| December salary for year 2015 were calculated to be $20,000 but have not yet been recorded | ||||||||
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December consulting work of $40,000 were performed but have not yet been recorded Show the journal entries needed for the items above.
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Homework Answers
| S.No. | Account Titles | Debit $ | Credit $ |
| 1 | Salaries Expense | 20,000 | |
| Salaries Payable | 20,000 | ||
| 2 | Accounts Receivable | 40,000 | |
| Service Revenue | 40,000 | ||
Add Answer to:
December salary for year 2015 were calculated to be $20,000 but
have not yet been recorded...
Please answer a, b, and c with explanations: Requirement: Show the journal entries needed for the...
Please answer a, b, and c with explanations:
Requirement:
Show the journal entries needed for the items
above. Note that new accounts may be created if
needed.
Show a post-adjustment income statement and balance sheet (with
proper titles) as of December 31, 2015.
Prepare the necessary closing entries for Trotsky Corp. for
Year 2015.
The following question consists of three parts (a, b and c). Trotsky Corp. had the following trial balance, before adjustments, on December 31, 2015: Debit Credit Cash...
C D E 2 Although entries have been recorded all year, adjusting entries have not been recorded since December 31, 2018...
C D E 2 Although entries have been recorded all year, adjusting entries have not been recorded since December 31, 2018 when the financial statements were last prepared. 3 Refer to the Worksheet (1) tab for unadjusted account balance information as of December 31, 2019. 4 Use the following information to help in preparing adjusting entries for Rochester Enterprise. 6 7 8 9 11 12 w 4i bosi a. On February 1, 2019, Rochester Enterprise had signed a 5% bank...
At year end, the following events have not been accounted for. Insurance expired during the year,...
At year end, the following events have not been accounted
for.
Insurance expired during the year, and only $2,800
remained.
Depreciation on equipment of $10,000.
After a physical count, office supplies costing $2,000 were on
hand.
December consulting work of $40,000 was performed, but has not
yet been recorded.
Accrued salaries and wages at December 31st were
$5,800.
Instructions
(1.1) Prepare the necessary adjusting
entries (please use related account names shown on the
Trial Balance). New accounts may be created...
$300,000 in sales on account had not been recorded but were shipped FOB Shipping Point on...
$300,000 in sales on account had not been recorded but were shipped FOB Shipping Point on December 31. The cost of this inventory was $140,000. Bruce and Emmett use a perpetual inventory system. Employees are allowed to carry over up to 10 days of earned vacation days per year up to 40 days. Employees earn an average of $150 per day. A total of 500 earned vacation days will be carried over to 2020. It is probable that the employees...
$300,000 in sales on account had not been recorded but were shipped FOB Shipping Point on December 31
Roxy & Harley CorporationUnadjusted Balances12/31/2016 DebitCredit101Cash$ 850,000102Cash Equivalents$ 76,000301Common Stock ($10 par)$ 1,470,000103Accounts Receivable$ 1,650,000131Goodwill$ 350,000125Investments$ 1,351,735602Bad debts expenses$ 0122Building$ 1,750,000613Telephone Expense$ 40,398617Research & Development$ 580,000 601Office Expenses$ 430,000 107Other Current Assets$ 51,063121Equipment$ 974,000 618Insurance Expense$ 170,000 620Payroll taxes Expense$ 336,975204Payroll taxes payable$ 36000 608Office Wages Expense$ 800,000132Other Intangible Assets$ 500,000310Dividends$ 100,000123Land$ 620,000106Prepaid expenses$ 245,186614Utilities Expenses$ 156,000615Wages Expense$ 1,924,000616Travel & Entertainment Expense$ 440,000105Inventory$ 2,750,000315Treasury Stock$ 500,000404Sales Discounts$ 539,000420Investment Income$ 56,580421Gain/Loss on Disposal205Interest Payable$ 25,100619Income Tax Expense210Income Tax payable104Allowance for Doubtful Accounts$ 50,000612Dues...
For each of the following separate cases, prepare the required December 31 year-end adjusting entries
For each of the following separate cases, prepare the required December 31 year-end adjusting entries. Entries can draw from this partial chart of accounts: Interest Receivable; Prepaid Insurance; Accumulated Depreciation Equipment; Wages Payable; Unearned Revenue; Consulting Revenue; Interest Revenue; Wages Expense; Insurance Expense; Interest Expense; and Depreciation Expense-Equipment. a. Depreciation on the company's wind turbine equipment for the year is $5,000. b. The Prepaid Insurance account for the solar panels had a $2,000 debit balance at December 31 before adjusting for the...
1. Fees earned aa of December 31,2018 and not yet recorded, amount to $51,500 II. Post the above transactions to th...
1. Fees earned aa of December 31,2018 and not yet recorded,
amount to $51,500
II. Post the above transactions to the Ledger accounts (T accounts) (20%) III. Adjusting Entries (30%) and posting on T accounts (14%) Given the following information, and related to the previous entries above, prepare the adjusting entries and post to Ledger accounts. 1. Fees earned as of December 31, 2018 and not yet recorded, amount to $51,500. 2. Records show that $12,500 of cash receipts originally...
The following account balances were taken from DJR Company’s accounting records at December 31, 2021: Accounts...
