Homework Answers
Answer -
Step - (1) - Information Given -
The Nash's Trading Post, LLC purchased $6290 worth of laundry supplies on June 2 and recorded the purchase as an asset.
On June 30, an inventory of the laundry supplies indicated only $1110 on hand.
.
Step - (2) - The adjusting entry that should be made by the company on June 30 -
| General Journal | Debit ($) | Credit ($) |
|
Supplies Expense Supplies [$6290 - $1110] |
5180 - |
- 5180 |
Hence, Option - (C) - Increase Supplies Expense, $5180;decrease Supplies, $5180 is Correct.
Add Answer to:
The Nash's Trading Post, LLC purchased $6290 worth of laundry supplies on June 2 and recorded...
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.
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...
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 Tkiban Company purchased 539,000 worth of supplies on June 2 and recorded the purchase as...
The Tkiban Company purchased 539,000 worth of supplies on June 2 and recorded the purchase as an asset. On June 30, an inventory of the supplies indicated only $6,000 on hand. The adjusting entry that should be made by the company on June 30 is: a. debit Supplies, $6,000; credit Supplies Expense, S6,000. b. debit Supplies, $33,000 credit Supplies Expense, $33,000. debit Supplies Expense, S6,000, credit Supplies, $6,000. d. debit Supplies Expense, $33,000; credit Supplies, $33,000. e. None of the...
Entity K purchased $7,500 worth of office supplies on June 2 and recorded the purchase as...
Entity K purchased $7,500 worth of office supplies on June 2 and recorded the purchase as an asset. On June 30, an inventory of supplies indicated only $1,500 on hand. The adjusting entry that should be made by the company on June 30 is: r. Supplies 6,000 Cr. Supplies Expense 6,000. Dr. Supplies 1,500; Cr. Supplies Expense 1,500. Dr. Supplies Expense 1,500 Cr. Supplies 1,500. Dr. Supplies Expense 6,000; Cr. Supplies 6
At March 1, 2022, Nash's Trading Post, LLC had supplies on hand of $1480. During the...
At March 1, 2022, Nash's Trading Post, LLC had supplies on hand of $1480. During the month, Nash's Trading Post, LLC purchased supplies of $2150 and used supplies of $2070. The March 31 balance sheet should report what balance in the supplies account? O $1480 O $2150 $1560 $2070
inment CALCULATOR FI Exercise 2-8 These financial statement items are for Nash's Trading Post, LLC at...
inment CALCULATOR FI Exercise 2-8 These financial statement items are for Nash's Trading Post, LLC at year-end, July 31, 2017. Salaries and wages payable $ 3,080 Salaries and wages expense 58,500 Supplies expense 16,600 Equipment 19,500 Accounts payable 4,100 Service revenue 67,100 Rent revenue 9,500 Notes payable (due in 2020) 2,800 Common stock 16,000 Cash 30,200 Accounts receivable 10,780 Accumulated depreciation-equipment 7,000 Dividends 4,000 Depreciation expense 5,000 Retained earnings (beginning of the year) 35,000 Prepare an income statement for the...
Question 22 (2 points) Nash's Trading Post, LLC received a check for $13320 on July 1,...
Question 22 (2 points) Nash's Trading Post, LLC received a check for $13320 on July 1, which represents a 6-month advance payment of rent on a building it rents to a client. Unearned Rent Revenue was increased for the full $13320. Financial statements will be prepared on July 31. Nash's should make the following adjustment on July 31: Cash + $13320; Rent Revenue + $13320 Unearned Rent Revenue ($2220); Rent Revenue + $2220 Rent Revenue ($2220); Unearned Rent Revenue +...
Nash's Trading Post, LLC began the year with 12 units of marine floats at a cost...
Nash's Trading Post, LLC began the year with 12 units of marine
floats at a cost of $11 each. During the year, it made the
following purchases: May 5, 27 unit at $17; July 16, 18 units at
$21; and December 7, 23 units at $25. Assume there are 30 units on
hand at the end of the period. Nash uses the periodic approach.
Determine the cost of goods sold under FIFO.
FIFO
Cost of good sold
$
Determine the...
Multiple Choice Question 221 The ledger account balances for Nash's Trading Post, LLC at December 31,...
Multiple Choice Question 221 The ledger account balances for Nash's Trading Post, LLC at December 31, 2022 are as follows: Cash Accounts Receivable Prepaid Insurance Supplies Equipment Accumulated Depreciation, Equipment Accounts Payable Common Stock Retained Earnings Service Revenue Salaries and Wages Expense Rent Expense $310 524 84 190 4100 610 386 1300 1410 3100 1100 510 If all accounts have normal balances, what would be total debits on the trial balance at December 31, 2022? $7050 $7420 $6818 $6664 Policy...
