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Instructions: Record AJE at 12/31 and the initial or subsequent JE for each assuming no previous AJE has been made. For more practice do Quick Study 3-8 in the back of chapter 3 in your textbook. 1C - Prepaid Expense: On January 1, paid cash for equipment that cost $13,000 with a salvage value of $1,000 at the end of a 6 year useful life. Annual Depreciation = (cost of plant asset - salvage value)/useful life in years Ref Credit...
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Do i put the AJE beside any of these?
At December 31, the unadjusted trial balance of H&R Tacks reports Prepaid Insurance of $6,000 and Insurance Expense of $0. The insurance was purchased on July 1 and provides coverage for 24 months. Required: 10 1. Prepare the adjusting journal entry on December 31. 2. Prepare the T-accounts for each account, enter the unadjusted balances, post the adjusting journal entry, and report the adjusted balance. points Complete this question by entering...
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Jaguar Auto Company provides general car maintenance to customers. The company's fiscal year-end is December 31. The December 31, 2018, trial balance (before any adjusting entries) appears below. Accounts Debits Credits Cash $ 15,500 Accounts Receivable 13.700 Supplies 20,500 Prepaid Insurance 16,200 Equipment 82,000 Accumulated Depreciation $ 25,500 Accounts Payable 10,700 Salaries Payable 0 Utilities Payable 0 Interest Payable 0 Notes Payable 28,500 Common Stock 22,000 Retained Earnings 8,700 Dividends 1,700 Service Revenue 216,400 Salaries Expense 151,500 Depreciation Expense 0...
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AJE's Exercise Crumbly Inc. Following are some transactions for Crumbly Inc. during 2020. Instructions: • Record each transaction below and post all non-cash components of each entry into a T account. • Create all the necessary adjusting journal entries at year-end. For each AJE, show your computations below the entry and indicate the type of AJE you have recorded. • Create all the cash entries in the next year implied by the AJE. January 31: Crumbly purchased an office building...
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Current Attempt in Progress A partial tabular summary of transactions for Skysong, Inc. on March 31, 2017, includes the following accounts before adjustments. Assets = Liabilities + Stockholders' Equity Acc. Depr.- Unearned Supplies - Prepaid Insurance + Equip. - Equip. - Serv. Rev Rev. - Exp. 2,600 2,160 22.500 3,600 10,100 An analysis of the accounts shows the following. 1. Insurance expires at the rate of $270 per month 2 Supplies on hand total $890. 3. The equipment depreciates $150...
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Problems - Chapter 3
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Item3
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01:14:33
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Item3
Item 3 Part 2 of 3 6.25 points
Time Remaining 1 hour 14 minutes 33 seconds
01:14:33
Required information
Required information
[The following information applies to the questions
displayed below.]
Wells Technical Institute (WTI), a school owned by Tristana Wells,
provides training to individuals who pay...
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culator justing entries Instructions Journal Chart of Accounts HI Final Question Instructions On December 31, the following data were accumulated for preparing the adjusting entries for Bellingham Realty • The supplies account balance on December 31 is $5,210. The supplies on hand on December 31 are $1,135. The uneared rent account balance on December 31 is $5,600 representing the receipt of an advance payment on December 1 of four months rent from tenants. • Wages accrued but not paid at...
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PRALIL for each of the following independent situations Compute the amounts indicated for each of th. Situation A B 1 ? $1.300 $600 $3,300 $2.500 54 300 52.600 Beginning prepaid insurance balance Cash payments for insurance during the year Ending prepaid insurance balance Insurance expense on the income statement $600 $1,400 $2,600 $4,250 $1,700 $1,150 ? ed account balances and adjustment data are for Global Advertising. on Dec.31: PRACTICE QUESTION 2 The following unadjusted account balances a $14,000 15,500 1,600...
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Problem 3 Chapter 4 Instructions On the Excel file, you will find two tabs: 1) Adjusted Trial Balance and 2) Financial Statements. The Adjusted Trial Balance is completed and correct. The Financial Statements tab shows an outline for the financial statements with all headings, accounts, columns, and lines correct. Note that this format is almost exactly the same as Problem 2 Chapter 3. The only difference is the inclusion of a couple more accounts. REQUIRED: Complete the financial statements using...
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Instructions Selected account balances before adjustment for Atlantic Coast Realty at July 31, the end of the current year, are as follows: Credits Debits $ 75,000 345,700 $112,500 9,000 3.350 Accounts Receivable Equipment Accumulated Depreciation Equipment Prepaid Rent Supplies Wages Payable Unearned Fees Fees Earned Wages Expense Rent Expense Depreciation Expense Supplies Expense 12,000 680,000 325,000 Data needed for year-end adjustments are as follows: . Unbilled fees at July 31, $11,150. • Supplies on hand at July 31. $900. Data...
