The adjusting journal entry to record for the supplies using the period
Accounts Tittles and Explanations |
Debit ($) |
Credit ($) |
Supplies Expense A/c |
19,019 |
|
To Supplies A/c |
19,019 |
|
[Being the adjusting journal entry passed to record for the supplies expense for the year] |
||
The amount of supplies expense to be recorded for the year = Supplies at the beginning + Supplies purchased during the period - Supplies on hand at the end of the year
= $4,475 + $18,482 - $3,938
= $19,019
. Se the information to prepare adjusting entries as of December 31, 2019. View transaction list...
For each of the above separate cases, prepare adjusting entries required of finan December 31 View transaction list Journal entry worksheet < 2 3 4 5 6 The Office Supplies account had a $340 debit balance at the beginning of December. During December, $4,658 of office supplies are purchased. A physical count of supplies at December 31 shows $516 of supplies available. Note: Enter debits before credits. Transaction Debit Credit General Journal Supplies expense Supplies Record entry Clear entry View...
Exercise 2-23 Reversing entries (Appendix 2B] Prepare the necessary adjusting entries at December 31, 2018, for the Microchip Company for each of the following situations. Assume that no financial statements were prepared during the year and no adjusting entries were recorded I. On October 1, 2018. Microchip lent S91.000 to another company A note was signed with principal and 8% interest to be paid on September 30, 2019. 2. On November 1, 2018, the company paid its landlord $9,600 representing...
Exercise 1 These are the assumptions, principles, and constraints discussed in this and pre- vious chapters. 1. Economic entity assumption. 2. Matching principle. 3. Monetary unit assumption. 4. Time period assumption. 5. Cost principle. 6. Materiality 7. Full disclosure principle. 8. Going concern assumption. 9. Revenue recognition principle. 10. Conservatism. Instructions Identify by number the accounting assumption, principle, or constraint that describes each situation below. Do not use a number more than once. (a) is the rationale for why plant...
December 31 View transaction list Journal entry worksheet < 0 2 3 4 5 6 Depreciation on the company's equipment for the year is $10,120. Note: Enter debits before credits. Transaction General Journal Credit Debit 10,120 10,120 Record entry Clear entry View general journal View transaction list Journal entry worksheet < 2 3 4 4 5 6 The Office Supplies account had a $320 debit balance at the beginning of December. During December, $5,942 of office supplies are purchased. A...
Allentown Services Inc. is preparing adjusting entries for the year ending December 31, 2019. The following data are available: a. Interest is owed at December 31, 2019, on a 6-month, 8% note. Allentown borrowed $106,800 from NBD on September 1, 2019 b. Allentown provides daily building maintenance services to Mack Trucks for a quarterly fee of $2,900, payable on the fifteenth of the month following the end of each quarter. No entries have been made for the services provided to...
Arnez Company's annual accounting period ends on December 31, 2019. The following information concerns the adjusting entries to be recorded as of that date. a. The Office Supplies account started the year with a $4,475 balance. During 2019, the company purchased supplies for $18,482, which was added to the Office Supplies account. The inventory of supplies available at December 31, 2019, totaled $3,938. b. An analysis of the company's insurance policies provided the following Policy Months of Coverage Date of...
95% Edit View History Bookmarks People Tab Window Help Ch 04 Graded Homework Ass X » NWP Assessment Player UI ADI X > Learning Personalised - Dash X + ssment education.wiley.com/was/ui/V2/assessment-player/index.html launchid-902034e-296a-488-0c3-253b0bBedbe/question/ YouTube Maps Homework Assignment Question 2 of 5 > -11 Identify the accounting concept that describes each situation below. Do not use any concept more than once. (a) (b) (c) Is the rationale for why plant assets are not reported at liquidation value. (Do not use the historical...
31) A business uses a credit to record: A) An increase in an expense account. B) A decrease in an asset account. C) A decrease in an unearned revenue account. D) A decrease in a revenue account. E) A decrease in a capital account. 32) Identify the statement below that is correct: A) The left side of a T-account is the credit side. B) Debits decrease asset and expense accounts, and increase liability, equity, and revenue accounts. C) The left...
Arnez Company's annual accounting period ends on December 31, 2019. The following information concerns the adjusting entries to be recorded as of that date. a. The Office Supplies account started the year with a $4,300 balance. During 2019, the company purchased supplies for $17,759, which was added to the Office Supplies account. The inventory of supplies available at December 31. 2019, totaled $3,784 b. An analysis of the company's insurance policies provided the following facts. Months of Policy Date of...
View transaction list Journal entry worksheet The company purchased a building on January 1, 2019. It cost $615,000 and is expected to have a $45,000 salvage value at the end of its predicted 30- year life. Annual depreciation is $19,000. Note: Enter debits before credits. Debit Credit Transaction d. General Journal Depreciation expense Building Accumulated depreciation Building Record entry Clear entry View general journal Required 2 > < Prev 15 of 16 !!! Next > MacBook Air