At the end of the accounting period, the Service Fees Earned account has a balance of...
At the end of the accounting period, the Service Fees Earned account has a balance of $76,000. The accountant makes two adjustments--one to accrue unbilled service fees of $6,000, and the other to reduce the Unearned Service Fees liability account by $900.
After the adjustments are posted, the Service Fees Earned account has a balance of:
Select one:
a. $75,400
b. $82,900
c. $79,900
d. $72,100
e. None of the above
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At the end of the accounting period, the Service Fees Earned
account has a balance of...
M. Fields Company reported the following year-end amounts: Total Sales $16,800 Sales Discounts 300 Sales Returns...
M. Fields Company reported the following year-end amounts: Total Sales $16,800 Sales Discounts 300 Sales Returns ? Cost of Goods Sold 10,500 Gross Profit 2,175 What is the company’s Sales Returns for the year? Select one: A. $1,080 B. $5,430 C. $3,825 D. $1,485 The following information was taken from the records of Valentine Corporation for the year ended December 31, 2016. Advertising expense $40,000 Income tax expense 26,000 Accounts payable 26,900 Dividends paid 30,000 Retained earnings (Jan 1, 2016)...
Instructions Selected account balances before adjustment for Atlantic Coast Realty at July 31, the end of...
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...
Selected account balances before adjustment for Atlantic Coast Realty at July 31, the end of the...
Selected account balances before adjustment for Atlantic Coast
Realty at July 31, the end of the current year, are as follows:
Debits
Credits
Accounts Receivable
$75,000
Equipment
345,700
Accumulated Depreciation—Equipment
$112,500
Prepaid Rent
9,000
Supplies
3,350
Wages Payable
–
Unearned Fees
12,000
Fees Earned
660,000
Wages Expense
325,000
Rent Expense
–
Depreciation Expense
–
Supplies Expense
–
Data needed for year-end adjustments are as follows:
•
Unbilled fees at July 31, $11,150.
•
Supplies on hand at July 31, $900....
Selected account balances before adjustment for Atlantic Coast Realty at July 31, the end of the...
Selected account balances before adjustment for Atlantic Coast Realty at July 31, the end of the current year, are as follows: Debits Credits Accounts Receivable $ 72,900 Equipment 349,200 Accumulated Depreciation—Equipment $117,900 Prepaid Rent 8,850 Supplies 3,020 Wages Payable – Unearned Fees 13,000 Fees Earned 657,700 Wages Expense 335,800 Rent Expense – Depreciation Expense – Supplies Expense – Data needed for year-end adjustments are as follows: • Unbilled fees at July 31, $10,500. • Supplies on hand at July 31,...
Plumlee Corporation has the following account balances at December 31, 2017. Debit Credit Service Fees Earned...
Plumlee Corporation has the following account balances at December 31, 2017. Debit Credit Service Fees Earned ……………... $92,500 Interest Income ……………………. 2,200 Salaries Expense ………………… $41,800 Advertising Expense ………………... 4,300 Depreciation Expense …………… 8,700 Income Tax Expense ……………… 9,900 Retained Earnings ……………….. 42,700 Prepare entries to close these accounts in journal entry form. Set up T-accounts for each of the ledger accounts and post the entries to them. After these entries are posted, what is the balance of the Retained...
PROBLEM 3-5A Greco Service Co., which specializes in appliance repair services, is owned and op- erated by Curtis Loomis. Greco Service Co.'s accounting clerk prepared the follow- ing trial balan...
PROBLEM 3-5A Greco Service Co., which specializes in appliance repair services, is owned and op- erated by Curtis Loomis. Greco Service Co.'s accounting clerk prepared the follow- ing trial balance at December 31, 2006: Adjusting entries and adjusted trial balances Objectives 3, 4 Greco Service Co Trial Balance December 31, 2006 4,200 20,600 6,000 2. Total of Debit Column: Supplies $552,520 Land 100,000 161,500 75,700 80,100 7,500 Unearned Rent 7,200 157,100 Curtis Loomis, Drawing.. 5,000 Fees Earned 257,200 Salaries and...
Adjusting Entries Selected account balances before adjustment for Intuit Realty at November 30, the end of...
Adjusting Entries Selected account balances before adjustment for Intuit Realty at November 30, the end of the current year, follow: Debits Credits Accounts Receivable Equipment Accumulated Depreciation-Equipment $75,000 250,000 $12,000 Prepaid Rent 12,000 3,170 Supplies Wages Payable Unearned Fees Fees Earned 10,000 400,000 Wages Expense 140,000 Rent Expense Depreciation Expense Supplies Expense Data needed for year-end adjustments are as follows: • Supplies on hand at November 30, $550. • Depreciation of equipment during year, $1,675. • Rent expired during year,...
Below is the year-end adjusted trial balance for Lucie Accounting. (10 marks 3. Below is the...
