Homework Answers
| Salary Expense | ||||
| a | Step 1 | 20500 | Debit | |
| Salary Payable | ||||
| Step 2 | 20500 | Credit | ||
| Step 3 | ||||
| Adjusting Entry | Debit | Credit | ||
| Salary Expense | 20500 | |||
| Salary Payable | 20500 | |||
| b | Interest Expense | |||
| Step 1 | 500 | Debit | ||
| Interest Payable | ||||
| Step 2 | 500 | Credit | ||
| Step 3 | ||||
| Adjusting Entry | Debit | Credit | ||
| Interest Expense | 500 | |||
| Interest Payable | 500 | |||
| c | Interest Expense | |||
| Step 1 | 1125 | Debit | ||
| Interest Payable | ||||
| Step 2 | 1125 | Credit | ||
| Step 3 | ||||
| Adjusting Entry | Debit | Credit | ||
| Interest Expense | 1125 | |||
| Interest Payable | 1125 |
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.36 Seved Help Save & Exit Submit Balais Payable At year-end salaries expense of $20.500 has...
a. At year-end, salaries expense of $17,000 has been incurred by the company but is not...
a. At year-end, salaries expense of $17,000 has been incurred by the company but is not yet paid to employees. Salaries payable Step 1: Determine what the current account balance equals. Step 2: Determine what the current account balance should equal. Step 3: Record the December 31 adjusting entry to get from step 1 to step 2 b. At its December 31 year-end, the company owes $325 of interest on a line-of-credit loan. That interest will not be paid until...
a. Salaries Payable. At year-end, salaries expense of $20.500 has been incurred by the company, but...
a. Salaries Payable. At year-end, salaries expense of $20.500 has been incurred by the company, but is not yet paid to employees. b. Interest Payable. At its December 31 year-end, the company owes $500 of interest on a line of credit loan. That interest will not be paid until sometime in January of the next year. c. Interest Payable. At its December 31 year end, the company holds a mortgage payable that has incurred $1,125 in annual interest that is...
2,30 Saved Help Save & Exit Subm Accumulated Depreciation. The Krug Company's Accumulated Dopraelation account han510.500...
2,30 Saved Help Save & Exit Subm Accumulated Depreciation. The Krug Company's Accumulated Dopraelation account han510.500 balanca review of depreciation schedulos revons that 520,600 of depreciation expense must be recorded for the year Accumu Step 1: Determine what the current account balance equals. Step 2: Determine what the current account balance should equal. Step 3: Record the December 31 adjusting entry to get from step 1 to step 2. b. Accumulated Depreciation. The company has only one fixed asset (truck)...
For each separate case below, follow the three-step process for adjusting the Accumulated Depreciation account at...
For each separate case below, follow the three-step process for
adjusting the Accumulated Depreciation account at December
31.
Step 1: Determine what the current account balance equals.
Step 2: Determine what the current account balance should
equal.
Step 3: Record the December 31 adjusting entry to get from step 1
to step 2.
Assume no other adjusting entries are made during the
year.
I just wrote numbers not correct by the way just to show the
formating.
a. The Krug...
Saved Help Save & Exit Submit Check my work The fiscal year-end unadjusted trial balance for...
Saved Help Save & Exit Submit Check my work The fiscal year-end unadjusted trial balance for Nelson Company is found on the trial balance tab. Rent expense and salaries expense are equally divided between selling activities and general and administrative activities. Nelson Company uses a perpetual inventory system. Descriptions of items that require adjusting entries on January 31, 2019, follow. a. Store supplies still available at fiscal year-end amount to $1,750. b. Expired insurance, an administrative expense, for the fiscal...
Salaries payable to workers at the end of the year Advertising expense for the year Building...
Salaries payable to workers at the end of the year Advertising expense for the year Building that has been purchased Supplies at the end of the year Retained earn Utilities expense for the year Note payable to the bank Service revenue earned during the year Salary expense for the year Accounts payable to suppliers Dividends paid to shareholder during the year Common stock that has been issued including $8,000 that was issued this26,000 year, this is the ending balance Cash...
Saved 40 Help Save & Exit Submit The following adjusted year-end trial balance at December 31...
Saved 40 Help Save & Exit Submit The following adjusted year-end trial balance at December 31 of Wilson Trucking Company Credit Debit $ 7,000 16,500 2,000 184,000 $ 37,904 75,000 Account Title Cash Accounts receivable office supplies Trucks Accumulated depreciation-Trucks Land Accounts payable Interest payable Long-term notes payable Common stock Retained earnings Dividends Trucking fees earned Depreciation expense-Trucks Salaries expense olce supplies expense Repairs expense-Trucks Totals 11,000 3,000 52,000 40, 746 137,500 19,000 135,500 24,448 63,549 14,500 11, 653 $417,650...
Salaries payable to workers at the end of the year Advertising expense for the year Building...
Salaries payable to workers at the end of the year Advertising expense for the year Building that has been purchased Supplies at the end of the year Retained earnings Utility expense for the year Note payable to the bank Service revenue earned during the year Salary expense f Accounts payable to suppliers Dividends paid to shareholders during the year Common stock that has been issued, including $5,000 that was issued this year Cash remaining Interest expense for the year Accounts...
Help Save & Exit Sut 7 Supplies Prepaid Insurance Salaries Payable Deferred Revenue November 30 Debit...
