Homework Answers
| JOURNAL ENTRIES | ||||
| PARTICULARS | DEBIT | CREDIT | EFFECT ON NET INCOME | |
| INSURANCE | $ 300 | OVERSTATED | ||
| PREPAID INSURANCE | $ 300 | |||
| INSURANCE FOR 1 MONTH ADJUSTED | ||||
| RENT | $ 100 | OVERSTATED | ||
| PREPAID RENT | $ 100 | |||
| RENT FOR 1 MONTH ADJUSTED | ||||
| DEPRECIATION | $ 500 | OVERSTATED | ||
| ACCUMULATED DEPRECIATION - EQUIPMENT | $ 500 | |||
| DEPRECIATION ON EQUIPMENT CHARGED | ||||
| INTEREST EXPENSE | $ 75 | OVERSTATED | ||
| 10% NOTE PAYABLE | $ 75 | |||
| INTEREST EXPENSE ACCRUED ON NOTE PAYABLE | ||||
| UNEARNED REVENUE | $ 2,000 | UNDERSTATED | ||
| SERVICE REVENUE | $ 2,000 | |||
| UNEARNED REVENUE CHARGED TO REVENUE ACCOUNT | ||||
| SALARIES | $ 1,800 | OVERSTATED | ||
| ACCRUED SALARIES | $ 1,800 | |||
| SALARIES ACCRUED AT YEAR END | ||||
| ACCOUNTS RECEIVABLE | $ 1,600 | UNDERSTATED | ||
| SERVICE REVENUE | $ 1,600 | |||
| REVENUE RECORDED | ||||
SHOW FORMULA FOR AMOUNTS:
| JOURNAL ENTRIES | ||||
| PARTICULARS | DEBIT | CREDIT | EFFECT ON NET INCOME | |
| INSURANCE | =3600/12 | OVERSTATED | ||
| PREPAID INSURANCE | =C4 | |||
| INSURANCE FOR 1 MONTH ADJUSTED | ||||
| RENT | 100 | OVERSTATED | ||
| PREPAID RENT | =C8 | |||
| RENT FOR 1 MONTH ADJUSTED | ||||
| DEPRECIATION | 500 | OVERSTATED | ||
| ACCUMULATED DEPRECIATION - EQUIPMENT | =C12 | |||
| DEPRECIATION ON EQUIPMENT CHARGED | ||||
| INTEREST EXPENSE | =9000*10%*1/12 | OVERSTATED | ||
| 10% NOTE PAYABLE | =C16 | |||
| INTEREST EXPENSE ACCRUED ON NOTE PAYABLE | ||||
| UNEARNED REVENUE | 2000 | UNDERSTATED | ||
| SERVICE REVENUE | =C20 | |||
| UNEARNED REVENUE CHARGED TO REVENUE ACCOUNT | ||||
| SALARIES | 1800 | OVERSTATED | ||
| ACCRUED SALARIES | =C24 | |||
| SALARIES ACCRUED AT YEAR END | ||||
| ACCOUNTS RECEIVABLE | 1600 | UNDERSTATED | ||
| SERVICE REVENUE | =C28 | |||
| REVENUE RECORDED |
| ADJUSTED TRIAL BALANCE | ||
| PARTICULARS | DEBIT | CREDIT |
| Cash | $ 7,600 | |
| Accounts Receivable | $ 8,800 | |
| SUPPLIES | $ 4,700 | |
| PREPAID INSURANCE | $ 3,300 | |
| INSURANCE | $ 300 | |
| PREPAID RENT | $ 2,300 | |
| RENT | $ 100 | |
| EQUIPMENT | $ 24,000 | |
| DEPRECIATION | $ 500 | |
| Accumulated Depreciation | $ 7,000 | |
| Accounts Payable | $ 4,400 | |
| Notes Payable | $ 9,075 | |
| INTEREST EXPENSE | $ 75 | |
| UNEARNED REVENUE | $ 1,600 | |
| Accrued Payable | $ 1,800 | |
| SHARE CAPITAL | $ 20,000 | |
| Retained Earnings | $ - | |
| SERVICE Revenue | $ 17,600 | |
| UTILITIES EXPENSE | $ 300 | |
| DIVIDENDS | $ 2,500 | |
| SALARIES EXPENSE | $ 7,000 | |
| TOTAL | $ 61,475 | $ 61,475 |
| INSURANCE | |||
| PARTICULARS | AMOUNT | PARTICULARS | AMOUNT |
| PREPAID INSURANCE | $ 300 | ||
| PREPAID INSURANCE | |||
| PARTICULARS | AMOUNT | PARTICULARS | AMOUNT |
| OPENING BALANCE | $ 3,600 | INSURANCE | $ 300 |
| PREPAID RENT | |||
| PARTICULARS | AMOUNT | PARTICULARS | AMOUNT |
