Homework Answers
| Debit | Credit | ||
| Dr. Supplies Expense | 2,000 | (6,000-4,000) | |
| Cr. Supplies | 2,000 | Ending balance is now 4,000 | |
| Dr. BDE | 200 | (500-300) | |
| Cr. ADA | 200 | Now Ending balance is 500 | |
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What is the appropriate adjusting entry on March 31st for supplies, given the following information? A...
What is the appropriate adjusting entry on March 31st for the $3000 Note Payable that was...
What is the appropriate adjusting entry on March 31st for the $3000 Note Payable that was signed on January 1st? The interest rate applicable to this note is 6%. OR Int-Exp 180 CR Int-Pay 180 What is the appropriate adjusting entry on March 31st for the insurance that was purchased on January 29th for $1.250 and covers the period February 1st - June 30th? DR Ins-Exp 500 CR PPD-ins 500
What is the appropriate adjusting entry on March 31st for the insurance that was purchased on...
What is the appropriate adjusting entry on March 31st for the insurance that was purchased on January 29th for $1.250 and covers the period February 1st - June 30th? DR CR
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...
3) The unadjusted balance in Smith's Supplies t-account showed a debit balance of $3,100. A year-end...
3) The unadjusted balance in Smith's Supplies t-account showed a debit balance of $3,100. A year-end physical inventory count showed that $300 actually remained. Smith's adjusting entry on December 31, 2019 should be: A) Dr. Supplies Expense 2,800, Cr. Cash 2,800 B) Dr. Supplies Expense 2,800, Cr. Supplies 2,800 C) Dr. Supplies Expense 300, Cr. Supplies 300 D) Dr. Supplies 2,800, Cr. Supplies Expense 2,800 4) Smith bought a new automobile on January 1, 2019 for $30,000 and it is...
Help For each separate case, record the necessary adjusting entry. a. On July 1. Lopez Company...
Help For each separate case, record the necessary adjusting entry. a. On July 1. Lopez Company paid $1,200 for six months of insurance coverage. No adjustments have been made to the Prepaid Insurance account, and it is now December 31. b. Zim Company has a Supplies account balance of $5,000 at the beginning of the year. During the year, it purchased $2,000 of supplies. As of December 31, a physical count of supplies shows $800 of supplies available. Prepare the...
If Bojana Tax Services' office supplies account balance on March 1 was $400, the company purchased...
If Bojana Tax Services' office supplies account balance on March 1 was $400, the company purchased $550 of supplies during the month, and a physical count of supplies on hand at the end of March indicated $500 unused, what is the amount of the adjusting entry for office supplies on March 31? Multiple Choice $450 $550 $950 $400 $350
Prepare adjusting journal entries, as needed, for the following items. (If no entry is required for...
Prepare adjusting journal entries, as needed, for the following items. (If no entry is required for a transaction/event, select "No Journal entry required" In the first account field.) a. The Supplies account shows a balance of $560, but a count of supplies reveals only $230 on hand at year-end. b. The company Initially records the payments of all Insurance premlums as prepald Insurance. The unadjusted trial balance at year- end shows a balance of $590 In Prepaid Insurance. A review...
Hi! Please EXPLAIN by adjusting entry with T-account for this PROBLEM THANKS! *105. The Supplies account...
Hi! Please EXPLAIN by adjusting entry with T-account for this PROBLEM THANKS! *105. The Supplies account had a balance at the beginning of year 3 of $8,000 (before the reversing entry). Payments for purchases of supplies during year 3 amounted to $50,000 and were recorded as an expense. A physical count at the end of year 3 revealed supplies costing $11,500 was on hand. Reversing entries are used by this company. The required adjusting entry at the end of year...
If Bojana Tax Services' office supplies account balance on March 1 was $1,550, the company purchased...
