Homework Answers
| SOLUTION : | ||||
| Adjutement for Supplies expenses | ||||
| Balance of Supplies before Adjustment | $ 1,250 | |||
| Less: Supplies in hand / Physical Count | $ 800 | |||
| Supplies Expenses | $ 450 | |||
| Journal Entries | ||||
| Date | Account Title and explanation | Debit | Credit | |
| July.31 | Supplies Expenses | $ 450 | ||
| Supplies | $ 450 | |||
| (To record the supplies expenses) | ||||
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Question 17 10 pts Fisher Accounting's fiscal year ends on July 31. Accounts are adjusted only...
15) Barker Enterprises paid $30,000 cash for a new auto on January 1, 2018, the first...
15) Barker Enterprises paid $30,000 cash for a new auto on January 1, 2018, the first day of its fiscal year. The auto is expected to remain useful for six years. At the end of six years, the auto's value is expected to be zero. Accounts are adjusted only on the last day of the fiscal year. Make the journal entry to record depreciation for December 31, 2018. Omit explanations. Date Accounts Debit Credit 16) Fisher Accounting's fiscal year ends...
5 After the accounts have been adjusted at July 31, the end of the fiscal year,...
5 After the accounts have been adjusted at July 31, the end of the fiscal year, the following balances are taken from the ledger of Cabriolet Services Co. $615,850 Terry Lambert, Capital Fees Earned 330,450 Wages Expense 220,000 63,000 Rent Expense Supplies Expense 18,250 Miscellaneous Expense 6,200 Journalize the entries required to close the accounts.
On September 1, Hames Enterprises prepaid SI8,000 for six months' rent. The rental period begins on...
On September 1, Hames Enterprises prepaid SI8,000 for six months' rent. The rental period begins on September 1. Barnes adjust the accounts only. December 31 the end of this fiscal year Prepare the journal entry for September and the adjusting entry for December 31. Omit explanations Date Accounts Debit Credit Edit Insert Format Tools Table 12pt Paragraph B Ι Ο Α by Tv V $ Date Accounts Debit Credit I
Nix’It Company’s ledger on July 31, its fiscal year-end, includes the following selected accounts that have...
Nix’It Company’s ledger on July 31, its fiscal year-end, includes the following selected accounts that have normal balances (Nix’It uses the perpetual inventory system). Merchandise inventory $ 42,300, Sales returns and allowances $ 5,600, Retained earnings 124,300, Cost of goods sold 107,700, Dividends 7,000, Depreciation expense 11,200, Sales 159,100, Salaries expense 37,000, Sales discounts 3,800, Miscellaneous expenses 5,000, A physical count of its July 31 year-end inventory discloses that the cost of the merchandise inventory still available is $40,700. Record...
Nix'It Company's ledger on July 31, its fiscal year-end, includes the following selected accounts that have...
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Bramble Company ended its fiscal year on July 31, 2019. The
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is shown below.
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Blossom Company ended its fiscal year on July 31, 2020. The company's adjusted trial balance as...
Blossom Company ended its fiscal year on July 31, 2020. The company's adjusted trial balance as of the end of its fiscal year is as follows. Credit Debit $8,000 8,500 15,500 Blossom Company Adjusted Trial Balance July 31, 2020 No. Account Titles 101 Cash 112 Accounts Receivable 157 Equipment 158 Accumulated Depreciation-Equip. 201 Accounts Payable 208 Unearned Rent Revenue 301 Owner's Capital 306 Owner's Drawings 400 Service Revenue 429 Rent Revenue 711 Depreciation Expense 726 Salaries and Wages Expense 732...
4 After the accounts have been adjusted at July 31, the end of the fiscal year,...
4 After the accounts have been adjusted at July 31, the end of the fiscal year, the ollowing 390.450 Sales The cost of sales 280,150 Wages Expense 70,000 20,000 Miscellaneous Expense &8200 Josmalize the entries required to close the accousts Eipmen squired at the beginning of the year at a oost of $125,000 hs as esimuted residual value of $5,000 and an estimated useful life of 5 years. Die yar's depreciation (23 pereent)
Nix’It Company’s ledger on July 31, its fiscal year-end, includes the following selected accounts that have...
