1. Ashton Company began the year with a zero balance in its Supplies General Ledger account....
1. Ashton Company began the year with a zero balance in its Supplies General Ledger account. During the year, Able Company purchased $39,600 of supplies. At the end of the year,a physical count of the supplies showed $1,760 of supplies remained on hand. Make the adjusting entry to the Supplies and Supplies Expense accounts for the year. Enter the date, account and debit and credit amount. Be sure to indent the credit line.
2. July 31, 2016, the end of the quarter, is on a Wednesday. Employees get paid each Friday for the week just worked. The company has five employees who earn $100 each per day. Make the Accrued Salaries Expense journal entry for Wednesday, July 31, 2016. Enter the date, accounts, debit and credit, and be sure to indent the credit line.
3. An asset that cost $50,000 was purchased on January 1, 2016. The asset has an estimated useful life of three years and an estimated salvage value of $3,200. Use the straight line method to prepare the adjusting journal entry for depreciation at the end of the year on December 31, 2016. Enter the date, accounts, debit and credit and be sure to indent the credit line.
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1. Ashton Company began the year with a zero balance in its
Supplies General Ledger account....
On January 1, Year 1, the general ledger of a company includes the following account balances:...
On January 1, Year 1, the general ledger of a company includes
the following account balances:
Journal entry worksheet < 1 2 3 4 5 6 7 8 ... 13 Record the adjusting entry for rent. Rent for the month of January has expired. Note: Enter debits before credits. Account Title Debit Credit Date Jan 31 + Record entry Clear entry View general Journal < 1 4 LO 6 7 8 9 13 Record the adjusting entry for supplies. Supplies...
Zavier Company must make three adjusting entries on December 31, 2016. a. Supplies used, $9,100; (supplies...
Zavier Company must make three adjusting entries on December 31, 2016. a. Supplies used, $9,100; (supplies totaling $14,200 were purchased on December 1, 2016, and debited to the Supplies account). b. Expired insurance, 56,300 on December 1, 2016, the firm paid $37,800 for six months insurance coverage in advance and debited Prepaid Insurance for this amount. c. Depreciation expense for equipment, $3,900.TLES Prepare the journal entries for the above adjustments View transaction list Journal entry worksheet Prepare the adjusting entry...
A company general ledger shows a checking account balance of $22,820 on July 31, Year 1....
A company general ledger shows a checking account balance of
$22,820 on July 31, Year 1. The July cash receipts of $1,735,
included in the general ledger balance, are placed in the night
depository at the bank on July 31 and processed by the bank on
August 1. The bank statement dated July 31 shows bank service fees
of $40. The bank processes all checks written by the company by
July 31 and lists them on the bank statement, except...
Sunland Advertising Company's trial balance at December 31 shows Supplies 56,900 and Supplies Experse $0 On...
Sunland Advertising Company's trial balance at December 31 shows Supplies 56,900 and Supplies Experse $0 On December 31, there are $2,800 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 balance in each account. (Credit account titles are automatically indented when the amount is entered. Do not indent manually Credit Date Account Titles and Explanation Debit Dec. 31 Supplies Supplies Expense...
Oriole Company’s trial balance at December 31 shows Supplies $8,740 and Supplies Expense $0. On December...
Oriole Company’s trial balance at December 31 shows Supplies
$8,740 and Supplies Expense $0. On December 31, there are $2,160 of
supplies on hand.
Prepare the adjusting entry at December 31. (Credit
account titles are automatically indented when the amount is
entered. Do not indent manually. If no entry is required, select
"No Entry" for the account titles and enter 0 for the
amounts.)
Date
Account Titles and Explanation
Debit
Credit
Dec. 31
enter an account title for the journal...
Sunland Company’s trial balance at December 31 shows Supplies $8,720 and Supplies Expense $0. On ...
Sunland Company’s trial balance at December 31 shows Supplies
$8,720 and Supplies Expense $0. On December 31, there are $2,180 of
supplies on hand.
Prepare the adjusting entry at December 31. (Credit
account titles are automatically indented when the amount is
entered. Do not indent manually. If no entry is required, select
"No Entry" for the account titles and enter 0 for the
amounts.)
Date
Account Titles and Explanation
Debit
Credit
Dec. 31
enter an account title for the journal...
Kee Company accumulates the following adjustment data at December 31. Indicate (a) the balance sheet account...
Kee Company accumulates the following adjustment data at December 31. Indicate (a) the balance sheet account that requires adjustment and whether the identified balance sheet account is over-or understated before any adjustments are recorded. b] Balance sheet account Overstated or Understated (a) Balance sheet account Supplies of $100 are on hand. Kee Company started the year with $1,100 of supplies on hand. 2. Services were performed but not recorded. 3. Interest of $200 has accumulated on a note payable. Collected...
At the end of its first year, the trial balance of Nygaard Company shows Equipment $30,000...
At the end of its first year, the trial balance of Nygaard Company shows Equipment $30,000 and zero balances in Accumulated Depreciation Depreciation for the year is estimated to be $4,000. Equipment and Depreciation Expense. Prepare the annual adjusting entry for depreciation at December 31. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31 Post the adjustments to accounts Depreciation Expense Accumulated Depreciation Equipment Indicate...