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.
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 Tkiban Company purchased 539,000 worth of supplies on June 2 and recorded the purchase as an asset. On June 30, an inventory of the supplies indicated only $6,000 on hand. The adjusting entry that should be made by the company on June 30 is: a. debit Supplies, $6,000; credit Supplies Expense, S6,000. b. debit Supplies, $33,000 credit Supplies Expense, $33,000. debit Supplies Expense, S6,000, credit Supplies, $6,000. d. debit Supplies Expense, $33,000; credit Supplies, $33,000. e. None of the...
At March 1, 2022, Nash's Trading Post, LLC had supplies on hand of $1480. During the month, Nash's Trading Post, LLC purchased supplies of $2150 and used supplies of $2070. The March 31 balance sheet should report what balance in the supplies account? O $1480 O $2150 $1560 $2070
inment CALCULATOR FI Exercise 2-8 These financial statement items are for Nash's Trading Post, LLC at year-end, July 31, 2017. Salaries and wages payable $ 3,080 Salaries and wages expense 58,500 Supplies expense 16,600 Equipment 19,500 Accounts payable 4,100 Service revenue 67,100 Rent revenue 9,500 Notes payable (due in 2020) 2,800 Common stock 16,000 Cash 30,200 Accounts receivable 10,780 Accumulated depreciation-equipment 7,000 Dividends 4,000 Depreciation expense 5,000 Retained earnings (beginning of the year) 35,000 Prepare an income statement for the...
Question 22 (2 points) Nash's Trading Post, LLC received a check for $13320 on July 1, which represents a 6-month advance payment of rent on a building it rents to a client. Unearned Rent Revenue was increased for the full $13320. Financial statements will be prepared on July 31. Nash's should make the following adjustment on July 31: Cash + $13320; Rent Revenue + $13320 Unearned Rent Revenue ($2220); Rent Revenue + $2220 Rent Revenue ($2220); Unearned Rent Revenue +...
Nash's Trading Post, LLC began the year with 12 units of marine
floats at a cost of $11 each. During the year, it made the
following purchases: May 5, 27 unit at $17; July 16, 18 units at
$21; and December 7, 23 units at $25. Assume there are 30 units on
hand at the end of the period. Nash uses the periodic approach.
Determine the cost of goods sold under FIFO.
FIFO
Cost of good sold
$
Determine the...
Multiple Choice Question 221 The ledger account balances for Nash's Trading Post, LLC at December 31, 2022 are as follows: Cash Accounts Receivable Prepaid Insurance Supplies Equipment Accumulated Depreciation, Equipment Accounts Payable Common Stock Retained Earnings Service Revenue Salaries and Wages Expense Rent Expense $310 524 84 190 4100 610 386 1300 1410 3100 1100 510 If all accounts have normal balances, what would be total debits on the trial balance at December 31, 2022? $7050 $7420 $6818 $6664 Policy...
Most questions answered within 3 hours.
-
. Suppose a discrete random variable has probability
distribution
P(x) = .2 if x = 0...
asked 1 hour ago -
Problem #1
The area between Z = 0 and Z = 2.50
The area between Z...
asked 12 minutes ago -
Under the influence of its drive force, a snowmobile is moving
at a constant velocity along...
asked 1 hour ago -
Why do organizations decline? What steps can top
management take to halt, decline, and restore organizational...
asked 1 hour ago -
What mechanisms Drive speciation??
(I.e. what was Dawins theory on the orgin of species, and how...
asked 3 hours ago -
The manager at a car assembly plant believes that the mean
assembly time for a car...
asked 3 hours ago -
Which of the following is true of electron capture?
A) It decreases the nuclide's mass number...
asked 5 hours ago -
Assuming an efficiency of 43.10%, calculate the actual yield of
magnesium nitrate formed from 114.9 g...
asked 6 hours ago -
The highly pathogenic bacterium Clostridium
perfringens causes gangrene, a disease that results in the
destruction of...
asked 7 hours ago -
In the context of situation analysis, which of the following is
a category for analysis in...
asked 7 hours ago -
In a study of the gas phase decomposition of sulfuryl chloride
at 600 K SO2Cl2(g)SO2(g) +...
asked 7 hours ago -
75 g of 2-propanol (C3H8O) and 25 g of pentane are mixed in a
200 mL...
asked 7 hours ago