Example Two: Based on the following information, record the necessary adjusting entry as of December 31,...
Example Two:
Based on the following information, record the necessary adjusting entry as of December 31, 2018.
XYZ, Inc. purchased equipment costing $40,000 on January 1, 2018. The equipment depreciates using straight-line depreciation. The salvage value is expected to be $4,000 and the equipment has a 4-year life. Record any necessary adjusting entry at December 31, 2018 to record depreciation on the equipment.
XYZ, Inc. paid Sam Walt $42,000, on March 1, 2018, for a one-year rental agreement. Record the adjusting entry necessary at December 31, 2018.
On August 1, 2018 XYZ, Inc. collected $12,000, in advance, for services to be earned evenly over a six-month period. Record the adjusting entry necessary at December 31, 2018.
On November 1, 2017, XYZ, Inc borrowed $60,000 from Wells Fargo, signing a 6-month, 8-percent note. Interest is to be paid at maturity. Record the adjusting entry necessary at December 31, 2017.
XYZ, Inc has a balance Accounts Receivable of $650,000. The Allowance for Uncollectible Accounts had a $1,000 credit balance before adjustment. The company estimates that 3% of ending accounts receivable will become uncollectible. Calculate bad debt expense and record the adjusting entry necessary at December 31, 2018.
|
Date |
Account Name |
Debit |
Credit |
Homework Answers
Add Answer to:
Example Two:
Based on the following information, record the necessary
adjusting entry as of December 31,...
FCM used the following information to make adjusting entries: A physical count of supplies indicated that,...
FCM used the following information to make adjusting entries: A physical count of supplies indicated that, as of December 31, 2017, $700 worth of supplies were on hand. On December 15, a $55,000 social marketing project had been completed for JonyJones, but FCM forgot to record the transaction. You identify this oversight on December 31st and issue an invoice for $55,000. On November 1, YMCA-Austin began negotiations with FCM for $42,000 of video production services. FCM would perform the video...
Sunland, Inc. had net sales in 2017 of $1,476,200.At December 31, 2017, before adjusting entries, the...
Sunland, Inc. had net sales in 2017 of $1,476,200.At December 31, 2017, before adjusting entries, the balances in selected accounts were Accounts Receivable $257,500 debit, and Allowance for Doubtful Accounts $1,877 debit. Assume that 11% of accounts receivable will prove to be uncollectible. Prepare the entry to record bad debt expense. (If no entry is required, select "No Entry" for the account titles and enter for the amounts. Credit account titles are automatically indented when the amount is entered. Do...
As of December 31, 2017, the Balance Sheet of Kelly Inc. included the following balances: During 2018, the follow...
As of December 31, 2017, the Balance Sheet of Kelly Inc. included the following balances: During 2018, the following occurred: .2018 Sales totaled $2,000,000. All sales were on account. .2018 Sales returns totaled $25,000. Cash collected on Accounts Receivable totaled $1.800.000 .Receivables deemed uncollectible and written off totaled $22,000. . An analysis at 12/31/18 indicated that 4% of accounts receivable will be uncollectible. Requirements: Record entries for 2017 sales (ignore COGS), returns, cash collections and write-offs. Dato Title he redit...
General Journal entry options: No Journal Entry Required Accounts Payable Accounts Receivable Ac...
General Journal entry options:
No Journal Entry Required
Accounts Payable
Accounts Receivable
Accumulated Amortization
Accumulated Depreciation
Advertising Expense
Amortization Expense
Bad Debt Expense
Buildings
Cash
Common Stock
Copyrights
Cost of Goods Sold
Deferred Revenue
Delivery Expense
Depreciation Expense
Dividends
Dividends Payable
Donation Revenue
Equipment
Franchise Rights
Goodwill
Income Tax Expense
Income Tax Payable
Insurance Expense
Interest Expense
Interest Payable
Interest Receivable
Interest Revenue
Inventory
Land
Legal Expense
Licensing Rights
Logo and Trademarks
Notes Payable (long-term)
Notes Payable (short-term)
Notes Receivable...
Prepare the adjusting entries BRZ should record on December 31, 2017 BRZ Inc Trial Balance December...
