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LO E3-33B. (Learning Objectives 1, 3: Journalizing adjusting entries and analyzing their effects on net income;...
28 Journalizing adjusting entries and analyzing their effect on the income statement The following data at...
28 Journalizing adjusting entries and analyzing their effect on the income statement The following data at July 31, 2018, are given for RCO: a. Depreciation, $600. b. Prepaid rent expires, $200. c. Interest expense accrued, $700. d. Employee salaries owed for Monday through Thursday of a five-day workweek; weekly payroll, $8,000. The Adju e. Unearned revenue earned, $1,000. f. Office supplies used, $150. Requirements 1. Journalize the adjusting entries needed on July 31, 2018. 2. Suppose the adjustments made in...
* More Info Prepaid insurance, beginning, $400. Payments for insurance during the period, $2,600. Prepaid insurance,...
* More Info Prepaid insurance, beginning, $400. Payments for insurance during the period, $2,600. Prepaid insurance, ending, $300. b. Interest revenue accrued, $2,000. c. Unearned service revenue, beginning, $1,700. Unearned service revenue, ending, $600. d. Depreciation on building, $5,200. e. Employees' salaries owed for two days of a five-day work week; weekly payroll, $16,000. f. Income before income tax, $22,000. Income tax rate is 35%. Requirement 1. Joumalize the adjusting entries (Record debits first, then credits. Exclude explanations from any...
E3-19A. (Learning Objectives 1, 3: Explain how accrual accounting differs from cash-basis accounting; adjust the accounts)...
E3-19A. (Learning Objectives 1, 3: Explain how accrual accounting differs from cash-basis accounting; adjust the accounts) An accountant made the following adjustments at December 31, the end of the accounting period a. Prepaid insurance, beginning, $500. Payments for insurance during the period, $2,000 Prepaid insurance, ending, $400. b. Interest revenue accrued, $2.500 c. Unearned service revenue, beginning, $1,700. Unearned service revenue, ending, $300 d. Depreciation on building, $5,600 e. Employees' salaries owed for two days of a five-day work week;...
E3-28 (similar to) The following data at July 31, 2018, are given for JBE: (Click the...
E3-28 (similar to) The following data at July 31, 2018, are given for JBE: (Click the icon to view the data.) Read the requirements. Requirement 1. Journalize the adjusting entries needed on July 31, 2018. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) a. Depreciation, $400. Date Accounts and Explanation Debit Credit (a) Jul. 31 i More Info i Requirements a. Depreciation, $400. b. Prepaid rent expires, $700. c. Interest expense...
E3-5 (LO 3) Adjusting Entries The ledger of Duggan Rental Agency on March 31 of the...
E3-5 (LO 3) Adjusting Entries The ledger of Duggan Rental Agency on March 31 of the current year includes the following selected accounts before adjusting entries have been prepared. Credit $ Debit 3,600 2,800 25,000 $ Prepaid Insurance Supplies Equipment Accumulated Depreciation Equipment Notes Payable Uneamed Rent Revenue Rent Revenue Interest Expense Salaries and Wages Expense 8,400 20.000 9,300 60.000 14,000 An analysis of the accounts shows the following 1. The equipment depreciates $250 per month 2 One-third of the...
The Adjusting Process 167 Learning Objectives 3, 4 P3-35A Journalizing and posting adjustments to the T-accounts...
The Adjusting Process 167 Learning Objectives 3, 4 P3-35A Journalizing and posting adjustments to the T-accounts and preparing an adjusted trial balance The unadjusted trial balance of Anniston Air Purification System at December 31, 2018, and the data needed for the adjustments follow 3. Adjusted trial balance total $75,600 ANNISTON AIR PURIFICATION SYSTEM Unadjusted Trial Balance December 31, 2018 Balance Debit Credit $ 7.500 19,700 2.900 1,800 22.000 $ 3,900 CHAPTER 3 2.500 Account Title Cash Accounts Receivable Prepaid Rent...
