Prepare these reversing entries on May 1, 2017 1- Service revenue of $620 was earned but not recorded or collected. 2- Interest of $555 on a note payable had accrued. 3- Property taxes for the calenda...
Prepare these reversing entries on May 1, 2017
1- Service revenue of $620 was earned but not recorded or collected.
2- Interest of $555 on a note payable had accrued.
3- Property taxes for the calendar year are payable every year on June 30. The company estimated property taxes for 2017 to be $3,996.
I want the reversing entries for those and are they debt or credit. Thank you!
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Prepare these reversing entries on May 1, 2017 1- Service revenue of $620 was earned but not recorded or collected. 2- Interest of $555 on a note payable had accrued. 3- Property taxes for the calenda...
*E4.20 (LO 6) AP Rosborough Company provides property management services to a variety of companies. At...
*E4.20 (LO 6) AP Rosborough Company provides property management services to a variety of companies. At its fiscal year end on April 30, 2021, adjustments were required for the following items: Prepare adjusting and reversing entries. 1. Services of $600 were provided but not recorded or collected. 2. Of the balance in the Unearned Revenue account, $250 of services have been provided. 3. Depreciation expense for the year ended April 30, 2021, was $4,850. 4. Interest of $545 on a...
ig entries E4.20 (LO 6) AP Rosborough Company provides property management services to a variety of...
ig entries E4.20 (LO 6) AP Rosborough Company provides property management services to a variety of companies At its fiscal year end on April 30, 2021, adjustments were required for the following items: 1. Services of $600 were provided but not recorded or collected. 2. Of the balance in the Unearned Revenue account, $250 of services have been provided. 3. Depreciation expense for the year ended April 30, 2021, was $4,850. 4. Interest of $545 on a note payable had...
*E4.20 (LO 6)AP Rosborough Company provides property management services to a variety of companies. At its...
*E4.20 (LO 6)AP Rosborough Company provides property management services to a variety of companies. At its fiscal year end on April 30, 2021, adjustments were required for the following items: Prepare adjusting and reversing entries 1. Services of $600 were provided but not recorded or collected. 2. Of the balance in the Unearned Revenue account, $250 of services have been provided. 3. Depreciation expense for the year ended April 30, 2021, was $4,850 4. Interest of $545 on a note...
Brief Exercise 235 1. Unrecorded interest accrued on savings bonds is $200. 2. Property taxes incurred...
Brief Exercise 235 1. Unrecorded interest accrued on savings bonds is $200. 2. Property taxes incurred but not paid or recorded amount to $900. 3. Salaries incurred by year end but not yet paid or recorded amounted to $600. Prepare adjustments entries for the above transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Interest Receivable Interest Revenue Property Tax Expense Property Taxes Payable Salaries and Wages Expense Salaries and Wages Payable Question...
Adjusting Entries for Prepaid and Accrued Taxes A-Z Construction Company was organized on May 1 of...
Adjusting Entries for Prepaid and Accrued Taxes A-Z Construction Company was organized on May 1 of the current year. On May 2, A-Z Construction prepaid $5,760 to the city for taxes (license fees) for the next 12 months and debited the prepaid taxes account. A-Z Construction is also required to pay in January an annual tax (on property) for the previous calendar year. The estimated amount of the property tax for the current year (May 1 to December 31) is...
Prepare the following adjusting entries at August 31 for Walgreens (a) Interest on notes payable of...
Prepare the following adjusting entries at August 31 for Walgreens (a) Interest on notes payable of $ 309 is accrued b) Services performed but unbilled total $ 1,264 (c) Salaries and wages earned by employees of $ 715 have not been recorded (d) Bad debt expense for year is $ 986 Use the following account titles: Receivable, I Wages Payable, Allowance for Doubtful Accounts, and Bad Debt Expense.(Credit account titles are automatically inde Service Revenue,Accounts Receivable, Interest Expense, Interest Payable,...
1. Prepare adjusting entries for the following transactions. (Credit account titles are automatically indented when Unrecorded...
1. Prepare adjusting entries for the following transactions. (Credit account titles are automatically indented when Unrecorded interest accrued on savings bonds is $488. Property taxes incurred but not paid or recorded amount to $976. 3. Unearned service revenue of $4,880 was collected in advance. By year end $854 was still unearned. Prepaid insurance had a $915 debit balance prior to adjustment. By year end, 60 percent was still unexpired. 5. Salaries incurred by year end but not yet paid or...
Journal entries, financial statements, and closing entries for a Debt Service Fund The following are a...
Journal entries, financial statements, and closing entries for a Debt Service Fund The following are a trial balance and several transactions that relate to Lewisville's Concert Hall Bond Fund: LEWISVILLE Debt Service Fund Concert Hall Bond Fund Trial Balance July 1, 2018 Debits Credits Cash $60,000 Investments 40.000 Restricted fund balance $100,000 $100,000 $100,000 The following transactions took place between July 1, 2018 and June 30, 2019: 1. The city council of Lewisville adopted the budget for the Concert Hall...
Brief Exercise 3-09 Prepare the following adjusting entries at August 31 for Walgreens. (a) Interest on...