Prepare the adjusting entries BRZ should record on December 31,
2017
BRZ Inc Trial Balance December 31, 2017 Debit $10,200 57,900 Credit Cash Accounts receivable Allowance for doubtful accounts Prepaid insurance Furniture and fixtures Accumulated depreciation furniture and fixtures Accounts payable Bond payable (8%, 10 year) Common shares Retained earnings Service revenue Salaries and wages expense Rent expense Supplies expense Advertising expense $2,050 1,332 129,000 12,900 14,100 16,000 56,600 57,300 197,582 123,000 24,600 3,100 7,400 Total S356,532 $356,532 Additional information:...
Zeller Company needs to record the following adjusting entries: Supplies on hand on December 31 were...
Zeller Company needs to record the following adjusting entries: Supplies on hand on December 31 were $10. Fees earned but not billed on December 31 were $55. Depreciation of equipment was estimated to be $20 for the year. Directions: Use T accounts to record the effect of each adjusting entry and then determine the balances on Zeller's adjusted trial balance. You may also use the column labeled "Effect of Adjusting Entry" to track changes in account balances. Effect of Adjusting...
Required: Record the necessary adjusting entries at December 31, 2021, for Hurricane Company for each of...
Required: Record the necessary adjusting entries at December 31, 2021, for Hurricane Company for each of the situations. Assume that no financial statements were prepared during the year and no adjusting entries were recorded. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations.) Journal entry worksheet 1. On October 1, 2021, Hurricane lends $7,700 to another company. The other company signs a note indicating principal...
Culver, Inc. had net sales in 2017 of $1,410,300. At December 31, 2017, before adjusting entries, the balances in selec...
Culver, Inc. had net sales in 2017 of $1,410,300. At December 31, 2017, before adjusting entries, the balances in selected accounts were Accounts Receivable $348,200 debit, and Allowance for Doubtful Accounts $2,940 credit. If Culver estimates that 10% of its receivables will prove to be uncollectible. Prepare the December 31, 2017, journal entry to record bad debt expense. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are...
Problem 3-3B Record adjusting entries (LO3-3) The information necessary for preparing the 2021 year-end adjusting entries...
Problem 3-3B Record adjusting entries (LO3-3) The information necessary for preparing the 2021 year-end adjusting entries for Bearcat Personal Training Academy appears below. Bearcat's fiscal year-end is December 31. 1. Depreciation on the equipment for the year is $5,300. 2. Salaries earned (but not paid) from December 16 through December 31, 2021, are $2,300. 3. On March 1, 2021, Bearcat lends an employee $11,500. The employee signs a note requiring principal and interest at 12% to be paid on February...
[The following information applies to the questions displayed below.] At December 31, 2018, Hawke Company reports...
[The following information applies to the questions
displayed below.]
At December 31, 2018, Hawke Company reports the following results
for its calendar year.
Required information (The following information applies to the questions displayed below.] At December 31, 2018, Hawke Company reports the following results for its calendar year. Cash sales Credit sales $1,478,710 3,022,000 In addition, its unadjusted trial balance includes the following items. Accounts receivable Allowance for doubtful accounts $915,666 debit 20,920 debit Required: 1. Prepare the adjusting entry...
Sunland, Inc. had net sales in 2017 of $1,476,200.At December 31, 2017, before adjusting entries, the balances in selected accounts were Accounts Receivable $257,500 debit, and Allowance for Doubtful Accounts $1,877 debit. Assume that 11% of accounts receivable will prove to be uncollectible. Prepare the entry to record bad debt expense. (If no entry is required, select "No Entry" for the account titles and enter for the amounts. Credit account titles are automatically indented when the amount is entered. Do...
As of December 31, 2017, the Balance Sheet of Kelly Inc. included the following balances: During 2018, the following occurred: .2018 Sales totaled $2,000,000. All sales were on account. .2018 Sales returns totaled $25,000. Cash collected on Accounts Receivable totaled $1.800.000 .Receivables deemed uncollectible and written off totaled $22,000. . An analysis at 12/31/18 indicated that 4% of accounts receivable will be uncollectible. Requirements: Record entries for 2017 sales (ignore COGS), returns, cash collections and write-offs. Dato Title he redit...
General Journal entry options:
No Journal Entry Required
Accounts Payable
Accounts Receivable
Accumulated Amortization
Accumulated Depreciation
Advertising Expense
Amortization Expense
Bad Debt Expense
Buildings
Cash
Common Stock
Copyrights
Cost of Goods Sold
Deferred Revenue
Delivery Expense
Depreciation Expense
Dividends
Dividends Payable
Donation Revenue
Equipment
Franchise Rights
Goodwill
Income Tax Expense
Income Tax Payable
Insurance Expense
Interest Expense
Interest Payable
Interest Receivable
Interest Revenue
Inventory
Land
Legal Expense
Licensing Rights
Logo and Trademarks
Notes Payable (long-term)
Notes Payable (short-term)
Notes Receivable...
