Homework Answers
| Date | Accounts Title and Explanation | Debit | Credit | ||
| Jun-30 | Rent Expense | 1,100 | (13200/12*1) | ||
| Prepaid Rent | 1,100 | (13200/12*1) | |||
| (To record rent expense) | |||||
| Jun-30 | Interest Expense | 90 | (18000*6%)/12 | ||
| Interest Payable | 90 | (18000*6%)/12 | |||
| (To record interest Expense) | |||||
| Jun-30 | Unearned Service Revenue | 5,000 | |||
| Service Revenue | 5,000 | ||||
| (To record service revenue) | |||||
| Jun-30 | Depreciation Expense | 750 | (135000/(15*12)) | ||
| ACCUMULATED Depreciation-Equipment | 750 | (135000/(15*12)) | |||
| (To record depreciation) | |||||
| Jun-30 | Income Tax expense | 6,000 | |||
| Income tax payable | 6,000 | ||||
| (To record tax expense) | |||||
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Need help solving
Alabama Co. records adjusting entries monthly. Record the adjusting entries that are needed...
CV 3.1 Chapter 3 Canvas Homework: What happens when you don't record Adjusting Journal Entries? Idle...
CV 3.1 Chapter 3 Canvas Homework: What happens when you don't record Adjusting Journal Entries? Idle Bay, Inc forgot to record the following adjusting entries for the year 1) They didn't recognize $10,000 in earned revenue that had been paid in was correctly recorded as Unearned Revenue when the cash was received. 2) They didn't adjust for $2,000 in office supplies used during the year. 3) They didn't accrue $7,000 in unpaid salary expense that had been incurred as of...
Need help solving Hawk Corporation engaged in the following transactions during the month of March 2019:...
Need help solving
Hawk Corporation engaged in the following transactions during the month of March 2019: March 1: Paid $1,200 for a one-year insurance policy. March 10: Borrowed $30,000 from the bank on a 6-month note at 10% interest. March 16: Received payment of $6,000 from customers for sales made on account in February. Provided services to a client and earned $12,000. That client will pay March 25: this amount the first week in April. March 27: Paid $9,000 for...
B. Below are 4 adjusting journal entries (AJEs) that another firm, Wolverine, failed to make at...
B. Below are 4 adjusting journal entries (AJEs) that another firm, Wolverine, failed to make at year end. For each entry NOT MADE indicate the effect that each omitted AJE would have on the Wolverine's financial statements for the year ended 12/31/2019. Use O for overstated, U for understated, and NE for no effect. Organize your answer in tabular form, using the column headings shown below and provided in the worksheet titled "Part A, Question B." Example 0: At year...
Problem 6 30 points Prepare the adjusting journal entries needed (if any) on December 31, 2019. AJE's...
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Prepare the adjusting journal entries for the following transactions. (If no entry is required for a...
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Prepare the adjusting journal entries for the following transactions. (If no entry is required for a...
Prepare the adjusting journal entries for the following transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) 1. Supplies for office use were purchased during the year for $640, of which $170 remained on hand (unused) at year-end. 2. Interest of $320 on a note receivable was earned at year-end, although collection of the interest is not due until the following year. 3. At year-end, salaries and wages payable of...
You've been hired by Desert Company to review several transactions that were omitted as Adjusting Entries...
You've been hired by Desert Company to review several transactions that were omitted as Adjusting Entries at December 31, 2019, as the bookkeeper was new and uncertain on how to record them. For each of the transactions listed below, record the appropriate AJE that would have been required at December 31st. Transactions: A. On May 1st, 2019, Desert paid $180,000 in advance for 18 months rent on its new warehouse. At the time, Desert debited a Nominal Account. B. On...
Prepare the adjusting journal entries for the following transactions (If no entry is required for a...
