Homework Answers
Debit Credit
G. Cash a/c. 36000
To revenue a/c(36000*3/6). 18000
To advance received from customer. 18000
H.Bad debts a/c. 5000
To accounts receivable a/c. 5000
I. No entry is required since the invoice is not yet received.
J. Cash a/c. 10000
Accumulated depreciation a/c. 3000
Loss on sale of equipment a/c. 2000
To equipment a/c. 15000
Add Answer to:
bust a move t account G. Smugglers' Notch (a customer) paid $36,000 in advance on September...
A. Supplies on hand at year-end are $1,200. Bust-a-Move Snowboard has asked you to make the...
A. Supplies on hand at year-end are $1,200. Bust-a-Move Snowboard has asked you to make the following adjusting journal entries to record the following transactions (A-0): B. Six months of rent ($24,000) was paid in advanced on September 1st. No rent expense has been recorded since that date. C. Depreciation expense has not been recorded on the building for 2018. The building has a useful life of 20 years. Bust-a-Move Snowboard uses straight-line depreciation for all asset classifications. D. Depreciation...
N. No dividends are to be declared for 2018. 0. Management uses the percentage-of-receivables approach for...
N. No dividends are to be declared for 2018. 0. Management uses the percentage-of-receivables approach for estimating the percent of receivables that will become uncollectible. They have determined that allowance for doubtful accounts should represent 3.5% of the accounts receivable balance, initiating a 1% increase due to the economic circumstances of many of its customers. Adjustment should be made based on the adjusted accounts receivable balance. Note: 2018 Tax rate is 30%. Bust-a-Move Snowboard has asked you to make the...
Current Year Unadjusted Trial Balance Trial Balance December 31, 2018 Debit Credit Account Title 124,000 96.000...
Current Year Unadjusted Trial Balance Trial Balance December 31, 2018 Debit Credit Account Title 124,000 96.000 2.400 nanunu 54.115 24,000 6,000 48,000 250.000 75,000 50,000 21,000 Cash Accounts Receivable Allowance for Doubtfut accounts Inventory Prepaid Rent Supplies Land Building Equipment Accumulated Depreciation, Building Accumulated Depreciation, Equipment Goodwill Patent Accounts Payable Notes Payable Uneamed Service Revenue Common Stock Retained Eamings Revenue Salary Expense Cast of Goods Sold Advertising Expense Rent Expense Miscellaneous Expense 35,500 15,500 $ 132,715 178,000 122.000 06.000 126.000...
Jung Company Adjusted Trial Balance December 31, 2018 | 115,000 21,000 3,000 36,000 110,000 15,000 65.000...
Jung Company Adjusted Trial Balance December 31, 2018 | 115,000 21,000 3,000 36,000 110,000 15,000 65.000 Cash Accounts Receivable Supplies Prepaid Insurance Inventory Vehicle Equipment Accumulated Depreciation Accounts Payable Unearned Revenue Wages Payable Long-Term Notes Payable Common Stock Retained Earnings (1/1/2018) Dividends Service Revenue Repair Expense Delivery Expense Depreciation Expense Rent Expense Insurance Expense Wages Expense Supplies Expense Interest Expense Income Tax Expense Total 35,000 8,000 15,900 1,000 47,000 35,000 55,100 4,000 480,000 8,000 42,000 6,000 55,000 10,000 140,000 13,000...
1. On September 1, 2020, a student paid $6,000 for tuition for the academic year to...
1. On September 1, 2020, a student paid $6,000 for tuition for the academic year to his college (half for fall 2020 and half for spring 2021). Provide all necessary journal entries for the student in 2020. 2. The following trial balance was taken from the books of Fisk Corporation on December 31, 2019 Credit Debit $ 8,000 40,000 10,000 $ 1,800 44,000 4,800 110,000 Account Cash Accounts Receivable Notes Receivable Allowance for Doubtful Accounts Inventory Prepaid Insurance Equipment Accumulated...
At year end, the following events have not been accounted for. Insurance expired during the year,...
At year end, the following events have not been accounted
for.
Insurance expired during the year, and only $2,800
remained.
Depreciation on equipment of $10,000.
After a physical count, office supplies costing $2,000 were on
hand.
December consulting work of $40,000 was performed, but has not
yet been recorded.
Accrued salaries and wages at December 31st were
$5,800.
Instructions
(1.1) Prepare the necessary adjusting
entries (please use related account names shown on the
Trial Balance). New accounts may be created...
ALBA LTD Unadjusted Trial Balance as at 30 June 2018 Account Debit Credit Cash at bank...
