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DO IT! 2 Adjusting Entries for Deferrals DEFERRED INCOME CASE 1: On November 1, 2019, Borja...
DO IT! 3 Adjusting Entries for Accruals ACCRUED INCOME CASE 1: Assume that the business entity...
DO IT! 3 Adjusting Entries for Accruals ACCRUED INCOME CASE 1: Assume that the business entity received a promissory note from a customer dated October 1, 2019. The note is amounting P100,000 with interest of 12% per year. The note is due after six(6) months. In December 31, 2019, what is the necessary adjusting entry on December 31, 2019 to recognize the accrued income for 2019? Answer: Debit Credit CASE 2: Solid Enterprise leases space to a tenant. The tenant...
Desoto Company must make three adjusting entries on December 31, 2019. a. Supplies used, $10,100 (supplies...
Desoto Company must make three adjusting entries on December 31, 2019. a. Supplies used, $10,100 (supplies totaling $16,200 were purchased on December 1, 2019, and debited to the Supplies account). b. Expired insurance, $7,300; on December 1, 2019, the firm paid $43,800 for six months' insurance coverage in advance and debited Prepaid Insurance for this amount. c. Depreciation expense for equipment, $4,900 Required: Prepare the journal entries for these adjustments and post the entries to the general ledger accounts Complete...
Desoto Company must make three adjusting entries on December 31, 2019. Supplies used, $10,400 (supplies totaling...
Desoto Company must make three adjusting entries on December 31,
2019.
Supplies used, $10,400 (supplies totaling $16,800 were
purchased on December 1, 2019, and debited to the Supplies
account).
Expired insurance, $7,600; on December 1, 2019, the firm paid
$45,600 for six months’ insurance coverage in advance and debited
Prepaid Insurance for this amount.
Depreciation expense for equipment, $5,200.
Required:
Prepare the journal entries for these adjustments and post the
entries to the general ledger accounts
We were unable to...
Desoto Company must make three adjusting entries on December 31, 2019. Supplies used, $10,600 (supplies totaling...
Desoto Company must make three adjusting entries on December 31, 2019. Supplies used, $10,600 (supplies totaling $17,200 were purchased on December 1, 2019, and debited to the Supplies account). Expired insurance, $7,800; on December 1, 2019, the firm paid $46,800 for six months’ insurance coverage in advance and debited Prepaid Insurance for this amount. Depreciation expense for equipment, $5,400. Required: Prepare the journal entries for these adjustments and post the entries to the general ledger accounts *To answer I need...
Prepare the adjusting entry for supplies. Prepare the adjusting entry for insurance. Prepare the adjusting entry...
Prepare the adjusting entry for supplies.
Prepare the adjusting entry for insurance.
Prepare the adjusting entry for depreciation.
Exercise 5.5 Journalizing and posting adjustments. LO 5-5 Desoto Company must make three adjusting entries on December 31, 2019. a. Supplies used, $10,600 (supplies totaling $17,200 were purchased on December 1, 2019, and debited to the Supplies account) b. Expired insurance, $7,800; on December 1, 2019, the firm paid $46,800 for six months' insurance coverage in advance and debited Prepaid Insurance for...
Arnez Company's annual accounting period ends on December 31, 2019. The following information concerns the adjusting...
Arnez Company's annual accounting period ends on December 31, 2019. The following information concerns the adjusting entries to be recorded as of that date. a. The Office Supplies account started the year with a $4,225 balance. During 2019, the company purchased supplies for $17,449, which was added to the Office Supplies account. The inventory of supplies available at December 31, 2019, totaled $3,718. b. An analysis of the company's insurance policies provided the following facts. Policy Months of Coverage 24...
Desoto Company must make three adjusting entries on December 31, 2019. a. Supplies used, $10,500 (supplies...
Desoto Company must make three adjusting entries on December 31, 2019. a. Supplies used, $10,500 (supplies totaling $17,000 were purchased on December 1, 2019, and debited to the Supplies account). b. Expired insurance, $7700; on December 1, 2019, the firm paid $46,200 for six months' insurance coverage in advance and debited Prepaid Insurance for this amount c. Depreciation expense for equipment, $5,300 Required: Prepare the journal entries for these adjustments and post the entries to the general ledger accounts Complete...
Arnez Company's annual accounting period ends on December 31, 2019. The following information concerns the adjusting...
Arnez Company's annual accounting period ends on December 31, 2019. The following information concerns the adjusting entries to be recorded as of that date. a. The Office Supplies account started the year with a $4,300 balance. During 2019, the company purchased supplies for $17,759, which was added to the Office Supplies account. The inventory of supplies available at December 31. 2019, totaled $3,784 b. An analysis of the company's insurance policies provided the following facts. Months of Policy Date of...
Desoto Company must make three adjusting entries on December 31 2019 a. Supolies used. 510.000 supplies...
