Homework Answers
$ 1,16,000
| Opening | 44,000.00 |
| Add - Purchased | 110,000.00 |
| Less - Closing | -38,000 |
| Supplies Expense | 116,000.00 |
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19 Cougar Company, who sells college logo memorabilia, purchased $110,000 of supplies on account during 2020....
ABC Company reported the following accounts in its unadjusted trial balance at December 31, 2020: Dividends...
ABC Company reported the following accounts in its unadjusted trial balance at December 31, 2020: Dividends ................... $ 14,000 Income Tax Expense .......... $ 25,000 Salaries Expense ............ $ 31,000 Rental Revenue .............. $ 33,000 Cash ........................ $ 36,000 Supplies .................... $ 37,000 Cost of Goods Sold .......... $ 52,000 Unearned Revenue ............ $ 54,000 Accounts Receivable ......... $ 57,000 Land ........................ $ 69,000 Accounts Payable ............ $ 76,000 Trademark ................... $ 88,000 Inventory ................... $ 91,000 Retained Earnings ..............
18-20 18. Bill's Consulting Company purchased supplies costing $10,000 and debited Supplies for the full amount....
18-20
18. Bill's Consulting Company purchased supplies costing $10,000 and debited Supplies for the full amount. At the end of the accounting period, a physical count of supplies revealed $2,000 still on hand. The appropriate adjusting journal entry to be made at the end of the period would be a. Debit Supplies Expense, $10,000; Credit Supplies, $10,000 b. Debit Supplies, $10,000; Credit Supplies Expense, $10,000. C. Debit Supplies Expense, $8,000; Credit Supplies, $8,000. d. Debit Supplies, $8,000Credit Supplies Expense, $8,000....
Loreal-American Corporation purchased several marketable securities during 2021. At December 31, 2021, the company had the...
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1. Pina Colada Corp. began operations on January 1, 2020. Its fiscal year end is December...
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1. Pina Colada Corp. began operations on January 1, 2020. Its fiscal year end is December...
1. Pina Colada Corp. began operations on January 1, 2020. Its fiscal year end is December 31. Pina has decided that prepaid costs are debited to an asset account when paid, and all revenues are credited to revenue when the cash is received. During 2020, the following transactions occurred. On January 1, 2020, Pina bought office supplies for $3,940 cash. A physical count at December 31, 2020 revealed $1,820 of supplies still on hand 2. Pina bought a $5,760, one-year...
AP3-6A (Preparing journal entries and adjusting entries) Chapati Company started business on January 1, 2020. Some...
AP3-6A (Preparing journal entries and adjusting entries) Chapati Company started business on January 1, 2020. Some of the events that occurred in its first year of operations follow: Transactions 1. An insurance policy was purchased on February 28 for $1,800. The insurance policy was for one year of coverage that began on March 1 2020. 2. During the year, inventory costing $140,000 was purchased, all on account. 3. Sales to customers totalled $200,000. Of these, $40,000 were cash sales. 4....
Hi! Please EXPLAIN the below PROBLEMS THANKS! *105. The Supplies account had a balance at the...
Hi! Please EXPLAIN the below PROBLEMS THANKS! *105. The Supplies account had a balance at the beginning of year 3 of $8,000 (before the reversing entry). Payments for purchases of supplies during year 3 amounted to $50,000 and were recorded as an expense. A physical count at the end of year 3 revealed supplies costing $11,500 was on hand. Reversing entries are used by this company. The required adjusting entry at the end of year 3 will include a debit...
The trial balance for Cozy Fireplaces Inc. for December 31, 2020, follows: Credit balances Debit balances...
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Malasadas trading company Unadjusted Trial balance as at december 31, 2016 Account Debit Credit accounts receivable...
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accounting 200 financial statement homework #1 Graves Company Unadjusted Trial Balance December 31, 2018 116,000 30,000...
accounting 200
financial statement homework #1
Graves Company Unadjusted Trial Balance December 31, 2018 116,000 30,000 6,000 18,000 110,600 15,000 75,000 Cash Accounts Receivable Supplies Prepaid Insurance Inventory Vehicle Equipment Accumulated Depreciation Accounts Payable Unearned Revenue Wages Payable Long-Term Notes Payable Common Stock Retained Earnings (1/1/2018) Dividends Service Revenue Repair Expense Delivery Expense Depreciation Expense Rent Expense Insurance Expense Wages Expense Supplies Expense Interest Expense Income Tax Expense Total 40,000 9,000 13,500 11,500 48,000 41,000 37,600 5,000 472,000 14,000 38,000...