Prepare the adjusting journal entries for the following transactions (If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.) 1. Supplies for office use were purchased during the year for $680, of which $190 remained on hand (unused) at year-end. 2. Interest of $340 on a note receivable was earned at year-end, although collection of the interest is not due until the following year. 3. At year-end, salaries and wages payable of...
ng entries monthly. Journalize the adjusting entries needed as of January 31. (Record debits firs mal...
ng entries monthly. Journalize the adjusting entries needed as of January 31. (Record debits firs mal entry table.) * More Info - X a. Business receives $2.500 on January 1 for 10-month service contract for the period January 1 through October 31. Assume services are performed evenly each month throughout the term of the contract b. Total salaries for all employees is $4,000 per month Employees are paid on the 1st and 15th of the month c. Work performed but...
You've been hired by Desert Company to review several transactions that were omitted as Adjusting Entries...
You've been hired by Desert Company to review several transactions that were omitted as Adjusting Entries at December 31, 2019, as the bookkeeper was new and uncertain on how to record them. For each of the transactions listed below, record the appropriate AJE that would have been required at December 31st. Transactions A. On May 1st, 2019, Desert paid $180,000 in advance for 18 months rent on its new warehouse. At the time, Desert debited a Nominal Account. B. On...
CV 3.1 Chapter 3 Canvas Homework: What happens when you don't record Adjusting Journal Entries? Idle Bay, Inc forgot to record the following adjusting entries for the year 1) They didn't recognize $10,000 in earned revenue that had been paid in was correctly recorded as Unearned Revenue when the cash was received. 2) They didn't adjust for $2,000 in office supplies used during the year. 3) They didn't accrue $7,000 in unpaid salary expense that had been incurred as of...
Need help solving
Hawk Corporation engaged in the following transactions during the month of March 2019: March 1: Paid $1,200 for a one-year insurance policy. March 10: Borrowed $30,000 from the bank on a 6-month note at 10% interest. March 16: Received payment of $6,000 from customers for sales made on account in February. Provided services to a client and earned $12,000. That client will pay March 25: this amount the first week in April. March 27: Paid $9,000 for...
B. Below are 4 adjusting journal entries (AJEs) that another firm, Wolverine, failed to make at year end. For each entry NOT MADE indicate the effect that each omitted AJE would have on the Wolverine's financial statements for the year ended 12/31/2019. Use O for overstated, U for understated, and NE for no effect. Organize your answer in tabular form, using the column headings shown below and provided in the worksheet titled "Part A, Question B." Example 0: At year...
Prepare the adjusting journal entries for the following transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) 1. Supplies for office use were purchased during the year for $740, of which $220 remained on hand (unused) at year-end. 2. Interest of $370 on a note receivable was eamed at year-end, although collection of the interest is not due until the following year. 3. At year-end, salaries and wages payable of...
Prepare the adjusting journal entries for the following transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) 1. Supplies for office use were purchased during the year for $640, of which $170 remained on hand (unused) at year-end. 2. Interest of $320 on a note receivable was earned at year-end, although collection of the interest is not due until the following year. 3. At year-end, salaries and wages payable of...
Prepare the adjusting journal entries for the following transactions (If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.) 1. Supplies for office use were purchased during the year for $680, of which $190 remained on hand (unused) at year-end. 2. Interest of $340 on a note receivable was earned at year-end, although collection of the interest is not due until the following year. 3. At year-end, salaries and wages payable of...
ng entries monthly. Journalize the adjusting entries needed as of January 31. (Record debits firs mal entry table.) * More Info - X a. Business receives $2.500 on January 1 for 10-month service contract for the period January 1 through October 31. Assume services are performed evenly each month throughout the term of the contract b. Total salaries for all employees is $4,000 per month Employees are paid on the 1st and 15th of the month c. Work performed but...
You've been hired by Desert Company to review several transactions that were omitted as Adjusting Entries at December 31, 2019, as the bookkeeper was new and uncertain on how to record them. For each of the transactions listed below, record the appropriate AJE that would have been required at December 31st. Transactions A. On May 1st, 2019, Desert paid $180,000 in advance for 18 months rent on its new warehouse. At the time, Desert debited a Nominal Account. B. On...
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