Homework Answers
Journal entries
| Date | General Journal | Debit | Credit |
| Jan 2 | Supplies | 4320 | |
| Cash | 4320 | ||
| Apr 1 | Vehicle | 41800 | |
| Cash | 5200 | ||
| Bank loan payable | 36600 | ||
| Aug 1 | Prepaid insurance | 3780 | |
| Cash | 3780 | ||
| Nov 9 | Cash | 1700 | |
| Unearned service revenue | 1700 | ||
| Dec 1 | Prepaid rent (1170*2) | 2340 | |
| Cash | 2340 | ||
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1. 2. On January 2, purchased supplies for $4,320 cash. A physical count at December 31...
Jan 2 Supplies 4320 Cash 4320 Apr. 1 Vehicles 41800 5200 Cash 36600 Bank Loan Payable...
Jan 2 Supplies 4320 Cash 4320 Apr. 1 Vehicles 41800 5200 Cash 36600 Bank Loan Payable 3780 Aug. 1 Prepaid Insurance 3780 Cash Nov.9 Cash 1700 1700 Service Revenue 2340 Dec 1 Prepaid Rent 2340 Cash For each of the above situations, prepare any adjusting entry required at December 31. (Record journal entries in the order presented in the problem. List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not...
6- SELECT THE BEST ANSWER The policy at Sheffield Corp. is to expense all office supplies...
6- SELECT THE BEST ANSWER The policy at Sheffield Corp. is to expense all office supplies at the time of purchase. On the last day of the accounting period, there are $1170 of unused office supplies on hand and the balance of supplies expense is $3710. What should the accountant do? Nothing, company policy says to expense supplies when purchased. Debit Supplies and credit Supplies Expense for $1170. Convince management to change its policy to avoid problems in the future....
Print 3. Consider the following independent situations at December 31: Click the icon to view the...
Print 3. Consider the following independent situations at December 31: Click the icon to view the situations.) Journalize the adjusting entry needed on December 31 for each situation. Use the letters to label the joumal entries. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) a. On October 1, a business collected $3,000 rent in advance, debiting Cash and crediting Unearned Revenue. The tenant was paying one year's rent in advance. Al...
Barney Company Unadjusted Trial Balance December 31, 2018 Cash Accounts Receivable Supplies Prepaid Insurance Inventory Vehicle...
Barney Company Unadjusted Trial Balance December 31, 2018 Cash Accounts Receivable Supplies Prepaid Insurance Inventory Vehicle 145,000 23,000 6,500 24,000 110,000 15,000 75,000 50,000 8,000 16,900 3,000 45,000 46,000 67,600 5,000 490,000 Equipment Accumulated Depreciation Accounts Payable Unearned Revenue Wages Payable Long-Term Notes Payable Common Stock Retained Earnings (1/1/2018) Dividends Service Revenue Repair Expense Delivery Expense Depreciation Expense Rent Expense Insurance Expense Wages Expense Supplies Expense Interest Expense Income Tax Expense Total 10,000 45,000 5,000 54,000 12,000 145,000 13,000 4,000...
Barney Company Unadjusted Trial Balance December 31, 2018 Cash Accounts Receivable Supplies Prepaid Insurance Inventory Vehicle...
Barney Company Unadjusted Trial Balance December 31, 2018 Cash Accounts Receivable Supplies Prepaid Insurance Inventory Vehicle 145,000 23,000 6,500 24,000 110,000 15,000 75,000 50,000 8,000 16,900 3,000 45,000 46,000 67,600 5,000 490,000 Equipment Accumulated Depreciation Accounts Payable Unearned Revenue Wages Payable Long-Term Notes Payable Common Stock Retained Earnings (1/1/2018) Dividends Service Revenue Repair Expense Delivery Expense Depreciation Expense Rent Expense Insurance Expense Wages Expense Supplies Expense Interest Expense Income Tax Expense Total 10,000 45,000 5,000 54,000 12,000 145,000 13,000 4,000...
XY Merchandising Company was established on January 1, 2018. As of December 31, 2018, the following...
XY Merchandising Company was established on January 1, 2018. As
of December 31, 2018, the following additional information is
available:
$5.000 of Office Supplies has been used.
Accrued interest revenue is $10.000.
$15.000 of prepaid rent has expired as of December 31, 2018.
As of December 31, 2016, $20.000 of the Unearned Service Revenue is
earned.
Question:
1) Find the Marketing Expense for the year of 2018 (Write all
the accounts to debit or credit sides while considering their
nature....
Consider the following independent situations at December 31:
Consider the following independent situations at December 31: Journalize the adjusting entry needed on December 31 for each situation. Use the letters to label the journal entries. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) a. On October 1, a business collected $6,900 rent in advance, debiting Cash and crediting Unearned Revenue. The tenant was paying one year's rent in advance. On December 31, the business must account for the amount of rent...
Sector Corting purchased 57.000 of supplies and paid cash immediately. Which of the following uneral journal...
Sector Corting purchased 57.000 of supplies and paid cash immediately. Which of the following uneral journal entries will specter Consulting make to record this transaction Assume the company's policy is to initially record prepaid and unearned items in balance sheet accounts. 2.000 Ch Supplies supplies 7.000 7.00 Puppies 7.000 uppies per Accounts Payable QUESTION 21 Alejandro Consulting paid $2.500 cash for a month insurance policy that begins on March. Given the choices below, determine the general journal entry that Alejandro...