Instructions: Record AJE at 12/31 and the initial or subsequent JE for each assuming no previous AJE has been made. For more practice do Quick Study 3-8 in the back of chapter 3 in your textbook. 1C - Prepaid Expense: On January 1, paid cash for equipment that cost $13,000 with a salvage value of $1,000 at the end of a 6 year useful life. Annual Depreciation = (cost of plant asset - salvage value)/useful life in years Ref Credit...
Do i put the AJE beside any of these?
At December 31, the unadjusted trial balance of H&R Tacks reports Prepaid Insurance of $6,000 and Insurance Expense of $0. The insurance was purchased on July 1 and provides coverage for 24 months. Required: 10 1. Prepare the adjusting journal entry on December 31. 2. Prepare the T-accounts for each account, enter the unadjusted balances, post the adjusting journal entry, and report the adjusted balance. points Complete this question by entering...
Jaguar Auto Company provides general car maintenance to customers. The company's fiscal year-end is December 31. The December 31, 2018, trial balance (before any adjusting entries) appears below. Accounts Debits Credits Cash $ 15,500 Accounts Receivable 13.700 Supplies 20,500 Prepaid Insurance 16,200 Equipment 82,000 Accumulated Depreciation $ 25,500 Accounts Payable 10,700 Salaries Payable 0 Utilities Payable 0 Interest Payable 0 Notes Payable 28,500 Common Stock 22,000 Retained Earnings 8,700 Dividends 1,700 Service Revenue 216,400 Salaries Expense 151,500 Depreciation Expense 0...
AJE's Exercise Crumbly Inc. Following are some transactions for Crumbly Inc. during 2020. Instructions: • Record each transaction below and post all non-cash components of each entry into a T account. • Create all the necessary adjusting journal entries at year-end. For each AJE, show your computations below the entry and indicate the type of AJE you have recorded. • Create all the cash entries in the next year implied by the AJE. January 31: Crumbly purchased an office building...
Current Attempt in Progress A partial tabular summary of transactions for Skysong, Inc. on March 31, 2017, includes the following accounts before adjustments. Assets = Liabilities + Stockholders' Equity Acc. Depr.- Unearned Supplies - Prepaid Insurance + Equip. - Equip. - Serv. Rev Rev. - Exp. 2,600 2,160 22.500 3,600 10,100 An analysis of the accounts shows the following. 1. Insurance expires at the rate of $270 per month 2 Supplies on hand total $890. 3. The equipment depreciates $150...
Skip to main content
Problems - Chapter 3
AnswerSaved
Help opens in a new windowSave & ExitSubmit
Item3
Part 2 of 3
6.25points
Time Remaining 1 hour 14 minutes 33 seconds
01:14:33
eBookReferences
Item3
Item 3 Part 2 of 3 6.25 points
Time Remaining 1 hour 14 minutes 33 seconds
01:14:33
Required information
Required information
[The following information applies to the questions
displayed below.]
Wells Technical Institute (WTI), a school owned by Tristana Wells,
provides training to individuals who pay...
culator justing entries Instructions Journal Chart of Accounts HI Final Question Instructions On December 31, the following data were accumulated for preparing the adjusting entries for Bellingham Realty • The supplies account balance on December 31 is $5,210. The supplies on hand on December 31 are $1,135. The uneared rent account balance on December 31 is $5,600 representing the receipt of an advance payment on December 1 of four months rent from tenants. • Wages accrued but not paid at...
PRALIL for each of the following independent situations Compute the amounts indicated for each of th. Situation A B 1 ? $1.300 $600 $3,300 $2.500 54 300 52.600 Beginning prepaid insurance balance Cash payments for insurance during the year Ending prepaid insurance balance Insurance expense on the income statement $600 $1,400 $2,600 $4,250 $1,700 $1,150 ? ed account balances and adjustment data are for Global Advertising. on Dec.31: PRACTICE QUESTION 2 The following unadjusted account balances a $14,000 15,500 1,600...
Problem 3 Chapter 4 Instructions On the Excel file, you will find two tabs: 1) Adjusted Trial Balance and 2) Financial Statements. The Adjusted Trial Balance is completed and correct. The Financial Statements tab shows an outline for the financial statements with all headings, accounts, columns, and lines correct. Note that this format is almost exactly the same as Problem 2 Chapter 3. The only difference is the inclusion of a couple more accounts. REQUIRED: Complete the financial statements using...
Instructions Selected account balances before adjustment for Atlantic Coast Realty at July 31, the end of the current year, are as follows: Credits Debits $ 75,000 345,700 $112,500 9,000 3.350 Accounts Receivable Equipment Accumulated Depreciation Equipment Prepaid Rent Supplies Wages Payable Unearned Fees Fees Earned Wages Expense Rent Expense Depreciation Expense Supplies Expense 12,000 680,000 325,000 Data needed for year-end adjustments are as follows: . Unbilled fees at July 31, $11,150. • Supplies on hand at July 31. $900. Data...