Homework Answers
E. Debit Supplies Expense $859 and credit Supplies $859.
| General Journal | Debit | Credit |
| Supplies Expense($2,110 - $1,251) | $859 | |
| Supplies | $859 |
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29 A physical count of supplies on hand at the end of May for Masters, Inc....
A physical count of supplies on hand at the end of May for Masters, Inc. indicated...
A physical count of supplies on hand at the end of May for Masters, Inc. indicated $1.256 of supplies on hand. The general ledger balance before any adjustment is $2,160. What is the adjusting entry for office supplies that should be recorded on May 31? Multiple Choice O O O Debit Supplies Expense $1.256 and credit Supplies $1.256. c) Debit Supplies Expense $904 and credit Supplies $904 O Debit Supplies Expense $2,160 and credit Supplies $2,160. O Debit Prepaid Supplies...
All information is included in the scanned pages of the assignment. Sassafras Sis, Inc Chart of...
All information is included in the scanned pages of the
assignment.
Sassafras Sis, Inc Chart of Accounts Income Statement Accounts Crede D Debut Debit 5 Expenses 51 Expenses Debit Balance Sheet Accounts 1 Assets 11 Cash 12 Accounts Receivable 13 Supplies 14 Prepaid Insurance 15 Office Equipment 16 Accum. Depreciation Office 2 bits 21 Accounts Payable 22 Accr e spa 23 Unand Revenue Debit Credit Credit 3 Stockholders' Equity 31 Common Stock Credit 2 Retained Earnings Credit 33 Dividends Debit...
FCM used the following information to make adjusting entries: A physical count of supplies indicated that,...
FCM used the following information to make adjusting entries: A physical count of supplies indicated that, as of December 31, 2017, $700 worth of supplies were on hand. On December 15, a $55,000 social marketing project had been completed for JonyJones, but FCM forgot to record the transaction. You identify this oversight on December 31st and issue an invoice for $55,000. On November 1, YMCA-Austin began negotiations with FCM for $42,000 of video production services. FCM would perform the video...
Problem 4-3A The Moto Hotel opened for business on May 1, 2017. Here is its trial...
Problem 4-3A The Moto Hotel opened for business on May 1, 2017. Here is its trial balance before adjustment on May 31. MOTO HOTEL Trial Balance May 31, 2017 Debit Credit Cash $ 2,513 Supplies 2,600 Prepaid Insurance 1,800 Land 15,013 Buildings 67,600 Equipment 16,800 Accounts Payable $ 4,713 Unearned Rent Revenue 3,300 Mortgage Payable 33,600 Common Stock 60,013 Rent Revenue 9,000 Salaries and Wages Expense 3,000 Utilities Expense 800 Advertising Expense 500 $110,626 $110,626 Other data: 1. Insurance expires...
Saved Chapter 3 Homework 5 a. The December 31 inventory count of computer supplies shows $580...
Saved Chapter 3 Homework 5 a. The December 31 inventory count of computer supplies shows $580 still available. b. Three months have expired since the 12-month insurance premium was paid in advance. C. As of December 31, Lyn Addie has not been paid for four days of work at $125 per day d. The computer system, acquired on October 1, is expected to have a four-year life with no salvage value. e. The office equipment, acquired on October 1, is...
Practice Problem 1 Sunland's Motel opened for business on May 1, 2020. Its trial balance before...
Practice Problem 1 Sunland's Motel opened for business on May 1, 2020. Its trial balance before adjustment on May 31 is as follows. SUNLAND'S MOTEL Trial Balance May 31, 2020 Account Number Debit 126 $3/600 2,050 1.800 14 000 61.00 15.600 Supplies Prepaid Insurance Land Buildings Equipment Accounts Payable Uneamed Rent Revenue Mortgage Payable Owner's Capital Rent Revenue Advertising Expense Salaries and Wages Expense Utilities Expense $4.00 3,000 40.000 41.200 14.650 650 610 726 732 $103,750 $103.7 In addition to...
Problem 3-2A (Part Level Submission) The Concord Corporation opened for business on May 1, 2019. Its...
Problem 3-2A (Part Level Submission) The Concord Corporation opened for business on May 1, 2019. Its trial balance before adjustment on May 31 is as follows. Concord Corporation Trial Balance May 31, 2019 Debit Account Number 101 126 130 140 141 149 201 208 275 311 429 610 726 732 Credit Cash Supplies Prepaid Insurance Land Buildings Equipment Accounts Payable Unearned Rent Revenue Mortgage Payable Common Stock Rent Revenue Advertising Expense Salaries and Wages Expense Utilities Expense $3,500 2,150 1,800...
1. Journalize the adjusting entries on May 31 2. Prepare a ledger using the three-column form...
1. Journalize the adjusting entries on May 31
2. Prepare a ledger using the three-column form of account.
Enter the trial balance amounts into the balance column and then
post the adjusting entries. (Post entries in the order
of journal entries posted in the previous part of the question.
Round answers to 0 decimal places, e.g. 5,275.)
3. Prepare an adjusted trial balance on May 31.
(Round answers to 0 decimal places, e.g.
5,275.)
4. Prepare an income
statement for the...
Problem 3-02A a-c, d1-d3 (Video) The Skyline Motel opened for business on May 1, 2020. Its...