ALBA LTD Unadjusted Trial Balance as at 30 June 2018 Account Debit Credit Cash at bank Accounts receivable GST receivable Prepaid insurance Party equipment Accumulated depreciation – party equipment Furniture Accumulated depreciation – furniture Accounts payable GST payable E. Johns, Capital E. Johns, Drawings Hire fees revenue Salaries expense Rent expense Maintenance expense Electricity expense $ 5 200 2 400 3 300 1 200 31 400 47 300 18 310 26 500 5 700 3 100 1 400 $...
Jung Company Adjusted Trial Balance December 31, 2018 | 115,000 21,000 3,000 36,000 110,000 15,000 65.000...
Jung Company Adjusted Trial Balance December 31, 2018 | 115,000 21,000 3,000 36,000 110,000 15,000 65.000 Cash Accounts Receivable Supplies Prepaid Insurance Inventory Vehicle Equipment Accumulated Depreciation Accounts Payable Unearned Revenue Wages Payable Long-Term Notes Payable Common Stock Retained Earnings (1/1/2018) Dividends Service Revenue Repair Expense Delivery Expense Depreciation Expense Rent Expense Insurance Expense Wages Expense Supplies Expense Interest Expense Income Tax Expense Total 35,000 8,000 15,900 1,000 47,000 35,000 55,100 4,000 480,000 8,000 42,000 6,000 55,000 10,000 140,000 13,000...
Jung Company Adjusted Trial Balance December 31, 2018 | 115,000 21,000 3,000 36,000 110.000 15,000 65,000...
Jung Company Adjusted Trial Balance December 31, 2018 | 115,000 21,000 3,000 36,000 110.000 15,000 65,000 Cash Accounts Receivable Supplies Prepaid Insurance Inventory Vehicle Equipment Accumulated Depreciation Accounts Payable Unearned Revenue Wages Payable Long-Term Notes Payable Common Stock Retained Earnings (1/1/2018) Dividends Service Revenue Repair Expense Delivery Expense Depreciation Expense Rent Expense Insurance Expense Wages Expense Supplies Expense Interest Expense Income Tax Expense Total 35,000 8.000 15,900 1,000 47,000 35,000 55,100 4,000 480,000 8,000 | 42,000 6.000 55.000 10.000 140,000...
Record the adjusting entry for revenue. Of the $10,000 paid in advance by customers, $7,000 of...
Record the adjusting entry for revenue. Of the $10,000 paid in advance by customers, $7,000 of the work has been completed by the end of the year. Depreciation for the year on the machinery is $8,000. Plumbing supplies remaining on hand at the end of the year equal $1,100. Of the $10,000 paid in advance by customers, $7,000 of the work has been completed by the end of the year. Accrued utilities at year-end amounted to $6,000 7. Prepare an...
A. Supplies on hand at year-end are $1,200. Bust-a-Move Snowboard has asked you to make the following adjusting journal entries to record the following transactions (A-0): B. Six months of rent ($24,000) was paid in advanced on September 1st. No rent expense has been recorded since that date. C. Depreciation expense has not been recorded on the building for 2018. The building has a useful life of 20 years. Bust-a-Move Snowboard uses straight-line depreciation for all asset classifications. D. Depreciation...
N. No dividends are to be declared for 2018. 0. Management uses the percentage-of-receivables approach for estimating the percent of receivables that will become uncollectible. They have determined that allowance for doubtful accounts should represent 3.5% of the accounts receivable balance, initiating a 1% increase due to the economic circumstances of many of its customers. Adjustment should be made based on the adjusted accounts receivable balance. Note: 2018 Tax rate is 30%. Bust-a-Move Snowboard has asked you to make the...
Current Year Unadjusted Trial Balance Trial Balance December 31, 2018 Debit Credit Account Title 124,000 96.000 2.400 nanunu 54.115 24,000 6,000 48,000 250.000 75,000 50,000 21,000 Cash Accounts Receivable Allowance for Doubtfut accounts Inventory Prepaid Rent Supplies Land Building Equipment Accumulated Depreciation, Building Accumulated Depreciation, Equipment Goodwill Patent Accounts Payable Notes Payable Uneamed Service Revenue Common Stock Retained Eamings Revenue Salary Expense Cast of Goods Sold Advertising Expense Rent Expense Miscellaneous Expense 35,500 15,500 $ 132,715 178,000 122.000 06.000 126.000...
