Record the end of May Adjustments. Types of adjustments required.
Homework Answers
| 1 | Depreciation expense | 284 | |
| Accumulated Depreciation | 284 | ||
| 2 | Rent expense | 833 | |
| Prepaid rent | 833 | ||
| 3 | Supplies Expense | 436 | |
| Supplies | 436 | ||
| 4 | Interst expense | 120 | |
| Interest payable | 120 | ||
| 5 | Bad debts expense | 1191 | |
| Allowance for Doubtful Accounts | 1191 |
Comment if you face any issues
Add Answer to:
Record the end of May Adjustments. Types of adjustments
required.
Depreciation on Property and Equipment for...
EXERCISES: In each of the following adjustments, identify the type of adjusting entry (Prepaid Expense, Unearned...
EXERCISES: In each of the following adjustments, identify the type of adjusting entry (Prepaid Expense, Unearned Revenue, Accrued Expense, and Accrued Revenue) and record the journal entry. All of the adjustments are on June 30th and represent adjustments that occurred during the month. 1. One month's property taxes estimated at $200 have accrued but are unrecorded and unpaid at the end of the accounting period which is June 30h, TYPE OF ADJUSTMENT: JOURNAL ENTRY: 2. Depreciation on the truck was...
Ket CHAPTER 4: THE ADJUSTING PROCESS RECORD THE FOLLOWING ADJUSTMENTS AS OF JUNE 30, 2012.: A...
Ket CHAPTER 4: THE ADJUSTING PROCESS RECORD THE FOLLOWING ADJUSTMENTS AS OF JUNE 30, 2012.: A One month of insurance has expired. The initial purchase was for a 12 month policy B. Depreciation expense on the furniture is $50. C. Weekly payroll is $500, June 30, 2012 is a Thursday. D. Interest on the bank loan (rate of 10%) has accrued for one month E. A count of supplies shows $175 on hand at June 30, 2012 F. The retainer...
Adjustments and Errors At the end of May, the first month of operations, the following selected...
Adjustments and Errors At the end of May, the first month of operations, the following selected data were taken from the financial statements of Julie Mortenson, Attorney at Law, P.C.: Net income for May $126,300 Total assets at May 31 701,000 Total liabilities at May 31 231,000 Total stockholders' equity at 470,000 May 31 In preparing the financial statements, adjustments for the following data were overlooked: a. Unbilled fees earned at May 31, $9,280. b. Depreciation of equipment for May,...
I need help with this adjusting entries problem. The details of the end of month adjustments...
I need help with this adjusting entries
problem.
The details of the end of month adjustments for June are as
follows:
Office Furniture owned by the business: original purchase price
was $7,000, estimated useful life was
5 years, and estimated residual value was
$500 at the end of the useful life. Depreciation
is calculated on a monthly basis using the straight line method.
The monthly depreciation charge is calculated as the yearly
depreciation expense divided by the number of months...
Adjustments and Errors At the end of May, the first month of operations, the following selected...
Adjustments and Errors At the end of May, the first month of operations, the following selected data were taken from the financial statements of Julie Mortenson, Attorney at Law, PC. : Net income for May Total assets at May 31 Total liabilities at May 31 Total stockholders' equity at May 31 $194,300 1,034,000 341,000 693,000 In preparing the financial statements, adjustments for the following data were overlooked: a. Unbilled fees earned at May 31, $7,220 b. Depreciation of equipment for...
Problem 5-86 Read the description of following adjustments that are required at the end of the accounting perio...
Problem 5-86 Read the description of following adjustments that are required at the end of the accounting period for Drake Consulting Services Determine the account and amount to be debited and the account and amount to be credited. A. Prepaid rent for one year on January 1, 2019, in the amount of $91,080. Record the adjustment on January 31, 2019 B. Purchased supplies for $4,000 on January 1, 2019. The inventory of supplies was $1880 on January 31, 2019. Record...
Complete Adjusting Journal Entries, the worksheet with the Trial Balance and adjustments and Adjusted Trial Balance...
