Homework Answers
Solution :
The Answer is (A) $ 50 Decrease.
Explanation : The company had $ 200 before Adjusting Entry in in Accrued Expenses A/c. After Adjuting entry it is $ 250. It mean that Booz Allen has created $ 50 Allowance for estimated compensation expenses. The Following Entry would have been passed :
| Compensation Expenses | $ 50 | |
| Accrued Compensation | $ 50 | |
| (To record the compensation expenses) |
Additional Compensation expenses will be resulting in decrease in Income by $ 50.
Please vote up and write your doubts in comment section. Would be glad to help you further.
Add Answer to:
***Question #4*** 11 Prior to adjusting entries, Booz Allen had an accrued compensation balance of $200....
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.
Question 11 Our unearned revenue account had a credit balance of $5,000 before adjusting entries were...
Question 11 Our unearned revenue account had a credit balance of $5,000 before adjusting entries were recorded. On December 31, we determined that $3,000 of the $5,000 had been earned during the current year. What account and amount would we debit when we record this adjusting entry in the general journal? Group of answer choices unearned revenue, $2,000 service revenue, $2,000 unearned revenue, $3,000 service revenue, $3,000 Question 121 pts On December 31, we had accrued taxes of $6,000. What...
Jilian Carter was preparing the adjusting journal entries for Jilian’s Java, a business that uses accrual...
Jilian Carter was preparing the adjusting journal entries for Jilian’s Java, a business that uses accrual accounting, in order to prepare an adjusted trial balance and financial statements. She knew that $610 of salaries related to the current accounting period had accrued but wouldn’t be paid until the next period. Jilian thought that simply not including the adjustment for these salaries would mean that salaries expense would be lower and reported net income would be higher than it would have...
please answer boxes Adjusting Entries for Unearned and Accrued Fees The balance in the unearned fees...
please answer boxes
Adjusting Entries for Unearned and Accrued Fees The balance in the unearned fees account, before adjustment at the end of the year, is $110,730. Of these fees, $68,655 have been earned. In addition, $13,290 of fees have been earned but have not been billed. a. Journalize the adjusting entry to adjust the unearned fees account. If an amount box does not require an entry, leave it blank. Unearned Fees Fees Earned ✓ Feedback Check My Work Consider...
Chapter 3 The Adjusting Process 149 Instructions 1. Journalize the six adjusting entries required at July...
Chapter 3 The Adjusting Process 149 Instructions 1. Journalize the six adjusting entries required at July 31, based on the data presented. 2. What would be the effect on the income statement if the adjustments for unbilled fees and accrued wages were omitted at the end of the year? I be the effect on the balance sheet if the adjustments for unbilled fees and accrued wages were omitted at the end of the year? What would be the effect on...
Prior to recording adjusting entries, the Office Supplies account had a $379 debit balance. A physical...
Prior to recording adjusting entries, the Office Supplies account had a $379 debit balance. A physical count of the supplies showed $104 of unused supplies available. The required adjusting entry is: 18 Multiple Choice polnts X 01:50:34 Debit Office Supplies Expense $104 and credit Office Supplies $104. Debit Office Supplies $104 and credit Office Supplies Expense $104 Debit Office Supplies $104 and credit Supplies Expense $275. Debit Office Supplies Expense $275 and credit Office Supplies $275. Debit Office Supplies $275...
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...
Transaction Entries, Posting, Trial Balance, and Adjusting Entries: Market-Tech, a market research firm, had the following...
Transaction Entries, Posting, Trial Balance, and Adjusting Entries:
Market-Tech, a market research firm, had the following transactions
in June, its first month of operations.
4 expense for June is $320. P P3-2B. Transaction Entries, Posting, Trial Balance, and Adjusting Entries Market-Tech, a market search firm, had the following transactions in June, its first month of operations. I J. Witson invested $28,000 of personal funds in the firm in exchange for common stock. 2 The firm purchased the following from an...
B. Below are 4 adjusting journal entries (AJEs) that another firm, Wolverine, failed to make at...
B. Below are 4 adjusting journal entries (AJEs) that another firm, Wolverine, failed to make at year end. For each entry NOT MADE indicate the effect that each omitted AJE would have on the Wolverine's financial statements for the year ended 12/31/2019. Use O for overstated, U for understated, and NE for no effect. Organize your answer in tabular form, using the column headings shown below and provided in the worksheet titled "Part A, Question B." Example 0: At year...
1. Prepare adjusting entries for the following transactions. (Credit account titles are automatically indented when Unrecorded...
