What is the adjusting journal entry for the following? Advertising in the amount of $1,200 was...
What is the adjusting journal entry for the following?
Advertising in the amount of $1,200 was paid and recorded as an expense in January, but the ad was run in December (of the prior year). The income tax rate at the time was 30%. Hint: This is a prior period adjustment that will be separately recorded and later closed to retained earnings.
Homework Answers
December journal
Retained earning A/c Dr. 840
To advertisement expense payable A/c 840
(To record expense payable for december)
Amount = 1200 * (1-0.3) = 840
Since the expense will be tax deductible.
Add Answer to:
What is the adjusting journal entry for the following?
Advertising in the amount of $1,200 was...
General Journal entry options: No Journal Entry Required Accounts Payable Accounts Receivable Ac...
General Journal entry options:
No Journal Entry Required
Accounts Payable
Accounts Receivable
Accumulated Amortization
Accumulated Depreciation
Advertising Expense
Amortization Expense
Bad Debt Expense
Buildings
Cash
Common Stock
Copyrights
Cost of Goods Sold
Deferred Revenue
Delivery Expense
Depreciation Expense
Dividends
Dividends Payable
Donation Revenue
Equipment
Franchise Rights
Goodwill
Income Tax Expense
Income Tax Payable
Insurance Expense
Interest Expense
Interest Payable
Interest Receivable
Interest Revenue
Inventory
Land
Legal Expense
Licensing Rights
Logo and Trademarks
Notes Payable (long-term)
Notes Payable (short-term)
Notes Receivable...
17 Manhattan Company recorded an adjusting entry to accrue interest owed of $1,200 as of December...
17 Manhattan Company recorded an adjusting entry to accrue interest owed of $1,200 as of December 31, Year 1. When the related note was paid during Year 2, the company paid $2,250 in interest. Which of the following journal entries correctly records this Year 2 transaction? (Assume that the entry to record the payment of the note itself was recorded in a separate journal entry) 1.28 points Multiple Choice Skipped 1,050 Interest expense Cash 1,050 eBook References Interest expense 2,250...
Record the adjusting journal entries (k) through (p). (If no entry is required for a transaction/event,...
Record the adjusting journal entries (k) through (p). (If no
entry is required for a transaction/event, select "No Journal Entry
Required" in the first account field. Enter your answers in
thousands of dollars.)
Post the adjusting entries and prepare an adjusted trial
balance. (Enter your answers in thousands of dollars.)
Required information The following information applies to the questions displayed below) Intemational celebrity Jay and Goku began operations of their machine shop (J&G Tool, Inc.) on January 1, 2016. The...
2. Compute the following adjustme pute the following adjustments and record in the attached General Journal:...
2. Compute the following adjustme pute the following adjustments and record in the attached General Journal: b. a. ROBO Company ROBO Company pays its employees every Friday. On Friday, January 4, 2013, the Company paid $3,500 for the 5 days beginning the previous December 31. Prepare the adjusting entry on December 31. (Hint: Calculate the payroll for December 31, 2012.) The unearned revenue account shows a balance of $46,000. According to the manager, 60% of that amount has been earned....
Required information PA4-4 Identifying and Preparing Adjusting Journal Entries (LO 4-1, LO 4-2, LO 4-3, LO...
Required information PA4-4 Identifying and Preparing Adjusting Journal Entries (LO 4-1, LO 4-2, LO 4-3, LO 4-6) [The following information applies to the questions displayed below.] Val's Hair Emporium operates a hair salon. Its unadjusted trial balance as of December 31, 2018, follows, along with information about selected accounts. Credit Account Names Cash Debit $ 4,200 Supplies 4,700 Prepaid Rent 7,200 Accounts Payable $ 1,700 0 Salaries and Wages Payable Income Tax Payable 0 Further Information As reported on December...
The following adjusting journal entry found in the journal is missing an explanation. Select the best...
The following adjusting journal entry found in the journal is missing an explanation. Select the best explanation for the entry. 4,500 Wages Expense Wages Payable ???????????????? 4,500 Record wages expense incurred and to be paid next month. Record wages paid in advance. Record payment of wages. Record wages paid last month. Basic Calculator X 1120 Use this end-of-period spreadsheet to answer the questions that follow. Finley Company End-of-Period Spreadsheet For the Year Ended December 31 Adjusted Trial Balance Income Statement...
journal entry worksheet financial accounting Required information The following information applies to the questions displayed below.)...
journal entry worksheet financial accounting
Required information The following information applies to the questions displayed below.) of 9 Allson and Chuck Renny began operations of their furniture repair shop (Lazy Sofa Furniture, Inc.) on January 1, 2017. The annual reporting period ends December 31. The trial balance on January 1, 2018, follows (amounts are rounded to thousands of dollars to simplify). Debit Credit eBook Print Account Titles Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Software Accumulated Amortization Accounts Payable Notes...
