Homework Answers
| Q. 12 If the Inventory of Supplies is $20 then adjusting entry would be | ||||||||
| Debit to supplies expense for $130 | ||||||||
| Supplies Expense A/c Dr. | $130 | |||||||
| To Supplies A/c | $130 | |||||||
| (For reducing the overstated Inventory) | ||||||||
| Q. 13 If the insurance still unexpired was $20, adjusting entry would be | ||||||||
| A credit to Prepaid Insurance for $30 | ||||||||
| Insurance A/c Dr. | $30 | |||||||
| To Prepaid Insurance A/c | $30 | |||||||
| (booking insurance expense of $30) | ||||||||
| Q. 14 If estimated depreciation for the equipment is $200, adjusting entry would be | ||||||||
| Credit to Equipment for $200 | ||||||||
| Accumulated Depreciation Dr. | $200 | |||||||
| To Equipment A/c | $200 | |||||||
| (Charging depreciation to equipment) | ||||||||
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Use the following information to answer questions 12 thru 14: Cash $200 Accounts Receivable $500 Prepaid...
$270 470 74 Ayayai Corp. Trial Balance December 31, 2022 Cash Accounts Receivable Prepaid Insurance Supplies...
$270 470 74 Ayayai Corp. Trial Balance December 31, 2022 Cash Accounts Receivable Prepaid Insurance Supplies Equipment Accumulated Depreciation, Equipment Accounts Payable Common Stock Retained Earnings Service Revenue Salaries and Wages Expense Rent Expense 162 3600 $540 346 1080 1260 2700 900 450 $5926 $5926 If, on December 31, 2022, the insurance still unexpired amounted to $18, the adjusting entry would contain a: debit to Prepaid Insurance for $56. debit to Insurance Expense for $56. debit to Prepaid Insurance for...
Debit Balances Credit Balances Cash Accounts Receivable Prepaid Insurance Supplies 4,700 42,650 7,950 2,170 125,420 306,260...
Debit Balances Credit Balances Cash Accounts Receivable Prepaid Insurance Supplies 4,700 42,650 7,950 2,170 125,420 306,260 Land 153,250 Building Accumulated Depreciation--Building Equipment Accumulated Depreciation-Equipment Accounts Payable 150,720 109,150 13,370 7,590 325,800 Unearned Rent 16,630 361,430 Suzanne Emerson, Capital Suzanne Emerson, Drawing Fees Earned Salaries and Wages Expense Utilities Expense Advertising Expense Repairs Expense Miscellaneous Expense 215,410 47,350 25,300 19,160 6,870 970,590 970,590 The data needed to determine year-end adjustments are as follows: • Unexpired insurance at October 31, $5,330. •...
Debit Credit Cash $6,850 Accounts Receivable 7,000 Supplies 1,982 Prepaid Insurance 3,180 Equipment 15,000 Accounts Payable...
Debit Credit Cash $6,850 Accounts Receivable 7,000 Supplies 1,982 Prepaid Insurance 3,180 Equipment 15,000 Accounts Payable $ 4,245 Unearned Service Revenue 5,200 Common Stock 21,982 Service Revenue 8,300 Salaries and Wages Expense 4,000 Rent Expense 1,715 $39,727 $39,727 In addition to those accounts listed on the trial balance, the chart of accounts for Richard also contains the following accounts: Accumulated Depreciation Equipment, Salaries and Wages Payable, Depreciation Expense, Insurance Expense, Utilities Expense, and Supplies Expense. Other data: 1. Supplies on...
Trial Balance April 30, 2016 Account Debit Credit $27,500 40,400 3,000 1,400 68,800 Cash Accounts receivable...
Trial Balance April 30, 2016 Account Debit Credit $27,500 40,400 3,000 1,400 68,800 Cash Accounts receivable Prepaid insurance Supplies Equipment Accumulated depreciation, equipment Accounts paya Salaries payable Unearned service revenue Common stock Retained earnings Dividends Service revenue Salaries expense Insurance expense Depreciation expense, equipment Utilities expense Supplies expense Total $34,100 ble 3,100 2,700 50,000 50,600 9,500 13,900 3,800 $ 154,400 $ 154,400 More Info a. Insurance coverage stlremaining at April 30, $300 b. Supplies used during the month, $250 c....
Question 17 5 pts If, on December 31, 2020, the Prepaid Insurance is $150 and insurance...