Prepare the adjusting entries BRZ should record on December 31,
2017
BRZ Inc Trial Balance December 31, 2017 Debit $10,200 57,900 Credit Cash Accounts receivable Allowance for doubtful accounts Prepaid insurance Furniture and fixtures Accumulated depreciation furniture and fixtures Accounts payable Bond payable (8%, 10 year) Common shares Retained earnings Service revenue Salaries and wages expense Rent expense Supplies expense Advertising expense $2,050 1,332 129,000 12,900 14,100 16,000 56,600 57,300 197,582 123,000 24,600 3,100 7,400 Total S356,532 $356,532 Additional information:...
Zeller Company needs to record the following adjusting entries: Supplies on hand on December 31 were $10. Fees earned but not billed on December 31 were $55. Depreciation of equipment was estimated to be $20 for the year. Directions: Use T accounts to record the effect of each adjusting entry and then determine the balances on Zeller's adjusted trial balance. You may also use the column labeled "Effect of Adjusting Entry" to track changes in account balances. Effect of Adjusting...
Required: Record the necessary adjusting entries at December 31, 2021, for Hurricane Company for each of the situations. Assume that no financial statements were prepared during the year and no adjusting entries were recorded. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations.) Journal entry worksheet 1. On October 1, 2021, Hurricane lends $7,700 to another company. The other company signs a note indicating principal...
Culver, Inc. had net sales in 2017 of $1,410,300. At December 31, 2017, before adjusting entries, the balances in selected accounts were Accounts Receivable $348,200 debit, and Allowance for Doubtful Accounts $2,940 credit. If Culver estimates that 10% of its receivables will prove to be uncollectible. Prepare the December 31, 2017, journal entry to record bad debt expense. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are...
Problem 3-3B Record adjusting entries (LO3-3) The information necessary for preparing the 2021 year-end adjusting entries for Bearcat Personal Training Academy appears below. Bearcat's fiscal year-end is December 31. 1. Depreciation on the equipment for the year is $5,300. 2. Salaries earned (but not paid) from December 16 through December 31, 2021, are $2,300. 3. On March 1, 2021, Bearcat lends an employee $11,500. The employee signs a note requiring principal and interest at 12% to be paid on February...
[The following information applies to the questions
displayed below.]
At December 31, 2018, Hawke Company reports the following results
for its calendar year.
Required information (The following information applies to the questions displayed below.] At December 31, 2018, Hawke Company reports the following results for its calendar year. Cash sales Credit sales $1,478,710 3,022,000 In addition, its unadjusted trial balance includes the following items. Accounts receivable Allowance for doubtful accounts $915,666 debit 20,920 debit Required: 1. Prepare the adjusting entry...
Most questions answered within 3 hours.
-
Mr. and Mrs. Brown report taxable income of $130,000 in 2018. In
addition, they report the...
asked 48 minutes ago -
You capture data by having 8 people fill in 30 small dots on a
piece of...
asked 4 hours ago -
What are the z-values such that 70% of the area lies in the
middle of the...
asked 6 hours ago -
You borrow $29,500 to purchase a brand new car. The interest
rate is 6%, and the...
asked 6 hours ago -
The amount of time it takes an asteroid, whose average distance
from the Sun is 4.70...
asked 6 hours ago -
A 0.289 kg mass slides on a frictionless floor with a speed of
1.34 m/s. The...
asked 6 hours ago -
15.A box contains five red balls, three green balls, and two
yellow balls. Suppose you select...
asked 9 hours ago -
Assume you are given the following for Stackelberg industries:
Return on Assets (ROA) = 8%
Debt...
asked 7 hours ago -
an engineer proposes to use mmWave in 5G network to
increase data rate.
What are the...
asked 7 hours ago -
Explain the idea behind using SEMIJOIN in distributed
query processing.
asked 7 hours ago -
why
is context important in selecting and applying guidelines and
principles for interface design?
illustrate your...
asked 7 hours ago -
In a certain board game, a player rolls two fair six-sided dice
until the player rolls...
asked 9 hours ago