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![NOW 3-21] Answer: .. Adjusting Entry : supplies used=$18200-$4125] : $14075 © De(3) Supplice Erpenie $14075 1 supplies Alc S](http://img.homeworklib.com/questions/9dda4ee0-828c-11eb-b6b0-a5a63be4615b.png?x-oss-process=image/resize,w_560)
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Cornerstone Exercise 3-21 Adjustment for Supplies Pain-Free Dental Group Inc. purchased dental supplies of $18,200 during...
Cornerstone Exercise 3-20 (Algorithmic) Deferred Expense Adjusting Entries Best Company had the following items that require...
Cornerstone Exercise 3-20 (Algorithmic) Deferred Expense Adjusting Entries Best Company had the following items that require adjustment at year end. a. Cash for equipment rental in the amount of $3,800 was paid in advance. The $3,800 was debited to prepaid rent when paid. At year end, $2,270 of the prepaid rent had expired. b. Cash for insurance in the amount of $8,700 was paid in advance. The $8,700 was debited to prepaid insurance when paid. At year end, $1,900 of...
Exercise 4-10 Splish Brothers Inc., opened an incorporated dental practice on January 1, 2022. During the...
Exercise 4-10 Splish Brothers Inc., opened an incorporated dental practice on January 1, 2022. During the first month of operations, the following transactions occurred. 1. 2. 3. Performed services for patients who had dental plan insurance. At January 31, $900 of such services was completed but not yet billed to the insurance companies. Utility expenses incurred but not paid prior to January 31 totaled $530. Purchased dental equipment on January 1 for $82,600, paying $23,200 in cash and signing a...
CALCULATOR INTER VERSION BACK NEXT Exercise 4-10 Blossom Company, opened an incorporated dental practice on January...
CALCULATOR INTER VERSION BACK NEXT Exercise 4-10 Blossom Company, opened an incorporated dental practice on January 1, 2017. During the first month of operations, the following transactions occurred. 1. Performed services for patients who had dental plan insurance. At January 31, $900 of such services was completed but not yet billed to the insurance companies. 2. Utility expenses incurred but not paid prior to January 31 totaled $770. 3. Purchased dental equipment on January 1 for $87,600, paying $24.150 in...
1. 3. Exercise 4-10 Sheridan Company, opened an incorporated dental practice on January 1, 2022. During...
1. 3. Exercise 4-10 Sheridan Company, opened an incorporated dental practice on January 1, 2022. During the first month of operations, the following transactions occurred. Performed services for patients who had dental plan insurance. At January 31, $780 of such services was completed but not yet billed to the insurance companies. 2. Utility expenses incurred but not paid prior to January 31 totaled $610. Purchased dental equipment on January 1 for $89,500, paying $28,150 in cash and signing a $61,350,...
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....
The trial balances before and after adjustment for Crane Company at the end of its fiscal...
The trial balances before and after adjustment for Crane Company at the end of its fiscal year are presented below. After Adjustment Dr. Cr. $10,000 9,500 700 2,700 12,400 CRANE COMPANY Trial Balance August 31, 2020 Before Adjustment Dr. Cr. Cash $10,000 Accounts Receivable 8,900 Supplies 2,400 Prepaid Insurance 3,900 Equipment 12,400 Accumulated Depreciation-Equipment $3,400 Accounts Payable 5,800 Salaries and Wages Payable 0 Unearned Rent Revenue 1.400 Owner's Capital 13,700 Service Revenue 34,000 Rent Revenue 11,100 Salaries and Wages Expense...
Kingbird, Inc., opened a dental practice on January 1, 2020. During the first month of operations,...
Kingbird, Inc., opened a dental practice on January 1, 2020. During the first month of operations, the following transactions occurred. 1. 2. 3. 4. 5. Performed services for patients who had dental plan insurance. At January 31, $810 of such services were performed but not Utility expenses incurred but not paid prior to January 31 totaled $670. Purchased dental equipment on January 1 for $82,000, paying $22,000 in cash and signing a $60,000, 3-year note payable. TI Purchased a one-year...
Prepare the adjusting entry for supplies. Prepare the adjusting entry for insurance. Prepare the adjusting entry...
Prepare the adjusting entry for supplies.
Prepare the adjusting entry for insurance.
Prepare the adjusting entry for depreciation.
Exercise 5.5 Journalizing and posting adjustments. LO 5-5 Desoto Company must make three adjusting entries on December 31, 2019. a. Supplies used, $10,600 (supplies totaling $17,200 were purchased on December 1, 2019, and debited to the Supplies account) b. Expired insurance, $7,800; on December 1, 2019, the firm paid $46,800 for six months' insurance coverage in advance and debited Prepaid Insurance for...
Sunland Company, opened an incorporated dental practice on January 1, 2017. During the first month of...
Sunland Company, opened an incorporated dental practice on
January 1, 2017. During the first month of operations, the
following transactions occurred.
1.
Performed services for patients who had dental plan insurance.
At January 31, $900 of such services was completed but not yet
billed to the insurance companies.
2.
Utility expenses incurred but not paid prior to January 31
totaled $790.
3.