Please explain your answer. Thank you. Learning Objective 3 3. Unearned Revenue bal. $800 CR E3-24...
Please explain your answer. Thank you.
Learning Objective 3 3. Unearned Revenue bal. $800 CR E3-24 Journalizing adjusting entries and posting to T-accounts The accounting records of Mackay Architects include the following selected, unadjusted balances at March 31: Accounts Receivable, $1,500; Office Supplies, $700; Prepaid Rent, $2,240; Equipment, $8,000; Accumulated Depreciation Equipment, $0; Salaries Payable, $0; Unearned Revenue, $900; Service Revenue, $4,100; Salaries Expense, $800; Supplies Expense, $0; Rent Expense, SO; Depreciation Expense—Equipment, $0. The data developed for the March...
Please do both E3-31B. (Learning Objectives 2, 3: Apply the revenue and expense recognition principles; adjust...
Please do both
E3-31B. (Learning Objectives 2, 3: Apply the revenue and expense recognition principles; adjust the accounts) Englewood Corporation experienced four situations for its supplies, Calculate the amounts that have been left blank for each situation. For situations 1 and 2. journalize the needed transaction. Consider each situation separately. 1 $1,500 2 700 400 3 700 $ S $1,000 800 Situation Beginning supplies... Purchases of supplies during the year........ Total amount to account for ..... Ending supplies............... Supplies Expense...
Please explain your answer. Learning Objectives 3, 5 P3-34A Journalizing adjusting entries and identifying the impact...
Please explain your answer.
Learning Objectives 3, 5 P3-34A Journalizing adjusting entries and identifying the impact on financial statements Griffin Fishing Charters has collected the following data for the December 31 adjusting entries: a. The company received its electric bill on December 31 for $375 but will not pay it until January 5. (Use the Utilities Payable account.) b. Griffin purchased a three-month boat insurance policy on November 1 for $1,200. Griffin recorded a debit to Prepaid Insurance. c. As...
all pull down options have the options of these answers: (ANSWER WITH ONE OF THESE 3...
all pull down options have the options of these answers: (ANSWER
WITH ONE OF THESE 3 FOR A-D)
-The error will overstate revenues and understate
liabilities.
-This error will understate expenses and understate
liabilities.
-The error will overstate expenses and understate
liabilities.
Financial Statement Effects of Adjusting Entries When adjusting entries were made at the end of the year, the accountant for Parker Company did not make the following adjustments. Required: Identify the effect on the financial statements of the...
28 Journalizing adjusting entries and analyzing their effect on the income statement The following data at July 31, 2018, are given for RCO: a. Depreciation, $600. b. Prepaid rent expires, $200. c. Interest expense accrued, $700. d. Employee salaries owed for Monday through Thursday of a five-day workweek; weekly payroll, $8,000. The Adju e. Unearned revenue earned, $1,000. f. Office supplies used, $150. Requirements 1. Journalize the adjusting entries needed on July 31, 2018. 2. Suppose the adjustments made in...
* More Info Prepaid insurance, beginning, $400. Payments for insurance during the period, $2,600. Prepaid insurance, ending, $300. b. Interest revenue accrued, $2,000. c. Unearned service revenue, beginning, $1,700. Unearned service revenue, ending, $600. d. Depreciation on building, $5,200. e. Employees' salaries owed for two days of a five-day work week; weekly payroll, $16,000. f. Income before income tax, $22,000. Income tax rate is 35%. Requirement 1. Joumalize the adjusting entries (Record debits first, then credits. Exclude explanations from any...
E3-19A. (Learning Objectives 1, 3: Explain how accrual accounting differs from cash-basis accounting; adjust the accounts) An accountant made the following adjustments at December 31, the end of the accounting period a. Prepaid insurance, beginning, $500. Payments for insurance during the period, $2,000 Prepaid insurance, ending, $400. b. Interest revenue accrued, $2.500 c. Unearned service revenue, beginning, $1,700. Unearned service revenue, ending, $300 d. Depreciation on building, $5,600 e. Employees' salaries owed for two days of a five-day work week;...