| OPENING BALANCE | $ 2,400 | RENT | $ 100 |
| INSURANCE | |||
| PARTICULARS | AMOUNT | PARTICULARS | AMOUNT |
| PREPAID RENT | $ 100 | ||
| DEPRECIATION | |||
| PARTICULARS | AMOUNT | PARTICULARS | AMOUNT |
| ACCUMULATED DEPRECIATION -EQUIPMENT | $ 500 | ||
| ACCUMULATED DEPRECIATION -EQUIPMENT | |||
| PARTICULARS | AMOUNT | PARTICULARS | AMOUNT |
| OPENING BALANCE | $ 6,500 | ||
| DEPRECIATION | $ 500 | ||
| INTEREST EXPENSE | |||
| PARTICULARS | AMOUNT | PARTICULARS | AMOUNT |
| 10% NOTE PAYABLE | $ 75 | ||
| 10% NOTE PAYABLE | |||
| PARTICULARS | AMOUNT | PARTICULARS | AMOUNT |
| OPENING BALANCE | $ 9,000 | ||
| INTEREST EXPENSE | $ 75 | ||
| UNEARNED REVENUE | |||
| PARTICULARS | AMOUNT | PARTICULARS | AMOUNT |
| SERVICE REVENUE | $ 2,000 | OPENING BALANCE | $ 3,600 |
| SERVICE REVENUE | |||
| PARTICULARS | AMOUNT | PARTICULARS | AMOUNT |
| OPENING BALANCE | $ 14,000 | ||
| UNEARNED REVENUE | $ 2,000 | ||
| ACCOUNTS RECEIVABLE | $ 1,600 | ||
| SALARIES | |||
| PARTICULARS | AMOUNT | PARTICULARS | AMOUNT |
| ACCRUED SALARIES | $ 1,800 | ||
| ACCRUED SALARIES | |||
| PARTICULARS | AMOUNT | PARTICULARS | AMOUNT |
| SALARIES | $ 1,800 | ||
| ACCOUNTS RECEIVABLE | |||
| PARTICULARS | AMOUNT | PARTICULARS | AMOUNT |
| OPENING BALANCE | $ 7,200 | ||
| SERVICE REVENUE | $ 1,600 | ||
Add Answer to:
David Advertising Trial Balance December 31, 2014 cr. Account Title Cash Accounts Receivable Dr. $7,600 7,200 Sup...
The trial balance for Pioneer Advertising is shown below. Pioneer Advertising Trial Balance October 31, 2017...
The trial balance for Pioneer Advertising is shown below. Pioneer Advertising Trial Balance October 31, 2017 Debit Credit Cash $ 15,200 2,500 600 5,000 $5,000 2,500 Supplies Prepaid Insurance Equipment Notes Payable Accounts Payable Unearned Service Revenue Owner's Capital Owner's Drawings Service Revenue Salaries and Wages Expense Rent Expense 1,200 10,000 500 10,000 4,000 900 $28,700 $28,700 You are provided with the following adjustment data. 1. Supplies on hand at October 31 total $500. 2. Expired insurance for the month...
Unadjusted Adjusted Account Title Trial Balance Adjustments Trial Balance DR CR DR CR DR CR Cash...
Unadjusted
Adjusted
Account Title
Trial Balance
Adjustments
Trial Balance
DR
CR
DR
CR
DR
CR
Cash
67,000
-
Accounts Receivable
530,000
-
Allowance for Doubtful Accounts
8,800
Interest Receivable
-
Merchandise Inventory
242,500
-
Prepaid Insurance
9,000
-
Prepaid Rent
-
Store Supplies
-
-
Office Supplies
4,780
-
Note Receivable
2,500
Store Equipment
110,000
-
Accumulated Depreciation - Store Equipment
-
36,000
Office Equipment
56,000
-
Accumulated Depreciation - Office Equipment
-
-
Accounts Payable
-
48,000
Salaries Payable...
OKENDO CONSULTING Trial Balance May 31, 2014 Debit Credit Cash Accounts Receivable Supplies Prepaid Insurance Equipment...
