Prepare adjusting entries for Jolly Ltd as at 30 June for the following situations: a. The...
Prepare adjusting entries for Jolly Ltd as at 30 June for the following situations: a. The Supplies account shows a balance of $1000, but a physical count shows only $400 if supplies. b. The company purchased a 1-year insurance policy for $6000 on 1 may, debiting Prepaid Insurance. c. On 1 June the company received $12000 from another entity which is renting a small building from lasagne Ltd for 6 months. Lasagne Ltd credited Rent Revenue Received in Advance. d. Lasagne Ltd.’s accountant discovered that the company had performed services for a client totalling $9000 but has not yet invoiced the client or recorded the transaction. e. Lasagne Ltd pays employees $2500 per 5 day working week, and 30 June falls on a Wednesday. f. The company owns a van that cost $18,000 and has a useful life of 6 years (no residual value). The company purchased the van in early April this year.
Homework Answers
Add Answer to:
Prepare adjusting entries for Jolly Ltd as at 30 June for the
following situations: a. The...
Question 3: Adjusting entries (9 marks) Wombat Ltd has provided the following information at year end...
Question 3: Adjusting entries (9 marks) Wombat Ltd has provided the following information at year end 30 June 2020: 1. Service revenue received in advance now earned, $3,500 2. Three years rent, totalling $36,000, was paid in advance on 1 July 2019 3. Services totalling $1,800 had been performed but not yet invoiced at the end of the year 4. Depreciation on fittings totalled $5,400 for the year 5. There was $900 of supplies on hand, they had purchased $4,400...
Record the journal entries in order as presented in the problem. At June 30, 2018, the...
Record the journal entries in order as presented in the
problem.
At June 30, 2018, the end of its most recent fiscal year, River Consultants Ltd. 's post-closing trial balance was as follows: Debit Credit Cash Accounts receivable Supplies Accounts payable Income tax payable Unearned revenue Common shares Retained earnings $15,700 1,300 700 $300 400 1,000 3,400 12,600 $17,700 $17,700 The company underwent a major expansion in July. New staff was hired and more financing was obtained. River conducted the...
prepare adjusting entries for the month of june according to jpg 30 is as follows. Azhar...
prepare adjusting entries for the month of june according to
jpg
30 is as follows. Azhar started his own consulting firm, Azhar Consulting Company, on June 1, 2013. The trial balance at June Azhar Consulting Company Trial Balance June 30, 2013 Account Titles Debit (Tk.) Credit (TK. Cash 10,000 Accounts Receivable 6,000 Prepaid Insurance 3,000 Supplies 2,000 Office Equipment 15,000 Accounts Payable 4,500 Uneamed Service Revenue 4.000 Capital 24,600 Service Revenue 7.900 Salaries Expense 4,000 Rent Expense 1.000 41,000 41.000...
prepare an adjusted income statement $40,000 Income Statement For the Month Ended June 30 Revenues Service...
prepare an adjusted income statement
$40,000 Income Statement For the Month Ended June 30 Revenues Service Revenue Expenses Salaries and Wages Expense Advertising Expense Rent Expense Depreciation Expense Total Expenses Net Income $12.000 800 4,200 2.800 19,800 20,200 Additional Data: When the income statement was prepared, the company accountant neglected to take into consideration the following information: 1. 2 3. A utility bill for $1.200 was received on the last day of the month for electric and gas service for...
At June 30, 2018, the end of its most recent fiscal year, River Consultants Ltd.'s post-closing...
At June 30, 2018, the end of its most recent fiscal year, River Consultants Ltd.'s post-closing trial balance was as follows: Credit Cash Debit $15,900 1,100 600 Accounts receivable Supplies Accounts payable Income tax payable Unearned revenue Common shares Retained earnings $500 500 1,200 3,200 12,200 $17,600 $17,600 The company underwent a major expansion in July. New staff was hired and more financing was obtained. River conducted the following transactions during July 2018. July 3 Issued $9,700 of common shares...
Question 1 The ledger of Uniform Ltd on 30 June of the current year includes these...
Question 1 The ledger of Uniform Ltd on 30 June of the current year includes these selected accounts and corresponding account numbers before adjusting entries have been prepared. Credits 100 Debits $12,600 9,170 103,920 110 120 121 200 Prepaid insurance Supplies Equipment Accumulated depreciation-equipment Bank loan Rent revenue received in advance Rent revenue Interest expense Wage expense $28,630 74,550 34,380 244,920 210 300 400 410 51,090 An analysis of the accounts shows the following. 1. 2. 3. 4. 5. The...
Prepare the necessary adjusting entries at December 31, 2018, for the Microchip Company for each of the following situations.
Prepare the necessary adjusting entries at December 31, 2018, for the Microchip Company for each of the following situations. Assume that no financial statements were prepared during the year and no adjusting entries were recorded. 1. On October 1, 2018, Microchip lent $90,000 to another company. A note was signed with principal and 8% interest to be paid on September 30, 2019. 2. On November 1, 2018, the company paid its landlord $6,000 representing rent for the months of November through January. Prepaid...
Problem 6 30 points Prepare the adjusting journal entries needed (if any) on December 31, 2019. AJE's...
Problem 6 30 points Prepare the adjusting journal entries needed (if any) on December 31, 2019. AJE's are only prepared at year end (December 31). 15 points 1. On May 1, 2019, the company paid a one-year premium of $6,000 on an insurance policy that is effective May 31, 2019, and expires May 31, 2020. 2. The company received $18,000 on June 30, 2019, in return for which the company agreed to provide consulting services for 12 months beginning immediately. 3. Employee...
Adjusting Entries For each of the following unrelated situations, prepare the necessary adjusting entry in general...