Connect 3 (Financial Chapter 4 Homework Var's Hair Emporium operes a hair salon sunausted til balance...
Connect 3 (Financial Chapter 4 Homework Var's Hair Emporium operes a hair salon sunausted til balance as of December with information about selected accounts 2015 follows Hong Account Names Credit Cash $ Debit 1.200 3700 4,200 Supplies Prepaid Rent Accounts Payable Further information As reported on December 31 bank statement Based on count only $1000 of supplies still exist This amount was paid November 1 for rent through the end of January This represents the total amount of bills received...
Problem 3 Page 6 Chapter 03 Group Work - STU Beerbo Advertising was founded in January...
Problem 3 Page 6 Chapter 03 Group Work - STU Beerbo Advertising was founded in January 2013. Presented below are adjusted and unadjusted trial balances as of December 31, 2020 SO Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accum. Depr. - Equip. Accounts Payable Interest Payable Note Payable Unearned Service Revenue Salaries and Wages Payable Common Stock Retained Earnings Service Revenue Salaries and Wages Expense Insurance Expense Interest Expense Depreciation Expense Supplies Expense Rent Expense BEERBO ADVERTISING Trial Balance December...
Prepare monthly adjusting journal entries for January 20X2 for the following items: Prepare monthly adjusting journal...
Prepare monthly adjusting journal entries for January 20X2 for the
following items:
Prepare monthly adjusting journal entries for January 20X2 for
the following items:
OLH5 IULIS. 1) Prepaid professional liability insurance was purchased for $3,200 on December 1, 20X1, and provides insurance coverage from December 1, 20X1, through March 31, 20X2 2) Prepaid rent was paid on December 1, 20X1, in the amount of $30,000 for the six- month period December 1, 20X1, through May 31, 20X2. 3) Equipment was...
General Journal entry options:
No Journal Entry Required
Accounts Payable
Accounts Receivable
Accumulated Amortization
Accumulated Depreciation
Advertising Expense
Amortization Expense
Bad Debt Expense
Buildings
Cash
Common Stock
Copyrights
Cost of Goods Sold
Deferred Revenue
Delivery Expense
Depreciation Expense
Dividends
Dividends Payable
Donation Revenue
Equipment
Franchise Rights
Goodwill
Income Tax Expense
Income Tax Payable
Insurance Expense
Interest Expense
Interest Payable
Interest Receivable
Interest Revenue
Inventory
Land
Legal Expense
Licensing Rights
Logo and Trademarks
Notes Payable (long-term)
Notes Payable (short-term)
Notes Receivable...
17 Manhattan Company recorded an adjusting entry to accrue interest owed of $1,200 as of December 31, Year 1. When the related note was paid during Year 2, the company paid $2,250 in interest. Which of the following journal entries correctly records this Year 2 transaction? (Assume that the entry to record the payment of the note itself was recorded in a separate journal entry) 1.28 points Multiple Choice Skipped 1,050 Interest expense Cash 1,050 eBook References Interest expense 2,250...
Record the adjusting journal entries (k) through (p). (If no
entry is required for a transaction/event, select "No Journal Entry
Required" in the first account field. Enter your answers in
thousands of dollars.)
Post the adjusting entries and prepare an adjusted trial
balance. (Enter your answers in thousands of dollars.)
Required information The following information applies to the questions displayed below) Intemational celebrity Jay and Goku began operations of their machine shop (J&G Tool, Inc.) on January 1, 2016. The...
2. Compute the following adjustme pute the following adjustments and record in the attached General Journal: b. a. ROBO Company ROBO Company pays its employees every Friday. On Friday, January 4, 2013, the Company paid $3,500 for the 5 days beginning the previous December 31. Prepare the adjusting entry on December 31. (Hint: Calculate the payroll for December 31, 2012.) The unearned revenue account shows a balance of $46,000. According to the manager, 60% of that amount has been earned....