Complete Adjusting Journal Entries, the worksheet with the Trial
Balance and adjustments and Adjusted Trial Balance Columns
I JUST NEED THE BLUE PART COMPLETED THANK YOU!!! Adjusting
Journal Entries
You have been hired as an accountant for FigMint Consulting Inc. This business was created when some friends decided to make use of their newly minted college degrees and go into business together. The business was created on January 1, 2018. The company will have a fiscal year end of December...
Internal Control and Accountin Required . Record the above transactions in general journal form. ...
Internal Control and Accountin Required . Record the above transactions in general journal form. b. Post the transactions to the T-accounts. c. Prepare a bank reco for the bank reconciliation: (1) Checks written but not paid by the bank, $8,350. (2) A deposit of $6,500 made on December 31 nciliation at the end of the year. The following information is available , 2016, had been recorded but was not shown hecks. (Hint: Use Office Supplies Expense on the bank statement....
Exercise 3-12A Record year-end adjusting entries (LO3-3) Below are transactions for Wolverine Company during 2021 1....
Exercise 3-12A Record year-end adjusting entries (LO3-3) Below are transactions for Wolverine Company during 2021 1. On December 1, 2021, Wolverine receives $2,200 cash from a company that is renting office space from Wolverine. The payment. representing rent for December and January, is credited to Deferred Revenue. 2. Wolverine purchases a one year property insurance policy on July 1, 2021, for $11,040. The payment is debited to Prepaid Insurance for the entire amount. 3. Employee salaries of $1,200 for the...
Using the information and Excel, provided for Jacks Maintenance Services to: 1. Record the journal entries...
Using the information and Excel, provided for Jacks Maintenance Services to: 1. Record the journal entries for June transactions. Include narrations. 2. Record adjusting entries for the end of June. Include narrations. 3. Construct the "T" formatted ledger accounts. 4. Prepare the profit and loss statement for the year ended 30 June 2020. 5. Prepare the classified narrative formatted balance sheet as at 30 June 2020. You must use excel formula to construct the leger accounts, profit and loss statement,...
EXERCISES: In each of the following adjustments, identify the type of adjusting entry (Prepaid Expense, Unearned Revenue, Accrued Expense, and Accrued Revenue) and record the journal entry. All of the adjustments are on June 30th and represent adjustments that occurred during the month. 1. One month's property taxes estimated at $200 have accrued but are unrecorded and unpaid at the end of the accounting period which is June 30h, TYPE OF ADJUSTMENT: JOURNAL ENTRY: 2. Depreciation on the truck was...
Ket CHAPTER 4: THE ADJUSTING PROCESS RECORD THE FOLLOWING ADJUSTMENTS AS OF JUNE 30, 2012.: A One month of insurance has expired. The initial purchase was for a 12 month policy B. Depreciation expense on the furniture is $50. C. Weekly payroll is $500, June 30, 2012 is a Thursday. D. Interest on the bank loan (rate of 10%) has accrued for one month E. A count of supplies shows $175 on hand at June 30, 2012 F. The retainer...
Adjustments and Errors At the end of May, the first month of operations, the following selected data were taken from the financial statements of Julie Mortenson, Attorney at Law, P.C.: Net income for May $126,300 Total assets at May 31 701,000 Total liabilities at May 31 231,000 Total stockholders' equity at 470,000 May 31 In preparing the financial statements, adjustments for the following data were overlooked: a. Unbilled fees earned at May 31, $9,280. b. Depreciation of equipment for May,...
I need help with this adjusting entries
problem.
The details of the end of month adjustments for June are as
follows:
Office Furniture owned by the business: original purchase price
was $7,000, estimated useful life was
5 years, and estimated residual value was
$500 at the end of the useful life. Depreciation
is calculated on a monthly basis using the straight line method.
The monthly depreciation charge is calculated as the yearly
depreciation expense divided by the number of months...
