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3. The following T-accounts for WXY Inc. are given. For the year-end depreciation has been journaled....
At year end, the following events have not been accounted for. Insurance expired during the year,...
At year end, the following events have not been accounted
for.
Insurance expired during the year, and only $2,800
remained.
Depreciation on equipment of $10,000.
After a physical count, office supplies costing $2,000 were on
hand.
December consulting work of $40,000 was performed, but has not
yet been recorded.
Accrued salaries and wages at December 31st were
$5,800.
Instructions
(1.1) Prepare the necessary adjusting
entries (please use related account names shown on the
Trial Balance). New accounts may be created...
Problem 3: Zubair Oil and Gas Company has the following unadjusted trial balance at 31 December 2015. Zubair Oil an...
Problem 3: Zubair Oil and Gas Company has the following unadjusted trial balance at 31 December 2015. Zubair Oil and Gas Company Unadjusted Trial Balance 31" December 2018 Accounts Debit (OMR) Credit (OMR) Utilities Expenses Supplies 2.400 Capital 300,000 Cash 386,800 Miscellaneous Expenses 2.400 Prepaid Insurance 7,600 Uneamed Revenue 10440 Salaries Expenses 199,000 Account Receivable 28.000 Office Furniture 20.000 Accumulated Depreciation on Onice Furniture 5.000 Bank Overdraft 5.800 Account Payable 4.000 Building 68.000 Notes Payable 16,760 Retained Earnings 170.000 Dividends...
8. Which of the following accounts has a normal debit balance? a. Accounts Payable b. Sales...
8. Which of the following accounts has a normal debit balance? a. Accounts Payable b. Sales Returns and Allowances c. Sales d. Interest Revenue 9. Using a perpetual inventory system, the entry to record the purchase of $30,000 of merchandise on account would include a a. debit to Sales b. debit to Merchandise Inventory c. credit to Merchandise Inventory d. credit to Sales 10. A retailer purchases merchandise with a catalog list price of $15,000. The retailer receives a 30%...
The following selected transactions were recorded by Lynbrook Inc. during 2019. Lynbrook has a policy of...
The following selected transactions were recorded by Lynbrook
Inc. during 2019. Lynbrook has a policy of recording transactions
directly to Balance Sheet accounts under most circumstances.
However, at times the company makes exceptions to this policy. Any
exceptions to this policy are clearly identified in the
transactions below.
On December 31, 2019, the following additional information is
available:
Property taxes for 2019 are due to be paid by April 1, 2020. The
company has not paid or recorded its $2,900...
Record the Adjusting Entries A-J. QUESTION: Record the following adjusting entries: OCTET Chart of Accounts Current...
Record the Adjusting Entries A-J.
QUESTION: Record the following adjusting entries:
OCTET Chart of Accounts Current Assets 10000 Cash 11000 Accounts Receivable Long-Term Liabilities 12000 Inventory-Cookies 27000 Mortgage Payable Note Payable 27100 12100 Inventory- Baskets 13100 Supplies (Ribbon, Sticks, Cellophane) Shipping Supplies Prepaid Rent Stockholders' Equity 39003 Common Stock 13200 39005 Retained Earnings 14000 Dividends paid 39007 14100 Prepaid Insurance 14200 Prepaid Advertising Revenue 40000 Sales Long-Term Assets 15000 Computer Equipment Accumulated Depreciation 17000 Expenses Computer Equipment Cost of Goods...
answer choice E: None of the above 0 Facts: Basic Services, Inc. prepares annual financial statements...
answer choice E: None of the above
0 Facts: Basic Services, Inc. prepares annual financial statements and accordingly records most of the company's adjusting journal entries just once per year in December. Basic purchases 100% of the office supplies on account from vendor, Standard Company. Basic provides you with the below unadjusted account balances as of 12/31/2017: Cash $24,950 Utilities Payable SO Accounts receivable 21,700 Common stock 50,000 Prepaid Advertising Expense Retained earnings 55,000 Prepaid Insurance Expense 4,020 Dividends 18,000...
Croy Inc. has the following projected sales for the next five months: Month April May Sales in Units 3,560 3...
Croy Inc. has the following projected sales for the next five months: Month April May Sales in Units 3,560 3,920 4,560 4,140 3,940 June July August Croy's finished goods Inventory policy is to have 50 percent of the next month's sales on hand at the end of each month. Direct materials costs $3.10 per pound, and each unit requires 2 pounds. Direct materials inventory policy is to have 50 percent of the ne month's production needs on hand at the...
QUESTION 20 After the closing entries have been posted, which of the following accounts would still...
QUESTION 20 After the closing entries have been posted, which of the following accounts would still have a balance? a. Salaries Expense b. Miscellaneous Revemes Oc Supplies Expense d. Accumulated Depreciation Equipment QUESTION 21 After the closing entries are journalized and posted, which of the following accounts would NOT have a balance? a. Service Revenue b. Cash c. Accounts Payable d. Office Supplies QUESTION 22 After the accounts are closed and the journal entries have been posted, which of the...
Specific task requirements: Alfie Lockyer decides to start up a business as a sole trader on...
Specific task requirements: Alfie Lockyer decides to start up a business as a sole trader on 1 July 2020. Alfie’s Rugby League Memorabilia and Framing Services will sell a range of different memorabilia items including framed jerseys, signed footballs and signed photos of famous rugby league players both online and from a retail shop in Caloundra, Queensland. The business will also provide professional framing services for customers from its retail shop. The chart of accounts for the business is shown...