Nix’It Company’s ledger on July 31, its fiscal year-end, includes the following selected accounts that have normal balances (Nix’It uses the perpetual inventory system). Merchandise inventory $ 42,300 Sales returns and allowances $ 5,600 Retained earnings 124,300 Cost of goods sold 107,700 Dividends 7,000 Depreciation expense 11,200 Sales 159,100 Salaries expense 37,000 Sales discounts 3,800 Miscellaneous expenses 5,000 A physical count of its July 31 year-end inventory discloses that the cost of the merchandise inventory still available is $40,700. Prepare...
15) Barker Enterprises paid $30,000 cash for a new auto on January 1, 2018, the first day of its fiscal year. The auto is expected to remain useful for six years. At the end of six years, the auto's value is expected to be zero. Accounts are adjusted only on the last day of the fiscal year. Make the journal entry to record depreciation for December 31, 2018. Omit explanations. Date Accounts Debit Credit 16) Fisher Accounting's fiscal year ends...
5 After the accounts have been adjusted at July 31, the end of the fiscal year, the following balances are taken from the ledger of Cabriolet Services Co. $615,850 Terry Lambert, Capital Fees Earned 330,450 Wages Expense 220,000 63,000 Rent Expense Supplies Expense 18,250 Miscellaneous Expense 6,200 Journalize the entries required to close the accounts.
On September 1, Hames Enterprises prepaid SI8,000 for six months' rent. The rental period begins on September 1. Barnes adjust the accounts only. December 31 the end of this fiscal year Prepare the journal entry for September and the adjusting entry for December 31. Omit explanations Date Accounts Debit Credit Edit Insert Format Tools Table 12pt Paragraph B Ι Ο Α by Tv V $ Date Accounts Debit Credit I
Nix'It Company's ledger on July 31, its fiscal year-end, includes the following selected accounts that have normal balances (Nix'it uses the perpetual Inventory system). $ Merchandise inventory Retained earnings Dividends Sales Sales discounts $ 40,300 120,389 7,000 159,200 3,400 Sales returns and allowances Cost of goods sold Depreciation expense Salaries expense Miscellaneous expenses 6,000 106,500 10,800 35,000 5,000 A physical count of its July 31 year-end inventory discloses that the cost of the merchandise inventory still available is $38.900. Prepare...
Bramble Company ended its fiscal year on July 31, 2019. The
company’s adjusted trial balance as of the end of its fiscal year
is shown below.
Exercise 4-08 a-c (Video) Blue Spruce Company ended its fiscal year on July 31, 2019. The company's adjusted trial balance as of the end of its fiscal year is shown below. Blue Spruce Company Adjusted Trial Balance July 31, 2019 Account Titles No. Credit 101 Cash Debit $10,300 9,500 16,500 112 157 158 201...
Blossom Company ended its fiscal year on July 31, 2020. The company's adjusted trial balance as of the end of its fiscal year is as follows. Credit Debit $8,000 8,500 15,500 Blossom Company Adjusted Trial Balance July 31, 2020 No. Account Titles 101 Cash 112 Accounts Receivable 157 Equipment 158 Accumulated Depreciation-Equip. 201 Accounts Payable 208 Unearned Rent Revenue 301 Owner's Capital 306 Owner's Drawings 400 Service Revenue 429 Rent Revenue 711 Depreciation Expense 726 Salaries and Wages Expense 732...
4 After the accounts have been adjusted at July 31, the end of the fiscal year, the ollowing 390.450 Sales The cost of sales 280,150 Wages Expense 70,000 20,000 Miscellaneous Expense &8200 Josmalize the entries required to close the accousts Eipmen squired at the beginning of the year at a oost of $125,000 hs as esimuted residual value of $5,000 and an estimated useful life of 5 years. Die yar's depreciation (23 pereent)
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