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QUESTION 35 The supplies inventory on August 1, 2020 was $9.350. Supplies costing $24.150 were acquired...
The supplies inventory on August 1, 2020 was $9,350. Supplies costing $24,150 were acquired during the...
The supplies inventory on August 1, 2020 was $9,350. Supplies costing $24,150 were acquired during the year and charged to the supplies inventory. A count on July 31, 2021 indicated supplies on hand of $8,810. The adjusting entry for supplies inventory will A. increase net income by $24,690. B. increase expenses by $24,690. C. decrease supplies by $8,810. D. debit Accounts Payable for $8,810.
During the first year of Vaughn Manufacturing's operations, all purchases were recorded as assets. Supplies in...
During the first year of Vaughn Manufacturing's operations, all purchases were recorded as assets. Supplies in the amount of $27900 were purchased. Actual year-end supplies amounted to $6400. The adjusting entry for store supplies will increase expenses by $21500. decrease supplies by $6400. debit Accounts Payable for $6400. increase net income by $21500.
During the first year of Callahan Co.'s operations, all purchases were recorded as assets. Supplies in...
During the first year of Callahan Co.'s operations, all purchases were recorded as assets. Supplies in the amount of $28,800 were purchased. Actual year-end supplies amounted to $6,600. The adjusting entry for store supplies will a. Increase net income by $22,200. b. increase expenses by $22,200. decrease supplies by $6,600. d. debit Accounts Payable for $6,600. Adolescents Corporation had revenues of $330,000, expenses of $200,000, and dividends of $45,000. When Income Summary is dosed to retained Earnings, the amount of...
Question 4 During the month of August, Karlsson Industries had the following transactions: Aug. 2 Paid...
Question 4 During the month of August, Karlsson Industries had the following transactions: Aug. 2 Paid cash for the August rent of $1,500. Aug. 6 Purchased supplies of $250 on account. Aug. 10 Collected $5,700 from customers on account. Aug. 15 Received $2,200 cash for services to be rendered in September. Aug. 21 Paid for supplies purchased on account on August 6. Aug. 28 Billed customers for $7,500 for services provided in August. Aug. 31 Paid $150 cash for utilities...
On August 1, 2019, The Cove at Mill Lake, Inc., purchased inventory costing $50,000 by signing...
On August 1, 2019, The Cove at Mill Lake, Inc., purchased inventory costing $50,000 by signing a 6%, six-month, short-term note payable. The company will pay the entire note (principal and interest) on the note's maturity date. Read the requirements. Requirement 1. Journalize the company's purchase of inventory. (Record debits first, then credits. Exclude explanations from journal entries.) Journal Entry Accounts Date Debit Credit 2019 Aug 1 Requirement 2. Make the adjusting entry for accrual of interest on the note...
12 During a company's first year of operations, the asset account, Office Supplies, was debited for...
12 During a company's first year of operations, the asset account, Office Supplies, was debited for $4,100 for the purchases of supplies. At year-end, a physical count of the supplies on hand revealed that $1,725 of unused supplies were available for future use. How will the related adjusting entry affect the company's financial statements? 1.17 points Multiple Choice Skipped Expenses will increase and assets will decrease by $2,375. eBook References 이 Assets and expenses will both increase by $1,725. Expenses...
At the beginning of the month, supplies were $ 2,500. During the month, $3,500 of supplies...
At the beginning of the month, supplies were $ 2,500. During the month, $3,500 of supplies were purchased. At month's end, 500 of supplies are still on hand. What is the • adjusting entry? •ending balance in the Supplies account? First, prepare the adjusting journal entry for Supplies. (Record debits first, then credits. Exclude explanations from any journal entries.) Journal Entry Date Accounts and Explanations Debit Credit The ending balance in the Supplies account was $ .
QUESTION 54 Each of the following transactions for Morrison Company requires an adjusting entry, which if...