Question 17 5 pts If, on December 31, 2020, the Prepaid Insurance is $150 and insurance still unexpired amounted to $40, the adjusting entry would contain a: debit to Insurance Expense for $110. credit to Prepaid Insurance for $40. debit to Prepaid Insurance for $110. Lolo debit to Prepaid Insurance for $40.
Aptos Architects, Inc. Trial Balance April 30, 2018 Account Debit Credit Cash $ 30,100 Accounts receivable...
Aptos Architects, Inc. Trial Balance April 30, 2018 Account Debit Credit Cash $ 30,100 Accounts receivable 18,500 3,200 Prepaid insurance Supplies 1,100 85,000 $ 43,800 Equipment Accumulated depreciation, equipment Accounts payable Salaries payable 3,600 Unearned service revenue 3,100 Common stock 75,000 Retained earnings 10,600 Dividends 2,800 Service revenue 8,400 Salaries expense 3,800 Insurance expense Depreciation expense, equipment Utilities expense Supplies expense $ 144,500 $ 144,500 Total a. Insurance coverage still remaining at April 30, $600 b. Supplies used during the...
Accounts Payable $500 Accounts Receivable $1000 Accumulated Depreciation, Equipment $500 Cash $600 Common Stock $1200 Depreciation...
Accounts Payable $500 Accounts Receivable $1000 Accumulated Depreciation, Equipment $500 Cash $600 Common Stock $1200 Depreciation Expense, Equipment $0 Equipment $2300 Insurance Expense $0 Inventory $2000 Prepaid Insurance $600 Retained Earnings $2800 Service Fee Revenues $3500 Supplies $700 Supplies Expense $0 Wages Expense $1300 Wages Payable $0 Please 1) Give the account name 2) Include a description 3) and if it is a debit or credit, and what the balance is.
QUESTION 17 Use the following information to answer questions 17 thru 19: Cleaning Revenue $2500 Wages...
QUESTION 17 Use the following information to answer questions 17 thru 19: Cleaning Revenue $2500 Wages Expense $700 Rent Expense $500 Supplies Expense $300 Insurance Expense 5200 Depreciation Expense $100 The entry to close the Revenue account includes a Debit to Cleaning Revenue for $2500. Credit to Cleaning Revenue for $2500. Debit to Income Summary for $2500 Debit to Retained Earnings for $2500. QUESTION 18 The entry to close all expense accounts would include a Credit to Retained earnings for...
Agnes Co. Unadjusted Trial Balance 6/30/20 Debit Credit Cash $10,000 Accounts Receivable $13,200 Supplies $2,400 Prepaid...
Agnes Co. Unadjusted Trial Balance 6/30/20 Debit Credit Cash $10,000 Accounts Receivable $13,200 Supplies $2,400 Prepaid Insurance $1,500 Equipment $38,500 Accumulated Depreciation $8,300 Accounts Payable $2,500 Unearned Service Revenue $8,900 Common Stock $15,000 Retained Earnings $9,500 Service Revenue $35,000 Salary Expense $11,200 Utilities Expenses $2,400 $79,200 $79,200 Additional information (not reflected in the above): Supplies used during the month, $450. Prepaid insurance expired during the month, $300. Depreciation on equipment for the month, $500. Unearned service revenue earned during the...
Credit Cash Accounts Receivable Debit $ 6,850 7,000 1,982 3,180 15,000 Supplies Prepaid Insurance Equipment Accounts...
Credit Cash Accounts Receivable Debit $ 6,850 7,000 1,982 3,180 15,000 Supplies Prepaid Insurance Equipment Accounts Payable Unearned Service Revenue Common Stock Service Revenue Salaries and Wages Expense Rent Expense $ 4,245 5,200 21,982 8,300 4,000 1,715 $39,727 $39,727 In addition to those accounts listed on the trial balance, the chart of accounts for Richard also contains the following accounts: Accumulated Depreciation-Equipment, Salaries and Wages Payable, Depreciation Expense, Insurance Expense, Utilities Expense, and Supplies Expense. Other data: 1. 2. 3....
$270 470 74 Ayayai Corp. Trial Balance December 31, 2022 Cash Accounts Receivable Prepaid Insurance Supplies Equipment Accumulated Depreciation, Equipment Accounts Payable Common Stock Retained Earnings Service Revenue Salaries and Wages Expense Rent Expense 162 3600 $540 346 1080 1260 2700 900 450 $5926 $5926 If, on December 31, 2022, the insurance still unexpired amounted to $18, the adjusting entry would contain a: debit to Prepaid Insurance for $56. debit to Insurance Expense for $56. debit to Prepaid Insurance for...