Purchased dental equipment on January 1 for $86,650, paying
$22,200 in cash and signing a $64,450, 3-year note...
Desoto Company must make three adjusting entries on December 31, 2019. Supplies used, $10,400 (supplies totaling...
Desoto Company must make three adjusting entries on December 31,
2019.
Supplies used, $10,400 (supplies totaling $16,800 were
purchased on December 1, 2019, and debited to the Supplies
account).
Expired insurance, $7,600; on December 1, 2019, the firm paid
$45,600 for six months’ insurance coverage in advance and debited
Prepaid Insurance for this amount.
Depreciation expense for equipment, $5,200.
Required:
Prepare the journal entries for these adjustments and post the
entries to the general ledger accounts
We were unable to...
Cornerstone Exercise 3-20 (Algorithmic) Deferred Expense Adjusting Entries Best Company had the following items that require adjustment at year end. a. Cash for equipment rental in the amount of $3,800 was paid in advance. The $3,800 was debited to prepaid rent when paid. At year end, $2,270 of the prepaid rent had expired. b. Cash for insurance in the amount of $8,700 was paid in advance. The $8,700 was debited to prepaid insurance when paid. At year end, $1,900 of...
Exercise 4-10 Splish Brothers Inc., opened an incorporated dental practice on January 1, 2022. During the first month of operations, the following transactions occurred. 1. 2. 3. Performed services for patients who had dental plan insurance. At January 31, $900 of such services was completed but not yet billed to the insurance companies. Utility expenses incurred but not paid prior to January 31 totaled $530. Purchased dental equipment on January 1 for $82,600, paying $23,200 in cash and signing a...
CALCULATOR INTER VERSION BACK NEXT Exercise 4-10 Blossom Company, opened an incorporated dental practice on January 1, 2017. During the first month of operations, the following transactions occurred. 1. Performed services for patients who had dental plan insurance. At January 31, $900 of such services was completed but not yet billed to the insurance companies. 2. Utility expenses incurred but not paid prior to January 31 totaled $770. 3. Purchased dental equipment on January 1 for $87,600, paying $24.150 in...
1. 3. Exercise 4-10 Sheridan Company, opened an incorporated dental practice on January 1, 2022. During the first month of operations, the following transactions occurred. Performed services for patients who had dental plan insurance. At January 31, $780 of such services was completed but not yet billed to the insurance companies. 2. Utility expenses incurred but not paid prior to January 31 totaled $610. Purchased dental equipment on January 1 for $89,500, paying $28,150 in cash and signing a $61,350,...
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....
The trial balances before and after adjustment for Crane Company at the end of its fiscal year are presented below. After Adjustment Dr. Cr. $10,000 9,500 700 2,700 12,400 CRANE COMPANY Trial Balance August 31, 2020 Before Adjustment Dr. Cr. Cash $10,000 Accounts Receivable 8,900 Supplies 2,400 Prepaid Insurance 3,900 Equipment 12,400 Accumulated Depreciation-Equipment $3,400 Accounts Payable 5,800 Salaries and Wages Payable 0 Unearned Rent Revenue 1.400 Owner's Capital 13,700 Service Revenue 34,000 Rent Revenue 11,100 Salaries and Wages Expense...
Kingbird, Inc., opened a dental practice on January 1, 2020. During the first month of operations, the following transactions occurred. 1. 2. 3. 4. 5. Performed services for patients who had dental plan insurance. At January 31, $810 of such services were performed but not Utility expenses incurred but not paid prior to January 31 totaled $670. Purchased dental equipment on January 1 for $82,000, paying $22,000 in cash and signing a $60,000, 3-year note payable. TI Purchased a one-year...
Prepare the adjusting entry for supplies.
Prepare the adjusting entry for insurance.
Prepare the adjusting entry for depreciation.
Exercise 5.5 Journalizing and posting adjustments. LO 5-5 Desoto Company must make three adjusting entries on December 31, 2019. a. Supplies used, $10,600 (supplies totaling $17,200 were purchased on December 1, 2019, and debited to the Supplies account) b. Expired insurance, $7,800; on December 1, 2019, the firm paid $46,800 for six months' insurance coverage in advance and debited Prepaid Insurance for...
Sunland Company, opened an incorporated dental practice on
January 1, 2017. During the first month of operations, the
following transactions occurred.
1.
Performed services for patients who had dental plan insurance.
At January 31, $900 of such services was completed but not yet
billed to the insurance companies.
2.
Utility expenses incurred but not paid prior to January 31
totaled $790.
3.
Purchased dental equipment on January 1 for $86,650, paying
$22,200 in cash and signing a $64,450, 3-year note...
Desoto Company must make three adjusting entries on December 31,
2019.
Supplies used, $10,400 (supplies totaling $16,800 were
purchased on December 1, 2019, and debited to the Supplies
account).
Expired insurance, $7,600; on December 1, 2019, the firm paid
$45,600 for six months’ insurance coverage in advance and debited
Prepaid Insurance for this amount.
Depreciation expense for equipment, $5,200.
Required:
Prepare the journal entries for these adjustments and post the
entries to the general ledger accounts
We were unable to...
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