Fill in the t-accounts for each situation and label each transaction as Deferrals/Prepaid or Accrual. Calculate...
Fill in the t-accounts for each situation and label each transaction as Deferrals/Prepaid or Accrual. Calculate the adjusted balance and use a Bal. post reference to show the ending balance of each account.
|
Depreciation for the current year includes Equipment, $4,300. The Accumulated Depreciation - Equipment unadjusted balance as of December 31 is $7,700. |
|
|
Adjustment Type: AccrualDeferrals/Prepaids |
|
|
Depreciation Expense - Equipment |
|||
|
Nov. 1Nov. 15Dec. 1Dec. 31 |
Nov. 1Nov. 15Dec. 1Dec. 31 |
||
|
Nov. 1Nov. 15Dec. 1Dec. 31 |
Nov. 1Nov. 15Dec. 1Dec. 31 |
||
|
Bal. |
Bal. |
||
|
Accumulated Depreciation - Equipment |
|||
|
Nov. 1Nov. 15Dec. 1Dec. 31 |
Nov. 1Nov. 15Dec. 1Dec. 31 |
||
|
Nov. 1Nov. 15Dec. 1Dec. 31 |
Nov. 1Nov. 15Dec. 1Dec. 31 |
||
|
Bal. |
Bal. |
||
|
Used prepaid insurance of $2,920. The Prepaid Insurance unadjusted balance as of December 31 is $11,400. |
|
|
Adjustment Type: AccrualDeferrals/Prepaids |
|
|
Insurance Expense |
|||
|
Nov. 1Nov. 15Dec. 1Dec. 31 |
Nov. 1Nov. 15Dec. 1Dec. 31 |
||
|
Nov. 1Nov. 15Dec. 1Dec. 31 |
Nov. 1Nov. 15Dec. 1Dec. 31 |
||
|
Bal. |
Bal. |
||
|
Prepaid Insurance |
|||
|
Nov. 1Nov. 15Dec. 1Dec. 31 |
Nov. 1Nov. 15Dec. 1Dec. 31 |
||
|
Nov. 1Nov. 15Dec. 1Dec. 31 |
Nov. 1Nov. 15Dec. 1Dec. 31 |
||
|
Bal. |
Bal. |
||
|
Used office supplies of $1,740. The Office Supplies unadjusted balance on December 31 is $11,000. |
|
|
Adjustment Type: AccrualDeferrals/Prepaids |
|
|
Supplies Expense |
|||
|
Nov. 1Nov. 15Dec. 1Dec. 31 |
Nov. 1Nov. 15Dec. 1Dec. 31 |
||
|
Nov. 1Nov. 15Dec. 1Dec. 31 |
Nov. 1Nov. 15Dec. 1Dec. 31 |
||
|
Bal. |
Bal. |
||
|
Office Supplies |
|||
|
Nov. 1Nov. 15Dec. 1Dec. 31 |
Nov. 1Nov. 15Dec. 1Dec. 31 |
||
|
Nov. 1Nov. 15Dec. 1Dec. 31 |
Nov. 1Nov. 15Dec. 1Dec. 31 |
||
|
Bal. |
Bal. |
||
A T is drawn. The vertical line divides the account into its left and right sides. The left side of the T-account is called the debit side and the right side is called the credit side. The account name is at the top, above the horizontal line.
Journalize the adjusting entry needed at December 31 for each situation. Use the Chart of Accounts to review account names!
|
A two year insurance policy for $2,640 was purchased on November 1 of the current year. Record the transaction for the year ended December 31. |
|||
|
Date |
Accounts and Explanation |
Debit |
Credit |
|
Nov. 1Nov. 30Dec. 1Dec. 31Jan. 1 |
|||
|
The unadjusted balance of Office Supplies at Dec. 31 is $5,300 and at year end the office supplies on hand totaled $1,700. |
|||
|
Date |
Accounts and Explanation |
Debit |
Credit |
|
Nov. 1Nov. 30Dec. 1Dec. 31Jan. 1 |
|||
|
Depreciation for the current year includes Equipment, $2,900. |
|||
|
Date |
Accounts and Explanation |
Debit |
Credit |
|
Nov. 1Nov. 30Dec. 1Dec. 31Jan. 1 |
|||
Homework Answers
Add Answer to:
Fill in the t-accounts for each situation and label each
transaction as Deferrals/Prepaid or Accrual. Calculate...