Jung Company Adjusted Trial Balance December 31, 2018 | 115,000 21,000 3,000 36,000 110,000 15,000 65.000 Cash Accounts Receivable Supplies Prepaid Insurance Inventory Vehicle Equipment Accumulated Depreciation Accounts Payable Unearned Revenue Wages Payable Long-Term Notes Payable Common Stock Retained Earnings (1/1/2018) Dividends Service Revenue Repair Expense Delivery Expense Depreciation Expense Rent Expense Insurance Expense Wages Expense Supplies Expense Interest Expense Income Tax Expense Total 35,000 8,000 15,900 1,000 47,000 35,000 55,100 4,000 480,000 8,000 42,000 6,000 55,000 10,000 140,000 13,000...
1. On September 1, 2020, a student paid $6,000 for tuition for the academic year to his college (half for fall 2020 and half for spring 2021). Provide all necessary journal entries for the student in 2020. 2. The following trial balance was taken from the books of Fisk Corporation on December 31, 2019 Credit Debit $ 8,000 40,000 10,000 $ 1,800 44,000 4,800 110,000 Account Cash Accounts Receivable Notes Receivable Allowance for Doubtful Accounts Inventory Prepaid Insurance Equipment Accumulated...
At year end, the following events have not been accounted
for.
Insurance expired during the year, and only $2,800
remained.
Depreciation on equipment of $10,000.
After a physical count, office supplies costing $2,000 were on
hand.
December consulting work of $40,000 was performed, but has not
yet been recorded.
Accrued salaries and wages at December 31st were
$5,800.
Instructions
(1.1) Prepare the necessary adjusting
entries (please use related account names shown on the
Trial Balance). New accounts may be created...
Jung Company Adjusted Trial Balance December 31, 2018 | 115,000 21,000 3,000 36,000 110,000 15,000 65.000 Cash Accounts Receivable Supplies Prepaid Insurance Inventory Vehicle Equipment Accumulated Depreciation Accounts Payable Unearned Revenue Wages Payable Long-Term Notes Payable Common Stock Retained Earnings (1/1/2018) Dividends Service Revenue Repair Expense Delivery Expense Depreciation Expense Rent Expense Insurance Expense Wages Expense Supplies Expense Interest Expense Income Tax Expense Total 35,000 8,000 15,900 1,000 47,000 35,000 55,100 4,000 480,000 8,000 42,000 6,000 55,000 10,000 140,000 13,000...
Jung Company Adjusted Trial Balance December 31, 2018 | 115,000 21,000 3,000 36,000 110.000 15,000 65,000 Cash Accounts Receivable Supplies Prepaid Insurance Inventory Vehicle Equipment Accumulated Depreciation Accounts Payable Unearned Revenue Wages Payable Long-Term Notes Payable Common Stock Retained Earnings (1/1/2018) Dividends Service Revenue Repair Expense Delivery Expense Depreciation Expense Rent Expense Insurance Expense Wages Expense Supplies Expense Interest Expense Income Tax Expense Total 35,000 8.000 15,900 1,000 47,000 35,000 55,100 4,000 480,000 8,000 | 42,000 6.000 55.000 10.000 140,000...
Record the adjusting entry for revenue. Of the $10,000 paid in advance by customers, $7,000 of the work has been completed by the end of the year. Depreciation for the year on the machinery is $8,000. Plumbing supplies remaining on hand at the end of the year equal $1,100. Of the $10,000 paid in advance by customers, $7,000 of the work has been completed by the end of the year. Accrued utilities at year-end amounted to $6,000 7. Prepare an...
Most questions answered within 3 hours.
-
Kinkaid Co. is incorporated at the beginning of this year and
engages in a number of...
asked 1 minute ago -
Determine the ratio of adipic acid and butylene glycol that
should be used to obtain a...
asked 4 minutes ago -
when setting up a simple pendulum, calculate the string length
required for the period to equal...
asked 19 minutes ago -
: A small but very close dense mass of 389 kg is brought close
to a...
asked 20 minutes ago -
Create a class called Hotel. The hotel class will track the
current reservations for your one-room...
asked 43 minutes ago -
In space, a 4.0 kg metal ball moving 30 m/s has a head on
collision with...
asked 53 minutes ago -
Financial Markets and Corporate Strategy (assignment template) –
1 of 2
Insights/Instructions: Use this template to...
asked 50 minutes ago -
A firm has announced a cash dividend of $3 dollar per share.
Assuming an efficient market,...
asked 46 minutes ago -
Which of the following statements is consistent with the fact
that capital in an economy is...
asked 1 hour ago -
Would you hire a white hat hacker or black hat hacker? What are
the pros and...
asked 1 hour ago -
The CFO is conducting a meeting and she says "we shouldn't
accept this project because we...
asked 1 hour ago -
How do you obtain the discount rate for an international capital
budgeting problem?
asked 1 hour ago