Facts: Basic Services, Inc. prepares annual financial statements and accordingly records most of the company's adjusting...
Facts: Basic Services, Inc. prepares annual financial statements and accordingly records most of the company's adjusting journal entries just once per year in December. Basic purchases 100% of the office supplies on account from vendor, Standard Company. Basic provides you with the below unadjusted account balances as of 12/31/2017: Cash $25,665 Utilities Payable $0 Accounts receivable 14,200 Common stock 50,000 Prepaid Advertising Expense 0 Retained earnings 55,000 Prepaid Insurance Expense 4,020 Dividends 18,000 Office Supplies 9,000 Service Revenue 250,000 Store...
At year end, the following events have not been accounted
for.
Insurance expired during the year, and only $2,800
remained.
Depreciation on equipment of $10,000.
After a physical count, office supplies costing $2,000 were on
hand.
December consulting work of $40,000 was performed, but has not
yet been recorded.
Accrued salaries and wages at December 31st were
$5,800.
Instructions
(1.1) Prepare the necessary adjusting
entries (please use related account names shown on the
Trial Balance). New accounts may be created...
Problem 3: Zubair Oil and Gas Company has the following unadjusted trial balance at 31 December 2015. Zubair Oil and Gas Company Unadjusted Trial Balance 31" December 2018 Accounts Debit (OMR) Credit (OMR) Utilities Expenses Supplies 2.400 Capital 300,000 Cash 386,800 Miscellaneous Expenses 2.400 Prepaid Insurance 7,600 Uneamed Revenue 10440 Salaries Expenses 199,000 Account Receivable 28.000 Office Furniture 20.000 Accumulated Depreciation on Onice Furniture 5.000 Bank Overdraft 5.800 Account Payable 4.000 Building 68.000 Notes Payable 16,760 Retained Earnings 170.000 Dividends...
8. Which of the following accounts has a normal debit balance? a. Accounts Payable b. Sales Returns and Allowances c. Sales d. Interest Revenue 9. Using a perpetual inventory system, the entry to record the purchase of $30,000 of merchandise on account would include a a. debit to Sales b. debit to Merchandise Inventory c. credit to Merchandise Inventory d. credit to Sales 10. A retailer purchases merchandise with a catalog list price of $15,000. The retailer receives a 30%...
The following selected transactions were recorded by Lynbrook
Inc. during 2019. Lynbrook has a policy of recording transactions
directly to Balance Sheet accounts under most circumstances.
However, at times the company makes exceptions to this policy. Any
exceptions to this policy are clearly identified in the
transactions below.
On December 31, 2019, the following additional information is
available:
Property taxes for 2019 are due to be paid by April 1, 2020. The
company has not paid or recorded its $2,900...
Record the Adjusting Entries A-J.
QUESTION: Record the following adjusting entries:
OCTET Chart of Accounts Current Assets 10000 Cash 11000 Accounts Receivable Long-Term Liabilities 12000 Inventory-Cookies 27000 Mortgage Payable Note Payable 27100 12100 Inventory- Baskets 13100 Supplies (Ribbon, Sticks, Cellophane) Shipping Supplies Prepaid Rent Stockholders' Equity 39003 Common Stock 13200 39005 Retained Earnings 14000 Dividends paid 39007 14100 Prepaid Insurance 14200 Prepaid Advertising Revenue 40000 Sales Long-Term Assets 15000 Computer Equipment Accumulated Depreciation 17000 Expenses Computer Equipment Cost of Goods...
answer choice E: None of the above
0 Facts: Basic Services, Inc. prepares annual financial statements and accordingly records most of the company's adjusting journal entries just once per year in December. Basic purchases 100% of the office supplies on account from vendor, Standard Company. Basic provides you with the below unadjusted account balances as of 12/31/2017: Cash $24,950 Utilities Payable SO Accounts receivable 21,700 Common stock 50,000 Prepaid Advertising Expense Retained earnings 55,000 Prepaid Insurance Expense 4,020 Dividends 18,000...
Croy Inc. has the following projected sales for the next five months: Month April May Sales in Units 3,560 3,920 4,560 4,140 3,940 June July August Croy's finished goods Inventory policy is to have 50 percent of the next month's sales on hand at the end of each month. Direct materials costs $3.10 per pound, and each unit requires 2 pounds. Direct materials inventory policy is to have 50 percent of the ne month's production needs on hand at the...
QUESTION 20 After the closing entries have been posted, which of the following accounts would still have a balance? a. Salaries Expense b. Miscellaneous Revemes Oc Supplies Expense d. Accumulated Depreciation Equipment QUESTION 21 After the closing entries are journalized and posted, which of the following accounts would NOT have a balance? a. Service Revenue b. Cash c. Accounts Payable d. Office Supplies QUESTION 22 After the accounts are closed and the journal entries have been posted, which of the...
Facts: Basic Services, Inc. prepares annual financial statements and accordingly records most of the company's adjusting journal entries just once per year in December. Basic purchases 100% of the office supplies on account from vendor, Standard Company. Basic provides you with the below unadjusted account balances as of 12/31/2017: Cash $25,665 Utilities Payable $0 Accounts receivable 14,200 Common stock 50,000 Prepaid Advertising Expense 0 Retained earnings 55,000 Prepaid Insurance Expense 4,020 Dividends 18,000 Office Supplies 9,000 Service Revenue 250,000 Store...
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