Required information PA4-4 Identifying and Preparing Adjusting Journal Entries (LO 4-1, LO 4-2, LO 4-3, LO 4-6) [The following information applies to the questions displayed below.] Val's Hair Emporium operates a hair salon. Its unadjusted trial balance as of December 31, 2018, follows, along with information about selected accounts. Credit Account Names Cash Debit $ 4,200 Supplies 4,700 Prepaid Rent 7,200 Accounts Payable $ 1,700 0 Salaries and Wages Payable Income Tax Payable 0 Further Information As reported on December...
The following adjusting journal entry found in the journal is missing an explanation. Select the best explanation for the entry. 4,500 Wages Expense Wages Payable ???????????????? 4,500 Record wages expense incurred and to be paid next month. Record wages paid in advance. Record payment of wages. Record wages paid last month. Basic Calculator X 1120 Use this end-of-period spreadsheet to answer the questions that follow. Finley Company End-of-Period Spreadsheet For the Year Ended December 31 Adjusted Trial Balance Income Statement...
journal entry worksheet financial accounting
Required information The following information applies to the questions displayed below.) of 9 Allson and Chuck Renny began operations of their furniture repair shop (Lazy Sofa Furniture, Inc.) on January 1, 2017. The annual reporting period ends December 31. The trial balance on January 1, 2018, follows (amounts are rounded to thousands of dollars to simplify). Debit Credit eBook Print Account Titles Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Software Accumulated Amortization Accounts Payable Notes...
Connect 3 (Financial Chapter 4 Homework Var's Hair Emporium operes a hair salon sunausted til balance as of December with information about selected accounts 2015 follows Hong Account Names Credit Cash $ Debit 1.200 3700 4,200 Supplies Prepaid Rent Accounts Payable Further information As reported on December 31 bank statement Based on count only $1000 of supplies still exist This amount was paid November 1 for rent through the end of January This represents the total amount of bills received...
Problem 3 Page 6 Chapter 03 Group Work - STU Beerbo Advertising was founded in January 2013. Presented below are adjusted and unadjusted trial balances as of December 31, 2020 SO Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accum. Depr. - Equip. Accounts Payable Interest Payable Note Payable Unearned Service Revenue Salaries and Wages Payable Common Stock Retained Earnings Service Revenue Salaries and Wages Expense Insurance Expense Interest Expense Depreciation Expense Supplies Expense Rent Expense BEERBO ADVERTISING Trial Balance December...
Prepare monthly adjusting journal entries for January 20X2 for the
following items:
Prepare monthly adjusting journal entries for January 20X2 for
the following items:
OLH5 IULIS. 1) Prepaid professional liability insurance was purchased for $3,200 on December 1, 20X1, and provides insurance coverage from December 1, 20X1, through March 31, 20X2 2) Prepaid rent was paid on December 1, 20X1, in the amount of $30,000 for the six- month period December 1, 20X1, through May 31, 20X2. 3) Equipment was...
Most questions answered within 3 hours.
-
Batteries play an important role in our everyday lives. From
making many devices mobile, to allowing...
asked 6 seconds from now -
Determine the pHpH of an HFHF solution of each of the following
concentrations. The KAKA value...
asked 3 minutes ago -
Two point charges of 7.0mL are initially 11.5m apart. What is
the change in potential energy...
asked 4 minutes ago -
It is possible to iterate through an array quickly and easily
using a loop?
asked 7 minutes ago -
Please write as a short answer
You have heartburn and a two hour working session on...
asked 8 minutes ago -
Please solve with excel and mention the excel function.
Thanks
Kevin deposits $10,000 in a savings...
asked 10 minutes ago -
Which Special Journal would the following transaction be
journalized in?
Sold merchandise on account to Customer...
asked 22 minutes ago -
Assuming 100% dissociation, calculate the freezing point (?fTf)
and boiling point (?bTb) of 1.45 ? K3PO4(aq)1.45...
asked 24 minutes ago -
An inflated helium balloon with a volume of 0.35L at
sea level (1.0 atm) was allowed...
asked 26 minutes ago -
Python 3.0 Please
Write a function that takes, as arguments, a binary string, a
list of...
asked 54 minutes ago -
(a) Calculate the momentum of a 2150 kg elephant charging a
hunter at a speed of...
asked 42 minutes ago -
all the following is an example of a fixed cost except: any cost
that changes in...
asked 44 minutes ago