Homework Answers
No, adjustment journal is not needed on 31st March because as the Journal which is passed on March 3, itself relates to 31st march.
Now since on March 31, only one month rent should be booked in income statement and rest all should be prepaid. And this is one which is showing as per the passed journal on march 3, hence no further journal needed.
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Janis Corporation also rents a small office space with a monthly rental charge of $1,500. As...
Janis Corporation also rents a small office space with a monthly rental charge of $1,500. As...
Janis Corporation also rents a small office space with a monthly rental charge of $1,500. As of March 1st the balance of the prepaid rent account is 50. On March 3rd Janis pays their landlord 56,000 for the months of March April May, and june, Janis posted the following entry on March 3rd: DR Rent Expense 1.500 Prepaid Rent 4,500 CR Cash 6,000 What if any, adjusting entry is needed on March 31st? NOTE: You cannot change the entry that...
Janis Corporation began operations during the month of March this year. On March 12th they purchased...
Janis Corporation began operations during the month of March this year. On March 12th they purchased $2k of supplies on account. The following entry was posted on March 12th related to this transaction. DR Supplies Expense 2.000 CR Accounts Payable 2,000 At the end of March a physical counts reveals that supplies with a value of $1,400 remain in the stockroom. What if any adjusting entry is needed? NOTE: You cannot change the entry that was posted on March 12th...
The information necessary for preparing the 2021 year-end adjusting entries for Bearcat Personal Training Academy appears...
The information necessary for preparing the 2021 year-end adjusting entries for Bearcat Personal Training Academy appears below. Bearcat's fiscal year-end is December 31. 30 1. Depreciation on the equipment for the year is $6,000. 2. Salaries earned (but not paid) from December 16 through December 31, 2021, are $3,000. 3. On March 1, 2021, Bearcat lends an employee $15,000. The employee signs a note requiring principal and interest at 8% to be paid on February 28, 2022. 4. On April...
Credits Debits 30,000 40,000 1,500 60,000 20,000 0 2,000 6,000 80,000 Account Title Cash Accounts receivable...
Credits Debits 30,000 40,000 1,500 60,000 20,000 0 2,000 6,000 80,000 Account Title Cash Accounts receivable Supplies Inventory Notes receivable Interest receivable Prepaid rent Prepaid insurance Office equipment Accumulated depreciation Accounts payable Salaries payable Notes payable Interest payable Deferred sales revenue Common stock Retained earnings Dividends Sales revenue Interest revenue Cost of goods sold Salaries expense Rent expense Depreciation expense Interest expense Supplies expense Insurance expense 30,000 31,000 0 50,000 0 2,000 60,000 28,500 4,000 146,000 0 70,000 18,900 11,000...
ONLY NEED HELP WITH THE STATEMENT OF CASH FLOWS PORTION> Computer Depot was incorporated on January...
ONLY NEED HELP WITH THE STATEMENT OF CASH FLOWS PORTION> Computer Depot was incorporated on January 1st. The business maintains a retail personal computer replacement parts store, and also provides a full range of services, including computer diagnostic services, virus removal, hardware replacement, software installation and upgrades, and optimization services. The following transactions occurred during the first twelve months of operations: January 1st Common stock is issued in exchange for cash in the amount of ………….………….……………………… 350,000 February 8th The...
Credits Debits 30,000 40,000 1,500 60,000 20,000 0 2,000 6,000 80,000 Account Title Cash Accounts receivable...
Credits Debits 30,000 40,000 1,500 60,000 20,000 0 2,000 6,000 80,000 Account Title Cash Accounts receivable Supplies Inventory Notes receivable Interest receivable Prepaid rent Prepaid insurance Office equipment Accumulated depreciation Accounts payable Salaries payable Notes payable Interest payable Deferred sales revenue Common stock Retained earnings Dividends Sales revenue Interest revenue Cost of goods sold Salaries expense Rent expense Depreciation expense Interest expense Supplies expense Insurance expense Advertising expense Totals 30,000 31,000 0 50,000 0 2,000 60,000 28,500 4,000 146,000 0...
Saved Chapter 2 Homework - Problems Help Save & Ch 2 Pastina Company sells various types...
Saved Chapter 2 Homework - Problems Help Save & Ch 2 Pastina Company sells various types of pasta to grocery chains as private label brands. The company's reporting year-end is December 31. The unadjusted trial balance as of December 31, 2021, appears below. Credits 5 points Debits 30,000 40,000 1,500 60,000 20,000 clock 2.000 6.000 80,000 Print Account Title Cash Accounts receivable Supplies Inventory Notes receivable Interest receivable Prepaid rent Prepaid insurance office equipment Accumulated depreciation Accounts payable Salaries payable...
How do I prepare adjusting entries for the following transcations? Transactions to Record for the month...
How do I prepare adjusting entries for the following transcations? Transactions to Record for the month of March 1-Mar Issued 1,000 shares of F&F common stock for $30,000. The common stock has a $10 par value. 1-Mar Paid $4,500 for rent for the Months of March and April 1-Mar Hired two employees. Each employee will be paid $20 per hour. Employees will start on March 8th. 1-Mar Borrowed $10,000 cash on a 3-year, 6% Note Payable, Interest is paid quarterly...
