Homework Answers
| Transaction | Accounts and Explanation | Debit | Credit |
| a. | Rent Expense | $2,270 | |
| Prepaid Rent | $2,270 | ||
| (To record prepaid rent expire) | |||
| b. | Insurance Expense | $1,900 | |
| Prepaid Insurance | $1,900 | ||
| (To record prepaid insurance expire) | |||
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Cornerstone Exercise 3-20 (Algorithmic) Deferred Expense Adjusting Entries Best Company had the following items that require...
Cornerstone Exercise 3-21 Adjustment for Supplies Pain-Free Dental Group Inc. purchased dental supplies of $18,200 during...
Cornerstone Exercise 3-21 Adjustment for Supplies Pain-Free Dental Group Inc. purchased dental supplies of $18,200 during the year. At the end of the year, a physical count of supplies showed $4,125 of supplies on hand. Required: 1. Prepare the adjusting entry needed at the end of the year. Dec. 31 (Record the use of supplies) 2. What is the amount of supplies reported on Pain-Free's balance sheet at the end of the year? What is the amount of supplies expense...
Exercise 3-50 (Algorithmic) Prepayment of Expenses JDM Inc. made the following prepayments for expense items during...
Exercise 3-50 (Algorithmic) Prepayment of Expenses JDM Inc. made the following prepayments for expense items during 2019: a. Prepaid building rent for 1 year on April 1 by paying $6,564. Prepaid rent was debited for the amount paid. b. Prepaid 12 months' insurance on October 1 by paying $3,984. Prepaid insurance was debited. C. Purchased $5,500 of office supplies on October 15, debiting supplies for the full amount. There were no office supplies on hand as of October 15. Office...
Exercise 3-1 Preparing adjusting entries LO P1, P2, P3
Exercise 3-1 Preparing adjusting entries LO P1, P2, P3a. Depreciation on the company's equipment for the year is computed to be $ 18,000.b. The Prepaid Insurance account had a $ 6,000 debit balance at December 31 before adjusting for the costs of any expired coverage. An analysis of the company's insurance policies showed that $ 1,100 of unexpired insurance coverage remains.c. The Office Supplies account had a $ 700 debit balance at the beginning of the year, and $ 3,480...
DO IT! 2 Adjusting Entries for Deferrals DEFERRED INCOME CASE 1: On November 1, 2019, Borja...
DO IT! 2 Adjusting Entries for Deferrals DEFERRED INCOME CASE 1: On November 1, 2019, Borja (Sole Proprietor) leased a portion of its building for a monthly rental fee of P20,000. On the same day, Borja received a three-month advance rental of P60,000 from a tenant. The entry made upon receipt of payment from tenant was debit to Cash and credit to Unearned Rent Revenue amounting to P60,000. What is the adjusting entry needed on December 31, 2019? Answer: Debit...
Exercise 3-1 Preparing adjusting entries LO P1, P2, P3 a. Depreciation on the company's equipment for...
Exercise 3-1 Preparing adjusting entries LO P1, P2, P3 a. Depreciation on the company's equipment for the year is computed to be $18.000. b. The Prepaid Insurance account had a $6.000 debit balance at December 31 before adjusting for the costs of any expired coverage. An analysis of the company's insurance policies showed that $1,100 of unexpired insurance coverage remains. c. The Office Supplies account had a $700 debit balance at the beginning of the year, and $3.480 of office...
ADJUSTING journal entry a company had following transactions a) Collected $3,800 rent for the period of...
ADJUSTING journal entry a company had following transactions a) Collected $3,800 rent for the period of December 1 of current year to April of next year, which was credited to unearned rent revenue on December 1. b) purchased machine for $41,000 cash on January 1. The company estimated annual depreciation at $3900 c) Paid $2400 for a two year insurance premium on July 1 of current year, debited Prepaid insurance for that amount
please do question 3 Exercise 3-50 (Algorithmic) Prepayment of Expenses JDM Inc. made the following prepayments...
please do question 3
Exercise 3-50 (Algorithmic) Prepayment of Expenses JDM Inc. made the following prepayments for expense items during 2019: a. Prepaid building rent for 1 year on April 1 by paying $5,940. Prepaid rent was debited for the amount paid. b. Prepaid 12 months' insurance on October 1 by paying $4,032. Prepaid insurance was debited. C. Purchased $4,380 of office supplies on October 15, debiting supplies for the full amount. There were no office supplies on hand as...
Cornerstone Exercise 3-27 (Algorithmic) Preparing and Analyzing Closing Entries Sparrow Company had the following adjusted trial...
Cornerstone Exercise 3-27 (Algorithmic) Preparing and Analyzing Closing Entries Sparrow Company had the following adjusted trial balance at December 31, 2019. Sparrow Company Adjusted Trial Balance December 31, 2019 Debit Credit Cash $3,150 Accounts Receivable 5,650 Prepaid Insurance 4,480 Equipment 42,000 Accumulated Depreciation, Equipment $24,000 Accounts Payable 2,800 Salaries Payable 4,450 Unearned Service Revenue 3,875 Common Stock 8,000 Retained Earnings 2,255 Dividends 10,500 Service Revenue 100,200 CIVIC REVENCIC TOUCOU Salaries Expense 49,400 Rent Expense 17,250 Insurance Expense 2,200 Depreciation Expense...