1. if the amount in supplies expense is the January 31 adjusting entry and $1100 of...
1. if the amount in supplies expense is the January 31
adjusting entry and $1100 of supplies was purchased in January.
what was the balance in supplies on January 1?
2. if the amount in insurance expense is the January
31 adjusting entry and the original insurance premium was for one
year, what was the total premuim and when was the policy purchased
?
3. if $3200 of salaries was paid in January, what was
the balance in salaries and...
2 Aa Bbcode Aa Bbccede AaBbceDe AalbCode AaBbc ADA harma No Spacing Heading 1 Heading 2...
2 Aa Bbcode Aa Bbccede AaBbceDe AalbCode AaBbc ADA harma No Spacing Heading 1 Heading 2 HIGHLIGHT IN YELLOW THE BEST ANSWER 1 - A law firm received $1560 cash for legal services to be rendered in the future. The full amount was credited to the liability account Unearned Service Revenue. If the legal services have been rendered at the end of the accounting period and no adjusting entry is made, this would cause: revenues to be understated. expenses to...
Jan 2 Supplies 4320 Cash 4320 Apr. 1 Vehicles 41800 5200 Cash 36600 Bank Loan Payable 3780 Aug. 1 Prepaid Insurance 3780 Cash Nov.9 Cash 1700 1700 Service Revenue 2340 Dec 1 Prepaid Rent 2340 Cash For each of the above situations, prepare any adjusting entry required at December 31. (Record journal entries in the order presented in the problem. List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not...
6- SELECT THE BEST ANSWER The policy at Sheffield Corp. is to expense all office supplies at the time of purchase. On the last day of the accounting period, there are $1170 of unused office supplies on hand and the balance of supplies expense is $3710. What should the accountant do? Nothing, company policy says to expense supplies when purchased. Debit Supplies and credit Supplies Expense for $1170. Convince management to change its policy to avoid problems in the future....
Print 3. Consider the following independent situations at December 31: Click the icon to view the situations.) Journalize the adjusting entry needed on December 31 for each situation. Use the letters to label the joumal entries. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) a. On October 1, a business collected $3,000 rent in advance, debiting Cash and crediting Unearned Revenue. The tenant was paying one year's rent in advance. Al...
Barney Company Unadjusted Trial Balance December 31, 2018 Cash Accounts Receivable Supplies Prepaid Insurance Inventory Vehicle 145,000 23,000 6,500 24,000 110,000 15,000 75,000 50,000 8,000 16,900 3,000 45,000 46,000 67,600 5,000 490,000 Equipment Accumulated Depreciation Accounts Payable Unearned Revenue Wages Payable Long-Term Notes Payable Common Stock Retained Earnings (1/1/2018) Dividends Service Revenue Repair Expense Delivery Expense Depreciation Expense Rent Expense Insurance Expense Wages Expense Supplies Expense Interest Expense Income Tax Expense Total 10,000 45,000 5,000 54,000 12,000 145,000 13,000 4,000...
Barney Company Unadjusted Trial Balance December 31, 2018 Cash Accounts Receivable Supplies Prepaid Insurance Inventory Vehicle 145,000 23,000 6,500 24,000 110,000 15,000 75,000 50,000 8,000 16,900 3,000 45,000 46,000 67,600 5,000 490,000 Equipment Accumulated Depreciation Accounts Payable Unearned Revenue Wages Payable Long-Term Notes Payable Common Stock Retained Earnings (1/1/2018) Dividends Service Revenue Repair Expense Delivery Expense Depreciation Expense Rent Expense Insurance Expense Wages Expense Supplies Expense Interest Expense Income Tax Expense Total 10,000 45,000 5,000 54,000 12,000 145,000 13,000 4,000...
XY Merchandising Company was established on January 1, 2018. As
of December 31, 2018, the following additional information is
available:
$5.000 of Office Supplies has been used.
Accrued interest revenue is $10.000.
$15.000 of prepaid rent has expired as of December 31, 2018.
As of December 31, 2016, $20.000 of the Unearned Service Revenue is
earned.
Question:
1) Find the Marketing Expense for the year of 2018 (Write all
the accounts to debit or credit sides while considering their
nature....
Sector Corting purchased 57.000 of supplies and paid cash immediately. Which of the following uneral journal entries will specter Consulting make to record this transaction Assume the company's policy is to initially record prepaid and unearned items in balance sheet accounts. 2.000 Ch Supplies supplies 7.000 7.00 Puppies 7.000 uppies per Accounts Payable QUESTION 21 Alejandro Consulting paid $2.500 cash for a month insurance policy that begins on March. Given the choices below, determine the general journal entry that Alejandro...
1. if the amount in supplies expense is the January 31
adjusting entry and $1100 of supplies was purchased in January.
what was the balance in supplies on January 1?
2. if the amount in insurance expense is the January
31 adjusting entry and the original insurance premium was for one
year, what was the total premuim and when was the policy purchased
?
3. if $3200 of salaries was paid in January, what was
the balance in salaries and...
2 Aa Bbcode Aa Bbccede AaBbceDe AalbCode AaBbc ADA harma No Spacing Heading 1 Heading 2 HIGHLIGHT IN YELLOW THE BEST ANSWER 1 - A law firm received $1560 cash for legal services to be rendered in the future. The full amount was credited to the liability account Unearned Service Revenue. If the legal services have been rendered at the end of the accounting period and no adjusting entry is made, this would cause: revenues to be understated. expenses to...
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