OKENDO CONSULTING Trial Balance May 31, 2014 Debit Credit Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accounts Payable Unearned Service Revenue Common Stock Service Revenue Salaries and Wages Expense Rent Expense $ 7,500 3,000 2,500 3,600 12,000 $ 3,500 4,000 19,100 7,500 4,000 1,500 $34,100 $34,100 tion to those accounts listed on the trial balance, the chart of accounts for Okendo lting also contains the following accounts: Accumulated Depreciation-Equipment, Salaries and Wages Payable, Depreciation Expense, Insurance Expense, Utilities Expense, and...
Exercise 3-09 The trial balance for Pioneer Advertising is shown below. Sunland Advertising Trial Balance October...
Exercise 3-09 The trial balance for Pioneer Advertising is shown below. Sunland Advertising Trial Balance October 31, 2017 Credit Debit $16,000 2,400 800 4,300 Cash Supplies Prepaid Insurance Equipment Notes Payable Accounts Payable Unearned Service Revenue Owner's Capital Owner's Drawings Service Revenue Salaries and Wages Expense Rent Expense $4,800 2,400 1,000 9,700 600 11,000 4,000 800 $28,900 $28,900 Assume the following adjustment data. 1. 2. Supplies on hand at October 31 total $600. Expired insurance for the month is $100....
Len David started his own consulting firm, David Consulting, on June 1, 2022. The trial balance...
Len David started his own consulting firm, David Consulting, on June 1, 2022. The trial balance at June 30 is as follows. DAVID CONSULTING Trial Balance June 30, 2022 Debit Credit Cash $ 6,850 Accounts Receivable 7,000 Supplies 1,992 Prepaid Insurance 3,120 Equipment 15,000 Accounts Payable $ 4,270 Unearned Service Revenue 5,200 Common Stock 21,992 Service Revenue 8,300 Salaries and Wages Expense 4,000 Rent Expense 1,800 $39,762 $39,762 In addition to those accounts listed on the trial balance, the chart...
Happy Corporation Partial Trial Balance December 31, 2020 Cash Account Receivable Supplies Prepaid Insurance Equipment Accumulated...
Happy Corporation Partial Trial Balance December 31, 2020 Cash Account Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation Account Payable Notes Payable Unearned Service Revenue Salaries and Wages Payable Common Stock Retained Earnings Service Revenue Salaries and Wages Expense Insurance Expense Interest Expense Depreciation Expense Supplies Expense Rent Expense $11,350 21,500 5,000 2,500 60,000 35,000 5,000 5,150 5,600 1,300 10,000 3,500 61,500 11,300 150 2,000 7,000 3,400 4,000 Make closing entries for Happy Corporation as of December 31,2020 Name Problem III...
A partial trial balance of Pina Corporation is as follows on December 31, 2018. Dr. Cr....
A partial trial balance of Pina Corporation is as follows on
December 31, 2018.
Dr.
Cr.
Supplies
$2,900
Salaries and wages payable
$1,500
Interest Receivable
5,100
Prepaid Insurance
95,700
Unearned Rent
0
Interest Payable
15,400
Additional adjusting data:
1.
A physical count of supplies on hand on December 31, 2018,
totaled $1,200.
2.
Through oversight, the Salaries and Wages Payable account was
not changed during 2018. Accrued salaries and wages on December 31,
2018, amounted to $4,400.
3.
The Interest...
Trial Balance April 30, 2016 Account Debit Credit $27,500 40,400 3,000 1,400 68,800 Cash Accounts receivable...
Trial Balance April 30, 2016 Account Debit Credit $27,500 40,400 3,000 1,400 68,800 Cash Accounts receivable Prepaid insurance Supplies Equipment Accumulated depreciation, equipment Accounts paya Salaries payable Unearned service revenue Common stock Retained earnings Dividends Service revenue Salaries expense Insurance expense Depreciation expense, equipment Utilities expense Supplies expense Total $34,100 ble 3,100 2,700 50,000 50,600 9,500 13,900 3,800 $ 154,400 $ 154,400 More Info a. Insurance coverage stlremaining at April 30, $300 b. Supplies used during the month, $250 c....
WILDHORSE CO. Trial Balance August 31, 2022 Cr. Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated...