If Bojana Tax Services' office supplies account balance on March 1 was $1,550, the company purchased $700 of supplies during the month, and a physical count of supplies on hand at the end of March indicated $1,650 unused, what is the amount of the adjusting entry for office supplies on March 31? Multiple Choice $2,500 $2,250 O O $700 $600 O $1,550 O
The trial balance columns of the worksheet for Ayayai at March 31, 2019, are as follows....
The trial balance columns of the worksheet for Ayayai at March
31, 2019, are as follows. Ayayai Worksheet For the Month Ended
March 31, 2019 Trial Balance Account Titles Dr. Cr. Cash 4,800
Accounts Receivable 3,700 Supplies 2,430 Equipment 11,000
Accumulated Depreciation—Equipment 1,250.0 Accounts Payable 2,620
Unearned Service Revenue 510 Common Stock 10,045 Retained Earnings
4,115 Dividends 1,200 Service Revenue 6,000 Salaries and Wages
Expense 1,040 Miscellaneous Expense 370 24,540 24,540 Other data:
1. A physical count reveals only $400...
What is the appropriate adjusting entry on March 31st for the $3000 Note Payable that was signed on January 1st? The interest rate applicable to this note is 6%. OR Int-Exp 180 CR Int-Pay 180 What is the appropriate adjusting entry on March 31st for the insurance that was purchased on January 29th for $1.250 and covers the period February 1st - June 30th? DR Ins-Exp 500 CR PPD-ins 500
What is the appropriate adjusting entry on March 31st for the insurance that was purchased on January 29th for $1.250 and covers the period February 1st - June 30th? DR CR
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...
3) The unadjusted balance in Smith's Supplies t-account showed a debit balance of $3,100. A year-end physical inventory count showed that $300 actually remained. Smith's adjusting entry on December 31, 2019 should be: A) Dr. Supplies Expense 2,800, Cr. Cash 2,800 B) Dr. Supplies Expense 2,800, Cr. Supplies 2,800 C) Dr. Supplies Expense 300, Cr. Supplies 300 D) Dr. Supplies 2,800, Cr. Supplies Expense 2,800 4) Smith bought a new automobile on January 1, 2019 for $30,000 and it is...
Help For each separate case, record the necessary adjusting entry. a. On July 1. Lopez Company paid $1,200 for six months of insurance coverage. No adjustments have been made to the Prepaid Insurance account, and it is now December 31. b. Zim Company has a Supplies account balance of $5,000 at the beginning of the year. During the year, it purchased $2,000 of supplies. As of December 31, a physical count of supplies shows $800 of supplies available. Prepare the...
Prepare adjusting journal entries, as needed, for the following items. (If no entry is required for a transaction/event, select "No Journal entry required" In the first account field.) a. The Supplies account shows a balance of $560, but a count of supplies reveals only $230 on hand at year-end. b. The company Initially records the payments of all Insurance premlums as prepald Insurance. The unadjusted trial balance at year- end shows a balance of $590 In Prepaid Insurance. A review...
If Bojana Tax Services' office supplies account balance on March 1 was $1,550, the company purchased $700 of supplies during the month, and a physical count of supplies on hand at the end of March indicated $1,650 unused, what is the amount of the adjusting entry for office supplies on March 31? Multiple Choice $2,500 $2,250 O O $700 $600 O $1,550 O
The trial balance columns of the worksheet for Ayayai at March
31, 2019, are as follows. Ayayai Worksheet For the Month Ended
March 31, 2019 Trial Balance Account Titles Dr. Cr. Cash 4,800
Accounts Receivable 3,700 Supplies 2,430 Equipment 11,000
Accumulated Depreciation—Equipment 1,250.0 Accounts Payable 2,620
Unearned Service Revenue 510 Common Stock 10,045 Retained Earnings
4,115 Dividends 1,200 Service Revenue 6,000 Salaries and Wages
Expense 1,040 Miscellaneous Expense 370 24,540 24,540 Other data:
1. A physical count reveals only $400...
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