How to do the adjusting entries.Homework Answers
![The adjusting entries are as followed Particulars Debit Credit $1,000 Sr.No. Date (A) December 31 Insurance Expense $1,000 Prepaid Insurance (Being insurance expense for the month of December Accounted December 31 Supplies Expense $7,300 $7,300 Supplies (Being entry for supplies accounted) (C) December 31 Deferred Revenue $11,800 $11,800 Service Revenue (Being entry accounted for recognition of deferred revenue (D) December 31 Depreciation Expense $300 $300 Accumulated Depreciation (Being depreciation for the month of December is accounted Working $12,000 $1,000 (A) The annual insurance policy premiunm Per month insurance expense [$12000/12] Hence, Insurance Expenses for December is $1000 Accounting of supplies expenses (B) Supplies A/c Opening Supplies on hand on 1st December Add: Purchase on account on 18th December Total Supplies Less: Closing Supplies on hand Supplies Expense for December $4,000 $6,200 $10,200 $2,900 $7,300](http://img.homeworklib.com/questions/be3ee420-77a0-11ea-8e07-7dfc40d9d00d.png?x-oss-process=image/resize,w_560)
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How to do the adjusting entries.
Accounts Cash Accounts Receivable Prepaid Insurance Supplies Land Building Accumulated...
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.)...
Set up T-accounts for the following accounts: Cash, Accounts Receivable, Supplies, Prepaid Insurance, Equipment, Accumulated Depreciation-Equipment,...
Set up T-accounts for the following accounts: Cash, Accounts
Receivable, Supplies, Prepaid Insurance, Equipment, Accumulated
Depreciation-Equipment, Accounts Payable, Salaries and Wages
Payable, Common Stock, Retained Earnings, Service Revenue, Supplies
Expense, Gasoline, Expense, Depreciation Expense, Insurance
Expense, and Salaries & Wages Expense
Speedy Cleaning Service began its operations on December 1, 2019. The following transactions took place during its first month of operations. The company uses the calendar year as its reporting period. During December, the company completed the following transactions....
Debit Balances Credit Balances Cash Accounts Receivable Prepaid Insurance Supplies 4,700 42,650 7,950 2,170 125,420 306,260...
Debit Balances Credit Balances Cash Accounts Receivable Prepaid Insurance Supplies 4,700 42,650 7,950 2,170 125,420 306,260 Land 153,250 Building Accumulated Depreciation--Building Equipment Accumulated Depreciation-Equipment Accounts Payable 150,720 109,150 13,370 7,590 325,800 Unearned Rent 16,630 361,430 Suzanne Emerson, Capital Suzanne Emerson, Drawing Fees Earned Salaries and Wages Expense Utilities Expense Advertising Expense Repairs Expense Miscellaneous Expense 215,410 47,350 25,300 19,160 6,870 970,590 970,590 The data needed to determine year-end adjustments are as follows: • Unexpired insurance at October 31, $5,330. •...
Credit December 31, 2019 Debit Cash $3,150 Accounts Receivable 5,650 Prepaid Insurance 4,480 Equipment 42,000 Accumulated...
Credit December 31, 2019 Debit Cash $3,150 Accounts Receivable 5,650 Prepaid Insurance 4,480 Equipment 42,000 Accumulated Depreciation, Equipment Accounts Payable Salaries Payable Unearned Service Revenue Common Stock $24,000 2,800 4,450 3,875 8,000 2,255 Retained Earnings Dividends 10,500 Service Revenue 99,600 Salaries Expense Rent Expense Insurance Expense Depreciation Expense Income Tax Expense Totals 49,400 17,250 2,200 4,950 5,400 144,980 144,980 Required: Prepare the closing entries for Sparrow at December 31, 2019. If an amount box does not require an entry, leave...
Check Credits Debits $4.100 9,100 3,100 28,000 Part B of 8 Accounts Cash Accounts Receivable Supplies...
Check Credits Debits $4.100 9,100 3,100 28,000 Part B of 8 Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Utilities Payable Deferred Revenue Common Stock Retained tannings Totala $ 6,400 4,400 5,400 19.000 9,100 $44,300 points $44,300 The following is a summary of the transactions for the year: rences 1. January 24 Provide plumbing services for cash, $16.000, and on account, 361,000. 2. Maren 13 Collection sont receivable, 349.000. 3. Hay 6 Issue shares of common stock in...
December 31, 2019 Debit Credit Cash $3,150 Accounts Receivable 5,650 Prepaid Insurance 4,480 Equipment 42,000 Accumulated...
