Homework Answers
Journal entry
| No | Date | General Journal | Debit | Credit |
| a | Jan 31 | Insurance expense (7200/36) | 200 | |
| Prepaid insurance | 200 | |||
| (To record insurance expense) | ||||
| b | Jan 31 | Supplies expense (2100-975) | 1125 | |
| Supplies | 1125 | |||
| (To record supplies expense) | ||||
| c | Jan 31 | Depreciation expense (7680/8)/12 | 80 | |
| Accumulated depreciation-equipment | 80 | |||
| (To record depreciation on office equipment) | ||||
| d | Jan 31 | Unearned rent revenue | 925 | |
| Rent revenue | 925 | |||
| (To record advance rent earned) | ||||
| e | Jan 31 | Salaries expense | 625 | |
| Salaries payable | 625 | |||
| (To record accrued salaries) | ||||
Add Answer to:
$7,200 2,100 7,680 Prepaid insurance Supplies Office equipment Unearned rent revenue Salaries expense Rent revenue 5,400...
Adjusting Entries Selected accounts of Ideal Properties Inc., a real estate management firm, are shown below...
Adjusting Entries Selected accounts of Ideal Properties Inc., a real estate management firm, are shown below as of January 31, before any adjusting entries have been made: Debit Credit Prepaid insurance $7,460 Supplies 2,730 Office equipment 6,720 Unearned rent revenue 5,730 Salaries expense 3,900 Rent revenue 15,800 Monthly financial statements are prepared. Using the following information, record in a general journal the adjusting entries necessary on January 31: a. Prepaid Insurance represents a three-year premium paid on January 1. b....
Adjusting Accounts Selected accounts of Ideal Properties, a real estate management firm, are shown below as...
Adjusting Accounts Selected accounts of Ideal Properties, a real estate management firm, are shown below as of January 31, 2015, before any adjusting entries have been made. Debits Credits Prepaid insurance $13,320 Supplies inventory Office equipment 11,904 Unearned rent revenue $10,500 Salaries expense 6,200 Rent revenue 30,000 Monthly financial statements are prepared. Using the following information, record the adjusting entries necessary on January 31 (a) using the financial statements effect template and (b) in journal entry form. 1. Prepaid Insurance...
Adjusting Accounts Selected accounts of Ideal Properties, a real estate management firm, are shown below as...
Adjusting Accounts Selected accounts of Ideal Properties, a real estate management firm, are shown below as of January 31, 2015, before any adjusting entries have been made. Debits Credits Prepaid insurance $13,320 Supplies inventory 3,860 Office equipment 11,904 Unearned rent revenue $10,500 Salaries expense 6,200 Rent revenue 30,000 Monthly financial statements are prepared. Using the following information, record the adjusting entries necessary on January 31 (a) using the financial statements effect template and (b) in journal entry form. 1. Prepaid...
Cash Supplies Prepaid Insurance Land Building Accumulated Depreciation-Building Equipment Accumulated Depreciation Equipment Accounts Payable Unearned Rent...
Cash Supplies Prepaid Insurance Land Building Accumulated Depreciation-Building Equipment Accumulated Depreciation Equipment Accounts Payable Unearned Rent Revenue Salaries and Wages Payable Interest Payable Mortgage Payable Common Stock Rent Revenue 6. Salaries of $710 are accrued and unpaid at May 31. Journalize the adjusting entries on May 31. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when the amount is entered. DC not indent manually.)...
Gain on sale of equipment Office supplies expense Insurance expense Sales Office salaries expense Rent expense-Selling...
Gain on sale of equipment Office supplies expense Insurance expense Sales Office salaries expense Rent expense-Selling space Sales staff wages $ 6,250 Depreciation expense-office copier $ 420 790 Sales discounts 15,200 1, 240 Sales returns and allowances 3,900 225,000 TV advertising expense 3,000 32,100 Interest revenue 660 10,500 Cost of goods sold 88,800 22,400 Sales commission expense 13,600 Prepare a multiple-step income statement. FIT-FOR-LIFE FOODS Income Statement For Year Ended December 31 Expenses Selling expenses Total selling expenses General and...
