Selected amounts from Reznor Company’s trial balance as of 12/31/16 appear below: (Note that all of...
Selected amounts from Reznor Company’s trial balance as of 12/31/16 appear below: (Note that all of these accounts have their standard or normal debit or credit balance.) No adjusting entries have been made yet this year.
|
Account |
Balance |
|
Accounts Payable |
$360,000 |
|
Accounts Receivable |
$346,000 |
|
Accumulated Depreciation- Equipment |
$210,000 |
|
Allowance for Doubtful Accounts |
$35,000 |
|
Cash |
??? |
|
Common Stock |
$66,000 |
|
Dividends Declared |
$20,000 |
|
Dividends Payable |
$10,000 |
|
Equipment |
$900,000 |
|
Insurance Expense |
$24,000 |
|
Interest Expense |
$30,000 |
|
Merchandise Inventory |
$300,000 |
|
Notes Payable (due 6/1/17) |
$400,000 |
|
Prepaid Rent |
$102,000 |
|
Retained Earnings |
$412,000 |
|
Salaries and Wage Expense |
$182,000 |
|
Subscription Revenue |
$445,000 |
|
Supplies |
$22,000 |
- Prepare adjusting journal entries at year end, December 31,
2016, based on the following supplemental information.
- The equipment has a useful life of 8 years with a $60,000 salvage value. (Straight-line method being used).
2. The Note Payable is an 6% per year note that pays interest on the first day of January, April, July, and October.
3. The company took out insurance on its facilities for the first time on September 1st, paying for a year’s worth of insurance with a debit to a temporary account.
4. The rent payment of $102,000 covered the six months from November 30, 2016 through May 31, 2017.
5. The next payroll will be $4,000 and will be paid on January 7th for the two weeks ending January 7th.
6. Inventory of the supply room performed on 12/31/16 reported $6,000 in supplies on-hand.
- If this company uses reversing entries, which of the above adjusting entries would be eligible to be reversed?
Please show all of the work
Homework Answers
| Account Titles | Debit | Credit | |
| Depreciation Expense | $ 105,000 | =(900000-60000)/8 | |
| Accumulated Depreciation | $ 105,000 | ||
| Interest Expense | $ 6,000 | =400000*6%*3/12 | |
| Interest Payable | $ 6,000 | ||
| Prepaid Insurance | $ 16,000 | =24000/12*8 | |
| Insurance Expense | $ 16,000 | ||
| Rent Expense | $ 17,000 | =102000/6*1 | |
| Prepaid Rent | $ 17,000 | ||
| Salaries and Wage Expense | $ 2,000 | =4000/2 | |
| Salaries and Wage Payable | $ 2,000 | ||
| Supplies Expense | $ 16,000 | =22000-6000 | |
| Supplies | $ 16,000 |
Interest Paybale and Salaries and Wage Payable transaction requires reversing entries.
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