Fill in the t-accounts for each situation and label each transaction as Deferrals/Prepaid or Accrual. Calculate...
Fill in the t-accounts for each situation and label each transaction as Deferrals/Prepaid or Accrual. Calculate the adjusted balance and use a Bal. post reference to show the ending balance of each account. Depreciation for the current year includes Equipment, $3,700. The Accumulated Depreciation - Equipment unadjusted balance as of December 31 is $7,000. Adjustment Type: Depreciation Expense - Equipment Accumulated Depreciation - Equipment Used office supplies of $290. The Office Supplies unadjusted balance on December 31 is $9,800. Adjustment...
Fill in the t-accounts for each situation and label each transaction as Deferrals/Prepaid or Accrual. Calculate...
Fill in the t-accounts for each situation and label each transaction as Deferrals/Prepaid or Accrual. Calculate the adjusted balance and use a Bal. post reference to show the ending balance of each account. Employees earned $2,900 in salaries that will be paid next month. The Salaries Expense unadjusted balance as of December 31 is $5,700. Adjustment Type: Salaries Expense Salaries Payable November 1 of the current year, Record the transaction for the year ended December 31 Adjustment Type: Insurance Expense...
Create t-accounts for each situation and label each transaction as Deferrals/Prepaid or Accrual. Calculate the adjusted...
Create t-accounts for each situation and label each transaction as Deferrals/Prepaid or Accrual. Calculate the adjusted balance and use a Bal. post reference to show the ending balance of each account. 1.Completed services that were paid for six months earlier, $4,270. The Service Revenue unadjusted balance as of December 31 is $8,300. The Unearned Revenue balance as of December 31 is $8,500. 2. Used prepaid insurance of $3,140. The Prepaid Insurance unadjusted balance as of December 31 is $10,800. 3....
Activity 4.a - Using T-accounts to Analyze Adjustments Fill in the t-accounts for each situation and...
Activity 4.a - Using T-accounts to Analyze Adjustments
Fill in the t-accounts for each situation and label each
transaction as Deferrals/Prepaid, Accrual, or Depreciation. Use
Unadj. Bal. as the label for the opening balance of each account.
Calculate the adjusted balance and use a Bal. posting reference to
show the ending balance of each account. Enter each transaction on
the first available line in the T-Account.
Fill in the t-accounts for each situation and label each transaction as Deferrals/Prepaid, Accrual,...
Read each scenario, decide whether the company is using Cash basis or Accrual basis, and then...
Read each scenario, decide whether the company is using Cash basis or Accrual basis, and then enter your answer to the question. The Johnny Flowers Law Firm prepays for advertising in the local newspaper. On January 1, the law firm paid $3,480 for six months of advertising. Johnny Flowers Law Firm recorded $3,480 in the Prepaid Advertising account. If Johnny Flowers Law Firm had recorded their expenses using the other method, how much advertising expense would they have recorded for...
Helpppp......I think I am doing this so wrong. Fill in the t-accounts for each situation and...
Helpppp......I think I am doing this so wrong.
Fill in the t-accounts for each situation and label each transaction as Deferrals/Prepaid or Accrual. Calculate the adjusted balance and use a Bal. post reference to show the ending balance of each account. Employees earned $2,900 in salaries that wll be paid next month. The Salaries Expense unadjusted balance as of December 31 is $5,700 Adjustment Type Accrual Salaries Expense Salaries Payable Dec. 31 2,900 8600 Dec. 31 Dec. 31 2,900 2,900...