Brief Exercise 3-09 Prepare the following adjusting entries at August 31 for Walgreens. (a) Interest on notes payable of $312 is accrued. (b) Services performed but unbilled total $1,299. (c) Salaries and wages earned by employees of $708 have not been recorded. (d) Bad debt expense for year is $815 Use the following account titles: Service Revenue, Accounts Receivable, Interest Expense, Interest Payable, Salaries and Wages Expense, Salaries and Wages Payable, Allowance for Doubtful Accounts, and Bad Debt Expense. (Credit...
PB4-2 Recording Adjusting Journal Entries (LO 4-1, LO 4-2] [The following information applies to the questions...
PB4-2 Recording Adjusting Journal Entries (LO 4-1, LO 4-2] [The following information applies to the questions displayed below.) Cactus Company's annual accounting year ends on June 30. Assume it is June 30, and all of the entries except the following adjusting journal entries have been made: a. The company earned service revenue of $2,200 on a special job that was completed June 29. Collection will be made during July, no entry has been recorded. b. On March 31, Cactus paid...
*E4.20 (LO 6) AP Rosborough Company provides property management services to a variety of companies. At its fiscal year end on April 30, 2021, adjustments were required for the following items: Prepare adjusting and reversing entries. 1. Services of $600 were provided but not recorded or collected. 2. Of the balance in the Unearned Revenue account, $250 of services have been provided. 3. Depreciation expense for the year ended April 30, 2021, was $4,850. 4. Interest of $545 on a...
ig entries E4.20 (LO 6) AP Rosborough Company provides property management services to a variety of companies At its fiscal year end on April 30, 2021, adjustments were required for the following items: 1. Services of $600 were provided but not recorded or collected. 2. Of the balance in the Unearned Revenue account, $250 of services have been provided. 3. Depreciation expense for the year ended April 30, 2021, was $4,850. 4. Interest of $545 on a note payable had...
*E4.20 (LO 6)AP Rosborough Company provides property management services to a variety of companies. At its fiscal year end on April 30, 2021, adjustments were required for the following items: Prepare adjusting and reversing entries 1. Services of $600 were provided but not recorded or collected. 2. Of the balance in the Unearned Revenue account, $250 of services have been provided. 3. Depreciation expense for the year ended April 30, 2021, was $4,850 4. Interest of $545 on a note...
Brief Exercise 235 1. Unrecorded interest accrued on savings bonds is $200. 2. Property taxes incurred but not paid or recorded amount to $900. 3. Salaries incurred by year end but not yet paid or recorded amounted to $600. Prepare adjustments entries for the above transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Interest Receivable Interest Revenue Property Tax Expense Property Taxes Payable Salaries and Wages Expense Salaries and Wages Payable Question...
Adjusting Entries for Prepaid and Accrued Taxes A-Z Construction Company was organized on May 1 of the current year. On May 2, A-Z Construction prepaid $5,760 to the city for taxes (license fees) for the next 12 months and debited the prepaid taxes account. A-Z Construction is also required to pay in January an annual tax (on property) for the previous calendar year. The estimated amount of the property tax for the current year (May 1 to December 31) is...
Prepare the following adjusting entries at August 31 for Walgreens (a) Interest on notes payable of $ 309 is accrued b) Services performed but unbilled total $ 1,264 (c) Salaries and wages earned by employees of $ 715 have not been recorded (d) Bad debt expense for year is $ 986 Use the following account titles: Receivable, I Wages Payable, Allowance for Doubtful Accounts, and Bad Debt Expense.(Credit account titles are automatically inde Service Revenue,Accounts Receivable, Interest Expense, Interest Payable,...
1. Prepare adjusting entries for the following transactions. (Credit account titles are automatically indented when Unrecorded interest accrued on savings bonds is $488. Property taxes incurred but not paid or recorded amount to $976. 3. Unearned service revenue of $4,880 was collected in advance. By year end $854 was still unearned. Prepaid insurance had a $915 debit balance prior to adjustment. By year end, 60 percent was still unexpired. 5. Salaries incurred by year end but not yet paid or...
Journal entries, financial statements, and closing entries for a Debt Service Fund The following are a trial balance and several transactions that relate to Lewisville's Concert Hall Bond Fund: LEWISVILLE Debt Service Fund Concert Hall Bond Fund Trial Balance July 1, 2018 Debits Credits Cash $60,000 Investments 40.000 Restricted fund balance $100,000 $100,000 $100,000 The following transactions took place between July 1, 2018 and June 30, 2019: 1. The city council of Lewisville adopted the budget for the Concert Hall...
Brief Exercise 3-09 Prepare the following adjusting entries at August 31 for Walgreens. (a) Interest on notes payable of $312 is accrued. (b) Services performed but unbilled total $1,299. (c) Salaries and wages earned by employees of $708 have not been recorded. (d) Bad debt expense for year is $815 Use the following account titles: Service Revenue, Accounts Receivable, Interest Expense, Interest Payable, Salaries and Wages Expense, Salaries and Wages Payable, Allowance for Doubtful Accounts, and Bad Debt Expense. (Credit...
PB4-2 Recording Adjusting Journal Entries (LO 4-1, LO 4-2] [The following information applies to the questions displayed below.) Cactus Company's annual accounting year ends on June 30. Assume it is June 30, and all of the entries except the following adjusting journal entries have been made: a. The company earned service revenue of $2,200 on a special job that was completed June 29. Collection will be made during July, no entry has been recorded. b. On March 31, Cactus paid...
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