E3-28 (similar to) The following data at July 31, 2018, are given for JBE: (Click the icon to view the data.) Read the requirements. Requirement 1. Journalize the adjusting entries needed on July 31, 2018. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) a. Depreciation, $400. Date Accounts and Explanation Debit Credit (a) Jul. 31 i More Info i Requirements a. Depreciation, $400. b. Prepaid rent expires, $700. c. Interest expense...
E3-5 (LO 3) Adjusting Entries The ledger of Duggan Rental Agency on March 31 of the current year includes the following selected accounts before adjusting entries have been prepared. Credit $ Debit 3,600 2,800 25,000 $ Prepaid Insurance Supplies Equipment Accumulated Depreciation Equipment Notes Payable Uneamed Rent Revenue Rent Revenue Interest Expense Salaries and Wages Expense 8,400 20.000 9,300 60.000 14,000 An analysis of the accounts shows the following 1. The equipment depreciates $250 per month 2 One-third of the...
The Adjusting Process 167 Learning Objectives 3, 4 P3-35A Journalizing and posting adjustments to the T-accounts and preparing an adjusted trial balance The unadjusted trial balance of Anniston Air Purification System at December 31, 2018, and the data needed for the adjustments follow 3. Adjusted trial balance total $75,600 ANNISTON AIR PURIFICATION SYSTEM Unadjusted Trial Balance December 31, 2018 Balance Debit Credit $ 7.500 19,700 2.900 1,800 22.000 $ 3,900 CHAPTER 3 2.500 Account Title Cash Accounts Receivable Prepaid Rent...
Please explain your answer. Thank you.
Learning Objective 3 3. Unearned Revenue bal. $800 CR E3-24 Journalizing adjusting entries and posting to T-accounts The accounting records of Mackay Architects include the following selected, unadjusted balances at March 31: Accounts Receivable, $1,500; Office Supplies, $700; Prepaid Rent, $2,240; Equipment, $8,000; Accumulated Depreciation Equipment, $0; Salaries Payable, $0; Unearned Revenue, $900; Service Revenue, $4,100; Salaries Expense, $800; Supplies Expense, $0; Rent Expense, SO; Depreciation Expense—Equipment, $0. The data developed for the March...
Please do both
E3-31B. (Learning Objectives 2, 3: Apply the revenue and expense recognition principles; adjust the accounts) Englewood Corporation experienced four situations for its supplies, Calculate the amounts that have been left blank for each situation. For situations 1 and 2. journalize the needed transaction. Consider each situation separately. 1 $1,500 2 700 400 3 700 $ S $1,000 800 Situation Beginning supplies... Purchases of supplies during the year........ Total amount to account for ..... Ending supplies............... Supplies Expense...
Please explain your answer.
Learning Objectives 3, 5 P3-34A Journalizing adjusting entries and identifying the impact on financial statements Griffin Fishing Charters has collected the following data for the December 31 adjusting entries: a. The company received its electric bill on December 31 for $375 but will not pay it until January 5. (Use the Utilities Payable account.) b. Griffin purchased a three-month boat insurance policy on November 1 for $1,200. Griffin recorded a debit to Prepaid Insurance. c. As...
all pull down options have the options of these answers: (ANSWER
WITH ONE OF THESE 3 FOR A-D)
-The error will overstate revenues and understate
liabilities.
-This error will understate expenses and understate
liabilities.
-The error will overstate expenses and understate
liabilities.
Financial Statement Effects of Adjusting Entries When adjusting entries were made at the end of the year, the accountant for Parker Company did not make the following adjustments. Required: Identify the effect on the financial statements of the...
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