Homework Answers
4.
Adjusting entries are made after the preparation of financial statements.
The given statement is false.
Adjusting entries are made before the preparation of financial statements. Only after making the adjusting entries, financial statements will reflect a true picture of business.
Part 2
Unadjusted supplies = $1,000
Ending supplies = $350
Supplies expense= Unadjusted supplies- Ending supplies
= 1,000-350
= $650
The following adjusting journal entry is needed:
| General Journal | Debit | Credit |
| Supplies expense | $650 | |
| Supplies | $650 |
Third option is correct.
Kindly comment if you need further assistance. Thanks
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Required information E4-5
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correct answer
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Required information E4-5
(Static) Recording Adjusting Entries and Reporting Balances in
Financial Statements LO4-1, 4-2 [The following information applies
to the questions displayed below.] A+T Williamson Company is making
adjusting entries for the year ended December 31 of the current
year. In developing information for the adjusting entries, the
accountant learned the following: A two-year insurance premium of
$4,800 was paid on October 1 of the current year for coverage
beginning on that date. The bookkeeper debited the full amount...
Prepare the adjusting entries at March 31, assuming that
adjusting entries are made quarterly
Credit Debit $4,800 5,760 40,000 Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Notes Payable Unearned Rent Revenue Rent Revenue Interest Expense Salaries and Wages Expense $13,440 32,000 19,840 96,000 0 22,400 An analysis of the accounts shows the following 1. 2. 3 The equipment depreciates $448 per month. Half of the unearned rent revenue was earned during the quarter. Interest of $640 is accrued on the notes...
Question 6 incomplete answer Marked out of 1.00 P Flag question Adjusting Entries for each of the following unrelated situations, prepare the necessary adjusting entry in general journal form a. Unrecorded depreciation on equipment is $1,850 b. The Supplies account has a balance of 54,000. Supplies on hand at the end of the period totaled $2,500. c. On the date for preparing financial statements, an estimated utilities expense of $610 has been incurred, but no utility bill has been received...
Exercise 3-7A Record adjusting entries (LO3-3) Golden Eagle Company prepares monthly financial statements for its bank. The November 30 adjusted trial balance includes the following account information: Supplies Prepaid Insurance Salaries Payable Deferred Revenue November 30 Debit Credit $1,950 7,800 $10,900 2,900 The following information is known for the month of December: 1. Purchases of supplies during December total $4,400. Supplies on hand at the end of December equal $3,450 2. No insurance payments are made in December. Insurance cost...
Exercise 3-20A Record transactions and prepare adjusting entries, adjusted trial balance, financial statements, and closing entries (LO3-3, 3-4, 3-5, 3-6, 3-7) (GL) On January 1, 2021, Red Flash Photography had the following balances: Cash, $13,000; Supplies, $8,100; Land, $61,000; Deferred Revenue, $5,100: Common Stock $51,000; and Retained Earnings, $26,000. During 2021, the company had the following transactions: 1. February 15 Issue additional shares of common stock, $21,000. 2. May 20 Provide services to customers for cash, $36,000, and on account,...
For
each of the separate cases, prepare adjusting entries required of
financial statements for the year ended (date of) December 31.
The second photo shows the format of where I put my answers. 1
being transaction a, 2 being transaction b, and so on.
a. Wages of $9,000 are earned by workers but not paid as of December 31 b. Depreciation on the company's equipment for the year is $11,200. c. The Office Supplies account had a $460 debit balance...
Adjusting Entries For each of the following unrelated situations, prepare the necessary adjusting entry in general journal form a. Unrecorded depreciation on equipment is $1850 b. The Supplies account has a balance of $5,000. Supplies on hand at the end of the period totaled $2,500, c On the date for preparing financial statements, an estimated utilities expense of $550 has been incurred, but no utility bill has been received. d. On the first day of the current month, rent for...
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