8. At Wiki Co., all supply purchases were recorded as Supplies Expenses. The balance sheet on...
8. At Wiki Co., all supply purchases were recorded as Supplies Expenses. The balance sheet on 12/31/2017 reports a balance for Supplies in the amount of $800. During the year the firm purchased $2,000 supplies. On 12/31/2018, actual supplies on hand amounted to $1,250. Provide the adjusting entry on 12/31/2018.
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8. At Wiki Co., all supply purchases were recorded as Supplies
Expenses. The balance sheet on...
1. At the end of 2018, ABC Company did not make the adjusting entry to record...
1. At the end of 2018, ABC Company did not make the adjusting entry to record depreciation of building. Indicate the effect of this error on 2018 Net Income, Assets, Liabilities, and Owner’s Equity (on December 31, 2018) respectively. Use O for overstate, U for understate, NE for no effect. State your answer in the same order as the items underlined in the question: 2. On 3/31/2018, ABC company borrowed $1,000,000 from the bank with an annual interest rate of...
During the first year of Callahan Co.'s operations, all purchases were recorded as assets. Supplies in...
During the first year of Callahan Co.'s operations, all purchases were recorded as assets. Supplies in the amount of $28,800 were purchased. Actual year-end supplies amounted to $6,600. The adjusting entry for store supplies will a. Increase net income by $22,200. b. increase expenses by $22,200. decrease supplies by $6,600. d. debit Accounts Payable for $6,600. Adolescents Corporation had revenues of $330,000, expenses of $200,000, and dividends of $45,000. When Income Summary is dosed to retained Earnings, the amount of...
During the first year of Vaughn Manufacturing's operations, all purchases were recorded as assets. Supplies in...
During the first year of Vaughn Manufacturing's operations, all purchases were recorded as assets. Supplies in the amount of $27900 were purchased. Actual year-end supplies amounted to $6400. The adjusting entry for store supplies will increase expenses by $21500. decrease supplies by $6400. debit Accounts Payable for $6400. increase net income by $21500.
There were no supplies list in the balance sheet under assets. however you discover that supplies...
There were no supplies list in the balance sheet under assets.
however you discover that supplies costing $750 were on hand at
December 31？
E 2-16 External transactions and adjusting entries • LO2-3, LO2-6 In ad Res Dete The is the E2-20 Worksheet • Appendix 2A red rent revenue? The following transactions occurred during 2021 for the Beehive Honey Corporation: Feb. 1 Borrowed $12,000 from a bank and signed a note. Principal and interest at 10% will be paid on...
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...
a photo processing store purchased office supplies on january 15 by paying cash of 5,000. on...
a photo processing store purchased office supplies on january 15 by paying cash of 5,000. on january 1, the supplies account had a beginning balance of $500. On december 31, an inventory revealed that supplies on hand amounted to $500. what adjusting journal entry is necessary at December 31st? If the adjustment in part A is not recorded, what will be the impact on the income statement, retained earnings statement, and balance sheet?
Wildhorse Co.'s trial balance at December 31 shows Supplies $6,900 and Supplies Expense $0. On December...
Wildhorse Co.'s trial balance at December 31 shows Supplies $6,900 and Supplies Expense $0. On December 31, there are $2,500 of supplies on hand. Prepare the adjusting entry at December 31, and using T-accounts, enter the balances in the accounts, post the adjusting entry, and indicate the adjusted balan the amount is entered. Do not indent manually.) Account Titles Debit Credit Date Dec. 31 Supplies 4400C 14400 | Supplies Expense Supplies 4400 4400 Supplies Expense 12/31 12/31 Bal. 4 T...
please read and complete all transactions in the general journal, income statement, and balance sheet. each...
please read and complete all transactions in the general
journal, income statement, and balance sheet. each account has an
unadjusted, adjusted, and post closing as well.
The general ledger of Jackrabbit Rentals at January 1, 2021, includes the following account balances: Credits Dobits $ 41,500 25,700 110,800 Accounts Cash Accounts Receivable Land Accounts Payable Notes Payable (due in 2 years) Common Stock Retained Earnings Totals 15.300 30,000 100,000 32,700 $178,000 $178,000 The following is a summary of the transactions for...
