Adjusting entries
Date | General Journal | Debit | Credit |
Dec 31 | Insurance expense (18000/36*6) | 3000 | |
Prepaid insurance | 3000 | ||
Dec 31 | Salaries expense | 25000 | |
Salaries payable | 25000 | ||
Dec 31 | Deferred revenue | 4000 | |
Revenue earned | 4000 | ||
Dec 31 | Supplies expense (2000+18000-4000) | 16000 | |
Supplies | 16000 | ||
Dec 31 | Advertising expense (12000/4) | 3000 | |
Prepaid advertising |
3000 |
||
Dec 31 | Interest expense (36000*10%*10/12) | 3000 | |
Interest payable | 3000 | ||
Buzzard Bicycle specializes in custom painting and design of bicycles. December 31 is the company's fiscal...
Buzzard Bicycle specializes in custom painting and design of bicycles December 31 is the company's fiscal year-end. Information necessary to prepare the year-end adjusting entries appears below 1 A three-year fire insurance policy was purchased on July 1 2021 for $18,000. The company debited Prepaid Insurance for the entire amount 2 Employee salaries of $25,000 for the month of December will be paid in early January 3. On November 1, 2021, the company received $6,000 in cash from a customer...
Buzzard Bicycle specializes in custom painting and design of bicycles. December 31 is the company's fiscal year-end. Information necessary to prepare the year-end adjusting entries appears below. 5 points Skipood 1. A three-year fire insurance policy was purchased on July 1, 2021, for $22,500. The company debited Prepaid Insurance for the entire amount. 2. Employee salaries of $28,000 for the month of December will be paid in early January 3. On November 1, 2021, the company received $10,500 in cash...
Buzzard Bicycle specializes in custom painting and design of bicycles. December 31 is the company's fiscal year-end. Information necessary to prepare the year-end adjusting entries appears below. 1. A three-year fire insurance policy was purchased on July 1, 2021, for $23,100. The company debited Prepaid Insurance for the entire amount 2. Employee salaries of $28,400 for the month of December will be paid in early January 3. On November 1, 2021, the company received $11,100 in cash from a customer...
Problem 3-4A Record adjusting entries (LO3-3) Buzzard Bicycle specializes in custom painting and design of bicycles. December 31 is the company's fiscal year-end. Information necessary to prepare the year-end adjusting entries appears below. 1. A three-year fire insurance policy was purchased on July 1, 2021, for $18,000. The company debited Prepaid Insurance for the entire amount. eBook 2. Employee salaries of $25,000 for the month of December will be paid in early January 4. Supplies at the beginning of the...
December 31. The unadjusted trial balance as of December 31, 2021, appears below. Credits Debits 31,600 41,000 2,000 61,000 21,000 2,400 6,500 84,000 31,500 32,000 51,000 Account Title Cash Accounts receivable Supplies Inventory Notes receivable Interest receivable Prepaid rent Prepaid insurance Office equipment Accumulated depreciation Accounts payable Salaries payable Notes payable Interest payable Deferred sales revenue Common stock Retained earnings Dividends Sales revenue Interest revenue Cost of goods sold Salaries expense Rent expense Depreciation expense Interest expense Supplies expense Insurance...
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...
7. Assume December 31 is a Wednesday. Weld-Rite Company's wages are paid every Friday, and the weekly payroll (for five days) amounts to $6,000 To record the correct amount of expense for December, Weld-Rite makes the following entry on December 8. Race Car Company paid $105,600 for a four-year insurance policy on September 1 and recorded the $105,600 as a debit to Prepaid Insurance and a credit to Cash. What adjusting entry should Race Car Company make on December 31,...
The Mazzanti Wholesale Food Company's fiscal year-end is June 30. The company issues quarterly financial statements requiring the company to prepare adjusting entries at the end of each quarter. Assume all quarterly adjusting entries were properly recorded. 1. On December 1, 2020, the company paid its annual fire insurance premium of $2,800 for the year beginning December 1 and debited prepaid insurance 2. On August 31, 2020, the company borrowed $42,500 from a local bank. The note requires principal and...
Pastina Company sells various types of pasta to grocery chains as private label brands. The company's reporting year-end is December 31. The unadjusted trial balance as of December 31, 2021, appears below. Credits Debits 31,600 41,000 2,080 61,000 21,000 2,400 6,500 B4,000 31,500 32,000 51,000 Account Title Cash Accounts receivable Supplies Inventory Notes receivable Interest receivable Prepaid rent Prepaid insurance office equipment Accumulated depreciation Accounts payable Salaries payable Notes payable Interest payable Deferred sales revenue Common stock Retained earnings Dividends...
The following transactions occurred during December 31, 2021, for the Falwell Company. 1. A three-year fire insurance policy was purchased on July 1, 2021, for $11,520. The company debited insurance expense for the entire amount 2. Depreciation on equipment totaled $11,750 for the year, 3. Employee salaries of $15,500 for the month of December will be paid in early January 2022. 4. On November 1, 2021, the company borrowed $170,000 from a bank. The note requires principal and interest at...