Below is the year-end adjusted trial balance for Lucie
Accounting. (10 marks
3. Below is the year-end adjusted trial balance for Lucie Accounting. (10 marks Lucie Accounting Trial Balance December 31, 2015 Account Dr. 13,000 Cr. Cash Accounts receivable Office supplies Prepaid insurance Long term note receivable Land Equipment Accumulated depreciation, Equipment Building Accumulated depreciation, Building Customer list Notes payable Unearned accounting fees Salaries payable Lucie Majeau, capital Lucie Majeau, withdrawals Accounting fees earned Depreciation expense, Building Depreciation expense, Equipment...
T REFERENCES MAILINGS REVIEW VIEW DYMO Label Problem 3: Hawk Company records prepaid assets and unearned...
T REFERENCES MAILINGS REVIEW VIEW DYMO Label Problem 3: Hawk Company records prepaid assets and unearned revenues in balance sheet accounts. The following information was used to prepare adjusting entries for the company as of August 31, the end of the company's fiscal year. a. The company has earned $6,000 in service fees that were not yet recorded at period-end. BUS-12 Week 4 Assignmer b. The expired portion of prepaid insurance is $3,700. c. The company has earned $2,900 of...
Preparing Accounting Transactions and Adjustments Sloan Company has the following account balances at December 31, the...
Preparing Accounting Transactions and Adjustments Sloan Company has the following account balances at December 31, the end of its fiscal year (all accounts have normal balances). $1,680 61,320 4.788 Prepaid advertising Wages expense Prepaid insurance Unearned service fees Service fees earned Rental income 7.560 121,800 6.860 a. Prepare Sloan Company's accounting adjustments at December 31 using journal entries and the following additional information. 1. Prepaid advertising at December 31 is $1,120. 2. Unpaid wages earned by employees in December are...
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...
Selected account balances before adjustment for Atlantic Coast
Realty at July 31, the end of the current year, are as follows:
Debits
Credits
Accounts Receivable
$75,000
Equipment
345,700
Accumulated Depreciation—Equipment
$112,500
Prepaid Rent
9,000
Supplies
3,350
Wages Payable
–
Unearned Fees
12,000
Fees Earned
660,000
Wages Expense
325,000
Rent Expense
–
Depreciation Expense
–
Supplies Expense
–
Data needed for year-end adjustments are as follows:
•
Unbilled fees at July 31, $11,150.
•
Supplies on hand at July 31, $900....
PROBLEM 3-5A Greco Service Co., which specializes in appliance repair services, is owned and op- erated by Curtis Loomis. Greco Service Co.'s accounting clerk prepared the follow- ing trial balance at December 31, 2006: Adjusting entries and adjusted trial balances Objectives 3, 4 Greco Service Co Trial Balance December 31, 2006 4,200 20,600 6,000 2. Total of Debit Column: Supplies $552,520 Land 100,000 161,500 75,700 80,100 7,500 Unearned Rent 7,200 157,100 Curtis Loomis, Drawing.. 5,000 Fees Earned 257,200 Salaries and...
Adjusting Entries Selected account balances before adjustment for Intuit Realty at November 30, the end of the current year, follow: Debits Credits Accounts Receivable Equipment Accumulated Depreciation-Equipment $75,000 250,000 $12,000 Prepaid Rent 12,000 3,170 Supplies Wages Payable Unearned Fees Fees Earned 10,000 400,000 Wages Expense 140,000 Rent Expense Depreciation Expense Supplies Expense Data needed for year-end adjustments are as follows: • Supplies on hand at November 30, $550. • Depreciation of equipment during year, $1,675. • Rent expired during year,...
Below is the year-end adjusted trial balance for Lucie
Accounting. (10 marks
3. Below is the year-end adjusted trial balance for Lucie Accounting. (10 marks Lucie Accounting Trial Balance December 31, 2015 Account Dr. 13,000 Cr. Cash Accounts receivable Office supplies Prepaid insurance Long term note receivable Land Equipment Accumulated depreciation, Equipment Building Accumulated depreciation, Building Customer list Notes payable Unearned accounting fees Salaries payable Lucie Majeau, capital Lucie Majeau, withdrawals Accounting fees earned Depreciation expense, Building Depreciation expense, Equipment...
T REFERENCES MAILINGS REVIEW VIEW DYMO Label Problem 3: Hawk Company records prepaid assets and unearned revenues in balance sheet accounts. The following information was used to prepare adjusting entries for the company as of August 31, the end of the company's fiscal year. a. The company has earned $6,000 in service fees that were not yet recorded at period-end. BUS-12 Week 4 Assignmer b. The expired portion of prepaid insurance is $3,700. c. The company has earned $2,900 of...
Preparing Accounting Transactions and Adjustments Sloan Company has the following account balances at December 31, the end of its fiscal year (all accounts have normal balances). $1,680 61,320 4.788 Prepaid advertising Wages expense Prepaid insurance Unearned service fees Service fees earned Rental income 7.560 121,800 6.860 a. Prepare Sloan Company's accounting adjustments at December 31 using journal entries and the following additional information. 1. Prepaid advertising at December 31 is $1,120. 2. Unpaid wages earned by employees in December are...
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