Homework Answers
Journal entry:
Supplies expense 3500
To supplies 3500
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2. On June 1, during its first month of operations, Crooked Rain purchased supplies for $4,500...
Knowledge Check 01 A company is in its first month of operations. Supplies worth $4,000 were...
Knowledge Check 01 A company is in its first month of operations. Supplies worth $4,000 were purchased on January 5. At the end of the month supplies worth $3,000 were in hand. What adjusting entry would be made at the end of January? Post the adjusting entry for the scenario provided. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. record the consumption of supplies during the month if supplies are...
Exercise#8-PREPAID EXPENSES: University Laundromat purchased $6,500 worth of laundry supplies on June 2, 2018 and recorded...
Exercise#8-PREPAID EXPENSES: University Laundromat purchased $6,500 worth of laundry supplies on June 2, 2018 and recorded the purchase as an asset. On June 30, an inventory of the laundry supplies indicated only $1,000 on hand. What is the adjusting entry to record the amount of laundry supplies used? Instructions: Prepare the original journal entry for the purchase of supplies and the month-end adjusting journal entry recording usage. ACCOUNTING CONCEPTS: ADJUSTING JOURNAL ENTRIES Exercise #8: University Laundromat Date Account Title 2-Jun-18...
The balance in the supplies account on June 1 was $5270, supplies purchased during June were...
The balance in the supplies account on June 1 was $5270, supplies purchased during June were $3630, and the supplies on hand at June 30 were $3120. The amount to be used for the appropriate adjusting entry is O $6750. O $5780. O $12020 O $3630.
At the beginning of the month, supplies were $ 2,500. During the month, $3,500 of supplies...
At the beginning of the month, supplies were $ 2,500. During the month, $3,500 of supplies were purchased. At month's end, 500 of supplies are still on hand. What is the • adjusting entry? •ending balance in the Supplies account? First, prepare the adjusting journal entry for Supplies. (Record debits first, then credits. Exclude explanations from any journal entries.) Journal Entry Date Accounts and Explanations Debit Credit The ending balance in the Supplies account was $ .
23. Dreamtime Laundry purchased $7,000 worth of supplies on June 2 and recorded the purchase as...
23. Dreamtime Laundry purchased $7,000 worth of supplies on June 2 and recorded the purchase as an asset. On June 30, an inventory of the supplies indicated only $1,000 on hand. The adjusting entry that should be made by the company on June 30 is A) Debit Supplies Expense. $6,000; Credit Supplies, $6,000. B) Debit Supplies, $6,000: Credit Supplies Expense, $6,000. C) Debit Supplies Expense, $1,000; Credit Supplies, $1,000, D) Debit Supplies, $1,000; Credit Supplies Expense, $1,000.
Adjusting Entries Dole Carpet Cleaners ended its first month of operations on June 30. Monthly financial...
Adjusting Entries Dole Carpet Cleaners ended
its first month of operations on June 30. Monthly financial
statements will be prepared. The unadjusted account balances are as
follows:
DOLE CARPET CLEANERS
Unadjusted Trial Balance
June 30, 2012
Debit
Credit
Cash
$1,180
Accounts Receivable
450
Prepaid Rent
3,100
Supplies
2,520
Equipment
4,440
Accounts Payable
760
Common Stock
2,500
Retained Earnings
5,000
Dividends
200
Service Fees Earned
4,650
Wages Expense
1,020
Totals
$12,910
$12,910
The following information is also available:
The balance in...
a. During the month, the Supplies (asset) account was debited $3,600 for supplies purchased. The cost...
a. During the month, the Supplies (asset) account was debited $3,600 for supplies purchased. The cost of supplies used during the month was $2,800. Record the adjustment to properly reflect the amount of supplies used and supplies still on hand at the end of the month b. An insurance premium of $960 was paid for the coming year. Prepaid Insurance was debited. c. Wages of $6,400 were paid for the current month. d. Interest revenue of $500 was received for the current month. e....
Instruction: Super Plumbing Inc, completed the following TEN transactions during June 2020. its first month of...
Instruction: Super Plumbing Inc, completed the following TEN transactions during June 2020. its first month of operation. Assume that the company makes adjustments at the end of every month. Record these transactions in general journal entry form. Style conventions for journalizing must be followed. For example, a date should be provided for each transaction, indent credited accounts, and do not abbreviate account titles. Explanations of transactions are not required. Please use correct and complete account titles. Otherwise, points will be...
Instruction: Super Plumbing Inc. completed the following TEN transactions during June 2020, its first month of...
