Journal entries
No | General Journal | Debit | Credit |
a | Supplies expense | 2000 | |
Cash | 2000 | ||
b | Insurance expense | 1540 | |
Cash | 1540 | ||
c | Cash | 13000 | |
Service revenue | 13000 | ||
d | Cash | 3700 | |
Service revenue | 3700 | ||
e | Supplies | 1840 | |
Supplies expense | 1840 | ||
f | Prepaid insurance | 1200 | |
Insurance expense | 1200 | ||
g | Service revenue (13000-5570+3700) | 11260 | |
Unearned revenue | 11260 | ||
Ricardo Construction began operations on December 1. In setting up its accounting procedures, the company decided...
Ricardo Construction began operations on December 1. In setting up its accounting procedures, the company decided to debit expense accounts when it prepays its expenses and to credit revenue accounts when customers pay for services in advance. Prepare Journal entries for items a through d and the adjusting entries as of Its December 31 perlod-end for Items e through g. a. Supplies are purchased on December 1 for $2,000 cash. b. The company prepaid its Insurance premiums for $1,540 cash...
Ricardo Construction began operations on December 1 in setting up its accounting procedures, the company decided to debit expense accounts when it prepays its expenses and to credit revenue accounts when customers pay for services in advance Prepare journal entries for items a through d and the adjusting entries as of its December 31 period end for items e through g. a. Supplies are purchased on December 1 for $2,000 cash b. The company prepaid its Insurance premiums for $1,540...
Exercise 3-12A Adjusting for prepaids recorded as expenses and unearned revenues recorded as revenues LO P6 10 Ricardo Construction began operations on December 1. In setting up its accounting procedures, the company decided to debit expense accounts when it prepays its expenses and to credit revenue accounts when customers pay for services in advance. Prepare journal entries for items a through dand the adjusting entries as of its December 31 period-end for iten e through g Hint a. Supplies are...
a. Depreciation on the company's equipment for the year is computed to be $11,000. b. The Prepaid Insurance account had a $5,000 debit balance at December 31 before adjusting for the costs of any expired coverage. An analysis of the company's Insurance policies showed that $1,800 of unexpired insurance coverage remains. c. The Office Supplies account had a $410 debit balance at the beginning of the year, and $2,680 of office supplies were purchased during the year. The December 31...
Exercise 3-6 Preparing adjusting entries LO P1 a. Depreciation on the company's equipment for 2017 is computed to be $11,000. b. The Prepaid Insurance account had a $7,000 debit balance at December 31, 2017, before adjusting for the costs of any expired coverage. An analysis of the company's insurance policies showed that $1,510 of unexpired insurance coverage remains. c. The Office Supplies account had a $230 debit balance on December 31, 2016; and $2,680 of office supplies were purchased during...
Prepare journal entries for the year ended (date of) December 31.a. Depreciation on the company's equipment for the year is computed to be $ 16,000.b. The Prepaid Insurance account had a $ 9,000 debit balance at December 31 before adjusting for the costs of any expired coverage. An analysis of the company's insurance policies showed that $ 610 of unexpired insurance coverage remains.C. The Office Supplies account had a $ 400 debit balance at the beginning of the year; and...
1. Pina Colada Corp. began operations on January 1, 2020. Its fiscal year end is December 31. Pina has decided that prepaid costs are debited to an asset account when paid, and all revenues are credited to revenue when the cash is received. During 2020, the following transactions occurred. On January 1, 2020, Pina bought office supplies for $3,940 cash. A physical count at December 31, 2020 revealed $1,820 of supplies still on hand 2. Pina bought a $5,760, one-year...
1. Pina Colada Corp. began operations on January 1, 2020. Its fiscal year end is December 31. Pina has decided that prepaid costs are debited to an asset account when paid, and all revenues are credited to revenue when the cash is received. During 2020, the following transactions occurred. On January 1, 2020, Pina bought office supplies for $3,940 cash. A physical count at December 31, 2020 revealed $1,820 of supplies still on hand 2. Pina bought a $5,760, one-year...
Desoto Company must make three adjusting entries on December 31, 2019. Supplies used, $9,800 (supplies totaling $15,600 were purchased on December 1, 2019, and debited to the Suppliesaccount). Expired insurance, $7,000; on December 1, 2019, the firm paid $42,000 for six months’ insurance coverage in advance and debited Prepaid Insurance for this amount. Depreciation expense for equipment, $4,600. Required: Prepare the journal entries for these adjustments and post the entries to the general ledger accounts Prepare the adjusting entry for...
a. Depreciation on the company's equipment for the year is computed to be $18,000. b. The Prepaid Insurance account had a $6.000 debit balance at December 31 before adjusting for the costs of any expired coverage. An analysis of the company's Insurance policies showed that $1,100 of unexpired Insurance coverage remains. c. The Office Supplies account had a $700 debit balance at the beginning of the year, and $3,480 of office supplies were purchased during the year. The December 31...