Date | Account Titles and Explanation | Debit | Credit | |
Dec 31 | Interest Expense | $16,067 | ($350,550 x 5% x 11/12) | |
Interest Payable | $16,067 | |||
Dec 31 | Insurance Expense | $4,428 | ($13,284 x 2/6) | |
Prepaid Insurance | $4,428 | |||
Dec 31 | Rent Expense | $13,284 | ($22,140 x 3/5) | |
Prepaid Rent | $13,284 | |||
Dec 31 | Unearned Revenue | $10,667 | ($32,000 x 4/12) | |
Consulting Revenue | $10,667 | |||
Dec 31 | Supplies Expense | $41,858 | ($56,088 - $14,230) | |
Supplies | $41,858 | |||
Dec 31 | Depreciation Expense - Equipment | $41,008 | ($517,092 - $25,000)/12 years | |
Accumulated Depreciation - Equipment | $41,008 | |||
Dec 31 | Interest Receivable | $993 | ($183,290 x 6.5% x 1/12) | |
Interest Revenue | $993 | |||
Dec 31 | Bad Debt Expense | (Information not available for this) | ||
Allowance for doubtful accounts | ||||
Dec 31 | Salaries & Wages Expense | $66,789 | ||
Salaries & Wages Payable | $66,789 | |||
Dec 31 | Utilities Expense | $4,941 | ||
Utilities Payable | $4,941 | |||
C D E 2 Although entries have been recorded all year, adjusting entries have not been recorded since December 31, 2018...
Using the information in the Worksheet (1) tab, Aging Analysis (2) tab, and Adjustments (3) tab, prepare the adjusting journal entries for the period. Record the entries in the Adjusting Journal Entries (4) tab. (Round all numbers to the nearest dollar.) SHOW YOUR WORK FOR THE ADJUSTMENT IN THE CELL OR YOU WILL NOT RECEIVE CREDIT FOR THE ENTRY. Use formulas and link the values to the adjustment. Adjusting Journal Entries For the Year Ended December 31,2019 Account Titles DR...
Use the following information to prepare adjusting entries for Gilbert Holdings: On April 1, 2019, Gilbert Holdings signed a 4.30% bank loan due in 4 years. This is the only outstanding note payable. Prepaid insurance represents a 4-month insurance policy purchased on December 1. On October 1, 2019, Gilbert Holdings paid $11,880 for a 9-month lease for office space. Unearned revenue represents a 12-month contract for consulting services. The payment was received on July 1, 2019. Supplies on hand total...
I need help with making sure the adjusting journal entries are correct and I'm not sure why the adjusted trail balances aren't equaling each other. Please help with both! The information for the journal entries is the first posted piece of information starting with On July 1, 2019. | a. Use the following information to prepare adjusting entries for Broomfield Industries: On July 1, 2019, Broomfield Industries signed a 4.2% bank loan due in 3 years. This is the only...
Use the following adjusting entries to complete the worksheet, prepare an income statement, statement of retained earnings, closing entries, and balance sheet. Broomfield Company Adjusting Journal Entries For the Year Ended December 31, 2019 Account Titles DR CR a. Interest Expense 15,920 Interest Payable 15,920 b. Insurance Expense 19,152 Prepaid Insurance 19,152 c. Rent Expense 23,940 Prepaid Rent 23,940 d. Unearned Revenue 12,000 Consulting Revenue 12,000 e. Supplies Expense 116,622 Supplies...
You have been given the unadjusted trial balance for your company as of 12/31/19. Each company prepares financial statements annually. Required Tasks: 1. Using the information in the Worksheet (1) tab, Aging Analysis (2) tab, and Adjustments (3) tab, prepare the adjusting journal entries for the period. Record the entries in the Adjusting Journal Entries (4) tab. (Round all numbers to the nearest dollar.) SHOW YOUR WORK FOR THE ADJUSTMENT IN THE CELL OR YOU WILL NOT RECEIVE CREDIT FOR...
Markham Industries is completing the accounting process for the year just ended, December 31, 2018. The transactions during 2018 have been analyzed, journalized and posted to the general ledger. The data below with respect to adjusting entries are available. Identify each transactions as a deferred revenue, deferred expense, accrued revenue, or accrued expense. Also, identify the appropriate account(s) to be debited and credited. One-third of the basement space is rented to Howard Specialty Shop for $1,640 per month, payable monthly....
C. ADIN C. ADJUSTING JOURNAL ENTRIES (14 Marks) he unadjusted trial balance of Darcy Consulting Services at December 31, Credit Debit $4,HOO 10,400 2.000 1,000 400 16,500 $2,400 Cash Accounts receivable Prepaid insurance Prepaid rent Office supplies Equipment Accumulated depreciation Salaries payable Interest payable Unearned service revenue Note payable Ted Darcy, capital Ted Darcy, drawings Service revenue Salaries expense Depreciation expense Rent expense Insurance expense Office supplies expense Interest expense 600 8,000 15,200 3,000 32,700 20,500 300 $58.900 $58.900 Given...
prepare the adjusting entries that were made CRANE COMPANY Trial Balance August 31, 2020 Before Adjustment After Adjustment Dr. Cr. Dr. Cr. Cash $10,300 $10,300 Accounts Receivable 9.000 9.500 Supplies 700 Prepaid Insurance 2,400 3.800 13.300 2.600 Equipment 13,300 Accumulated Depreciation-Equipment $3,600 $4,400 Accounts Payable 5.900 5.900 Salaries and Wages Payable 1.400 Unearned Rent Revenue 1400 800 Owner's Capital 14.900 14.900 Service Revenue 34 500 Rent Revenue 10.900 11500 Salanes and Wages Expense 17.000 18.400 Supplies Expense 1.700 Rent Expense...
I just need help 101 126 200 Martinez Company Worksheet For the Year Ended December 31, 2019 Adjusted Trial Balance Account No. Account Titles Dr. Cr. Cash 5,300 112 Accounts Receivable 10,700 Supplies 1,600 Prepaid Insurance 1,900 Equipment 27,500 Accumulated Depreciation-Equipment 5,100 Notes Payable 14,000 Accounts Payable 6,100 Salaries and Wages Payable 2,100 Interest Payable 700 Common Stock 9,900 Retained Earnings 3,400 Dividends 6,800 Service Revenue 63,200 Advertising Expense 8,900 Supplies Expense 4,000 Depreciation Expense 5,100 Insurance Expense 3,600 Salaries...
I need help with the adjusting trail balance they aren't adding up and I'm not sure what I've done wrong. F 5 Account Title Income Statement DR CR Balance Sheet DR CR | 7 Cash 8 Accounts Receivable 9 Allowance for Doubtful Accounts 10 Interest Receivable 11 Note Receivable 12 Merchandise Inventory 13 Prepaid Insurance 14 Prepaid Rent 15 Supplies 16 Equipment 17 Accumulated Depreciation - Equipment 18 Accounts Payable 19 Salaries & Wages Payable 20 Uneamed Revenue 21 Interest...