December 31, 2019 Debit Credit Cash $3,150 Accounts Receivable 5,650 Prepaid Insurance 4,480 Equipment 42,000 Accumulated Depreciation, $24,000 Equipment Accounts Payable 2,800 Salaries Payable 4,450 3,875 Unearned Service Revenue Common Stock 8,000 Retained Earnings 2,255 Dividends 10,500 Service Revenue 99,600 Salaries Expense 49,400 Rent Expense 17,250 Insurance Expense 2,200 Depreciation Expense 4,950 Income Tax Expense 5,400 144,980 144,980 Totals Required: Prepare the closing entries for Sparrow at December 31, 2019. If an amount box does not require an entry, leave...
prepare an adjusted trail balance Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation Accounts Payable...
prepare an adjusted trail balance
Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation Accounts Payable Salarles Payable Utilities Payable Interest Payable Notes Payable Common Stock Retained Earnings Dividends Service Revenue Salarles Expense Depreciation Expense Insurance Expense Supplies Expense Utilities Expense Interest Expense 17.000 14,000 22.000 18,000 85.000 $ 27,000 11,000 0 0 O 30,000 25.000 9,000 2.000 220.000 153,000 0 11,000 0 Totals $322.000 $322,000 Information necessary to prepare the year-end adjusting entries appears below. a. Depreciation on the...
August 31, 2022 Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Accounts Payable Salaries and...
August 31, 2022 Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Accounts Payable Salaries and Wages Payable Unearned Rent Revenue Common Stock Retained Earnings Dividends Service Revenue Rent Revenue Salaries and Wages Expense Supplies Expense Rent Expense Insurance Expense Depreciation Expense Before Adjustment Dr. Cr. $10,260 8,470 2,500 4,340 15,800 h $3,555 5,780 0 1,830 19,800 5,830 2.910 32,070 13.570 16,670 0 21,485 O 0 $82,435 $82,435 After Adjustment Dr. Cr. $10,260 8,970 660 3,080 15,800 $4,755 5,780 1,280...
WILDHORSE CO. Trial Balance August 31, 2022 Cr. Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated...
WILDHORSE CO. Trial Balance August 31, 2022 Cr. Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Accounts Payable Salaries and Wages Payable Unearned Rent Revenue Common Stock Retained Earnings Dividends Service Revenue Rent Revenue Salaries and Wages Expense Supplies Expense Rent Expense Insurance Expense Depreciation Expense Before Adjustment Dr. Cr. $10,000 8,720 2,850 4,370 15,160 $3,411 5,190 0 1,840 16,110 5,130 2,760 33,930 12,430 16,940 0 17,241 0 0 $78,041 $78,041 After Adjustment Dr. $10,000 9,400 1,230 3,120 15,160...
Happy Corporation Partial Trial Balance December 31, 2020 Cash Account Receivable Supplies Prepaid Insurance Equipment Accumulated...
Happy Corporation Partial Trial Balance December 31, 2020 Cash Account Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation Account Payable Notes Payable Unearned Service Revenue Salaries and Wages Payable Common Stock Retained Earnings Service Revenue Salaries and Wages Expense Insurance Expense Interest Expense Depreciation Expense Supplies Expense Rent Expense $11,350 21,500 5,000 2,500 60,000 35,000 5,000 5,150 5,600 1,300 10,000 3,500 61,500 11,300 150 2,000 7,000 3,400 4,000 Make closing entries for Happy Corporation as of December 31,2020 Name Problem III...
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.)...
Set up T-accounts for the following accounts: Cash, Accounts
Receivable, Supplies, Prepaid Insurance, Equipment, Accumulated
Depreciation-Equipment, Accounts Payable, Salaries and Wages
Payable, Common Stock, Retained Earnings, Service Revenue, Supplies
Expense, Gasoline, Expense, Depreciation Expense, Insurance
Expense, and Salaries & Wages Expense
Speedy Cleaning Service began its operations on December 1, 2019. The following transactions took place during its first month of operations. The company uses the calendar year as its reporting period. During December, the company completed the following transactions....
Debit Balances Credit Balances Cash Accounts Receivable Prepaid Insurance Supplies 4,700 42,650 7,950 2,170 125,420 306,260 Land 153,250 Building Accumulated Depreciation--Building Equipment Accumulated Depreciation-Equipment Accounts Payable 150,720 109,150 13,370 7,590 325,800 Unearned Rent 16,630 361,430 Suzanne Emerson, Capital Suzanne Emerson, Drawing Fees Earned Salaries and Wages Expense Utilities Expense Advertising Expense Repairs Expense Miscellaneous Expense 215,410 47,350 25,300 19,160 6,870 970,590 970,590 The data needed to determine year-end adjustments are as follows: • Unexpired insurance at October 31, $5,330. •...
