For each of the above transactions, prepare the adjusting journal entry that is required on December 31. (Hint: Use the account Service Revenue for item 3 and Maintenance and Repairs Expense for item 4.) (Round answers to 0 decimal places, e.g. 5,275. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
No. | Date | Account Titles and Explanation | Debit | Credit |
---|---|---|---|---|
1. | Dec. 31, 2022 | |||
2. | Dec. 31, 2022 | |||
3. | Dec. 31, 2022 | |||
4. | Dec. 31, 2022 | |||
5. | Dec. 31, 2022 | |||
No. | Date | Account Titles and Explanation | Debit | Credit |
---|---|---|---|---|
1. | ||||
2. | ||||
3. | ||||
4. | ||||
5. | ||||
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For each of the above transactions, prepare the adjusting journal entry that is required on December 31. (Hint: Use the account Service Revenue for item 3 and Maintenance and Repairs Expense for item 4.) (Round answers to 0 decimal places, e.g. 5,275. If
At December 31, 2021, Oriole Imports reported this information on its balance sheet. Accounts receivable $620,000 Less: Allowance for doubtful accounts 42,000 During 2022, the company had the following transactions related to receivables. 1. Sales on account $2,810,000 2. Sales returns and allowances 63,000 3. Collections of accounts receivable 2,510,000 4. Write-offs of accounts receivable deemed uncollectible 44,000 5. Recovery of bad debts previously written off as uncollectible 15,000 Prepare the journal entries to record each of these five transactions....
Prepare journal entries to record the following transactions entered into by the Nash's Trading Post, LLC: (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) 2021 June 1 Received a $10,000, 6%, 1-year note from Dan Gore as full payment on his account. Nov. 1 Sold merchandise on account to Barlow, Inc., for $16,000, terms 2/10, n/30. Nov. 5 Barlow, Inc., returned merchandise worth...
Oriole Company had the following assets on January 1,
2022.
Item
Cost
Purchase Date
Useful Life
(in years)
Salvage Value
Machinery
$62,000
Jan. 1, 2012
10
$ 0
Forklift
21,000
Jan. 1, 2019
5
0
Truck
27,400
Jan. 1, 2017
8
3,000
During 2022, each of the assets was removed from service. The
machinery was retired on January 1. The forklift was sold on June
30 for $11,100. The truck was discarded on December 31.
Journalize all entries required on...
The unadjusted trial balance for Sarasota Corp. is shown below. SARASOTA CORP. Trial Balance October 31, 2022 Debit Credit Cash $15,140 Supplies 3,010 Prepaid Insurance 660 Equipment 5,170 Notes Payable $5,170 Accounts Payable 2,530 Unearned Service Revenue 1,260 Common Stock 10,510 Retained Earnings 0 Dividends 540 Service Revenue 10,000 Salaries and Wages Expense 4,000 Rent Expense 950 $29,470 $29,470 Assume the following adjustment data. 1. Supplies on hand at October 31 total $580. 2. Expired insurance for the month is...
Exercise 4-9
The ledger of Tamarisk, Inc. on March 31 of the current year
includes the selected accounts below before adjusting entries have
been prepared.
Debit
Credit
Supplies
$3,870
Prepaid Insurance
3,780
Equipment
25,800
Accumulated Depreciation—Equipment
$7,740
Notes Payable
21,600
Unearned Rent Revenue
10,650
Rent Revenue
60,500
Interest Expense
0
Salaries and Wages Expense
12,100
An analysis of the accounts shows the following.
1.
The equipment depreciates $360 per month.
2.
Half of the unearned rent revenue was earned during...
Problem 9-03A Oriole Company had the following assets on January 1, 2022. Item Cost Purchase Date Useful Life (in years) Salvage Value Machinery $62,000 Jan. 1, 2012 10 $ 0 Forklift 21,000 Jan. 1, 2019 5 0 Truck 27,400 Jan. 1, 2017 8 3,000 During 2022, each of the assets was removed from service. The machinery was retired on January 1. The forklift was sold on June 30 for $11,100. The truck was discarded on December 31. Journalize all entries...
Here is Marigold Company’s portfolio of long-term stock investments at December 31, 2021, the end of its first year of operations.Cost1,680shares of Batone Inc. common stock$88,2001,440shares of Mendez Corporation common stock100,800960shares of P. Tillman Corporation preferred stock40,320On December 31, the total cost of the portfolio equaled the total fair value. Marigold had the following transactions related to the securities during 2022.Jan.20Sold 1,680 shares of Batone Inc. common stock at $55 per share.28Purchased 480 shares of $10 par value common stock of P. Wahl Corporation at $78 per share.30Received a cash dividend...
he ledger of Sheridan Company on March 31 of the current year
includes the selected accounts below before adjusting entries have
been prepared.
Debit
Credit
Supplies
$9,000
Prepaid Insurance
10,800
Equipment
75,000
Accumulated Depreciation—Equipment
$25,200
Notes Payable
60,000
Unearned Rent Revenue
37,200
Rent Revenue
180,000
Interest Expense
0
Salaries and Wages Expense
42,000
An analysis of the accounts shows the following.
1.
The equipment depreciates $840 per month.
2.
Half of the unearned rent revenue was earned during the
quarter....
Prepare journal entries to record the following transactions entered into by the Novak Corp.: (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) 2021 June 1 Received a $15,000,6%, 1-year note from Dan Gore as full payment on his account. Nov. 1 Sold merchandise on account to Barlow, Inc., for $17,000, terms 3/10,n/30. Nov. 5 Barlow, Inc., returned merchandise worth $1,000. Nov. 9 Received...
Selected year-end account balances from the adjusted trial
balance as of December 31, 2022, for Grouper Corp. is provided
below.
Debit
Credit
Accounts Receivable
$84,220
Dividends
30,510
Depreciation Expense
15,310
Equipment
246,850
Salaries and Wages Expense
105,680
Accounts Payable
$61,480
Accumulated Depreciation—Equipment
133,170
Unearned Rent Revenue
26,560
Service Revenue
213,210
Rent Revenue
7,190
Rent Expense
4,180
Retained Earnings
71,690
Supplies Expense
1,620
Prepare closing entries. (Credit account titles are
automatically indented when the amount is entered. Do not indent
manually....