Problem 3-02A a-c, d1-d3 (Video) The Skyline Motel opened for business on May 1, 2020. Its trial balance before adjustment on May 31 is as follows. Skyline Motel Trial Balance May 31, 2020 Credit Account Number 101 126 Debit $ 3,500 2,080 2,400 12,000 60,000 15,000 Cash Supplies Prepaid Insurance Land Buildings Equipment Accounts Payable Unearned Rent Revenue Mortgage Payable Common Stock Rent Revenue Advertising Expense Salaries and Wages Expense Utilities Expense 208 275 $ 11,180 3,300 40,000 35,000 10,300...
Below are the transactions for Broncho Landscaping Masters, Inc. for the month of April 2019 This...
Below are the transactions for Broncho Landscaping Masters, Inc. for the month of April 2019 This is the company's first month of operation. Its owner is a retired University of Central Oklahoma professor who wants to launch a career on HGTV April 1-Invested $15,000 cash and an SUV valued at $45,000 to start Broncho Landscaping Masters, Inc. The business issued 10,000 shares of no-par common stock in exchange for these assets. April 3-Borrowed $50,000 from Last National Bank. The loan...
A physical count of supplies on hand at the end of May for Masters, Inc. indicated $1.256 of supplies on hand. The general ledger balance before any adjustment is $2,160. What is the adjusting entry for office supplies that should be recorded on May 31? Multiple Choice O O O Debit Supplies Expense $1.256 and credit Supplies $1.256. c) Debit Supplies Expense $904 and credit Supplies $904 O Debit Supplies Expense $2,160 and credit Supplies $2,160. O Debit Prepaid Supplies...
All information is included in the scanned pages of the
assignment.
Sassafras Sis, Inc Chart of Accounts Income Statement Accounts Crede D Debut Debit 5 Expenses 51 Expenses Debit Balance Sheet Accounts 1 Assets 11 Cash 12 Accounts Receivable 13 Supplies 14 Prepaid Insurance 15 Office Equipment 16 Accum. Depreciation Office 2 bits 21 Accounts Payable 22 Accr e spa 23 Unand Revenue Debit Credit Credit 3 Stockholders' Equity 31 Common Stock Credit 2 Retained Earnings Credit 33 Dividends Debit...
Saved Chapter 3 Homework 5 a. The December 31 inventory count of computer supplies shows $580 still available. b. Three months have expired since the 12-month insurance premium was paid in advance. C. As of December 31, Lyn Addie has not been paid for four days of work at $125 per day d. The computer system, acquired on October 1, is expected to have a four-year life with no salvage value. e. The office equipment, acquired on October 1, is...
Practice Problem 1 Sunland's Motel opened for business on May 1, 2020. Its trial balance before adjustment on May 31 is as follows. SUNLAND'S MOTEL Trial Balance May 31, 2020 Account Number Debit 126 $3/600 2,050 1.800 14 000 61.00 15.600 Supplies Prepaid Insurance Land Buildings Equipment Accounts Payable Uneamed Rent Revenue Mortgage Payable Owner's Capital Rent Revenue Advertising Expense Salaries and Wages Expense Utilities Expense $4.00 3,000 40.000 41.200 14.650 650 610 726 732 $103,750 $103.7 In addition to...
Problem 3-2A (Part Level Submission) The Concord Corporation opened for business on May 1, 2019. Its trial balance before adjustment on May 31 is as follows. Concord Corporation Trial Balance May 31, 2019 Debit Account Number 101 126 130 140 141 149 201 208 275 311 429 610 726 732 Credit Cash Supplies Prepaid Insurance Land Buildings Equipment Accounts Payable Unearned Rent Revenue Mortgage Payable Common Stock Rent Revenue Advertising Expense Salaries and Wages Expense Utilities Expense $3,500 2,150 1,800...
1. Journalize the adjusting entries on May 31
2. Prepare a ledger using the three-column form of account.
Enter the trial balance amounts into the balance column and then
post the adjusting entries. (Post entries in the order
of journal entries posted in the previous part of the question.
Round answers to 0 decimal places, e.g. 5,275.)
3. Prepare an adjusted trial balance on May 31.
(Round answers to 0 decimal places, e.g.
5,275.)
4. Prepare an income
statement for the...
Problem 3-02A a-c, d1-d3 (Video) The Skyline Motel opened for business on May 1, 2020. Its trial balance before adjustment on May 31 is as follows. Skyline Motel Trial Balance May 31, 2020 Credit Account Number 101 126 Debit $ 3,500 2,080 2,400 12,000 60,000 15,000 Cash Supplies Prepaid Insurance Land Buildings Equipment Accounts Payable Unearned Rent Revenue Mortgage Payable Common Stock Rent Revenue Advertising Expense Salaries and Wages Expense Utilities Expense 208 275 $ 11,180 3,300 40,000 35,000 10,300...
Below are the transactions for Broncho Landscaping Masters, Inc. for the month of April 2019 This is the company's first month of operation. Its owner is a retired University of Central Oklahoma professor who wants to launch a career on HGTV April 1-Invested $15,000 cash and an SUV valued at $45,000 to start Broncho Landscaping Masters, Inc. The business issued 10,000 shares of no-par common stock in exchange for these assets. April 3-Borrowed $50,000 from Last National Bank. The loan...
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