Help Save & Exit Sut 7 Supplies Prepaid Insurance Salaries Payable Deferred Revenue November 30 Debit Credit $1,550 6,200 $10,100 2,100 01:01:33 The following information is known for the month of December: 1. Purchases of supplies during December total $3,600. Supplies on hand at the end of December equal $3,050. 2. No insurance payments are made in December. Insurance cost is $1,550 per month. 3. November salaries payable of $10,100 were paid to employees in December. Additional salaries for December...
a. Prepaid Insurance. The Prepaid Insurance account has a $5,500 debit balance to start the year....
a. Prepaid Insurance. The Prepaid Insurance account has a $5,500 debit balance to start the year. A review of insurance policies shows that $1,300 of unexpired insurance remains at year-end. Prepaid insurance Debit Step 1: Determine what the current account balance equals. Step 2: Determine what the current account balance should equal. Debit Step 3: Record the December 31, adjusting entry to get from step 1 to step 2. Insurance oxpense Prepaid insurance b. Prepaid Insurance. The Prepaid Insurance account...
a. At year-end, salaries expense of $17,000 has been incurred by the company but is not yet paid to employees. Salaries payable Step 1: Determine what the current account balance equals. Step 2: Determine what the current account balance should equal. Step 3: Record the December 31 adjusting entry to get from step 1 to step 2 b. At its December 31 year-end, the company owes $325 of interest on a line-of-credit loan. That interest will not be paid until...
a. Salaries Payable. At year-end, salaries expense of $20.500 has been incurred by the company, but is not yet paid to employees. b. Interest Payable. At its December 31 year-end, the company owes $500 of interest on a line of credit loan. That interest will not be paid until sometime in January of the next year. c. Interest Payable. At its December 31 year end, the company holds a mortgage payable that has incurred $1,125 in annual interest that is...
2,30 Saved Help Save & Exit Subm Accumulated Depreciation. The Krug Company's Accumulated Dopraelation account han510.500 balanca review of depreciation schedulos revons that 520,600 of depreciation expense must be recorded for the year Accumu Step 1: Determine what the current account balance equals. Step 2: Determine what the current account balance should equal. Step 3: Record the December 31 adjusting entry to get from step 1 to step 2. b. Accumulated Depreciation. The company has only one fixed asset (truck)...
For each separate case below, follow the three-step process for
adjusting the Accumulated Depreciation account at December
31.
Step 1: Determine what the current account balance equals.
Step 2: Determine what the current account balance should
equal.
Step 3: Record the December 31 adjusting entry to get from step 1
to step 2.
Assume no other adjusting entries are made during the
year.
I just wrote numbers not correct by the way just to show the
formating.
a. The Krug...
Saved Help Save & Exit Submit Check my work The fiscal year-end unadjusted trial balance for Nelson Company is found on the trial balance tab. Rent expense and salaries expense are equally divided between selling activities and general and administrative activities. Nelson Company uses a perpetual inventory system. Descriptions of items that require adjusting entries on January 31, 2019, follow. a. Store supplies still available at fiscal year-end amount to $1,750. b. Expired insurance, an administrative expense, for the fiscal...
Salaries payable to workers at the end of the year Advertising expense for the year Building that has been purchased Supplies at the end of the year Retained earn Utilities expense for the year Note payable to the bank Service revenue earned during the year Salary expense for the year Accounts payable to suppliers Dividends paid to shareholder during the year Common stock that has been issued including $8,000 that was issued this26,000 year, this is the ending balance Cash...
Saved 40 Help Save & Exit Submit The following adjusted year-end trial balance at December 31 of Wilson Trucking Company Credit Debit $ 7,000 16,500 2,000 184,000 $ 37,904 75,000 Account Title Cash Accounts receivable office supplies Trucks Accumulated depreciation-Trucks Land Accounts payable Interest payable Long-term notes payable Common stock Retained earnings Dividends Trucking fees earned Depreciation expense-Trucks Salaries expense olce supplies expense Repairs expense-Trucks Totals 11,000 3,000 52,000 40, 746 137,500 19,000 135,500 24,448 63,549 14,500 11, 653 $417,650...
Salaries payable to workers at the end of the year Advertising expense for the year Building that has been purchased Supplies at the end of the year Retained earnings Utility expense for the year Note payable to the bank Service revenue earned during the year Salary expense f Accounts payable to suppliers Dividends paid to shareholders during the year Common stock that has been issued, including $5,000 that was issued this year Cash remaining Interest expense for the year Accounts...
Help Save & Exit Sut 7 Supplies Prepaid Insurance Salaries Payable Deferred Revenue November 30 Debit Credit $1,550 6,200 $10,100 2,100 01:01:33 The following information is known for the month of December: 1. Purchases of supplies during December total $3,600. Supplies on hand at the end of December equal $3,050. 2. No insurance payments are made in December. Insurance cost is $1,550 per month. 3. November salaries payable of $10,100 were paid to employees in December. Additional salaries for December...
a. Prepaid Insurance. The Prepaid Insurance account has a $5,500 debit balance to start the year. A review of insurance policies shows that $1,300 of unexpired insurance remains at year-end. Prepaid insurance Debit Step 1: Determine what the current account balance equals. Step 2: Determine what the current account balance should equal. Debit Step 3: Record the December 31, adjusting entry to get from step 1 to step 2. Insurance oxpense Prepaid insurance b. Prepaid Insurance. The Prepaid Insurance account...
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