Adjustments and Errors At the end of May, the first month of operations, the following selected data were taken from the financial statements of Julie Mortenson, Attorney at Law, PC. : Net income for May Total assets at May 31 Total liabilities at May 31 Total stockholders' equity at May 31 $194,300 1,034,000 341,000 693,000 In preparing the financial statements, adjustments for the following data were overlooked: a. Unbilled fees earned at May 31, $7,220 b. Depreciation of equipment for...
Problem 5-86 Read the description of following adjustments that are required at the end of the accounting period for Drake Consulting Services Determine the account and amount to be debited and the account and amount to be credited. A. Prepaid rent for one year on January 1, 2019, in the amount of $91,080. Record the adjustment on January 31, 2019 B. Purchased supplies for $4,000 on January 1, 2019. The inventory of supplies was $1880 on January 31, 2019. Record...
Complete Adjusting Journal Entries, the worksheet with the Trial
Balance and adjustments and Adjusted Trial Balance Columns
I JUST NEED THE BLUE PART COMPLETED THANK YOU!!! Adjusting
Journal Entries
You have been hired as an accountant for FigMint Consulting Inc. This business was created when some friends decided to make use of their newly minted college degrees and go into business together. The business was created on January 1, 2018. The company will have a fiscal year end of December...
Internal Control and Accountin Required . Record the above transactions in general journal form. b. Post the transactions to the T-accounts. c. Prepare a bank reco for the bank reconciliation: (1) Checks written but not paid by the bank, $8,350. (2) A deposit of $6,500 made on December 31 nciliation at the end of the year. The following information is available , 2016, had been recorded but was not shown hecks. (Hint: Use Office Supplies Expense on the bank statement....
Exercise 3-12A Record year-end adjusting entries (LO3-3) Below are transactions for Wolverine Company during 2021 1. On December 1, 2021, Wolverine receives $2,200 cash from a company that is renting office space from Wolverine. The payment. representing rent for December and January, is credited to Deferred Revenue. 2. Wolverine purchases a one year property insurance policy on July 1, 2021, for $11,040. The payment is debited to Prepaid Insurance for the entire amount. 3. Employee salaries of $1,200 for the...
Using the information and Excel, provided for Jacks Maintenance Services to: 1. Record the journal entries for June transactions. Include narrations. 2. Record adjusting entries for the end of June. Include narrations. 3. Construct the "T" formatted ledger accounts. 4. Prepare the profit and loss statement for the year ended 30 June 2020. 5. Prepare the classified narrative formatted balance sheet as at 30 June 2020. You must use excel formula to construct the leger accounts, profit and loss statement,...
Most questions answered within 3 hours.
-
At the Pinelands University Medical Center, clinics trials were
performed with a medical treatment intended to...
asked 8 minutes ago -
Question 1.
XOR
Challenge 1: The key is a single digit
Decrypt the cipher =
snw{fzs...
asked 15 minutes ago -
Propose the importance of the financial account (from the BOP)
to economic indicators.?
asked 11 minutes ago -
Please submit the following files for this
assignment:
**************************Animal.h, Animal.cpp,
Mammal.h, Mammal.cpp, Cat.h, Cat.cpp,
main.cpp********************************************************
Assignment...
asked 12 minutes ago -
Multidimensional arrays can be stored in row major order or in
column major order. The access...
asked 14 minutes ago -
A study is conducted
to determine the simple linear regression relation (if any) between
average temperature...
asked 32 minutes ago -
Twenty percent of all telephones of a certain type are submitted
for service while under warranty....
asked 1 hour ago -
Which is a method of transmitting pathogens from one host to
another by carrying microorganisms inside...
asked 41 minutes ago -
In a memo written to a US trade policy maker, outline an
argument for the role...
asked 33 minutes ago -
Ten young adults living in California rated the taste of a newly
developed sushi pizza topped...
asked 53 minutes ago -
In a titration experiment, 29.9 mL of 0.797 M HCOOH neutralizes
20.6 mL of Ba(OH)2. What...
asked 49 minutes ago -
A
roller coaster cart of mass 312 kg travels around a horizontal
curve of radius 41.3...
asked 1 hour ago