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At the beginning of the period, a company reports a balance in office supplies of $550....
At the beginning of the period, a company reports a balance in office supplies of $450....
At the beginning of the period, a company reports a balance in office supplies of $450. During the period, the company purchases an additional $3,900 of office supplies for cash. By the end of the period, only $950 of office supplies remains Record the period-end adjusting entry. (if no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the period-end adjusting entry. Note: Enter debits before...
6. At the beginning of the period, a company reports a balance in office supplies of $500. During the period, the compan...
6. At the beginning of the period, a company reports a balance in office supplies of $500. During the period, the company purchases an additional $3,500 of office supplies for cash. By the end of the period, only $700 of office supplies remains. RECORD THE PERIOD END ADJUSTING ENTRY 7.A company purchases one year of flood insurance in advance on May 1, paying $24,000 ($2,000/month). Record the adjusting entry on December 31. Record the adjusting entry on December 31. Note:...
At the beginning of May. Golden Gopher Company reports a balance in Supplies of $400. On...
At the beginning of May. Golden Gopher Company reports a balance in Supplies of $400. On May 15, Golden Gopher purchases an additional $2,300 of supplies for cash. By the end of May, only $200 of supplies remains. Required: 1.&2. Record the necessary entries in the Journal Entry Worksheet below. 3. Calculate the balances after adjustment on May 31 of Supplies and Supplies Expense. Complete this question by entering your answers in the tabs below. Required 1 and 2 Required...
Saved A company had the following transactions 1 Paid $160 for office supplies using a debit...
Saved A company had the following transactions 1 Paid $160 for office supplies using a debit card 2. Purchased office equipment costing $710 using a credit card 3. Paid utilitie bill of $450 by issuing a check Record each transaction. (If no entry is required for a trensaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 Record $160 purchase of office supplies using a debit card. Note: Enter debits before credits....
A company had the following transactions 1 Paid $150 for office supplies using a debit card....
A company had the following transactions 1 Paid $150 for office supplies using a debit card. 2 Purchased office equipment costing $700 using a credit card 3. Paid utilities bill of $400 by issuing a check. Record each transaction. (If no entry is required for a transactionlevent, select "No Journal Entry Required in the first account field.) View transaction list Journal entry worksheet Record $150 purchase of office supplies using a debit card. Note: Enter debits before credits Transaction General...
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 $3,600 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 $12,720. The payment is debited to Prepaid Insurance for the entire amount 3. Employee salaries of $2,600 for the month...
Required information Account Name Supplies Interest receivable Salaries payable Deferred revenue Account Balance $15, eee @...
Required information Account Name Supplies Interest receivable Salaries payable Deferred revenue Account Balance $15, eee @ Account Name Service revenue Interest revenue Supplies expense Salaries expense Account Balance $147,200 e e 66,300 9,600 1. Supplies remaining at the end of the year. 2. Services remaining to be provided to customers who paid in advance. 3. Employees are owed additional salaries at the end of the year. A note receivable was accepted on March 31. Interest rate on note $ 6,109...
At the end of the year, a company reports a balance in its Allowance for Uncollectible...
At the end of the year, a company reports a balance in its Allowance for Uncollectible Accounts of $2,100 (credit) before any year-end adjustment. The company estimates future uncollectible accounts to be 3% of credit sales for the year. Credit sales for the year total $281,000. Record the adjustment for the allowance for uncollectible accounts using the percentage-of-credit-sales method. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction...
Suppose a company rents office space for one year, paying $39,000 ($3,250/month) in advance on September...
Suppose a company rents office space for one year, paying $39,000 ($3,250/month) in advance on September 1 Record the adjusting entry on December 31. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) N View transaction list Journal entry worksheet < 1 > Record the adjusting entry on December 31. Note: Enter debits before credits. General Journal Debit Credit Date December 31 Record entry Clear entry View general journal
A company reports inventory using the lower of cost and net realizable value. Below is information...
A company reports inventory using the lower of cost and net realizable value. Below is information related to its year- end inventory: InventoryQuantity Cost NRV Item A 140 $28 $33 Item B 4033 23 a. Calculate ending inventory under the lower of cost and net realizable value. Ending inventory b. Prepare the necessary adjusting entry to inventory. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal...
At the beginning of the period, a company reports a balance in office supplies of $450. During the period, the company purchases an additional $3,900 of office supplies for cash. By the end of the period, only $950 of office supplies remains Record the period-end adjusting entry. (if no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the period-end adjusting entry. Note: Enter debits before...
At the beginning of May. Golden Gopher Company reports a balance in Supplies of $400. On May 15, Golden Gopher purchases an additional $2,300 of supplies for cash. By the end of May, only $200 of supplies remains. Required: 1.&2. Record the necessary entries in the Journal Entry Worksheet below. 3. Calculate the balances after adjustment on May 31 of Supplies and Supplies Expense. Complete this question by entering your answers in the tabs below. Required 1 and 2 Required...
Saved A company had the following transactions 1 Paid $160 for office supplies using a debit card 2. Purchased office equipment costing $710 using a credit card 3. Paid utilitie bill of $450 by issuing a check Record each transaction. (If no entry is required for a trensaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 Record $160 purchase of office supplies using a debit card. Note: Enter debits before credits....
A company had the following transactions 1 Paid $150 for office supplies using a debit card. 2 Purchased office equipment costing $700 using a credit card 3. Paid utilities bill of $400 by issuing a check. Record each transaction. (If no entry is required for a transactionlevent, select "No Journal Entry Required in the first account field.) View transaction list Journal entry worksheet Record $150 purchase of office supplies using a debit card. Note: Enter debits before credits Transaction General...
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 $3,600 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 $12,720. The payment is debited to Prepaid Insurance for the entire amount 3. Employee salaries of $2,600 for the month...
Required information Account Name Supplies Interest receivable Salaries payable Deferred revenue Account Balance $15, eee @ Account Name Service revenue Interest revenue Supplies expense Salaries expense Account Balance $147,200 e e 66,300 9,600 1. Supplies remaining at the end of the year. 2. Services remaining to be provided to customers who paid in advance. 3. Employees are owed additional salaries at the end of the year. A note receivable was accepted on March 31. Interest rate on note $ 6,109...
At the end of the year, a company reports a balance in its Allowance for Uncollectible Accounts of $2,100 (credit) before any year-end adjustment. The company estimates future uncollectible accounts to be 3% of credit sales for the year. Credit sales for the year total $281,000. Record the adjustment for the allowance for uncollectible accounts using the percentage-of-credit-sales method. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction...
Suppose a company rents office space for one year, paying $39,000 ($3,250/month) in advance on September 1 Record the adjusting entry on December 31. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) N View transaction list Journal entry worksheet < 1 > Record the adjusting entry on December 31. Note: Enter debits before credits. General Journal Debit Credit Date December 31 Record entry Clear entry View general journal
A company reports inventory using the lower of cost and net realizable value. Below is information related to its year- end inventory: InventoryQuantity Cost NRV Item A 140 $28 $33 Item B 4033 23 a. Calculate ending inventory under the lower of cost and net realizable value. Ending inventory b. Prepare the necessary adjusting entry to inventory. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal...
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