How do I prepare the following statements and prepare closing entries in general journal form for...
How do I prepare the following statements and prepare closing entries in general journal form for the following transactions? Prepare the following financial statements—must be done on Excel. A single-step income statement A multi-step income statement A statement of Retained Earnings A classified Balance Sheet A cash flow statement using the indirect method. Prepare Closing entries in General Journal Form Transactions to Record for the month of March 1-Mar Issued 1,000 shares of F&F common stock for $30,000. The common...
YOUR COMPANY Income Statement For the year ended January 31, 2019 Sales revenue (net) 55,432 Cost...
YOUR COMPANY
Income Statement
For the year ended January 31, 2019
Sales revenue (net)
55,432
Cost of goods sold
-9,778
Gross profit
45,704
Operating expenses:
Selling expenses
2,598
General & administrative expenses
25,869
Depreciation expense
8,548
Total operating expenses
38,015
Operating Income
9,089
Other items:
Interest expense
-3,253
Loss on sale of equipment
625
3,878
Net Income
4,811
YOUR COMPANY
Statement of Cash Flows
For the year ended January 31st, 2019
Cash Flows from Operating Activities
Net Income
Adjustments for...
Janis Corporation also rents a small office space with a monthly rental charge of $1,500. As of March 1st the balance of the prepaid rent account is 50. On March 3rd Janis pays their landlord 56,000 for the months of March April May, and june, Janis posted the following entry on March 3rd: DR Rent Expense 1.500 Prepaid Rent 4,500 CR Cash 6,000 What if any, adjusting entry is needed on March 31st? NOTE: You cannot change the entry that...
Janis Corporation began operations during the month of March this year. On March 12th they purchased $2k of supplies on account. The following entry was posted on March 12th related to this transaction. DR Supplies Expense 2.000 CR Accounts Payable 2,000 At the end of March a physical counts reveals that supplies with a value of $1,400 remain in the stockroom. What if any adjusting entry is needed? NOTE: You cannot change the entry that was posted on March 12th...
The information necessary for preparing the 2021 year-end adjusting entries for Bearcat Personal Training Academy appears below. Bearcat's fiscal year-end is December 31. 30 1. Depreciation on the equipment for the year is $6,000. 2. Salaries earned (but not paid) from December 16 through December 31, 2021, are $3,000. 3. On March 1, 2021, Bearcat lends an employee $15,000. The employee signs a note requiring principal and interest at 8% to be paid on February 28, 2022. 4. On April...
Credits Debits 30,000 40,000 1,500 60,000 20,000 0 2,000 6,000 80,000 Account Title Cash Accounts receivable Supplies Inventory Notes receivable Interest receivable Prepaid rent Prepaid insurance Office equipment Accumulated depreciation Accounts payable Salaries payable Notes payable Interest payable Deferred sales revenue Common stock Retained earnings Dividends Sales revenue Interest revenue Cost of goods sold Salaries expense Rent expense Depreciation expense Interest expense Supplies expense Insurance expense 30,000 31,000 0 50,000 0 2,000 60,000 28,500 4,000 146,000 0 70,000 18,900 11,000...
Credits Debits 30,000 40,000 1,500 60,000 20,000 0 2,000 6,000 80,000 Account Title Cash Accounts receivable Supplies Inventory Notes receivable Interest receivable Prepaid rent Prepaid insurance Office equipment Accumulated depreciation Accounts payable Salaries payable Notes payable Interest payable Deferred sales revenue Common stock Retained earnings Dividends Sales revenue Interest revenue Cost of goods sold Salaries expense Rent expense Depreciation expense Interest expense Supplies expense Insurance expense Advertising expense Totals 30,000 31,000 0 50,000 0 2,000 60,000 28,500 4,000 146,000 0...
Saved Chapter 2 Homework - Problems Help Save & Ch 2 Pastina Company sells various types of pasta to grocery chains as private label brands. The company's reporting year-end is December 31. The unadjusted trial balance as of December 31, 2021, appears below. Credits 5 points Debits 30,000 40,000 1,500 60,000 20,000 clock 2.000 6.000 80,000 Print Account Title Cash Accounts receivable Supplies Inventory Notes receivable Interest receivable Prepaid rent Prepaid insurance office equipment Accumulated depreciation Accounts payable Salaries payable...
YOUR COMPANY
Income Statement
For the year ended January 31, 2019
Sales revenue (net)
55,432
Cost of goods sold
-9,778
Gross profit
45,704
Operating expenses:
Selling expenses
2,598
General & administrative expenses
25,869
Depreciation expense
8,548
Total operating expenses
38,015
Operating Income
9,089
Other items:
Interest expense
-3,253
Loss on sale of equipment
625
3,878
Net Income
4,811
YOUR COMPANY
Statement of Cash Flows
For the year ended January 31st, 2019
Cash Flows from Operating Activities
Net Income
Adjustments for...
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