$ Prepaid insurance Prepaid rent 3,750 26,100 Interest receivable Salaries payable Unearned revenue 33,000 Interest revenue...
$ Prepaid insurance Prepaid rent 3,750 26,100 Interest receivable Salaries payable Unearned revenue 33,000 Interest revenue 11,000 • The insurance policy indicates that on December 31, 2010, only three months remain on the 48-month policy that originally cost $12,000 (purchased on April 1, 2007). • Brenda's has a note receivable with $3,600 of interest due from a customer on January 1, 2011. This amount has not been recorded. • The accounting records show that two-third of the revenue paid in...
July 31 Fees Earned 21,200 Wages Expense Office Rent Expense 2,940 2,550 1,375 Equipment Rent Expense...
July 31 Fees Earned 21,200 Wages Expense Office Rent Expense 2,940 2,550 1,375 Equipment Rent Expense Utilities Expense 1,215 Music Expense 3,610 Advertising Expense 1,500 Supplies Expense 925 Insurance Expense 225 Depreciation Expense 50 Miscellaneous Expense 1,855 Peyton Smith, Capital 4,955 DATE ACCOUNT POST. REF. DEBIT CREDIT July 31 Peyton Smith, Capital 1,750 Peyton Smith, Drawing 1,750 PS Music Post-Closing Trial Balance July 31, 2019 Debit Balances Credit Balances Cash Accounts Receivable Supplies Prepaid Insurance Office Equipment Accumulated Depreciation Office...
Prepaid insurance $ 22,100 24,300 Prepaid rent Interest receivable Salaries payable 0 Unearned revenue 48,000 Interest...
Prepaid insurance $ 22,100 24,300 Prepaid rent Interest receivable Salaries payable 0 Unearned revenue 48,000 Interest revenue 17,000 • The insurance policy indicates that on December 31, 2010, only five months remain on the 18-month policy that originally cost $23,400 (purchased on December 1, 2009). • Sonoma's has a note receivable with $3,000 of interest due from a customer on January 1, 2011. This amount has not been recorded. • The accounting records show that two-third of the revenue paid...
QUESTION 3 Not complete Marked out of 84.00 P Flag question Adjusting Accounts Selected accounts of...
QUESTION 3 Not complete Marked out of 84.00 P Flag question Adjusting Accounts Selected accounts of Ideal Properties, a real estate management firm, are shown below as of January 31, 2015, before any adjusting entries have been made. Debits Credits Prepaid insurance Supplies inventory Office equipment Unearned rent revenue Salaries expense Rent revenue $6,660 1,930 5,952 $5,250 3,100 5,000 Monthly financial statements are prepared. Using the following information, record the adjusting entries necessary on January 31 (a) using the financial...
Selected accounts of Ideal Properties, a real estate management firm, are shown below as of January...
Selected accounts of Ideal Properties, a real estate management firm, are shown below as of January 31, 2019, before any adjusting entries have been made. Debits Credits Prepaid insurance $6,660 Supplies inventory 1,930 Office equipment 5,952 Unearned rent liability $5,250 Salaries expense 3,100 Rent revenue 15,000 Monthly financial statements are prepared. Using the following information, record the adjusting entries necessary on January 31 (a) using the financial statements effect template and (b) in journal entry form. 1. Prepaid Insurance represents...
Adjusting Entries Selected accounts of Ideal Properties Inc., a real estate management firm, are shown below as of January 31, before any adjusting entries have been made: Debit Credit Prepaid insurance $7,460 Supplies 2,730 Office equipment 6,720 Unearned rent revenue 5,730 Salaries expense 3,900 Rent revenue 15,800 Monthly financial statements are prepared. Using the following information, record in a general journal the adjusting entries necessary on January 31: a. Prepaid Insurance represents a three-year premium paid on January 1. b....
