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1. SHOW YOUR WORK. Assume Idaho Company recorded the following adjusting journal entry at year-end: Insurance...
please show work 5. What is the proper adjusting entry at June 30, the end of...
please show work
5. What is the proper adjusting entry at June 30, the end of the fiscal year, based on a prepaid insurance account balance before adjustment, $18,500, and unexpired amounts per analysis of policies of $6,000? a. Debit Insurance Expense, $6,000; Credit Prepaid Insurance, $6,000. b. Debit Insurance Expense, $18,500; Credit Prepaid Insurance. $18.500. C. Debit Prepaid Insurance, $12,500; Credit Insurance Expense, $12,500. d. Debit Insurance Expense, $12,500; Credit Prepaid Insurance, $12,500 6. NWA Air Charter signed a...
Taylor Company has a December 31 year end. Adjusting journal entries are made at year end...
Taylor Company has a December 31 year end. Adjusting journal entries are made at year end (rather than monthly). Taylor Co. purchased a $1,000,000 twelve month insurance policy on August 1, 2019. Coverage begins on August 1, 2019. The annual premium is $12,000. Taylor Co. paid $1,000 on August 1 and $11,000 on September 1. Prepare the journal entries on August 1, 2019, September 1, 2019, and December 31, 2019. Debit credit Aug 1 2019 prepaid insurance 1000 Cash ...
For each separate case, record the necessary adjusting entry, a. On July 1, Lopez Company paid...
For each separate case, record the necessary adjusting entry, a. On July 1, Lopez Company paid $1.200 for six months of insurance coverage. No adjustments have been made to the Prepaid Insurance account, and it is now December 31 b. Zim Company has a Supplies account balance of $5,000 at the beginning of the year. During the year, it purchases $2,000 of supplies. As of December 31, a physical count of supplies shows $800 of supplies available. 11111111 points awarded...
E3-7 A partial adjusted trial balance of Piper Company at January 31, 2020, shows the following....
E3-7 A partial adjusted trial balance of Piper Company at January 31, 2020, shows the following. PIPER COMPANY ADJUSTED TRIAL BALANCE JANUARY 31, 2020 Credit Debit $ 700 Supplies Prepaid Insurance 2,400 Salaries and Wages Payable $ 800 750 Unearned Service Revenue Supplies Expense Insurance Expense 950 400 Service Revenue 2,000 Instructions Answer the following questions, assuming the year begins January 1. (a) If the amount in Supplies Expense is the January 31 adjusting entry, and $850 of supplies was...
Information necessary to prepare the year-end adjusting entries appears below. Depreciation on the office equipment for...
Information necessary to prepare the year-end adjusting entries
appears below.
Depreciation on the office equipment for the year is
$10,900.
Employee salaries are paid twice a month, on the 22nd for
salaries earned from the 1st through the 15th, and on the 7th of
the following month for salaries earned from the 16th through the
end of the month. Salaries earned from December 16 through December
31, 2021, were $1,200.
On October 1, 2021, Pastina borrowed $51,800 from a local...
For each of the following separate cases, prepare the required December 31 year-end adjusting entries
For each of the following separate cases, prepare the required December 31 year-end adjusting entries. Entries can draw from this partial chart of accounts: Interest Receivable; Prepaid Insurance; Accumulated Depreciation Equipment; Wages Payable; Unearned Revenue; Consulting Revenue; Interest Revenue; Wages Expense; Insurance Expense; Interest Expense; and Depreciation Expense-Equipment. a. Depreciation on the company's wind turbine equipment for the year is $5,000. b. The Prepaid Insurance account for the solar panels had a $2,000 debit balance at December 31 before adjusting for the...
Help Save& Exit Submit Check my work Pastina Company sells various types of pasta to grocery...
Help Save& Exit Submit Check my work Pastina Company sells various types of pasta to grocery chains as private label brands. The company's fiscal year-end is December 31. The unadjusted trial balance as of December 31, 2018, appears below. count Title Cash Accounts receivable Supplies 31,000 41,000 1,600 61,000 21,000 Inventory Note receivable Interest receivable Prepaid rent Prepaid insurance office equipment Accumulated depreciation-office equipmen Accounts payable Salaries and wages payable Note payable 2,200 88,000 33,000 32,000 51,000 Deferred revenue Common...
Help For each separate case, record the necessary adjusting entry. a. On July 1. Lopez Company...
Help For each separate case, record the necessary adjusting entry. a. On July 1. Lopez Company paid $1,200 for six months of insurance coverage. No adjustments have been made to the Prepaid Insurance account, and it is now December 31. b. Zim Company has a Supplies account balance of $5,000 at the beginning of the year. During the year, it purchased $2,000 of supplies. As of December 31, a physical count of supplies shows $800 of supplies available. Prepare the...