1. Prepare adjusting entries for the following transactions. (Credit account titles are automatically indented when Unrecorded interest accrued on savings bonds is $488. Property taxes incurred but not paid or recorded amount to $976. 3. Unearned service revenue of $4,880 was collected in advance. By year end $854 was still unearned. Prepaid insurance had a $915 debit balance prior to adjustment. By year end, 60 percent was still unexpired. 5. Salaries incurred by year end but not yet paid or...
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.
please answer boxes
Adjusting Entries for Unearned and Accrued Fees The balance in the unearned fees account, before adjustment at the end of the year, is $110,730. Of these fees, $68,655 have been earned. In addition, $13,290 of fees have been earned but have not been billed. a. Journalize the adjusting entry to adjust the unearned fees account. If an amount box does not require an entry, leave it blank. Unearned Fees Fees Earned ✓ Feedback Check My Work Consider...
Chapter 3 The Adjusting Process 149 Instructions 1. Journalize the six adjusting entries required at July 31, based on the data presented. 2. What would be the effect on the income statement if the adjustments for unbilled fees and accrued wages were omitted at the end of the year? I be the effect on the balance sheet if the adjustments for unbilled fees and accrued wages were omitted at the end of the year? What would be the effect on...
Prior to recording adjusting entries, the Office Supplies account had a $379 debit balance. A physical count of the supplies showed $104 of unused supplies available. The required adjusting entry is: 18 Multiple Choice polnts X 01:50:34 Debit Office Supplies Expense $104 and credit Office Supplies $104. Debit Office Supplies $104 and credit Office Supplies Expense $104 Debit Office Supplies $104 and credit Supplies Expense $275. Debit Office Supplies Expense $275 and credit Office Supplies $275. Debit Office Supplies $275...
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...
Transaction Entries, Posting, Trial Balance, and Adjusting Entries:
Market-Tech, a market research firm, had the following transactions
in June, its first month of operations.
4 expense for June is $320. P P3-2B. Transaction Entries, Posting, Trial Balance, and Adjusting Entries Market-Tech, a market search firm, had the following transactions in June, its first month of operations. I J. Witson invested $28,000 of personal funds in the firm in exchange for common stock. 2 The firm purchased the following from an...
B. Below are 4 adjusting journal entries (AJEs) that another firm, Wolverine, failed to make at year end. For each entry NOT MADE indicate the effect that each omitted AJE would have on the Wolverine's financial statements for the year ended 12/31/2019. Use O for overstated, U for understated, and NE for no effect. Organize your answer in tabular form, using the column headings shown below and provided in the worksheet titled "Part A, Question B." Example 0: At year...
1. Prepare adjusting entries for the following transactions. (Credit account titles are automatically indented when Unrecorded interest accrued on savings bonds is $488. Property taxes incurred but not paid or recorded amount to $976. 3. Unearned service revenue of $4,880 was collected in advance. By year end $854 was still unearned. Prepaid insurance had a $915 debit balance prior to adjustment. By year end, 60 percent was still unexpired. 5. Salaries incurred by year end but not yet paid or...
Most questions answered within 3 hours.
-
A 0.0510 M solution of an organic acid has an
[H+] of 7.50×10-4M .
What is...
asked 2 minutes ago -
The completed Lewis structure of CO2 contains a total
of 0,1,2,3,4,5,6,7,8 covalent bonds
and 0,1,2,3,4,5,6,7,8 lone pairs.
NOTE:...
asked 5 minutes ago -
what is the profit-maximizing output condition that a
monopolistically competitive firm must satisfy? a) price charged...
asked 6 minutes ago -
Consider the set of ordered pairs shown below. Assuming that the
regression equation is y=3.513+0.429x and...
asked 28 minutes ago -
1. (A) Write two
structural (constitutional)
isomers of C4H8F2?
Please show all of
the
asked 30 minutes ago -
Objective: Practice converting a Boolean logic
expression into it’s truth table and to show the implementation...
asked 27 minutes ago -
1) Name the three holes located in the greater wing of the
sphenoid bone in order...
asked 30 minutes ago -
For the following reaction set-up, which type of hydrocarbon
product would form? 1,4-hexadiene + two Cl2...
asked 33 minutes ago -
Consider the following method that is intended to determine if
the double values d1 and d2...
asked 45 minutes ago -
could someone please post clear drawings of the three structures
in the equilibrium mixture of D-glucose...
asked 52 minutes ago -
Using the Properties of Order show that 5n5 +
4n4 + 6n3 + 2n2+ n +...
asked 56 minutes ago -
What is experiential learning and how is it helpful for teaching
leadership, and interpreting group dynamics?...
asked 55 minutes ago