15. XYZ Services reports the following balance sheet: XYZ Services Balance Sheet 12/31/19 $1,000 1.100 Assets...
15. XYZ Services reports the following balance sheet: XYZ Services Balance Sheet 12/31/19 $1,000 1.100 Assets Liabilities Cash $20,000 Account Payable Account Receivable 5,000 Uneamed Revenue Supplies 2,000 Prepaid Insurance Equity Total Current Assets 28,200 Common Stock Retained Earnings Office Equipment 2.000 37.200 Total Liabilities & Equity Total Assets 1.200 24,000 11.100 37200 The balance sheet for XYZ Services is not correct since they have not recorded adjusting entries. The following information is needed to make adjustments: $300 of the...
Office Supplies Faberton, Inc. purchases office supplies once a month and prepares monthly financial statements. The...
Office Supplies
Faberton, Inc. purchases office supplies once a month and
prepares monthly financial statements. The asset account Office
Supplies on Hand has a balance of $1,550 on May 1. Purchases of
supplies during May amount to $1,100. Supplies on hand at May 31
amount to $920.
Required:
1. Identify and analyze the effect of the
adjustment on May 31.
Activity
Accounts
Statement(s)
How does this entry affect the accounting equation?
If a financial statement item is not affected, select...
During the first year of Callahan Co.'s operations, all purchases were recorded as assets. Supplies in the amount of $28,800 were purchased. Actual year-end supplies amounted to $6,600. The adjusting entry for store supplies will a. Increase net income by $22,200. b. increase expenses by $22,200. decrease supplies by $6,600. d. debit Accounts Payable for $6,600. Adolescents Corporation had revenues of $330,000, expenses of $200,000, and dividends of $45,000. When Income Summary is dosed to retained Earnings, the amount of...
There were no supplies list in the balance sheet under assets.
however you discover that supplies costing $750 were on hand at
December 31？
E 2-16 External transactions and adjusting entries • LO2-3, LO2-6 In ad Res Dete The is the E2-20 Worksheet • Appendix 2A red rent revenue? The following transactions occurred during 2021 for the Beehive Honey Corporation: Feb. 1 Borrowed $12,000 from a bank and signed a note. Principal and interest at 10% will be paid on...
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...
Wildhorse Co.'s trial balance at December 31 shows Supplies $6,900 and Supplies Expense $0. On December 31, there are $2,500 of supplies on hand. Prepare the adjusting entry at December 31, and using T-accounts, enter the balances in the accounts, post the adjusting entry, and indicate the adjusted balan the amount is entered. Do not indent manually.) Account Titles Debit Credit Date Dec. 31 Supplies 4400C 14400 | Supplies Expense Supplies 4400 4400 Supplies Expense 12/31 12/31 Bal. 4 T...
please read and complete all transactions in the general
journal, income statement, and balance sheet. each account has an
unadjusted, adjusted, and post closing as well.
The general ledger of Jackrabbit Rentals at January 1, 2021, includes the following account balances: Credits Dobits $ 41,500 25,700 110,800 Accounts Cash Accounts Receivable Land Accounts Payable Notes Payable (due in 2 years) Common Stock Retained Earnings Totals 15.300 30,000 100,000 32,700 $178,000 $178,000 The following is a summary of the transactions for...
15. XYZ Services reports the following balance sheet: XYZ Services Balance Sheet 12/31/19 $1,000 1.100 Assets Liabilities Cash $20,000 Account Payable Account Receivable 5,000 Uneamed Revenue Supplies 2,000 Prepaid Insurance Equity Total Current Assets 28,200 Common Stock Retained Earnings Office Equipment 2.000 37.200 Total Liabilities & Equity Total Assets 1.200 24,000 11.100 37200 The balance sheet for XYZ Services is not correct since they have not recorded adjusting entries. The following information is needed to make adjustments: $300 of the...
Office Supplies
Faberton, Inc. purchases office supplies once a month and
prepares monthly financial statements. The asset account Office
Supplies on Hand has a balance of $1,550 on May 1. Purchases of
supplies during May amount to $1,100. Supplies on hand at May 31
amount to $920.
Required:
1. Identify and analyze the effect of the
adjustment on May 31.
Activity
Accounts
Statement(s)
How does this entry affect the accounting equation?
If a financial statement item is not affected, select...
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