4-8. Adjusting entries. For each of the following entries, identify whether the entry is correct. If...
4-8. Adjusting entries. For each of the following entries, identify whether the entry is correct. If it is income provide the correct adjusting entry in the journal provided on the next page. No entry made. The office equipment is brand new, having been purchased only one year ago $5,000. Since it is expected to last five years and have a salvage of $1,000, the bookkeeper has decided that it really shows so little wear that depreciation need not be taken...
Question 1 25 pts Adjusting journal entries typically are recorded Daily At the end of the...
Question 1 25 pts Adjusting journal entries typically are recorded Daily At the end of the period Question 2 25 pts An Example of an adjusting Journal entry is Debit Cash and Credit Fees Earned Debit Unearned Fees and credit Fees Earned Question 3 25 pts An example of an adjusting journal entry is Debit prepaid insurance; credit Cash Debit Insurance Expense; Credit Prepaid Insurance Question 4 25 pts The entry Debit Supplies Expense Credit Supplies Achieves the following: Updates...
please show work
5. What is the proper adjusting entry at June 30, the end of the fiscal year, based on a prepaid insurance account balance before adjustment, $18,500, and unexpired amounts per analysis of policies of $6,000? a. Debit Insurance Expense, $6,000; Credit Prepaid Insurance, $6,000. b. Debit Insurance Expense, $18,500; Credit Prepaid Insurance. $18.500. C. Debit Prepaid Insurance, $12,500; Credit Insurance Expense, $12,500. d. Debit Insurance Expense, $12,500; Credit Prepaid Insurance, $12,500 6. NWA Air Charter signed a...
For each separate case, record the necessary adjusting entry, a. On July 1, Lopez Company paid $1.200 for six months of insurance coverage. No adjustments have been made to the Prepaid Insurance account, and it is now December 31 b. Zim Company has a Supplies account balance of $5,000 at the beginning of the year. During the year, it purchases $2,000 of supplies. As of December 31, a physical count of supplies shows $800 of supplies available. 11111111 points awarded...
E3-7 A partial adjusted trial balance of Piper Company at January 31, 2020, shows the following. PIPER COMPANY ADJUSTED TRIAL BALANCE JANUARY 31, 2020 Credit Debit $ 700 Supplies Prepaid Insurance 2,400 Salaries and Wages Payable $ 800 750 Unearned Service Revenue Supplies Expense Insurance Expense 950 400 Service Revenue 2,000 Instructions Answer the following questions, assuming the year begins January 1. (a) If the amount in Supplies Expense is the January 31 adjusting entry, and $850 of supplies was...
Information necessary to prepare the year-end adjusting entries
appears below.
Depreciation on the office equipment for the year is
$10,900.
Employee salaries are paid twice a month, on the 22nd for
salaries earned from the 1st through the 15th, and on the 7th of
the following month for salaries earned from the 16th through the
end of the month. Salaries earned from December 16 through December
31, 2021, were $1,200.
On October 1, 2021, Pastina borrowed $51,800 from a local...
Help Save& Exit Submit Check my work Pastina Company sells various types of pasta to grocery chains as private label brands. The company's fiscal year-end is December 31. The unadjusted trial balance as of December 31, 2018, appears below. count Title Cash Accounts receivable Supplies 31,000 41,000 1,600 61,000 21,000 Inventory Note receivable Interest receivable Prepaid rent Prepaid insurance office equipment Accumulated depreciation-office equipmen Accounts payable Salaries and wages payable Note payable 2,200 88,000 33,000 32,000 51,000 Deferred revenue Common...
Help For each separate case, record the necessary adjusting entry. a. On July 1. Lopez Company paid $1,200 for six months of insurance coverage. No adjustments have been made to the Prepaid Insurance account, and it is now December 31. b. Zim Company has a Supplies account balance of $5,000 at the beginning of the year. During the year, it purchased $2,000 of supplies. As of December 31, a physical count of supplies shows $800 of supplies available. Prepare the...
4-8. Adjusting entries. For each of the following entries, identify whether the entry is correct. If it is income provide the correct adjusting entry in the journal provided on the next page. No entry made. The office equipment is brand new, having been purchased only one year ago $5,000. Since it is expected to last five years and have a salvage of $1,000, the bookkeeper has decided that it really shows so little wear that depreciation need not be taken...
Question 1 25 pts Adjusting journal entries typically are recorded Daily At the end of the period Question 2 25 pts An Example of an adjusting Journal entry is Debit Cash and Credit Fees Earned Debit Unearned Fees and credit Fees Earned Question 3 25 pts An example of an adjusting journal entry is Debit prepaid insurance; credit Cash Debit Insurance Expense; Credit Prepaid Insurance Question 4 25 pts The entry Debit Supplies Expense Credit Supplies Achieves the following: Updates...
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