Debit Balances Credit Balances Cash Accounts Receivable Prepaid Insurance Supplies 4,700 42,650 7,950 2,170 125,420 306,260 Land 153,250 Building Accumulated Depreciation--Building Equipment Accumulated Depreciation-Equipment Accounts Payable 150,720 109,150 13,370 7,590 325,800 Unearned Rent 16,630 361,430 Suzanne Emerson, Capital Suzanne Emerson, Drawing Fees Earned Salaries and Wages Expense Utilities Expense Advertising Expense Repairs Expense Miscellaneous Expense 215,410 47,350 25,300 19,160 6,870 970,590 970,590 The data needed to determine year-end adjustments are as follows: • Unexpired insurance at October 31, $5,330. •...
Debit Credit Cash $6,850 Accounts Receivable 7,000 Supplies 1,982 Prepaid Insurance 3,180 Equipment 15,000 Accounts Payable $ 4,245 Unearned Service Revenue 5,200 Common Stock 21,982 Service Revenue 8,300 Salaries and Wages Expense 4,000 Rent Expense 1,715 $39,727 $39,727 In addition to those accounts listed on the trial balance, the chart of accounts for Richard also contains the following accounts: Accumulated Depreciation Equipment, Salaries and Wages Payable, Depreciation Expense, Insurance Expense, Utilities Expense, and Supplies Expense. Other data: 1. Supplies on...
Trial Balance April 30, 2016 Account Debit Credit $27,500 40,400 3,000 1,400 68,800 Cash Accounts receivable Prepaid insurance Supplies Equipment Accumulated depreciation, equipment Accounts paya Salaries payable Unearned service revenue Common stock Retained earnings Dividends Service revenue Salaries expense Insurance expense Depreciation expense, equipment Utilities expense Supplies expense Total $34,100 ble 3,100 2,700 50,000 50,600 9,500 13,900 3,800 $ 154,400 $ 154,400 More Info a. Insurance coverage stlremaining at April 30, $300 b. Supplies used during the month, $250 c....
Question 17 5 pts If, on December 31, 2020, the Prepaid Insurance is $150 and insurance still unexpired amounted to $40, the adjusting entry would contain a: debit to Insurance Expense for $110. credit to Prepaid Insurance for $40. debit to Prepaid Insurance for $110. Lolo debit to Prepaid Insurance for $40.
Aptos Architects, Inc. Trial Balance April 30, 2018 Account Debit Credit Cash $ 30,100 Accounts receivable 18,500 3,200 Prepaid insurance Supplies 1,100 85,000 $ 43,800 Equipment Accumulated depreciation, equipment Accounts payable Salaries payable 3,600 Unearned service revenue 3,100 Common stock 75,000 Retained earnings 10,600 Dividends 2,800 Service revenue 8,400 Salaries expense 3,800 Insurance expense Depreciation expense, equipment Utilities expense Supplies expense $ 144,500 $ 144,500 Total a. Insurance coverage still remaining at April 30, $600 b. Supplies used during the...
QUESTION 17 Use the following information to answer questions 17 thru 19: Cleaning Revenue $2500 Wages Expense $700 Rent Expense $500 Supplies Expense $300 Insurance Expense 5200 Depreciation Expense $100 The entry to close the Revenue account includes a Debit to Cleaning Revenue for $2500. Credit to Cleaning Revenue for $2500. Debit to Income Summary for $2500 Debit to Retained Earnings for $2500. QUESTION 18 The entry to close all expense accounts would include a Credit to Retained earnings for...
Credit Cash Accounts Receivable Debit $ 6,850 7,000 1,982 3,180 15,000 Supplies Prepaid Insurance Equipment Accounts Payable Unearned Service Revenue Common Stock Service Revenue Salaries and Wages Expense Rent Expense $ 4,245 5,200 21,982 8,300 4,000 1,715 $39,727 $39,727 In addition to those accounts listed on the trial balance, the chart of accounts for Richard also contains the following accounts: Accumulated Depreciation-Equipment, Salaries and Wages Payable, Depreciation Expense, Insurance Expense, Utilities Expense, and Supplies Expense. Other data: 1. 2. 3....
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