1. Depreciation on equipment is $800 for the accounting period. 2. There was no beginning balance...
| 1. | Depreciation on equipment is $800 for the accounting period. | |
| 2. | There was no beginning balance of supplies and $600 of supplies were purchased during the period. At the end of the period $153 of supplies were on hand. | |
| 3. | Prepaid rent had a $1,240 normal balance prior to adjustment. By year end $288 was unexpired. |
Prepare adjusting entries for the above transactions.
(Credit account titles are automatically indented when
the amount is entered. Do not indent manually. If no entry is
required, select "No entry" for the account titles and enter 0 for
the amounts.)
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No. |
Account Titles and Explanation |
Debit |
Credit |
|---|---|---|---|
|
1. |
enter an account title for the first adjusting entry
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enter a debit amount
|
enter a credit amount
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| enter an account title for the first adjusting entry
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enter a debit amount
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enter a credit amount
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|
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2. |
enter an account title for the second adjusting entry
|
enter a debit amount
|
enter a credit amount
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| enter an account title for the second adjusting entry
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enter a debit amount
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enter a credit amount
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3. |
enter an account title for the third adjusting entry
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enter a debit amount
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enter a credit amount
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| enter an account title for the third adjusting entry
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enter a debit amount
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enter a credit amount
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Homework Answers
Add Answer to:
1.
Depreciation on equipment is $800 for the accounting
period.
2.
There was no beginning balance...
1. Depreciation on equipment is $800 for the accounting period. 2. There was no beginning balance...
1. Depreciation on equipment is $800 for the accounting period. 2. There was no beginning balance of supplies and purchased $600 of office supplies during the period. At the end of the period $120 of sup 3. Prepaid rent had a $1,000 normal balance prior to adjustment. By year end $300 was unexpired. Prepare adjusting entries for the above transactions. No. Account Titles and Explanation Debit Credit Brief Exercise 259 1. Depreciation on equipment is $800 for the accounting period....
1. Unrecorded interest accrued on savings bonds is $216. 2. Property taxes incurred but not paid...
1.
Unrecorded interest accrued on savings bonds is $216.
2.
Property taxes incurred but not paid or recorded amount to
$972.
3.
Salaries incurred by year end but not yet paid or recorded
amounted to $648.
Prepare adjusting entries for the above transactions.
(Credit account titles are automatically indented when
the amount is entered. Do not indent manually. If no entry is
required, select "No entry" for the account titles and enter 0 for
the amounts.)
No.
Account Titles and...
Sunland Company’s trial balance at December 31 shows Supplies $8,720 and Supplies Expense $0. On ...
Sunland Company’s trial balance at December 31 shows Supplies
$8,720 and Supplies Expense $0. On December 31, there are $2,180 of
supplies on hand.
Prepare the adjusting entry at December 31. (Credit
account titles are automatically indented when the amount is
entered. Do not indent manually. If no entry is required, select
"No Entry" for the account titles and enter 0 for the
amounts.)
Date
Account Titles and Explanation
Debit
Credit
Dec. 31
enter an account title for the journal...
Oriole Company’s trial balance at December 31 shows Supplies $8,740 and Supplies Expense $0. On December...
Oriole Company’s trial balance at December 31 shows Supplies
$8,740 and Supplies Expense $0. On December 31, there are $2,160 of
supplies on hand.
Prepare the adjusting entry at December 31. (Credit
account titles are automatically indented when the amount is
entered. Do not indent manually. If no entry is required, select
"No Entry" for the account titles and enter 0 for the
amounts.)
Date
Account Titles and Explanation
Debit
Credit
Dec. 31
enter an account title for the journal...
Pearl Industries uses the allowance method of accounting for bad debts. The company produced the following...
Pearl Industries uses the allowance method of accounting for bad
debts. The company produced the following aging of the accounts
receivable at year-end.
Calculate the total estimated bad debts based on the
information below.
Number of Days Outstanding
Total
0–30
31–60
61–90
91–120
Over 120
Accounts receivable
$409,000
$246,000
$84,000
$43,000
$23,000
$13,000
% uncollectible
1%
4%
5%
8%
11%
Estimated bad debts
$enter estimated bad debts in dollars
$enter estimated bad debts in dollars
$enter estimated bad debts in...
he unadjusted trial balance of Blossom Exposure Inc. had these balances for the following select accounts:...
he unadjusted trial balance of Blossom Exposure Inc. had these
balances for the following select accounts: Supplies $4,250,
Unearned Service Revenue $9,200, and Prepaid Rent $2,350.
At the end of the period,
1. A count showed $940 of supplies on hand.
2. Services of $4,050 had been performed related to the unearned
revenue account
3. One month’s worth of rent, worth $630, had been consumed by
Blossom Exposure.
Record the required adjusting entries related to these events.
(If no entry...
Bridgeport Ltd. had beginning inventory of 52 units that cost $104 each. During September, the company...
Bridgeport Ltd. had beginning inventory of 52 units that cost $104 each. During September, the company purchased 206 units on account at $104 each, returned 8 units for credit, and sold 158 units at $202 each on account. Journalize the September transactions, assuming that Bridgeport Ltd. uses a perpetual inventory system. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter...
The ledger of Marin Inc. at the end of the current year shows Accounts Receivable $86,000;...
The ledger of Marin Inc. at the end of the current year shows
Accounts Receivable $86,000; Credit Sales $800,000; and Sales
Returns and Allowances $44,000.
