Homework Answers
Required Journal entries are:
| Date | General Journal | Debit | Credit |
| 1 | Salaries expense | $ | |
| Salaries payable | $ | ||
| (for salaries expense accrual) | |||
| 2. | Unearned service revenue | $ | |
| Service revenue | $ | ||
| (for revenue earned) | |||
| 3 | Accounts receivable | $ | |
| Service revenue | $ | ||
| (for service revenue earned on account) |
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Exercise 3-5 The ledger of Blue Rental Agency on March 31 of the current year includes...
Exercise 3-5
The ledger of Blue Rental Agency on March 31 of the current year
includes the following selected accounts before adjusting entries
have been prepared.
Debit
Credit
Prepaid Insurance
$3,372
Supplies
2,804
Equipment
23,330
Accumulated Depreciation-Equipment
$8,217
Notes Payable
20,880
Unearned Rent Revenue
4,080
Rent Revenue
56,130
Interest Expense
–0–
Salaries and Wages Expense
13,600
An analysis of the accounts shows the following.
1.
The equipment depreciates $244 per month.
2.
One-third of the unearned rent was earned as...
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Problem 4-02A Len Kenneth started his own consulting firm, Kenneth Consulting, on June 1, 2022. The...
Problem 4-02A Len Kenneth started his own consulting firm, Kenneth Consulting, on June 1, 2022. The trial balance at June 30 is as follows. KENNETH CONSULTING Trial Balance June 30, 2022 Credit Debit $ 6,850 7,000 1,982 3,780 15,000 Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accounts Payable Unearned Service Revenue Common Stock Service Revenue Salaries and Wages Expense Rent Expense $ 4,260 5,200 21,982 8,300 4,000 1,130 $39,742 $39,742 In addition to those accounts listed on the trial balance,...
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Magda Consulting initially records prepaid and unearned items in income statement accounts. Given this QS 3-20) company's accounting practices, which of the following applies to the preparation of adjusting entries at Preparing adjustin the end of its first accounting period? P4 a. Unearned fees (on which cash was received in advance earlier in the period) are recorded with a debit to Consulting Fees Earned of $500 and a credit to Unearned Consulting Fees of $500. b. Unpaid salaries of $400...
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general ledger. An examination of the ledger and journal reveals
the following errors.1.Cash received from a customer on account was debited for $570,
and Accounts Receivable was credited for the same amount. The
actual collection was for $750.2.The purchase of a computer printer...
Homework: Homework - Chapter 03 Save 2 of 5 (0 complete) Score: 0 of 2 pts E3-18A (similar to) HW Score: 0%, 0 of 10 pts Question Help Joumalize the adjusting entry needed at May 31, the fiscal year-end, for each of the following independent situations. No other adjusting entries have been made for the year. (Record debits first, then credits. Exclude explanations from anyjournal entries.) Click the icon to view the transactions.) a. On March 1, $4,500 rent was...
Print 3. Consider the following independent situations at December 31: Click the icon to view the situations.) Journalize the adjusting entry needed on December 31 for each situation. Use the letters to label the joumal entries. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) a. On October 1, a business collected $3,000 rent in advance, debiting Cash and crediting Unearned Revenue. The tenant was paying one year's rent in advance. Al...
CALCULATOR PULL SCREEN PRINTER VERSION The following trial balance of Windsor Co. does not balance. 4 BACK Credit $3,083 WINDSOR CO. TRIAL BALANCE JUNE 30, 2020 Debit Cash Accounts Receivable $2,988 Supplies 1,013 Equipment 4,013 Accounts Payable Unearned Service Revenue 1,413 Common Stock Retained Earnings Service Revenue Salaries and Wages Expense 3,613 Office Expense 1,153 Totals $14,193 2,879 6,213 3,213 2,593 $17.981 Each of the listed accounts should have a normal balance per the general ledger. An examination of the...
Exercise 3-5
The ledger of Blue Rental Agency on March 31 of the current year
includes the following selected accounts before adjusting entries
have been prepared.
Debit
Credit
Prepaid Insurance
$3,372
Supplies
2,804
Equipment
23,330
Accumulated Depreciation-Equipment
$8,217
Notes Payable
20,880
Unearned Rent Revenue
4,080
Rent Revenue
56,130
Interest Expense
–0–
Salaries and Wages Expense
13,600
An analysis of the accounts shows the following.
1.
The equipment depreciates $244 per month.
2.
One-third of the unearned rent was earned as...
Adjusting entries affect at least one balance sheet account and at least one income statement account. For the entries below, identify the account to be debited and the account to be credited. Indicate which of the accounts is the income statement account and which is the balance sheet account. Assume the company records prepayments of expenses in asset accounts, and cash receipts of unearned revenues in liability accounts. a. Entry to record revenue earned that was previously received as cash...
Problem 4-02A Len Kenneth started his own consulting firm, Kenneth Consulting, on June 1, 2022. The trial balance at June 30 is as follows. KENNETH CONSULTING Trial Balance June 30, 2022 Credit Debit $ 6,850 7,000 1,982 3,780 15,000 Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accounts Payable Unearned Service Revenue Common Stock Service Revenue Salaries and Wages Expense Rent Expense $ 4,260 5,200 21,982 8,300 4,000 1,130 $39,742 $39,742 In addition to those accounts listed on the trial balance,...
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