Homework Answers
EX3-3 (a) Adjusting entry would be:
- Accrued revenue 59500
- Revenue 59500
- (Being fees earned but not yet billed
(b) If the company had been following cash basis, then the adjusting entry would not be needed as journal entry would have been required on receipt on cash
EX3-6
- wage expense= 275000
- wage payable= 5250
- wage expense= wages paid in cash+wage payable
- wages paid in cash= 275000-5250= $269750
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Chapter 3 The Adjusting Process Obj. 2 WE HUW EX 3-3 Adjusting entry for accrued fees...
Adjusting Entry for Accrued Fees At the end of the current year, $59,500 of fees have...
Adjusting Entry for Accrued Fees At the end of the current year, $59,500 of fees have been earned but have not been billed to clients. a. Journalize the adjusting entry to record the accrued fees. If an amount box does not require an entry, leave it blank. b. If the cash basis rather than the accrual basis had been used, would an adjusting entry have been necessary? At the end of the current yea a. Journalize the adjusting e Accounts...
EX 3-10 Adjusting entry for accrued fees At the end of the current year, $12,300 of...
EX 3-10 Adjusting entry for accrued fees At the end of the current year, $12,300 of fees have been earned but have not been billed to clients. a. Journalize the adjusting entry to record the accrued fees. b. If the cash basis rather than the accrual basis had been used, would an adjusting entry have been necessary? Explain.
Adjusting Entry for Accrued Fees At the end of the current year, $59,500 of fees have...
Adjusting Entry for Accrued Fees At the end of the current year, $59,500 of fees have been earned but have not been billed to clients. a. Journalize the adjusting entry to record the accrued fees. b. If the cash basis rather than the accrual basis had been used, would an adjusting entry have been necessary?
Adjusting Entry for Accrued Fees At the end of the current year, $9,800 of fees have...
Adjusting Entry for Accrued Fees At the end of the current year, $9,800 of fees have been earned but have not been billed to clients. a. Journalize the adjusting entry to record the accrued fees. If an amount box does not require an entry, leave it blank. Accounts Payable b. Accounts Receivable r than the accrual basis had been used, would an adjusting entry have been necessary? Cash Fees Earned Fees Expense Fees Payable Prepaid Fees Unearned Fees
OBJ. 2 EX 3-11 Adjusting entries for unearned and accrued fees The balance in the unearned fees account, before adj...
OBJ. 2 EX 3-11 Adjusting entries for unearned and accrued fees The balance in the unearned fees account, before adjustment at the end of the year, is 596,000. Of these fees, $78,500 have been earned. In addition, $23,600 of fees have been earned but have not been billed. Journalize the adjusting entries (a) to adjust the unearned fees account and (b) to record the accrued fees.
Adjusting Entry for Accrued Fees At the end of the current year, $8,380 of fees have...
Adjusting Entry for Accrued Fees At the end of the current year, $8,380 of fees have been earned but have not been billed to clients. a. Journalize the adjusting entry to record the accrued fees. b. If the cash basis rather than the accrual basis had been used, would an adjusting entry have been necessary?
Adjusting Entry for Accrued Fees 1. At the end of the current year, $7,100 of fees...
Adjusting Entry for Accrued Fees 1. At the end of the current year, $7,100 of fees have been earned but have not been billed to clients. a. Journalize the adjusting entry to record the accrued fees. b. If the cash basis rather than the accrual basis had been used, would an adjusting entry have been necessary? 2. Garcia Realty Co. pays weekly salaries of $28,000 on Friday for a five-day workweek ending on that day. a. Journalize the necessary adjusting...
eBook Calculator Determining Wages Paid The wages payable and wages expense accounts at August 31, after...
eBook Calculator Determining Wages Paid The wages payable and wages expense accounts at August 31, after adjusting entries have been posted at the end of the first month of operations, are shown in the following T accounts: Wages Payable Wages Expense Bal. 5,250 Bal. 275,000 Determine the amount of wages paid during the month.
At the end of the current year, $59,500 of fees have been earned but have not...
At the end of the current year, $59,500 of fees have been earned but have not been billed to clients. a. Journalize the adjusting entry to record the accrued fees. b. If the cash basis rather than the accrual basis had been used, would an adjusting entry have been necessary? Explain.
PE 3-5A Adjustment for accrued revenues OBJ. 2. At the end of the current year, $23,570...
PE 3-5A Adjustment for accrued revenues OBJ. 2. At the end of the current year, $23,570 of fees have been earned but have not been billed to clients. Journalize the adjusting entry to record the accrued fees. PE 3-7B Adjustment for depreciation OBJ. 2 The estimated amount of depreciation on equipment for the current year is $7,700. Journalize the adjusting entry to record the depreciation.
Adjusting Entry for Accrued Fees At the end of the current year, $59,500 of fees have been earned but have not been billed to clients. a. Journalize the adjusting entry to record the accrued fees. If an amount box does not require an entry, leave it blank. b. If the cash basis rather than the accrual basis had been used, would an adjusting entry have been necessary? At the end of the current yea a. Journalize the adjusting e Accounts...
EX 3-10 Adjusting entry for accrued fees At the end of the current year, $12,300 of fees have been earned but have not been billed to clients. a. Journalize the adjusting entry to record the accrued fees. b. If the cash basis rather than the accrual basis had been used, would an adjusting entry have been necessary? Explain.
Adjusting Entry for Accrued Fees At the end of the current year, $59,500 of fees have been earned but have not been billed to clients. a. Journalize the adjusting entry to record the accrued fees. b. If the cash basis rather than the accrual basis had been used, would an adjusting entry have been necessary?
Adjusting Entry for Accrued Fees At the end of the current year, $9,800 of fees have been earned but have not been billed to clients. a. Journalize the adjusting entry to record the accrued fees. If an amount box does not require an entry, leave it blank. Accounts Payable b. Accounts Receivable r than the accrual basis had been used, would an adjusting entry have been necessary? Cash Fees Earned Fees Expense Fees Payable Prepaid Fees Unearned Fees
OBJ. 2 EX 3-11 Adjusting entries for unearned and accrued fees The balance in the unearned fees account, before adjustment at the end of the year, is 596,000. Of these fees, $78,500 have been earned. In addition, $23,600 of fees have been earned but have not been billed. Journalize the adjusting entries (a) to adjust the unearned fees account and (b) to record the accrued fees.
eBook Calculator Determining Wages Paid The wages payable and wages expense accounts at August 31, after adjusting entries have been posted at the end of the first month of operations, are shown in the following T accounts: Wages Payable Wages Expense Bal. 5,250 Bal. 275,000 Determine the amount of wages paid during the month.
PE 3-5A Adjustment for accrued revenues OBJ. 2. At the end of the current year, $23,570 of fees have been earned but have not been billed to clients. Journalize the adjusting entry to record the accrued fees. PE 3-7B Adjustment for depreciation OBJ. 2 The estimated amount of depreciation on equipment for the current year is $7,700. Journalize the adjusting entry to record the depreciation.
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