WILDHORSE CO. Trial Balance August 31, 2022 Cr. Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Accounts Payable Salaries and Wages Payable Unearned Rent Revenue Common Stock Retained Earnings Dividends Service Revenue Rent Revenue Salaries and Wages Expense Supplies Expense Rent Expense Insurance Expense Depreciation Expense Before Adjustment Dr. Cr. $10,000 8,720 2,850 4,370 15,160 $3,411 5,190 0 1,840 16,110 5,130 2,760 33,930 12,430 16,940 0 17,241 0 0 $78,041 $78,041 After Adjustment Dr. $10,000 9,400 1,230 3,120 15,160...
Module 3 Checkpoint Problem Name The trial balance of Rocket J. Squirrel Co. on December 31,...
Module 3 Checkpoint Problem Name The trial balance of Rocket J. Squirrel Co. on December 31, 2020 appeared as follows: Rocket J. Squirrel Co. Trial Balance As of December 31 DR CR Cash 1,970 Accounts Receivable 250 Supplies 1,880 Prepaid Insurance 3,600 Equipment 4,400 Accumulated Depr. -Equip. 600 Accounts Payable 340 Notes Payable 500 Unearned Revenue 1,200 Common Stock 2.500 Retained Earnings 2,420 Dividends Declared 300 Service Revenue 14,200 Advertising Expense 1,600 Salaries Expense 4,440 Rent Expense 1,900 Utilities Expense...
The trial balance for Pioneer Advertising is shown below. Pioneer Advertising Trial Balance October 31, 2017 Debit Credit Cash $ 15,200 2,500 600 5,000 $5,000 2,500 Supplies Prepaid Insurance Equipment Notes Payable Accounts Payable Unearned Service Revenue Owner's Capital Owner's Drawings Service Revenue Salaries and Wages Expense Rent Expense 1,200 10,000 500 10,000 4,000 900 $28,700 $28,700 You are provided with the following adjustment data. 1. Supplies on hand at October 31 total $500. 2. Expired insurance for the month...
Unadjusted
Adjusted
Account Title
Trial Balance
Adjustments
Trial Balance
DR
CR
DR
CR
DR
CR
Cash
67,000
-
Accounts Receivable
530,000
-
Allowance for Doubtful Accounts
8,800
Interest Receivable
-
Merchandise Inventory
242,500
-
Prepaid Insurance
9,000
-
Prepaid Rent
-
Store Supplies
-
-
Office Supplies
4,780
-
Note Receivable
2,500
Store Equipment
110,000
-
Accumulated Depreciation - Store Equipment
-
36,000
Office Equipment
56,000
-
Accumulated Depreciation - Office Equipment
-
-
Accounts Payable
-
48,000
Salaries Payable...
OKENDO CONSULTING Trial Balance May 31, 2014 Debit Credit Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accounts Payable Unearned Service Revenue Common Stock Service Revenue Salaries and Wages Expense Rent Expense $ 7,500 3,000 2,500 3,600 12,000 $ 3,500 4,000 19,100 7,500 4,000 1,500 $34,100 $34,100 tion to those accounts listed on the trial balance, the chart of accounts for Okendo lting also contains the following accounts: Accumulated Depreciation-Equipment, Salaries and Wages Payable, Depreciation Expense, Insurance Expense, Utilities Expense, and...
Exercise 3-09 The trial balance for Pioneer Advertising is shown below. Sunland Advertising Trial Balance October 31, 2017 Credit Debit $16,000 2,400 800 4,300 Cash Supplies Prepaid Insurance Equipment Notes Payable Accounts Payable Unearned Service Revenue Owner's Capital Owner's Drawings Service Revenue Salaries and Wages Expense Rent Expense $4,800 2,400 1,000 9,700 600 11,000 4,000 800 $28,900 $28,900 Assume the following adjustment data. 1. 2. Supplies on hand at October 31 total $600. Expired insurance for the month is $100....
Len David started his own consulting firm, David Consulting, on June 1, 2022. The trial balance at June 30 is as follows. DAVID CONSULTING Trial Balance June 30, 2022 Debit Credit Cash $ 6,850 Accounts Receivable 7,000 Supplies 1,992 Prepaid Insurance 3,120 Equipment 15,000 Accounts Payable $ 4,270 Unearned Service Revenue 5,200 Common Stock 21,992 Service Revenue 8,300 Salaries and Wages Expense 4,000 Rent Expense 1,800 $39,762 $39,762 In addition to those accounts listed on the trial balance, the chart...