Desoto Company must make three adjusting entries on December 31 2019 a. Supolies used. 510.000 supplies totaling $16 B00 were purchased on December 1, 2019 and debited to the Supplies account) b. Expired insurance 57600 on December 1, 2019. the ti paid $45.600 for six months insurance coverage in advance and debited Prepaid Insurance for this amount c. Depreciation expense for equipment. $5.200 . Required: Prepare the journal entries for these adjustments and post the entries to the general ledger...
Desoto Company must make three adjusting entries on December 31, 2019. Supplies used, $9,800 (supplies totaling...
Desoto Company must make three adjusting entries on December 31, 2019. Supplies used, $9,800 (supplies totaling $15,600 were purchased on December 1, 2019, and debited to the Suppliesaccount). Expired insurance, $7,000; on December 1, 2019, the firm paid $42,000 for six months’ insurance coverage in advance and debited Prepaid Insurance for this amount. Depreciation expense for equipment, $4,600. Required: Prepare the journal entries for these adjustments and post the entries to the general ledger accounts Prepare the adjusting entry for...
DO IT! 3 Adjusting Entries for Accruals ACCRUED INCOME CASE 1: Assume that the business entity received a promissory note from a customer dated October 1, 2019. The note is amounting P100,000 with interest of 12% per year. The note is due after six(6) months. In December 31, 2019, what is the necessary adjusting entry on December 31, 2019 to recognize the accrued income for 2019? Answer: Debit Credit CASE 2: Solid Enterprise leases space to a tenant. The tenant...
Desoto Company must make three adjusting entries on December 31, 2019. a. Supplies used, $10,100 (supplies totaling $16,200 were purchased on December 1, 2019, and debited to the Supplies account). b. Expired insurance, $7,300; on December 1, 2019, the firm paid $43,800 for six months' insurance coverage in advance and debited Prepaid Insurance for this amount. c. Depreciation expense for equipment, $4,900 Required: Prepare the journal entries for these adjustments and post the entries to the general ledger accounts Complete...
Desoto Company must make three adjusting entries on December 31,
2019.
Supplies used, $10,400 (supplies totaling $16,800 were
purchased on December 1, 2019, and debited to the Supplies
account).
Expired insurance, $7,600; on December 1, 2019, the firm paid
$45,600 for six months’ insurance coverage in advance and debited
Prepaid Insurance for this amount.
Depreciation expense for equipment, $5,200.
Required:
Prepare the journal entries for these adjustments and post the
entries to the general ledger accounts
We were unable to...
Prepare the adjusting entry for supplies.
Prepare the adjusting entry for insurance.
Prepare the adjusting entry for depreciation.
Exercise 5.5 Journalizing and posting adjustments. LO 5-5 Desoto Company must make three adjusting entries on December 31, 2019. a. Supplies used, $10,600 (supplies totaling $17,200 were purchased on December 1, 2019, and debited to the Supplies account) b. Expired insurance, $7,800; on December 1, 2019, the firm paid $46,800 for six months' insurance coverage in advance and debited Prepaid Insurance for...
Arnez Company's annual accounting period ends on December 31, 2019. The following information concerns the adjusting entries to be recorded as of that date. a. The Office Supplies account started the year with a $4,225 balance. During 2019, the company purchased supplies for $17,449, which was added to the Office Supplies account. The inventory of supplies available at December 31, 2019, totaled $3,718. b. An analysis of the company's insurance policies provided the following facts. Policy Months of Coverage 24...
Desoto Company must make three adjusting entries on December 31, 2019. a. Supplies used, $10,500 (supplies totaling $17,000 were purchased on December 1, 2019, and debited to the Supplies account). b. Expired insurance, $7700; on December 1, 2019, the firm paid $46,200 for six months' insurance coverage in advance and debited Prepaid Insurance for this amount c. Depreciation expense for equipment, $5,300 Required: Prepare the journal entries for these adjustments and post the entries to the general ledger accounts Complete...
Arnez Company's annual accounting period ends on December 31, 2019. The following information concerns the adjusting entries to be recorded as of that date. a. The Office Supplies account started the year with a $4,300 balance. During 2019, the company purchased supplies for $17,759, which was added to the Office Supplies account. The inventory of supplies available at December 31. 2019, totaled $3,784 b. An analysis of the company's insurance policies provided the following facts. Months of Policy Date of...
Desoto Company must make three adjusting entries on December 31 2019 a. Supolies used. 510.000 supplies totaling $16 B00 were purchased on December 1, 2019 and debited to the Supplies account) b. Expired insurance 57600 on December 1, 2019. the ti paid $45.600 for six months insurance coverage in advance and debited Prepaid Insurance for this amount c. Depreciation expense for equipment. $5.200 . Required: Prepare the journal entries for these adjustments and post the entries to the general ledger...
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