accounts Receivable 40,000 Notes Receivable...
2. Eastline Inc. at January 31, 2019, shows the following Eastline Inc Adjusted Trial Balance Partial) January 31, 2019 Credit Debit Supplies S 2,800 Prepaid Insurance 9.600 Salaries and Wages Payable Uneamed Revenue Supplies Expense 3.800 Insurance Expense Salaries and Wages Expense 7,200 Service Revenue $3,200 3,000 8,000 Instructions (20 pts) Answer the following questions, assuming the year begins January 1. (a) If the amount in Supplies Expense is the January 31 adjusting entry, and $3,400 of supplies was purchased...
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