Happy Corporation Partial Trial Balance December 31, 2020 Cash Account Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation Account Payable Notes Payable Unearned Service Revenue Salaries and Wages Payable Common Stock Retained Earnings Service Revenue Salaries and Wages Expense Insurance Expense Interest Expense Depreciation Expense Supplies Expense Rent Expense $11,350 21,500 5,000 2,500 60,000 35,000 5,000 5,150 5,600 1,300 10,000 3,500 61,500 11,300 150 2,000 7,000 3,400 4,000 Make closing entries for Happy Corporation as of December 31,2020 Name Problem III...
A partial trial balance of Pina Corporation is as follows on
December 31, 2018.
Dr.
Cr.
Supplies
$2,900
Salaries and wages payable
$1,500
Interest Receivable
5,100
Prepaid Insurance
95,700
Unearned Rent
0
Interest Payable
15,400
Additional adjusting data:
1.
A physical count of supplies on hand on December 31, 2018,
totaled $1,200.
2.
Through oversight, the Salaries and Wages Payable account was
not changed during 2018. Accrued salaries and wages on December 31,
2018, amounted to $4,400.
3.
The Interest...
Trial Balance April 30, 2016 Account Debit Credit $27,500 40,400 3,000 1,400 68,800 Cash Accounts receivable Prepaid insurance Supplies Equipment Accumulated depreciation, equipment Accounts paya Salaries payable Unearned service revenue Common stock Retained earnings Dividends Service revenue Salaries expense Insurance expense Depreciation expense, equipment Utilities expense Supplies expense Total $34,100 ble 3,100 2,700 50,000 50,600 9,500 13,900 3,800 $ 154,400 $ 154,400 More Info a. Insurance coverage stlremaining at April 30, $300 b. Supplies used during the month, $250 c....
WILDHORSE CO. Trial Balance August 31, 2022 Cr. Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Accounts Payable Salaries and Wages Payable Unearned Rent Revenue Common Stock Retained Earnings Dividends Service Revenue Rent Revenue Salaries and Wages Expense Supplies Expense Rent Expense Insurance Expense Depreciation Expense Before Adjustment Dr. Cr. $10,000 8,720 2,850 4,370 15,160 $3,411 5,190 0 1,840 16,110 5,130 2,760 33,930 12,430 16,940 0 17,241 0 0 $78,041 $78,041 After Adjustment Dr. $10,000 9,400 1,230 3,120 15,160...
Module 3 Checkpoint Problem Name The trial balance of Rocket J. Squirrel Co. on December 31, 2020 appeared as follows: Rocket J. Squirrel Co. Trial Balance As of December 31 DR CR Cash 1,970 Accounts Receivable 250 Supplies 1,880 Prepaid Insurance 3,600 Equipment 4,400 Accumulated Depr. -Equip. 600 Accounts Payable 340 Notes Payable 500 Unearned Revenue 1,200 Common Stock 2.500 Retained Earnings 2,420 Dividends Declared 300 Service Revenue 14,200 Advertising Expense 1,600 Salaries Expense 4,440 Rent Expense 1,900 Utilities Expense...
Most questions answered within 3 hours.
-
when 2053 j of heat is added to 46.3 g of hexane C6H14 the
temperature increases...
asked 15 minutes ago -
I need new and unique answers, please. (Use your own words,
don't copy and paste), Please...
asked 18 minutes ago -
MCL 445.111 et seq. deals with Home Solicitation Sales.
MCL stands for Michigan Compiled Laws which...
asked 9 minutes ago -
Which of the following items may not create an NOL?
a.
sole proprietorship loss
b.
personal...
asked 14 minutes ago -
A hypothetical solution forms between a solid and a liquid. The
values of the thermodynamic quantities...
asked 12 minutes ago -
a)An ideal heat pump is being considered for use in heating an
environment with a temperature...
asked 15 minutes ago -
.
Convert the following pairs of voltage and current waveforms to
phasor form. Each pair of...
asked 17 minutes ago -
A 6.5 cm diameter ball has a terminal speed of 22 m/s. What is
the ball's...
asked 31 minutes ago -
Name two areas of the human body with the highest concentration
of lymph nodes and speculate...
asked 34 minutes ago -
Angel Corporation has $10,000,000 of
8.0% 25 year bonds dated May 1, 2018 with interest payable...
asked 1 hour ago -
7.
________ involves individuals trading goods they already have or
providing services in exchange for something...
asked 1 hour ago -
Share your research problem. What databases did you search as
you gathered evidence to support your...
asked 1 hour ago