Exercise 23 Prepare adjusting entries for the following transactions. Credit account ties are automatically indented when...
Exercise 23 Prepare adjusting entries for the following transactions. Credit account ties are automatically indented when the amount is entered. Do not indent manually. If na entry is required, selecta amount) entry for the account titles and enter a forche 1. Unrecorded interest accrued on savings bonds is 5360 Property taxes incurred but not paid or recorded amount to $704 Unearned service revenue of $3,520 was collected in advance. By year and $516 was still unearned. Prepaid insurance had a...
Exercise 3-1 Preparing adjusting entries LO P1, P2, P3 a. Depreciation on the company's equipment for...
Exercise 3-1 Preparing adjusting entries LO P1, P2, P3 a. Depreciation on the company's equipment for the year is computed to be $16,000. b. The Prepaid Insurance account had a $7000 debit balance at December 31 before adjusting for the costs of any expired coverage An analysis of the company's insurance policies showed that $1700 of unexpired insurance coverage remains c. The Office Supplies account had a $280 debit balance at the beginning of the year, and $2,680 of office...
Cornerstone Exercise 3-21 Adjustment for Supplies Pain-Free Dental Group Inc. purchased dental supplies of $18,200 during the year. At the end of the year, a physical count of supplies showed $4,125 of supplies on hand. Required: 1. Prepare the adjusting entry needed at the end of the year. Dec. 31 (Record the use of supplies) 2. What is the amount of supplies reported on Pain-Free's balance sheet at the end of the year? What is the amount of supplies expense...
Exercise 3-50 (Algorithmic) Prepayment of Expenses JDM Inc. made the following prepayments for expense items during 2019: a. Prepaid building rent for 1 year on April 1 by paying $6,564. Prepaid rent was debited for the amount paid. b. Prepaid 12 months' insurance on October 1 by paying $3,984. Prepaid insurance was debited. C. Purchased $5,500 of office supplies on October 15, debiting supplies for the full amount. There were no office supplies on hand as of October 15. Office...
DO IT! 2 Adjusting Entries for Deferrals DEFERRED INCOME CASE 1: On November 1, 2019, Borja (Sole Proprietor) leased a portion of its building for a monthly rental fee of P20,000. On the same day, Borja received a three-month advance rental of P60,000 from a tenant. The entry made upon receipt of payment from tenant was debit to Cash and credit to Unearned Rent Revenue amounting to P60,000. What is the adjusting entry needed on December 31, 2019? Answer: Debit...
Exercise 3-1 Preparing adjusting entries LO P1, P2, P3 a. Depreciation on the company's equipment for the year is computed to be $18.000. b. The Prepaid Insurance account had a $6.000 debit balance at December 31 before adjusting for the costs of any expired coverage. An analysis of the company's insurance policies showed that $1,100 of unexpired insurance coverage remains. c. The Office Supplies account had a $700 debit balance at the beginning of the year, and $3.480 of office...
please do question 3
Exercise 3-50 (Algorithmic) Prepayment of Expenses JDM Inc. made the following prepayments for expense items during 2019: a. Prepaid building rent for 1 year on April 1 by paying $5,940. Prepaid rent was debited for the amount paid. b. Prepaid 12 months' insurance on October 1 by paying $4,032. Prepaid insurance was debited. C. Purchased $4,380 of office supplies on October 15, debiting supplies for the full amount. There were no office supplies on hand as...
Cornerstone Exercise 3-27 (Algorithmic) Preparing and Analyzing Closing Entries Sparrow Company had the following adjusted trial balance at December 31, 2019. Sparrow Company Adjusted Trial Balance December 31, 2019 Debit Credit Cash $3,150 Accounts Receivable 5,650 Prepaid Insurance 4,480 Equipment 42,000 Accumulated Depreciation, Equipment $24,000 Accounts Payable 2,800 Salaries Payable 4,450 Unearned Service Revenue 3,875 Common Stock 8,000 Retained Earnings 2,255 Dividends 10,500 Service Revenue 100,200 CIVIC REVENCIC TOUCOU Salaries Expense 49,400 Rent Expense 17,250 Insurance Expense 2,200 Depreciation Expense...
Exercise 23 Prepare adjusting entries for the following transactions. Credit account ties are automatically indented when the amount is entered. Do not indent manually. If na entry is required, selecta amount) entry for the account titles and enter a forche 1. Unrecorded interest accrued on savings bonds is 5360 Property taxes incurred but not paid or recorded amount to $704 Unearned service revenue of $3,520 was collected in advance. By year and $516 was still unearned. Prepaid insurance had a...
Exercise 3-1 Preparing adjusting entries LO P1, P2, P3 a. Depreciation on the company's equipment for the year is computed to be $16,000. b. The Prepaid Insurance account had a $7000 debit balance at December 31 before adjusting for the costs of any expired coverage An analysis of the company's insurance policies showed that $1700 of unexpired insurance coverage remains c. The Office Supplies account had a $280 debit balance at the beginning of the year, and $2,680 of office...
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