18-20
18. Bill's Consulting Company purchased supplies costing $10,000 and debited Supplies for the full amount. At the end of the accounting period, a physical count of supplies revealed $2,000 still on hand. The appropriate adjusting journal entry to be made at the end of the period would be a. Debit Supplies Expense, $10,000; Credit Supplies, $10,000 b. Debit Supplies, $10,000; Credit Supplies Expense, $10,000. C. Debit Supplies Expense, $8,000; Credit Supplies, $8,000. d. Debit Supplies, $8,000Credit Supplies Expense, $8,000....
Loreal-American Corporation purchased several marketable securities during 2021. At December 31, 2021, the company had the investments in bonds listed below. None was held at the last reporting date, December 31, 2020, and all are considered securities available-for-sale. Unrealized Holding Gain (Loss) $(99,000) 38,000 $(61,000) Cost Fair Value Short term: Blair, Inc. $ 496,000 $ 397,000 ANC Corporation 458,000 496,000 Totals $ 954,000 $ 893,000 Long term: Drake $ 496,000 $ 568,000 Corporation Aaron 712,000 668,000 Industries Totals $1,208,000 $1,236,000...
1. Pina Colada Corp. began operations on January 1, 2020. Its fiscal year end is December 31. Pina has decided that prepaid costs are debited to an asset account when paid, and all revenues are credited to revenue when the cash is received. During 2020, the following transactions occurred. On January 1, 2020, Pina bought office supplies for $3,940 cash. A physical count at December 31, 2020 revealed $1,820 of supplies still on hand 2. Pina bought a $5,760, one-year...
1. Pina Colada Corp. began operations on January 1, 2020. Its fiscal year end is December 31. Pina has decided that prepaid costs are debited to an asset account when paid, and all revenues are credited to revenue when the cash is received. During 2020, the following transactions occurred. On January 1, 2020, Pina bought office supplies for $3,940 cash. A physical count at December 31, 2020 revealed $1,820 of supplies still on hand 2. Pina bought a $5,760, one-year...
AP3-6A (Preparing journal entries and adjusting entries) Chapati Company started business on January 1, 2020. Some of the events that occurred in its first year of operations follow: Transactions 1. An insurance policy was purchased on February 28 for $1,800. The insurance policy was for one year of coverage that began on March 1 2020. 2. During the year, inventory costing $140,000 was purchased, all on account. 3. Sales to customers totalled $200,000. Of these, $40,000 were cash sales. 4....
The trial balance for Cozy Fireplaces Inc. for December 31, 2020, follows: Credit balances Debit balances $ 88,300 38,100 95,400 5,000 46,700 79,800 151,000 $19,635 21,400 Cash Accounts receivable Inventory Supplies Prepaid rent Land Building Accumulated depreciation, building Accounts payable Wages payable Interest payable Income tax payable Unearned revenue Bank loan payable Common shares Retained earnings Sales revenue Cost of goods sold Wages expense Rent expense Supplies expense Depreciation expense Interest expense Miscellaneous expenses Income tax expense Dividends declared 12,500...
accounting 200
financial statement homework #1
Graves Company Unadjusted Trial Balance December 31, 2018 116,000 30,000 6,000 18,000 110,600 15,000 75,000 Cash Accounts Receivable Supplies Prepaid Insurance Inventory Vehicle Equipment Accumulated Depreciation Accounts Payable Unearned Revenue Wages Payable Long-Term Notes Payable Common Stock Retained Earnings (1/1/2018) Dividends Service Revenue Repair Expense Delivery Expense Depreciation Expense Rent Expense Insurance Expense Wages Expense Supplies Expense Interest Expense Income Tax Expense Total 40,000 9,000 13,500 11,500 48,000 41,000 37,600 5,000 472,000 14,000 38,000...
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