Sheridan Company's general ledger showed $780 in the Supplies account on January 1, 2021. On May...
Sheridan Company's general ledger showed $780 in the Supplies account on January 1, 2021. On May 31, 2021, the company paid $3,135 for additional supplies. A count on December 31, 2021, showed $930 of supplies on hand. Prepare the journal entry to record the purchase of supplies on May 31, 2021. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the ascount titles and enter for...
1) At the end of its first year, the trial balance of Nygaard Company shows Equipment...
1) At the end of its first year, the trial balance of Nygaard
Company shows Equipment $30,200 and zero balances in Accumulated
Depreciation—Equipment and Depreciation Expense. Depreciation for
the year is estimated to be $4,700.
Prepare the adjusting entry for depreciation at December 31.
**THE RED AREA IS WHERE I NEED HELP**
2) Ritter Advertising Company’s trial balance at December 31
shows Supplies $7,500 and Supplies Expense $0. On December 31,
there are $2,900 of supplies on hand.
Prepare the...
On January 1, Year 1, the general ledger of a company includes
the following account balances:
Journal entry worksheet < 1 2 3 4 5 6 7 8 ... 13 Record the adjusting entry for rent. Rent for the month of January has expired. Note: Enter debits before credits. Account Title Debit Credit Date Jan 31 + Record entry Clear entry View general Journal < 1 4 LO 6 7 8 9 13 Record the adjusting entry for supplies. Supplies...
Zavier Company must make three adjusting entries on December 31, 2016. a. Supplies used, $9,100; (supplies totaling $14,200 were purchased on December 1, 2016, and debited to the Supplies account). b. Expired insurance, 56,300 on December 1, 2016, the firm paid $37,800 for six months insurance coverage in advance and debited Prepaid Insurance for this amount. c. Depreciation expense for equipment, $3,900.TLES Prepare the journal entries for the above adjustments View transaction list Journal entry worksheet Prepare the adjusting entry...
A company general ledger shows a checking account balance of
$22,820 on July 31, Year 1. The July cash receipts of $1,735,
included in the general ledger balance, are placed in the night
depository at the bank on July 31 and processed by the bank on
August 1. The bank statement dated July 31 shows bank service fees
of $40. The bank processes all checks written by the company by
July 31 and lists them on the bank statement, except...
Sunland Advertising Company's trial balance at December 31 shows Supplies 56,900 and Supplies Experse $0 On December 31, there are $2,800 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 balance in each account. (Credit account titles are automatically indented when the amount is entered. Do not indent manually Credit Date Account Titles and Explanation Debit Dec. 31 Supplies Supplies Expense...
Oriole Company’s trial balance at December 31 shows Supplies
$8,740 and Supplies Expense $0. On December 31, there are $2,160 of
supplies on hand.
Prepare the adjusting entry at December 31. (Credit
account titles are automatically indented when the amount is
entered. Do not indent manually. If no entry is required, select
"No Entry" for the account titles and enter 0 for the
amounts.)
Date
Account Titles and Explanation
Debit
Credit
Dec. 31
enter an account title for the journal...
Sunland Company’s trial balance at December 31 shows Supplies
$8,720 and Supplies Expense $0. On December 31, there are $2,180 of
supplies on hand.
Prepare the adjusting entry at December 31. (Credit
account titles are automatically indented when the amount is
entered. Do not indent manually. If no entry is required, select
"No Entry" for the account titles and enter 0 for the
amounts.)
Date
Account Titles and Explanation
Debit
Credit
Dec. 31
enter an account title for the journal...
Kee Company accumulates the following adjustment data at December 31. Indicate (a) the balance sheet account that requires adjustment and whether the identified balance sheet account is over-or understated before any adjustments are recorded. b] Balance sheet account Overstated or Understated (a) Balance sheet account Supplies of $100 are on hand. Kee Company started the year with $1,100 of supplies on hand. 2. Services were performed but not recorded. 3. Interest of $200 has accumulated on a note payable. Collected...
At the end of its first year, the trial balance of Nygaard Company shows Equipment $30,000 and zero balances in Accumulated Depreciation Depreciation for the year is estimated to be $4,000. Equipment and Depreciation Expense. Prepare the annual adjusting entry for depreciation at December 31. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31 Post the adjustments to accounts Depreciation Expense Accumulated Depreciation Equipment Indicate...
Sheridan Company's general ledger showed $780 in the Supplies account on January 1, 2021. On May 31, 2021, the company paid $3,135 for additional supplies. A count on December 31, 2021, showed $930 of supplies on hand. Prepare the journal entry to record the purchase of supplies on May 31, 2021. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the ascount titles and enter for...
1) At the end of its first year, the trial balance of Nygaard
Company shows Equipment $30,200 and zero balances in Accumulated
Depreciation—Equipment and Depreciation Expense. Depreciation for
the year is estimated to be $4,700.
Prepare the adjusting entry for depreciation at December 31.
**THE RED AREA IS WHERE I NEED HELP**
2) Ritter Advertising Company’s trial balance at December 31
shows Supplies $7,500 and Supplies Expense $0. On December 31,
there are $2,900 of supplies on hand.
Prepare the...
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