Instruction: Super Plumbing Inc. completed the following TEN transactions during June 2020, its first month of operation. Assume that the company makes adjustments at the end of every month, Record these transactions in general journal entry form. Style conventions for joumalizing must be followed. For example, a date should be provided for each transaction, indent credited accounts, and do not abbreviate account titles. Explanations of transactions are not required. Please use correct and complete account titles. Otherwise, points will be...
1 Durawash Laundry purchased $8,000 worth of supplies on June 2 and recorded the purchase as...
1 Durawash Laundry purchased $8,000 worth of supplies on June 2 and recorded the purchase as an asset on June 30, an inventory of the supplies indicated only $3,000 on hand. The adjusting entry that should be made by the company on June 30 i (LO 2) Seleccione una a Debit Supplies Expense, $3,000, Credit Supplies, 83,000 b. Debit Supplies, $5.000, Credit Supplies Expense, $5,000 c. Debit Supplies Expense,55,000 Credit Supplies, $5.000 d. Debit Supplies, $3.000; Credit Supplies Expense. $3,000
Exercise#8-PREPAID EXPENSES: University Laundromat purchased $6,500 worth of laundry supplies on June 2, 2018 and recorded the purchase as an asset. On June 30, an inventory of the laundry supplies indicated only $1,000 on hand. What is the adjusting entry to record the amount of laundry supplies used? Instructions: Prepare the original journal entry for the purchase of supplies and the month-end adjusting journal entry recording usage. ACCOUNTING CONCEPTS: ADJUSTING JOURNAL ENTRIES Exercise #8: University Laundromat Date Account Title 2-Jun-18...
The balance in the supplies account on June 1 was $5270, supplies purchased during June were $3630, and the supplies on hand at June 30 were $3120. The amount to be used for the appropriate adjusting entry is O $6750. O $5780. O $12020 O $3630.
23. Dreamtime Laundry purchased $7,000 worth of supplies on June 2 and recorded the purchase as an asset. On June 30, an inventory of the supplies indicated only $1,000 on hand. The adjusting entry that should be made by the company on June 30 is A) Debit Supplies Expense. $6,000; Credit Supplies, $6,000. B) Debit Supplies, $6,000: Credit Supplies Expense, $6,000. C) Debit Supplies Expense, $1,000; Credit Supplies, $1,000, D) Debit Supplies, $1,000; Credit Supplies Expense, $1,000.
Adjusting Entries Dole Carpet Cleaners ended
its first month of operations on June 30. Monthly financial
statements will be prepared. The unadjusted account balances are as
follows:
DOLE CARPET CLEANERS
Unadjusted Trial Balance
June 30, 2012
Debit
Credit
Cash
$1,180
Accounts Receivable
450
Prepaid Rent
3,100
Supplies
2,520
Equipment
4,440
Accounts Payable
760
Common Stock
2,500
Retained Earnings
5,000
Dividends
200
Service Fees Earned
4,650
Wages Expense
1,020
Totals
$12,910
$12,910
The following information is also available:
The balance in...
a. During the month, the Supplies (asset) account was debited $3,600 for supplies purchased. The cost of supplies used during the month was $2,800. Record the adjustment to properly reflect the amount of supplies used and supplies still on hand at the end of the month b. An insurance premium of $960 was paid for the coming year. Prepaid Insurance was debited. c. Wages of $6,400 were paid for the current month. d. Interest revenue of $500 was received for the current month. e....
Instruction: Super Plumbing Inc, completed the following TEN transactions during June 2020. its first month of operation. Assume that the company makes adjustments at the end of every month. Record these transactions in general journal entry form. Style conventions for journalizing must be followed. For example, a date should be provided for each transaction, indent credited accounts, and do not abbreviate account titles. Explanations of transactions are not required. Please use correct and complete account titles. Otherwise, points will be...
Instruction: Super Plumbing Inc. completed the following TEN transactions during June 2020, its first month of operation. Assume that the company makes adjustments at the end of every month, Record these transactions in general journal entry form. Style conventions for joumalizing must be followed. For example, a date should be provided for each transaction, indent credited accounts, and do not abbreviate account titles. Explanations of transactions are not required. Please use correct and complete account titles. Otherwise, points will be...
1 Durawash Laundry purchased $8,000 worth of supplies on June 2 and recorded the purchase as an asset on June 30, an inventory of the supplies indicated only $3,000 on hand. The adjusting entry that should be made by the company on June 30 i (LO 2) Seleccione una a Debit Supplies Expense, $3,000, Credit Supplies, 83,000 b. Debit Supplies, $5.000, Credit Supplies Expense, $5,000 c. Debit Supplies Expense,55,000 Credit Supplies, $5.000 d. Debit Supplies, $3.000; Credit Supplies Expense. $3,000
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