Adjusting Entries For each of the following unrelated situations, prepare the necessary adjusting entry in general journal form: a. Unrecorded depreciation on equipment is $3,300. b. The Supplies account has a balance of $5,400. Supplies on hand at the end of the period totaled $3,400. c. On the date for preparing financial statements, an estimated utilities expense of $2,800 has been incurred, but no utility bill has been received. Use the Utilities Payable account. d. On the first day of...
a. c. E3-3B. Adjusting Entries For each of the following unrelated situations, prepare the necessary adjusting...
a. c. E3-3B. Adjusting Entries For each of the following unrelated situations, prepare the necessary adjusting entry in general journal form: Unrecorded depreciation on equipment is $1,850. b. The Supplies account has a balance of $5,000. Supplies on hand at the end of the period total $2.500. On the date for preparing financial statements, an estimated utilities expense of $550 has been incurred, but no utility bill has been received. d. On the first day of the current month, rent...
Question 3: Adjusting entries (9 marks) Wombat Ltd has provided the following information at year end 30 June 2020: 1. Service revenue received in advance now earned, $3,500 2. Three years rent, totalling $36,000, was paid in advance on 1 July 2019 3. Services totalling $1,800 had been performed but not yet invoiced at the end of the year 4. Depreciation on fittings totalled $5,400 for the year 5. There was $900 of supplies on hand, they had purchased $4,400...
Record the journal entries in order as presented in the
problem.
At June 30, 2018, the end of its most recent fiscal year, River Consultants Ltd. 's post-closing trial balance was as follows: Debit Credit Cash Accounts receivable Supplies Accounts payable Income tax payable Unearned revenue Common shares Retained earnings $15,700 1,300 700 $300 400 1,000 3,400 12,600 $17,700 $17,700 The company underwent a major expansion in July. New staff was hired and more financing was obtained. River conducted the...
prepare adjusting entries for the month of june according to
jpg
30 is as follows. Azhar started his own consulting firm, Azhar Consulting Company, on June 1, 2013. The trial balance at June Azhar Consulting Company Trial Balance June 30, 2013 Account Titles Debit (Tk.) Credit (TK. Cash 10,000 Accounts Receivable 6,000 Prepaid Insurance 3,000 Supplies 2,000 Office Equipment 15,000 Accounts Payable 4,500 Uneamed Service Revenue 4.000 Capital 24,600 Service Revenue 7.900 Salaries Expense 4,000 Rent Expense 1.000 41,000 41.000...
prepare an adjusted income statement
$40,000 Income Statement For the Month Ended June 30 Revenues Service Revenue Expenses Salaries and Wages Expense Advertising Expense Rent Expense Depreciation Expense Total Expenses Net Income $12.000 800 4,200 2.800 19,800 20,200 Additional Data: When the income statement was prepared, the company accountant neglected to take into consideration the following information: 1. 2 3. A utility bill for $1.200 was received on the last day of the month for electric and gas service for...
At June 30, 2018, the end of its most recent fiscal year, River Consultants Ltd.'s post-closing trial balance was as follows: Credit Cash Debit $15,900 1,100 600 Accounts receivable Supplies Accounts payable Income tax payable Unearned revenue Common shares Retained earnings $500 500 1,200 3,200 12,200 $17,600 $17,600 The company underwent a major expansion in July. New staff was hired and more financing was obtained. River conducted the following transactions during July 2018. July 3 Issued $9,700 of common shares...
Question 1 The ledger of Uniform Ltd on 30 June of the current year includes these selected accounts and corresponding account numbers before adjusting entries have been prepared. Credits 100 Debits $12,600 9,170 103,920 110 120 121 200 Prepaid insurance Supplies Equipment Accumulated depreciation-equipment Bank loan Rent revenue received in advance Rent revenue Interest expense Wage expense $28,630 74,550 34,380 244,920 210 300 400 410 51,090 An analysis of the accounts shows the following. 1. 2. 3. 4. 5. The...
a. c. E3-3B. Adjusting Entries For each of the following unrelated situations, prepare the necessary adjusting entry in general journal form: Unrecorded depreciation on equipment is $1,850. b. The Supplies account has a balance of $5,000. Supplies on hand at the end of the period total $2.500. On the date for preparing financial statements, an estimated utilities expense of $550 has been incurred, but no utility bill has been received. d. On the first day of the current month, rent...
Most questions answered within 3 hours.
-
Which DNA primer would have the HIGHEST melting temperature?
Question 17 options:
a)
GCATCGGC
b)
AATCGGAT...
asked 4 minutes ago -
what is the charge on the chromium ion in Cr2O3.
a -3
b -2
c 0...
asked 4 minutes ago -
which of the following may lead to speciation?
a. a group of individuals from a mainland...
asked 9 minutes ago -
Please I need today answer for This question and it is very
important and I need...
asked 28 minutes ago -
Five years from today, you plan to invest $3,700 for 7
additional years at 5.8 percent...
asked 28 minutes ago -
GDL just paid a dividend of $4.06 per share. You expect
dividends to grow 12% for...
asked 29 minutes ago -
which of the following is a basic compound?
vinegar
orange juice
seltzer
none of the above
asked 32 minutes ago -
5. Suppose you obtained 0.55 g of crude clove oil from 7.0 g of
fresh cloves....
asked 42 minutes ago -
Provide a paragraph of introduction that generally describes
cognitive development over the lifespan.
asked 47 minutes ago -
In a market, when the price increased the total expenditure on
the good also increased. Is...
asked 47 minutes ago -
If 5.70 g of potassium react with water, how many grams of
hydrogen gas, H2, are...
asked 1 hour ago -
How many moles of CO2 and H2O will be
produced by combustion analysis of 0.010 mol...
asked 59 minutes ago