Read each scenario, decide whether the company is using Cash basis or Accrual basis, and then...
Read each scenario, decide whether the company is using Cash basis or Accrual basis, and then enter your answer to the question. The Johnny Flowers Law Firm prepays for advertising in the local newspaper. On January 1, the law firm paid $880 for six months of advertising. Johnny Flowers Law Firm recorded $880 in the Prepaid Advertising account. If Johnny Flowers Law Firm had recorded their expenses using the other method, how much advertising expense would they have recorded for...
On April 1, a business collected $3,600 rent in advance, debiting Cash and crediting Unearned Revenue....
On April 1, a business collected $3,600 rent in advance, debiting Cash and crediting Unearned Revenue. The tenant was paying one year's rent in advance. At December 31, the business must account for the amount of rent it has earned. a.On April 1, a business collected $3,600 rent in advance, debiting Cash and crediting Unearned Revenue. The tenant was paying one year's rent in advance. On December 31, the business must account for the amount of rent it has earned....
The accounting records of Mackay Architects include the following selected, unadjusted balances at March 31 Accounts...
The accounting records of Mackay Architects include the following selected, unadjusted balances at March 31 Accounts Receivable $1,000 Office Supplies 51.100 Prepaid Rent, 2.100Equipment. 59.500 Accumulated Depreciation Equipment, 50 Salaries Payable 50 Unearned Revenue $1.000. Service Revenue 54.200 Salaries Expense 51200, Supplies Expense 50 Rent Expense. 50. Depreciation Expense-Equipment. 50 (Assume al balances are normal balances) The data developed for the March 31 adjusting entries are as follows Click the icon to view the data) Read the requirements Requirement 1....
Please help me solve this. i Data Table - X The unadjusted trial balance of Watson...
Please help me solve this.
i Data Table - X The unadjusted trial balance of Watson Anvils at December 31, 2018, and the data for the adjustments follow. (Click the icon to view the unadjusted trial balance.) (Click the icon to v Read the requirements Credit Credit Account Title Cash Debit 15,790 $ Debit 15970 12500 2000 * More Info Accounts Receivable Prepaid Rent Office Supplies Equipment Accumulated Depreciation Equipment Accounts Payable Salaries Payable 12,500 2,210 2,900 26,000 1200 26000...
Fill in the t-accounts for each situation and label each transaction as Deferrals/Prepaid or Accrual. Calculate the adjusted balance and use a Bal. post reference to show the ending balance of each account. Depreciation for the current year includes Equipment, $3,700. The Accumulated Depreciation - Equipment unadjusted balance as of December 31 is $7,000. Adjustment Type: Depreciation Expense - Equipment Accumulated Depreciation - Equipment Used office supplies of $290. The Office Supplies unadjusted balance on December 31 is $9,800. Adjustment...
Fill in the t-accounts for each situation and label each transaction as Deferrals/Prepaid or Accrual. Calculate the adjusted balance and use a Bal. post reference to show the ending balance of each account. Employees earned $2,900 in salaries that will be paid next month. The Salaries Expense unadjusted balance as of December 31 is $5,700. Adjustment Type: Salaries Expense Salaries Payable November 1 of the current year, Record the transaction for the year ended December 31 Adjustment Type: Insurance Expense...
Activity 4.a - Using T-accounts to Analyze Adjustments
Fill in the t-accounts for each situation and label each
transaction as Deferrals/Prepaid, Accrual, or Depreciation. Use
Unadj. Bal. as the label for the opening balance of each account.
Calculate the adjusted balance and use a Bal. posting reference to
show the ending balance of each account. Enter each transaction on
the first available line in the T-Account.
Fill in the t-accounts for each situation and label each transaction as Deferrals/Prepaid, Accrual,...