The following account balances were taken from DJR Company’s
accounting records at December 31, 2021:
Accounts Payable ............ $69,000
Accounts Receivable ......... $56,000
Advertising Expense ......... $33,000
Building .................... $94,000
Cash ........................ $31,000
Common Stock ................ $82,000
Cost of Goods Sold .......... $30,000
Dividends ................... $19,000
Equipment ................... $86,000
Income Tax Expense .......... $17,000
Interest Expense ............ $11,000
Inventory ................... $54,000
Notes Payable ............... $96,000
Rental Revenue .............. $62,000
Retained Earnings ........... $60,000 (at January 1, 2021)
Salaries Expense ...............
Rembrandt Paint Company had the following income statement items for the year ended December 31, 2021...
Rembrandt Paint Company had the following income statement items for the year ended December 31, 2021 ($ in thousands): Sales revenue Interest revenue Interest expense $ 32,000 380 580 Cost of goods sold Selling and administrative expense Restructuring costs $ 17,500 3,900 2,200 In addition, during the year the company completed the disposal of its plastics business and incurred a loss from operations of $3 million and a gain on disposal of the component's assets of $4.8 million. 700,000 shares...
The following account balances were taken from DJR Company’s accounting records at December 31, 2021: Accounts...
The following account balances were taken from DJR Company’s
accounting records at December 31, 2021:
Accounts Payable ............ $69,000
Accounts Receivable ......... $56,000
Advertising Expense ......... $33,000
Building .................... $94,000
Cash ........................ $31,000
Common Stock ................ $82,000
Cost of Goods Sold .......... $30,000
Dividends ................... $19,000
Equipment ................... $86,000
Income Tax Expense .......... $17,000
Interest Expense ............ $11,000
Inventory ................... $54,000
Notes Payable ............... $96,000
Rental Revenue .............. $62,000
Retained Earnings ........... $60,000 (at January 1, 2021)
Salaries Expense ...............
Please answer a, b, and c with explanations:
Requirement:
Show the journal entries needed for the items
above. Note that new accounts may be created if
needed.
Show a post-adjustment income statement and balance sheet (with
proper titles) as of December 31, 2015.
Prepare the necessary closing entries for Trotsky Corp. for
Year 2015.
The following question consists of three parts (a, b and c). Trotsky Corp. had the following trial balance, before adjustments, on December 31, 2015: Debit Credit Cash...
C D E 2 Although entries have been recorded all year, adjusting entries have not been recorded since December 31, 2018 when the financial statements were last prepared. 3 Refer to the Worksheet (1) tab for unadjusted account balance information as of December 31, 2019. 4 Use the following information to help in preparing adjusting entries for Rochester Enterprise. 6 7 8 9 11 12 w 4i bosi a. On February 1, 2019, Rochester Enterprise had signed a 5% bank...
At year end, the following events have not been accounted
for.
Insurance expired during the year, and only $2,800
remained.
Depreciation on equipment of $10,000.
After a physical count, office supplies costing $2,000 were on
hand.
December consulting work of $40,000 was performed, but has not
yet been recorded.
Accrued salaries and wages at December 31st were
$5,800.
Instructions
(1.1) Prepare the necessary adjusting
entries (please use related account names shown on the
Trial Balance). New accounts may be created...
1. Fees earned aa of December 31,2018 and not yet recorded,
amount to $51,500
II. Post the above transactions to the Ledger accounts (T accounts) (20%) III. Adjusting Entries (30%) and posting on T accounts (14%) Given the following information, and related to the previous entries above, prepare the adjusting entries and post to Ledger accounts. 1. Fees earned as of December 31, 2018 and not yet recorded, amount to $51,500. 2. Records show that $12,500 of cash receipts originally...
The following account balances were taken from DJR Company’s
accounting records at December 31, 2021:
Accounts Payable ............ $69,000
Accounts Receivable ......... $56,000
Advertising Expense ......... $33,000
Building .................... $94,000
Cash ........................ $31,000
Common Stock ................ $82,000
Cost of Goods Sold .......... $30,000
Dividends ................... $19,000
Equipment ................... $86,000
Income Tax Expense .......... $17,000
Interest Expense ............ $11,000
Inventory ................... $54,000
Notes Payable ............... $96,000
Rental Revenue .............. $62,000
Retained Earnings ........... $60,000 (at January 1, 2021)
Salaries Expense ...............
Rembrandt Paint Company had the following income statement items for the year ended December 31, 2021 ($ in thousands): Sales revenue Interest revenue Interest expense $ 32,000 380 580 Cost of goods sold Selling and administrative expense Restructuring costs $ 17,500 3,900 2,200 In addition, during the year the company completed the disposal of its plastics business and incurred a loss from operations of $3 million and a gain on disposal of the component's assets of $4.8 million. 700,000 shares...
The following account balances were taken from DJR Company’s
accounting records at December 31, 2021:
Accounts Payable ............ $69,000
Accounts Receivable ......... $56,000
Advertising Expense ......... $33,000
Building .................... $94,000
Cash ........................ $31,000
Common Stock ................ $82,000
Cost of Goods Sold .......... $30,000
Dividends ................... $19,000
Equipment ................... $86,000
Income Tax Expense .......... $17,000
Interest Expense ............ $11,000
Inventory ................... $54,000
Notes Payable ............... $96,000
Rental Revenue .............. $62,000
Retained Earnings ........... $60,000 (at January 1, 2021)
Salaries Expense ...............
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