Best Print | |||||
Journal entries | |||||
Date | Account | Ref | Debit | Credit | Calculation |
31-Dec | Salaries expense | (1) | $ 1,200 | =3,000/5*2 | |
Salaries Payable | $ 1,200 | ||||
To accrue salaries at Dec 31 | |||||
31-Dec | Interest expense | (2) | $ 275 | ||
Interest Payable | $ 275 | ||||
To accrue interest expense at Dec 31 | |||||
31-Dec | Fees Receivable | (3) | $ 1,000 | ||
Service Revenue | $ 1,000 | ||||
To record revenue earned but not yet billed | |||||
31-Dec | Maintenance expense | (4) | $ 125 | ||
Prepaid Maintenance | $ 125 | ||||
To record December maintenance expense | |||||
31-Dec | Advertising expense | (5) | $ 300 | =900/3 | |
Prepaid Advertising | $ 300 | ||||
To record December advertising expense | |||||
31-Dec | Rent expense | (6) | $ 180 | =400*0.90*50% | |
Accounts Payable | $ 180 | ||||
To accrue one-half month's rent expense | |||||
31-Dec | Interest Receivable | (7) | $ 62 | ||
Interest revenue | $ 62 | ||||
To accrue interest earned in December | |||||
31-Dec | Depreciation expense | (8) | $ 2,600 | ||
Accumulated Depreciation - Equipment | $ 2,600 | ||||
To record annual depreciation on equipment |
The following information relates to December 31 adjustments for Best Print, a printing company. The firm's...
LO3, 4 MBC P3-5A. Adjusting Entries The following information relates to December 31 adjustments for Best Print, a printing company. The firm's fiscal year ends on December 31. 1. Weekly salaries for a five-day week total $3,000, payable on Fridays. December 31 of the current year is a Tuesday. 2. Best Print has $25,000 of notes payable outstanding at December 31. Interest of $275 has accrued on these notes by December 31, but will not be paid until the notes...
Assessing Financial Statement effects of Adjustments The following information relates to December 31 accounting adjustments for Fulton Fast Print Company. The firmes fiscal year ends on December 31. 1. Weekly salaries for a five-day week 4.320, payable on Fridays December 31 of the current year is a Tuesday 2. Fulton Fast Print has $24,000 of notes payable outstanding at December 31, interest of 200 has accrued on these notes by December 31 but will not be paid until the notes...
Assessing Financial Statement Effects of Adjustments The following information relates to December 31 accounting adjustments for Fulton Fast Print Company. The firm's fiscal year ends on December 31. 1. Weekly salaries for a five-day week total $6,480, payable on Fridays. December 31 of the current year is a Tuesday. 2. Fulton Fast Print has $36,000 of notes payable outstanding at December 31. Interest of $360 has accrued on these notes by December 31 but will not be paid until the...
Q on 5 Not complete and out of 10.00P Gestion Preparing Accounting Adjustments Powall Photomake Company, a commercial photography studio, completed its first year of operations on December 31. Account balances before year-end adjustments follow no adjustments have been made to the accounts at any time during the year. Assume that all balances are normal 100 Accounts Payable 4,060 Accounts Receivable 3.800 Unearned Photographers 2.600 Prepaid Rent 12,600 Common 20.000 Prepaid insurance 2.570 Photography Tees Earned 34,450 supplies 4.250 We...
P3-41. Preparing an Unadjusted Trial Balance and Adjustments SnapShot Company, a commercial photography studio, has just completed its first full year of operations on December 31, 2018. General ledger account balances before year-end adjustments follow; no adjusting entries have been made to the accounts at any time during the year. Assume that all balances are normal. Cash........ . . . . . . Accounts receivable....... Prepaid rent ..................... Prepaid insurance................. Supplies ............... Equipment ...................... $ 2,150 3,800 12,600 2,970 4,250...
Jordan Company’s annual accounting year ends on December 31. It is now December 31, 2018, and all of the 2018 entries have been made except for the following: The company owes interest of $900 on a bank loan. The interest will be paid when the loan is repaid on September 30, 2019. No interest has been recorded. On September 1, 2018, Jordan collected six months’ rent of $7,800 on storage space. At that date, Jordan debited Cash and credited Deferred...
12/31/2018Each Friday, Laughter pays employees for the current week's work. The amount of the weekly payroll is $8,000 for a five-day workweek. This year, December 31 falls on a Tuesday. Laughter will pay its employees on January 3.12/31/2018On January 1 of the current year, Laughter purchased an insurance policy that covers two years, $8,000.12/31/2018The beginning balance of Office Supplies was $4,300. During the year, Laughter purchased office supplies for $5,600, and at December 31 the office supplies on hand total...
Print 3. Consider the following independent situations at December 31: Click the icon to view the situations.) Journalize the adjusting entry needed on December 31 for each situation. Use the letters to label the joumal entries. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) a. On October 1, a business collected $3,000 rent in advance, debiting Cash and crediting Unearned Revenue. The tenant was paying one year's rent in advance. Al...
Saved mework B 0 2. As of December 31, the company has earned, but not yet recorded, $450 of interest revenu responsible bonds. The interest revenue is expected to be received on January 12 For each of the above separate cases, prepare the required December 31 year-end adjusting e View transaction list Journal entry worksheet 1 2 3 4 5 Depreciation on the company's wind turbine equipment for the year is $5,500. Note: Enter debits before credits. Transaction Credit General...
The following information is available for Juxton Company for the year ended December 31, 2020: Accounts payable Salaries Expense Depreciation Expense Accumulated depreciation, equipment Juxton, Capital Supplies Expense Copyrights Notes payable (due in 5 years) Accounts receivable Cash Short-term investments Unearned revenue Equipment Long-term investments $ 2,700 5,400 3,200 4,000 7,800 1,200 2,500 7,500 2,500 2,600 1,500 1,500 7,500 6,900 O Keith Herrick, CPA, opened a small accounting practice on January 1, 2020. Keith prepares his financial statements monthly. During...