Read each scenario, decide whether the company is using Cash basis or Accrual basis, and then enter your answer to the question. The Johnny Flowers Law Firm prepays for advertising in the local newspaper. On January 1, the law firm paid $3,480 for six months of advertising. Johnny Flowers Law Firm recorded $3,480 in the Prepaid Advertising account. If Johnny Flowers Law Firm had recorded their expenses using the other method, how much advertising expense would they have recorded for...
Helpppp......I think I am doing this so wrong.
Fill in the t-accounts for each situation and label each transaction as Deferrals/Prepaid or Accrual. Calculate the adjusted balance and use a Bal. post reference to show the ending balance of each account. Employees earned $2,900 in salaries that wll be paid next month. The Salaries Expense unadjusted balance as of December 31 is $5,700 Adjustment Type Accrual Salaries Expense Salaries Payable Dec. 31 2,900 8600 Dec. 31 Dec. 31 2,900 2,900...
Read each scenario, decide whether the company is using Cash basis or Accrual basis, and then enter your answer to the question. The Johnny Flowers Law Firm prepays for advertising in the local newspaper. On January 1, the law firm paid $880 for six months of advertising. Johnny Flowers Law Firm recorded $880 in the Prepaid Advertising account. If Johnny Flowers Law Firm had recorded their expenses using the other method, how much advertising expense would they have recorded for...
The accounting records of Mackay Architects include the following selected, unadjusted balances at March 31 Accounts Receivable $1,000 Office Supplies 51.100 Prepaid Rent, 2.100Equipment. 59.500 Accumulated Depreciation Equipment, 50 Salaries Payable 50 Unearned Revenue $1.000. Service Revenue 54.200 Salaries Expense 51200, Supplies Expense 50 Rent Expense. 50. Depreciation Expense-Equipment. 50 (Assume al balances are normal balances) The data developed for the March 31 adjusting entries are as follows Click the icon to view the data) Read the requirements Requirement 1....
Please help me solve this.
i Data Table - X The unadjusted trial balance of Watson Anvils at December 31, 2018, and the data for the adjustments follow. (Click the icon to view the unadjusted trial balance.) (Click the icon to v Read the requirements Credit Credit Account Title Cash Debit 15,790 $ Debit 15970 12500 2000 * More Info Accounts Receivable Prepaid Rent Office Supplies Equipment Accumulated Depreciation Equipment Accounts Payable Salaries Payable 12,500 2,210 2,900 26,000 1200 26000...
Most questions answered within 3 hours.
-
A business executive has the option to invest money in two
plans: Plan A guarantees that...
asked 1 hour ago -
Hello, can someone please help me answer this question?
How much heat is absorbed by a...
asked 1 hour ago -
. A marketing researcher conducted a survey of 25 shoppers
randomly selected at the local mall...
asked 1 hour ago -
Create an comprehensive response to the
following:
Antimicrobial agents work on a multitude of microbes (bacteria,...
asked 1 hour ago -
6.13 LAB: Step counter. Section 6.3.
A pedometer treats walking 2,000 steps as walking 1 mile....
asked 1 hour ago -
(14.2) A block of mass m = 10 kg riding on a frictionless
horizontal plane is...
asked 1 hour ago -
Use any search engine to search for articles about Starbucks
partnership with Tata Companies in India...
asked 1 hour ago -
Let’s say that for some reason Bank Excess Reserves suddenly
increase sharply. What effect would this...
asked 1 hour ago -
Given:
Curent Assets: $600,000
Total Assets: $2,600,000
Current Liabilities: $500,000
Total Liabilities: $1,700,000
What is the...
asked 1 hour ago -
1. What is a “Bankster”? What is insider trading? Why is it
illegal?
2. What is...
asked 1 hour ago -
A transverse wave on a cord is given by
D(x,t)=0.18sin(2.7x−61.0t), where Dand x are in m...
asked 1 hour ago -
ASSIGNMENT
ANSWER ANY TWO OF THE FOLLOWING IN 2-3 PARAGRAPHS OF EACH
QUESTION.
1: Where is...
asked 1 hour ago