Slimbuster Inc. | |||||
Journal entries | |||||
No. | Date | Account | Debit | Credit | Calculation |
A | 31-Dec | Insurance expense | $ 11,700 | 14000-2300 | |
Prepaid Insurance | $ 11,700 | ||||
B | 31-Dec | Rent expense | $ 5,525 | 22100/12*3 months | |
Prepaid Rent | $ 5,525 | Oct to Dec-3 months | |||
C | 31-Dec | Interest Receivable | $ 300 | ||
Interest Revenue | $ 300 | ||||
D | 31-Dec | Supplies expense | $ 2,000 | ||
Supplies on Hand | $ 2,000 | ||||
E | 31-Dec | Salaries expense | $ 4,200 | ||
Salaries Payable | $ 4,200 |
Here is the problem: Slimbuster, Inc. adjusts its books only on an annual basis. Among other...
Hillside Apartments, Inc., adjusts and closes its books each December 31. Assume the accounts for all prior years have been properly adjusted and closed. Following are some of the company's account balances prior to adjustment on December 31, 2018: Problem 3-3 Prepare adjusting entries (2.0.4) Credits HILLSIDE APARTMENTS, INC. Partial Trial Balance December 31, 2018 Debits Prepaid Insurance $7,500 Supplies on Hand 7,000 Buildings 255,000 Accumulated Depreciation- Buildings Unearned Rent Salaries Expense 69,000 Rental Revenue $96.000 2,700 277,500 e ncial...
Among other items, the partial unadjusted trail balance of Filmblaster, Inc., a movie rental company, at December 31 of the current year includes the following unadjusted account balances: Filmblaster, Inc. Partial Unadjusted Account Balance December 31 Accounts Balance Prepaid Insurance $13750 Prepaid Rent $2928 Supplies $4740 Equipment $16500 Accumulated Depreciation - Equipment $1650 Examination of the records shows that adjustments should be made for the following items, Prepare the annual year end adjusting journal entries at December 31: a) of...
Among other items, the partial unadjusted trail balance of Filmblaster, Inc., a movie rental company at December 31 of the current year includes the following unadjusted account balances: Filmblaster, Inc. Partial Unadjusted Account Balance December 31 Accounts Balance Prepaid Insurance $19800 Prepaid Rent $1632 Supplies $4020 Equipment $17000 Accumulated Depreciation - Equipment $1700 Examination of the records shows that adjustments should be made for the following items, Prepare the annual year end adjusting journal entries at December 31: a) of...
This is from accounting principles: A business perspective 10th
edition, Chapter 3 problem 3-3
Problems U u ule use year, calculate the trend percentages, and comment on the results Problem 3-1 Prepare adjusting entries (LO. 4) Among other items, the trial balance of Filmblaster, Inc., a movie rental company, a December 31 of the current year includes the following account balances: Prepaid Insurance Prepaid Rent Supplies on Hand Debits $7,500 16,800 3.700 Examination of the records shows that adjustments should...
This is from Accounting Principles: A Business Perspective 10th
edition. Chapter 3 problem 3-1
Using 2005 as the base year, calculate the trend percentages, and comment on the results. Problems Problem 3-1 Prepare adjusting entries (LO.4) Among other items, the trial balance of Filmblaster, Inc., a movie rental company, at December 31 of the current year includes the following account balances: Prepaid Insurance Prepaid Rent Supplies on Hand Debits $7,500 16,800 3.700 Examination of the records shows that adjustments should...
What is the net income for the period year. The institution adjusts the books only at end of the year. The following is the unadjusted trial balance and some other info for December 31, 2019. Accounts payable: 5,000 Accounts receivable: 4,000 Cash: 26,000 Common stock: 20,000 Dividends: 3,000 equipment: 16,000 Government contract revenue: 17,000 Prepaid rent: 4,000 Private sector revenue: 8,000 Retained earnings: 10,000 supplies: 2,000 Unearned revenue: 5,000 Wages expense: 10,000 1. Prepaid rent was recorded on November 21,...
5. Several transactions for Kincaid Co. are presented below. The company adjusts its books only at its year-end, December 31. (8 pts.) On February 1, Kincaid Co. leased a warehouse to another company for $48,000 for a three-year period. Kincaid Co. received a check for $48,000 on February 1, and credited Rent Income for the full amount of the check. What adjustment is required on December 31, to reflect the correct amount of rent earned for the period from February...
Accounting. Adjusting entries. Could you explain how you get the
answer?
Transaction B:
Arnez Company's annual accounting period ends on December 31, 2019. The following information concerns the adjusting entries to be recorded as of that date. a. The Office Supplies account started the year with a $4,000 balance. During 2019, the company purchased supplies for $13,400, which was added to the Office Supplies account. The inventory of supplies available at December 31, 2019, totaled $2,554. b. An analysis of...
Prepare adjusting journal entries for the year ended (date of) December 31, 2011, for each of these separate situations. Assume that prepaid expenses are initially recorded in asset accounts. Also assume that fees collected in advance of work are initially recorded as liabilities: a. Depreciation on the company's equipment for 2011 is computed to be $16,000 b. The Prepaid Insurance account had a $7,000 debit balance at December 31, 2011, before adjusting for the costs of any expired coverage. An...
The following information applies to the questions displayed below.) Omega Company adjusts its accounts at the end of each month. The following information has been assembled 11 to prepare the required adjusting entries at December 31: (1) A one-year bank loan of $720,000 at an annual interest rate of 12% had been obtained on December 1 (2) The company pays all employees up-to-date each Friday. Since December 31 fell on Tuesday, there was a lial to employees at December 31...