Transaction |
General Journal |
Debit |
Credit |
a. |
Accounts Receivable |
$3800 |
|
Service revenue |
$3800 |
||
(Revenue for the unbilled winterized three boats) |
|||
b. |
Advertising Expense |
$1350 |
|
Prepaid Advertising |
$1350 |
||
(Expense for 9 of the 12 weeks recorded) - (1800/12)*9 |
|||
c. |
Interest Expense * |
$3200 |
|
Interest Payable |
$3200 |
||
(Interest for Oct. And Nov.Recorded that will be paid on Jan.1) |
|||
Amount borrowed |
$240000 |
||
Rate of interest |
8% |
||
Annual interest |
$19200 |
||
Interest for October and November * |
$3200 |
||
d. |
Unearned Storage Revenue |
$730 |
|
Storage Revenue |
$730 |
||
(Storage revenue for 1 month) |
|||
Storage revenue $4380 received for the period from November 1 to May 1. (Six months) |
|||
Storage revenue for November = $4380 /6 = $730 |
|||
e. |
Depreciation expense |
$26000 |
|
Accumulated Depreciation - equipment |
$26000 |
||
(Depreciation expense of the boat lifting equipment) |
|||
f. |
Supplies Expense |
$51800 |
|
Supplies |
$51800 |
||
(Use of supplies during the year) |
|||
Balance of Supplies , beginning |
$17000 |
||
Purchases os supplies during the year |
$47900 |
||
Balance of Supplies , ending |
-$13100 |
||
Supplies used during the year * |
$51800 |
||
g. |
Wages Expense |
$4200 |
|
Wages Payable |
$4200 |
||
(Wages accrued and unpaid for November) |
Required Information The following information applies to the questions displayed below) Johnson's Boat Yard, Inc., repairs,...
Required information (The following information applies to the questions displayed below.] Johnson's Boat Yard, Inc., repairs, stores, and cleans boats for customers. It is completing the accounting process for the year just ended on November 30. The transactions for the past year have been journalized and posted. The following data with respect to adjusting entries at year-end are available: a. Johnson's winterized (cleaned and covered) three boats for customers at the end of November but did not record the service...
Johnson's Boat Yard, Inc., repairs, stores, and cleans boats for customers. It is completing the accounting process for the year just ended on November 30. The transactions for the past year have been journalized and posted. The following data with respect to adjusting entries at year-end are available a Johnson's winterized (cleaned and covered) three boats for customers at the end of November but did not record the service for $3,400. b. On October 1, Johnson's paid $1,680 to the...
Journal entry worksheet < 1 2 3 4 5 6 7 Johnson's used boat-lifting equipment that cost $180,000; $18,000 was the estimated depreciation for current year. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 2 3 4 5 6 Boat repair supplies on hand at the beginning of the current year totaled $18,900. Repair supplies purchased and debited to Supplies during the year amounted to $45,200....
Question 14 Johnson’s boat Yard, Inc, repairs, store, and cleans boats for customers. It is completing the accounting process for the year just ended on November 30. The transaction for the past year have been journalized and posted. The following data will respect to adjusting entries at year-end are available. Johnson’s winterized (clean and covered) three boats for customers at the end of November but did not record the service for $3,300. On Oct 1, Johnson’s paid $2,200 to the...
Question 14 Johnson’s boat Yard, Inc, repairs, store, and cleans boats for customers. It is completing the accounting process for the year just ended on November 30. The transaction for the past year have been journalized and posted. The following data will respect to adjusting entries at year-end are available. a. Johnson’s winterized (clean and covered) three boats for customers at the end of November but did not record the service for $3,300. b. On Oct 1, Johnson’s paid $2,200...
John's Bout Yard, Inc. repairs, stores, and chans boats for customers. It is completing the accounting process for the year just ended on November 30. The transactions for the past you have been jumalized and posted. The following data with respect to adjusting entries at year-end are available a. John's Winterized (cleaned and covered) three boats for customers at the end of November, but did not record the service for $4.500. b. on October 1, John's paid $1,320 to the...
Homework#12-ACCRUED REVENUES-COMPREHENSIVE QUESTION: Boat Yard Inc. repairs, cleans, and stores boats for customers. They are preparing monthly financial statements for November 30, 2018 using accrual accounting. On November 30, the Boat Yard cleaned three boats but did not record the service fees of $33,300, paid $2,400 cash for a radio ad to air in January 2019, the inventory count showed usage of $18,900 in boat supplies, and wage expenses were $4,000. Instructions: A. What is the adjusting entry to accrued...
Part VI. Effects of Adjusting Entries (9 points) Yarde's Boat Yard, Inc. repairs, stores, and cleans boats for its customers. Faith had the following adjusting entries she needed to record on 12/31/20. Faith had cleaned and covered three boats for customers in December, but had not invoiced the customers and has not been paid for the work, $2,700. She prepared the following entry on 12/31/20: Debit: Accounts Receivable $2,700 and Credit: Service Revenues $2,700. b. Faith used boat-lifting equipment with...
Required information [The following information applies to the questions displayed below.) The general ledger of Jackrabbit Rentals at January 1, 2021, includes the following account balances: Credits Debits $ 46,500 30, 700 115,800 Accounts Cash Accounts Receivable Land Accounts Payablo Notes Payable (due in 2 years) Common Stock Retained Earnings Totals 15,800 35,000 105,000 37,200 $193,000 $193,000 The following is a summary of the transactions for the year: 1. January 12 Provide services to customers on account, $67,400. 2. February...
Required information [The following information applies to the questions displayed below.) A+T Williamson Company is making adjusting entries for the year ended December 31 of the current year. In developing information for the adjusting entries, the accountant learned the following: a. A two-year insurance premium of $4,080 was paid on October 1 of the current year for coverage beginning on that date. The bookkeeper debited the full amount to Prepaid Insurance on October 1. b. At December 31 of the...