Journal Entries
Particulars | Dr. Amt | Cr. Amt. |
Depreciation Expense A/c Dr. | 20000 | |
To Accumulated Depreciation A/c | 20000 | |
(Being Depreciation Expense charged to Accumulated Depreciation) | ||
Wages Expense A/c Dr. | 5000 | |
To Wages Payable A/c | 5000 | |
(Being Wages payable recorded) | ||
Interest Expense A/c Dr. | 2000 | |
To Interest Payable A/c | 2000 | |
(Being interest expense recognised for 5 months@8% till year end) | ||
Unearned Revenue A/c Dr. | 3000 | |
To Revenue A/c | 3000 | |
(Being Unearned Revenue recognised as revenue) | ||
Prepaid rent A/c Dr. | 1500 | |
To Rent expense A/c | 1500 | |
(Being rent paid for Jan-2019 recognised as prepaid rent) | ||
Tax Expense A/c Dr. | 3000 | |
To Tax payable/ provision for tax A/c | 3000 | |
( Being tax expense recognised as provision) | ||
Distribution expense A/c Dr. | 14800 | |
Administration Expense A/c Dr. | 22200 | |
To Wage Expense A/c | 37000 | |
(Being wage expense Allocated) | ||
Other operating Expense A/c Dr. | 20000 | |
To Depreciation Expense A/c | 20000 | |
(Being Depreciation allocated to operating expense) |
Prepare the necessary journal entries for year-ended 31 December 2018, please. Thanks Question 1 The following...
Prepare the necessary journal entries for year-ended 31 December 2018 Cr. (5) Question 2 The following account balances are taken from the General Ledger of Bond Lid. on 31 December 2018, the end of its fiscal year. Dr. (5) Cash 50,250 Prepaid insurance 7,000 Accounts Receivable 79.500 Inventories, 31 December 2018 94,700 Land (cost) 80,000 Buildings (cost) 247,600 Furniture and Fixtures (cost) 15.000 Allowance for Doubtful Accounts 650 Accumulated Depreciation - Buildings 18,000 Accumulated Depreciation - Furniture and Fixture 9,000...
The following are account balances for Sam Olin Co. for the year ended December 31, 2018: Fees earned $168,000 Cash $30,000 14,000 Selling expenses Accounts receivable 44,000 42,000 Sam, capital Equipment 36,000 Accounts payable 12,000 Interest Payable 3,000 Salaries & wages expense 40,000 Rent expense 51,000 Income taxes payable 5,000 Supplies 2,000 Notes payable Income taxes expense 20,000 18,000 Prepare an income statement for Sam Olin Co. For the Year Ended December 31, 2018. (Don
Prepare adjusting journal entries for the year ended (date of) December 31, 2011, for each of these separate situations. Assume that prepaid expenses are initially recorded in asset accounts. Also assume that fees collected in advance of work are initially recorded as liabilities: a. Depreciation on the company's equipment for 2011 is computed to be $16,000 b. The Prepaid Insurance account had a $7,000 debit balance at December 31, 2011, before adjusting for the costs of any expired coverage. An...
Adjusting Entries Prepare the necessary adjusting entries at year end of December 31, 2014 for the JS Corporation for each of the following. No adjusting entries were made during the year. If no adjustment is needed, state that fact. Round to the nearest dollar. 1. On December 20, 2014, JS received a $4,000 payment from a customer for services to be rendered early in 2015. Service revenue was credited. 2. On December 1, 2014, JS paid a local radio station...
Prepare the adjusting entry for each of the following for year ended December 31, 2018. Paid Lifetime Insurance Co. P98,000 one year car insurance to commence August 1, 2018. The amount of premium was debited to Insurance Expense. Borrowed P1,000,000 from Bank issuing a one-year note with 12% annual interest on April 30, 2018. Bought P100,000 equipment with five-year estimated life and a salvage value of P10,000. Depreciation is computed on a straight line basis. Received P410,000 cash advance from...
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...
10) Prepare general journal entries on December 31 to record the following unrelated year-end adjustments (18 points). a. Estimated depreciation on equipment for the year, $4,500. b. The Prepaid Insurance account has a $3,680 debit balance before adjustment. An examination of insurance polides shows $600 of insurance expired. The Prepaid Insurance account has a $2,400 debit balance before adjustment. An examination of insurance policies shows $950 of unexpired insurance. d. The company has three office employees who each earn $100...
1.prepare journal entries for transactions listed above 2. prepare an updated december 31, 20-5 trial balance 3 prepare a 2015 income statement and a retained earnings statement 4. prepare a december 31 2015 calified balance sheet Accounts Receivaba Buildings Almance for Doubful Account Accumulated Depreciation Buildings Acumulated Depreciation Equipment Accounts Payable Salaries and was able Unnamed Rent Revenue Notes Pavable (due in 2016) Interest Prable Notes Parable due after 2016) Common Stock Retained Earnings Dividends 560 63.00 12.000 Continuin Debit...
Prepare the necessary adjusting entries at December 31, 2018, for the Microchip Company for each of the following situations. Assume that no financial statements were prepared during the year and no adjusting entries were recorded. 1. On October 1, 2018, Microchip lent $90,000 to another company. A note was signed with principal and 8% interest to be paid on September 30, 2019. 2. On November 1, 2018, the company paid its landlord $6,000 representing rent for the months of November through January. Prepaid...
following for Meyer Lumber for the year ended December 31, 2019. a. Prepare the worksheet. b. Prepare the income statement, statement of owner's equity, and balane sheet. Using the ledger balances and additional data shown on the next page, do the 12A-4 c. Journalize and post adjusting and closing entries. (Be sure to put begin- ning balances in the ledger first.) d. Prepare a post-closing trial balance. e. Journalize the reversing entry for wages. Account Balances for Meyer Lumber Account...