(a)
If Marin
uses the direct write-off method to account for uncollectible
accounts, journalize the adjusting entry at December 31, assuming
Marin determines that Matisse’s $700 balance is uncollectible.
(b)
If
Allowance for Doubtful Accounts has a credit balance of $1,300 in
the trial balance, journalize the adjusting entry at December 31,
assuming bad debts...
he trial balance before adjustment of Windsor, Inc. shows the following balances: Dr. Cr. Accounts r...
he trial balance before adjustment of Windsor, Inc. shows the
following balances:
Dr.
Cr.
Accounts receivable
$104,800
Allowance for doubtful accounts
1,970
Sales revenue (all on credit)
$672,000
Sales returns and allowances
29,100
Give the entry for bad debt expense for the current year
assuming the allowance should be 4% of gross accounts receivable.
(Credit account titles are automatically indented when
amount is entered. Do not indent manually. If no entry is required,
select "No Entry" for the account titles...
Prepare adjusting entries for the following transactions. (Credit account titles are automatically indented when the amount...
Prepare adjusting entries for the following transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter o for the amounts.) 1. 2. 3. 4. 5. Depreciation on equipment is $1,396 for the accounting period. Interest owed on a loan but not paid or recorded is $292. There was no beginning balance of supplies and $572 of office supplies were purchased...
1. Depreciation on equipment is $800 for the accounting period. 2. There was no beginning balance of supplies and purchased $600 of office supplies during the period. At the end of the period $120 of sup 3. Prepaid rent had a $1,000 normal balance prior to adjustment. By year end $300 was unexpired. Prepare adjusting entries for the above transactions. No. Account Titles and Explanation Debit Credit Brief Exercise 259 1. Depreciation on equipment is $800 for the accounting period....
1.
Unrecorded interest accrued on savings bonds is $216.
2.
Property taxes incurred but not paid or recorded amount to
$972.
3.
Salaries incurred by year end but not yet paid or recorded
amounted to $648.
Prepare adjusting entries for the above transactions.
(Credit account titles are automatically indented when
the amount is entered. Do not indent manually. If no entry is
required, select "No entry" for the account titles and enter 0 for
the amounts.)
No.
Account Titles and...
Sunland Company’s trial balance at December 31 shows Supplies
$8,720 and Supplies Expense $0. On December 31, there are $2,180 of
supplies on hand.
Prepare the adjusting entry at December 31. (Credit
account titles are automatically indented when the amount is
entered. Do not indent manually. If no entry is required, select
"No Entry" for the account titles and enter 0 for the
amounts.)
Date
Account Titles and Explanation
Debit
Credit
Dec. 31
enter an account title for the journal...
Oriole Company’s trial balance at December 31 shows Supplies
$8,740 and Supplies Expense $0. On December 31, there are $2,160 of
supplies on hand.
Prepare the adjusting entry at December 31. (Credit
account titles are automatically indented when the amount is
entered. Do not indent manually. If no entry is required, select
"No Entry" for the account titles and enter 0 for the
amounts.)
Date
Account Titles and Explanation
Debit
Credit
Dec. 31
enter an account title for the journal...
Pearl Industries uses the allowance method of accounting for bad
debts. The company produced the following aging of the accounts
receivable at year-end.
Calculate the total estimated bad debts based on the
information below.
Number of Days Outstanding
Total
0–30
31–60
61–90
91–120
Over 120
Accounts receivable
$409,000
$246,000
$84,000
$43,000
$23,000
$13,000
% uncollectible
1%
4%
5%
8%
11%
Estimated bad debts
$enter estimated bad debts in dollars
$enter estimated bad debts in dollars
$enter estimated bad debts in...
he unadjusted trial balance of Blossom Exposure Inc. had these
balances for the following select accounts: Supplies $4,250,
Unearned Service Revenue $9,200, and Prepaid Rent $2,350.
At the end of the period,
1. A count showed $940 of supplies on hand.
2. Services of $4,050 had been performed related to the unearned
revenue account
3. One month’s worth of rent, worth $630, had been consumed by
Blossom Exposure.
Record the required adjusting entries related to these events.
(If no entry...
The ledger of Marin Inc. at the end of the current year shows
Accounts Receivable $86,000; Credit Sales $800,000; and Sales
Returns and Allowances $44,000.
(a)
If Marin
uses the direct write-off method to account for uncollectible
accounts, journalize the adjusting entry at December 31, assuming
Marin determines that Matisse’s $700 balance is uncollectible.
(b)
If
Allowance for Doubtful Accounts has a credit balance of $1,300 in
the trial balance, journalize the adjusting entry at December 31,
assuming bad debts...
he trial balance before adjustment of Windsor, Inc. shows the
following balances:
Dr.
Cr.
Accounts receivable
$104,800
Allowance for doubtful accounts
1,970
Sales revenue (all on credit)
$672,000
Sales returns and allowances
29,100
Give the entry for bad debt expense for the current year
assuming the allowance should be 4% of gross accounts receivable.
(Credit account titles are automatically indented when
amount is entered. Do not indent manually. If no entry is required,
select "No Entry" for the account titles...
Prepare adjusting entries for the following transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter o for the amounts.) 1. 2. 3. 4. 5. Depreciation on equipment is $1,396 for the accounting period. Interest owed on a loan but not paid or recorded is $292. There was no beginning balance of supplies and $572 of office supplies were purchased...
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