Part 1-(4 total - 2 marks each) NOTE: To receive full marks, you must show your...
Part 3 - (3 marks) Phone Expast oranemones The phone expense of $1,000 was posted to the office equipment account in error for December 31.. What is the effect of this error on the December financial statements? all three s tntament, as it includes the
question # 2: (5marks: 1 mark for each closing entry, 2 marks for the secou closing entry) At December 31, the account balances after adjustments for Wabel Company are as follows: Bank Account Credit Debit S 50 000 2250 3000 1 500 27 000 Prepaid Insurance Account Receivable Supplies Equipment Accumulated Dep. - Equipment Account Payable Notes Payable Uneared Revenue Capital Drawings Sales Revenue Interest Expense Dep. Expense Wages Expense Utilities Expenses $ 5500 2000 12500 5500 44 450 1000...
Question #1 (40 marks) Company A's business involves hosting several concerts per year. The company's year-end is December 31, 2021. The company records all prepaid costs as assets and all unearned revenues as liabilities and adjusts accounts annually. 1. Prepaid supplies amounted to $945 on December 31, 2020. On June 10, 2021, additional supplies were purchased for $1,955 cash. On December 31, 2021, a physical count showed that prepaid supplies on hand amounted to $840. 2. Purchased equipment on August...
Question #1 (40 marks) Company A's business involves hosting several concerts per year. The company's year-end is December 31, 2021. The company records all prepaid costs as assets and all uneamed revenues as liabilities and adjusts accounts annually. 1. Prepaid supplies amounted to $945 on December 31, 2020. On June 10, 2021, additional supplies were purchased for $1,955 cash On December 31, 2021, a physical count showed that prepaid supplies on hand amounted to $840. 2. Purchased equipment on August...
Question #1 (40 marks) Company A's business involves hosting several concerts per year. The company's year-end is December 31, 2021. The company records all prepaid costs as assets and all uneamed revenues as liabilities and adjusts accounts annually. 1. Prepaid supplies amounted to $945 on December 31, 2020. On June 10, 2021, additional supplies were purchased for $1,955 cash On December 31, 2021, a physical count showed that prepaid supplies on hand amounted to $840. 2. Purchased equipment on August...
can i get some help with these questions please? Question Two: (25 Marks: 5 marks each): On September 1, Reid Supply had an inventory of 15 backpacks at a cost of $20 each. The company uses a perpetual inventory system. During September, the following transactions and events occurred. Sept. 4 Purchased 80 backpacks at $20 each from Hunter, terms 2/10, n/30. Sept. 6 Received credit of $120 for the return of 6 backpacks purchased on Sept. 4 that were defective....
Question 1 (10 marks) Ace Accounting’s controller, John Ace, hired an assistant, Annette Black. While guiding her in financial statement preparations, John Ace encountered opposition from Annette Black. She disagreed with making an adjusting journal entry at December 31 year end to accrue staff bonuses, as the bonuses were not paid. She wanted to wait until the staff bonuses were paid in February to record the bonuses. Her reasoning was that the results would be identical. Required: Write a business...
This is part 2 and 3 of the same problem, not different problems. Required Information [The following information applies to the questions displayed below.] Part 2 of 3 The following events occur for The Underwood Corporation during 2021 and 2022. its first two years of operations. 1.66 points June 12, 2021 Provide services to customers on account for $36,800. September 17, 2021 Receive $21,5ee from customers on account. December 31, 2021 Estimate that 45% of accounts receivable at the end...
This is part 2 and 3 of the same question, not separate questions Required Information (The following information applies to the questions displayed below.] Part 2 of 3 The following events occur for The Underwood Corporation during 2021 and 2022, its first two years of operations. 166 points Skipped June 12, 2021 Provide services to customers on account for $36,800. September 17, 2021 Receive $21,588 from customers on account. December 31, 2021 Estimate that 45% of accounts receivable at the...
Question #1 (40 marks) Company A's business involves hosting several concerts per year. The company's year-end is December 31, 2021. The company records all prepaid costs as assets and all unearned revenues as liabilities and adjusts accounts annually. 1. Prepaid supplies amounted to $835 on December 31, 2020. On June 10, 2021, additional supplies were purchased for $1,890 cash. On December 31, 2021, a physical count showed that prepaid supplies amounted to $940. 2. Purchased equipment on August 1, 2021,...