Adjusting Accounts Selected accounts of Ideal Properties, a real estate management firm, are shown below as of January 31, 2015, before any adjusting entries have been made. Debits Credits Prepaid insurance $13,320 Supplies inventory Office equipment 11,904 Unearned rent revenue $10,500 Salaries expense 6,200 Rent revenue 30,000 Monthly financial statements are prepared. Using the following information, record the adjusting entries necessary on January 31 (a) using the financial statements effect template and (b) in journal entry form. 1. Prepaid Insurance...
Adjusting Accounts Selected accounts of Ideal Properties, a real estate management firm, are shown below as of January 31, 2015, before any adjusting entries have been made. Debits Credits Prepaid insurance $13,320 Supplies inventory 3,860 Office equipment 11,904 Unearned rent revenue $10,500 Salaries expense 6,200 Rent revenue 30,000 Monthly financial statements are prepared. Using the following information, record the adjusting entries necessary on January 31 (a) using the financial statements effect template and (b) in journal entry form. 1. Prepaid...
Cash Supplies Prepaid Insurance Land Building Accumulated Depreciation-Building Equipment Accumulated Depreciation Equipment Accounts Payable Unearned Rent Revenue Salaries and Wages Payable Interest Payable Mortgage Payable Common Stock Rent Revenue 6. Salaries of $710 are accrued and unpaid at May 31. Journalize the adjusting entries on May 31. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when the amount is entered. DC not indent manually.)...
Gain on sale of equipment Office supplies expense Insurance expense Sales Office salaries expense Rent expense-Selling space Sales staff wages $ 6,250 Depreciation expense-office copier $ 420 790 Sales discounts 15,200 1, 240 Sales returns and allowances 3,900 225,000 TV advertising expense 3,000 32,100 Interest revenue 660 10,500 Cost of goods sold 88,800 22,400 Sales commission expense 13,600 Prepare a multiple-step income statement. FIT-FOR-LIFE FOODS Income Statement For Year Ended December 31 Expenses Selling expenses Total selling expenses General and...
$ Prepaid insurance Prepaid rent 3,750 26,100 Interest receivable Salaries payable Unearned revenue 33,000 Interest revenue 11,000 • The insurance policy indicates that on December 31, 2010, only three months remain on the 48-month policy that originally cost $12,000 (purchased on April 1, 2007). • Brenda's has a note receivable with $3,600 of interest due from a customer on January 1, 2011. This amount has not been recorded. • The accounting records show that two-third of the revenue paid in...
July 31 Fees Earned 21,200 Wages Expense Office Rent Expense 2,940 2,550 1,375 Equipment Rent Expense Utilities Expense 1,215 Music Expense 3,610 Advertising Expense 1,500 Supplies Expense 925 Insurance Expense 225 Depreciation Expense 50 Miscellaneous Expense 1,855 Peyton Smith, Capital 4,955 DATE ACCOUNT POST. REF. DEBIT CREDIT July 31 Peyton Smith, Capital 1,750 Peyton Smith, Drawing 1,750 PS Music Post-Closing Trial Balance July 31, 2019 Debit Balances Credit Balances Cash Accounts Receivable Supplies Prepaid Insurance Office Equipment Accumulated Depreciation Office...
Prepaid insurance $ 22,100 24,300 Prepaid rent Interest receivable Salaries payable 0 Unearned revenue 48,000 Interest revenue 17,000 • The insurance policy indicates that on December 31, 2010, only five months remain on the 18-month policy that originally cost $23,400 (purchased on December 1, 2009). • Sonoma's has a note receivable with $3,000 of interest due from a customer on January 1, 2011. This amount has not been recorded. • The accounting records show that two-third of the revenue paid...
QUESTION 3 Not complete Marked out of 84.00 P Flag question Adjusting Accounts Selected accounts of Ideal Properties, a real estate management firm, are shown below as of January 31, 2015, before any adjusting entries have been made. Debits Credits Prepaid insurance Supplies inventory Office equipment Unearned rent revenue Salaries expense Rent revenue $6,660 1,930 5,952 $5,250 3,100 5,000 Monthly financial statements are prepared. Using the following information, record the adjusting entries necessary on January 31 (a) using the financial...
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