QUESTION 54 Each of the following transactions for Morrison Company requires an adjusting entry, which if omitted, will overstate or understate assets, liabilities, owner's equity, revenues, expenses, or net income. Indicate the amount and direction of the misstatement that would result if the end of period adjusting entry suggested by the transaction was omitted. Place your results in the table following the transactions and use (+) for overstate, (-) for understate, and (NE) for no effect. 1. Morrison purchased supplies...
Journalize the adjusting entries on August 31 for the 3-month period June 1–August 31. (Round answers...
Journalize the adjusting entries on August 31 for the 3-month
period June 1–August 31. (Round answers to the nearest
whole dollar, e.g. 5,275. Credit account titles are automatically
indented when the amount is entered. Do not indent manually. If no
entry is required, select "No entry" for the account titles and
enter 0 for the amounts.)
Blossom Resort opened for business on June 1 with eight air-conditioned units. Its trial balance on August 31 is as follows. Credit BLOSSOM RESORT...
On August 1August 1, 20192019, The ResortThe Resort at Mill Lake, Inc., purchased inventory costing $...
On August 1August 1, 20192019, The ResortThe Resort at Mill Lake, Inc., purchased inventory costing $ 50 comma 000$50,000 by signing aa 66%, six-month, short-term note payable. The company will pay the entire note (principal and interest) on the note's maturity date.Read the requirements LOADING... . Requirement 1. Journalize the company's purchase of inventory. (Record debits first, then credits. Exclude explanations from journal entries.) Journal Entry Date Accounts Debit Credit 2019 Aug 1 Cash 50000 Note Payable, Short-term Requirement 2....
During the first year of Callahan Co.'s operations, all purchases were recorded as assets. Supplies in the amount of $28,800 were purchased. Actual year-end supplies amounted to $6,600. The adjusting entry for store supplies will a. Increase net income by $22,200. b. increase expenses by $22,200. decrease supplies by $6,600. d. debit Accounts Payable for $6,600. Adolescents Corporation had revenues of $330,000, expenses of $200,000, and dividends of $45,000. When Income Summary is dosed to retained Earnings, the amount of...
On August 1, 2019, The Cove at Mill Lake, Inc., purchased inventory costing $50,000 by signing a 6%, six-month, short-term note payable. The company will pay the entire note (principal and interest) on the note's maturity date. Read the requirements. Requirement 1. Journalize the company's purchase of inventory. (Record debits first, then credits. Exclude explanations from journal entries.) Journal Entry Accounts Date Debit Credit 2019 Aug 1 Requirement 2. Make the adjusting entry for accrual of interest on the note...
12 During a company's first year of operations, the asset account, Office Supplies, was debited for $4,100 for the purchases of supplies. At year-end, a physical count of the supplies on hand revealed that $1,725 of unused supplies were available for future use. How will the related adjusting entry affect the company's financial statements? 1.17 points Multiple Choice Skipped Expenses will increase and assets will decrease by $2,375. eBook References 이 Assets and expenses will both increase by $1,725. Expenses...
QUESTION 54 Each of the following transactions for Morrison Company requires an adjusting entry, which if omitted, will overstate or understate assets, liabilities, owner's equity, revenues, expenses, or net income. Indicate the amount and direction of the misstatement that would result if the end of period adjusting entry suggested by the transaction was omitted. Place your results in the table following the transactions and use (+) for overstate, (-) for understate, and (NE) for no effect. 1. Morrison purchased supplies...
Journalize the adjusting entries on August 31 for the 3-month
period June 1–August 31. (Round answers to the nearest
whole dollar, e.g. 5,275. Credit account titles are automatically
indented when the amount is entered. Do not indent manually. If no
entry is required, select "No entry" for the account titles and
enter 0 for the amounts.)
Blossom Resort opened for business on June 1 with eight air-conditioned units. Its trial balance on August 31 is as follows. Credit BLOSSOM RESORT...
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