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Date/Event | Account | Debit | Credit | Working a: | ||||||
Requirement -1 | Beginning Balance | $ 3,100 | ||||||||
a | Office Supplies Expense | $ 13,175 | Add: Purchase | $ 12,803 | ||||||
Office Supplies | $ 13,175 | Less: Ending Inventory | $ 2,728 | |||||||
(to record usage of Office supplies) Working-1 | Usage | $ 13,175 | ||||||||
b | Insurance Expense | $ 8,937 | Working b: | |||||||
Prepaid Insurance | $ 8,937 | No of Months | Cost | Per Month | Months Used in 2017 | Expense to be booked | ||||
(to record insurance expense) Working-2 | April 1 2015 | 24 | $ 11,832 | $ 493 | 3 | $ 1,479 | ||||
April 1 2016 | 36 | $ 10,584 | $ 294 | 12 | $ 3,528 | |||||
c | Salaries Expense | $ 5,200 | Aug 1 2017 | 12 | $ 9,432 | $ 786 | 5 | $ 3,930 | ||
Salaries Payable | $ 5,200 | $ 8,937 | ||||||||
(to record unpaid salaries) Working-3 | ||||||||||
Working c: | ||||||||||
d | Depreciation Expense | $ 42,450 | ||||||||
Accumulated Depreciation | $ 42,450 | Two days salaries unpaid (Monday and Tuesday) | $ 2600*2 | $ 5,200 | ||||||
(to record full year depreciation) | ||||||||||
Working f: | ||||||||||
e | Rent Receivable | $ 2,300 | ||||||||
Rent Revenue | $ 2,300 | Unearned Rent | $ 2,084 | per month | ||||||
(to record december month rent income) | Rent Earned for 2 months | 2084*2 | $ 4,168 | |||||||
Nov and Dec | ||||||||||
f | Unearned Rent | $ 4,168 | ||||||||
Rent Revenue | $ 4,168 | |||||||||
(to record december month rent income) | ||||||||||
Requirement -2 | ||||||||||
2018 c | Salaries Expense | $ 7,800 | 3 days | |||||||
Salaries Payable | $ 5,200 | 2 days | ||||||||
Cash | $ 13,000 | |||||||||
2018 e | Cash | $ 2,300 | ||||||||
Rent Receivable | $ 2,300 | |||||||||
Problem 3-2A Preparing adjusting and subsequent journal entries LO C1, A1. P Anez Company's aonual accounting...
Problem 3-2A Preparing adjusting and subsequent journal entries LO C1, A1, P1 Arnez Company's annual accounting period ends on December 31, 2017. The following information concerns the adjusting entries to be recorded as of that date. a. The Office Supplies account started the year with a $4,375 balance. During 2017, the company purchased supplies for $18,069, which was added to the Office Supplies account. The inventory of supplies available at December 31, 2017, totaled $3,850. b. An analysis of the...
Problem 3-2A Preparing adjusting and subsequent journal entries LO A1, P1 Arnez Company's annual accounting period ends on December 31, 2017. The following information concerns the adjusting entries to be recorded as of that date. a. The Office Supplies account started the year with a $3.775 balance. During 2017, the company purchased supplies for $15,591 which was added to the Office Supplies account. The inventory of supplies available at December 31, 2017, totaled $3,322. b. An analysis of the company's...
Problem 3-2A Preparing adjusting and subsequent journal entries LO P1, P2, P3, P4 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 $2.675 balance. During 2019, the company purchased supplies for $11,048, which was added to the Office Supplies account. The inventory of supplies available at December 31, 2019, totaled $2.354 b. An analysis of...
cises and Problems Check my work mode: This shows what is corrector Problem 3-2A Preparing adjusting and subsequent journal entries LO P1, P2, P3, P4 Area Company's annual accounting period ends on December 31, 2019. The following information concerns the adjusting entries to be recorded as of that date The Office Supplies account started the year with a $3.150 balance. During 2019, the company purchased supplies for $13.010 which was added to the Office Supplies account. The inventory of supplies...
Accounting. Adjusting entries. Could you explain how you get the
answer?
Transaction B:
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 $4,000 balance. During 2019, the company purchased supplies for $13,400, which was added to the Office Supplies account. The inventory of supplies available at December 31, 2019, totaled $2,554. b. An analysis of...
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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 $2,675 balance. During 2019, the company purchased supplies for $11,048, which was added to the Office Supplies account. The inventory of supplies available at December 31, 2019, totaled $2,354 b. An analysis of the company's insurance policies provided the following facts. Policy Date of Purchase April...
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