Credit December 31, 2019 Debit Cash $3,150 Accounts Receivable 5,650 Prepaid Insurance 4,480 Equipment 42,000 Accumulated Depreciation, Equipment Accounts Payable Salaries Payable Unearned Service Revenue Common Stock $24,000 2,800 4,450 3,875 8,000 2,255 Retained Earnings Dividends 10,500 Service Revenue 99,600 Salaries Expense Rent Expense Insurance Expense Depreciation Expense Income Tax Expense Totals 49,400 17,250 2,200 4,950 5,400 144,980 144,980 Required: Prepare the closing entries for Sparrow at December 31, 2019. If an amount box does not require an entry, leave...
Check Credits Debits $4.100 9,100 3,100 28,000 Part B of 8 Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Utilities Payable Deferred Revenue Common Stock Retained tannings Totala $ 6,400 4,400 5,400 19.000 9,100 $44,300 points $44,300 The following is a summary of the transactions for the year: rences 1. January 24 Provide plumbing services for cash, $16.000, and on account, 361,000. 2. Maren 13 Collection sont receivable, 349.000. 3. Hay 6 Issue shares of common stock in...
December 31, 2019 Debit Credit Cash $3,150 Accounts Receivable 5,650 Prepaid Insurance 4,480 Equipment 42,000 Accumulated Depreciation, $24,000 Equipment Accounts Payable 2,800 Salaries Payable 4,450 3,875 Unearned Service Revenue Common Stock 8,000 Retained Earnings 2,255 Dividends 10,500 Service Revenue 99,600 Salaries Expense 49,400 Rent Expense 17,250 Insurance Expense 2,200 Depreciation Expense 4,950 Income Tax Expense 5,400 144,980 144,980 Totals Required: Prepare the closing entries for Sparrow at December 31, 2019. If an amount box does not require an entry, leave...
prepare an adjusted trail balance
Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation Accounts Payable Salarles Payable Utilities Payable Interest Payable Notes Payable Common Stock Retained Earnings Dividends Service Revenue Salarles Expense Depreciation Expense Insurance Expense Supplies Expense Utilities Expense Interest Expense 17.000 14,000 22.000 18,000 85.000 $ 27,000 11,000 0 0 O 30,000 25.000 9,000 2.000 220.000 153,000 0 11,000 0 Totals $322.000 $322,000 Information necessary to prepare the year-end adjusting entries appears below. a. Depreciation on the...
August 31, 2022 Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Accounts Payable Salaries and Wages Payable Unearned Rent Revenue Common Stock Retained Earnings Dividends Service Revenue Rent Revenue Salaries and Wages Expense Supplies Expense Rent Expense Insurance Expense Depreciation Expense Before Adjustment Dr. Cr. $10,260 8,470 2,500 4,340 15,800 h $3,555 5,780 0 1,830 19,800 5,830 2.910 32,070 13.570 16,670 0 21,485 O 0 $82,435 $82,435 After Adjustment Dr. Cr. $10,260 8,970 660 3,080 15,800 $4,755 5,780 1,280...
WILDHORSE CO. Trial Balance August 31, 2022 Cr. Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Accounts Payable Salaries and Wages Payable Unearned Rent Revenue Common Stock Retained Earnings Dividends Service Revenue Rent Revenue Salaries and Wages Expense Supplies Expense Rent Expense Insurance Expense Depreciation Expense Before Adjustment Dr. Cr. $10,000 8,720 2,850 4,370 15,160 $3,411 5,190 0 1,840 16,110 5,130 2,760 33,930 12,430 16,940 0 17,241 0 0 $78,041 $78,041 After Adjustment Dr. $10,000 9,400 1,230 3,120 15,160...
Happy Corporation Partial Trial Balance December 31, 2020 Cash Account Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation Account Payable Notes Payable Unearned Service Revenue Salaries and Wages Payable Common Stock Retained Earnings Service Revenue Salaries and Wages Expense Insurance Expense Interest Expense Depreciation Expense Supplies Expense Rent Expense $11,350 21,500 5,000 2,500 60,000 35,000 5,000 5,150 5,600 1,300 10,000 3,500 61,500 11,300 150 2,000 7,000 3,400 4,000 Make closing entries for Happy Corporation as of December 31,2020 Name Problem III...
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