Question 14
Johnson’s boat Yard, Inc, repairs, store, and cleans boats for customers. It is completing the accounting process for the year just ended on November 30. The transaction for the past year have been journalized and posted. The following data will respect to adjusting entries at year-end are available.
Required
For each of the transaction above indicate the amount and the direction of effects of the adjusting entry on the elements of the balance sheet and income statement.
(Enter negative amount with a minus sign)
Balance sheet Income Statement
Transaction Assets Liabilities Stockholders Revenues Expenses Net Income
Equity
a.
b.
c.
d.
e.
f.
g.
Question 14 Johnson’s boat Yard, Inc, repairs, store, and cleans boats for customers. It is completing...
Question 14 Johnson’s boat Yard, Inc, repairs, store, and cleans boats for customers. It is completing the accounting process for the year just ended on November 30. The transaction for the past year have been journalized and posted. The following data will respect to adjusting entries at year-end are available. a. Johnson’s winterized (clean and covered) three boats for customers at the end of November but did not record the service for $3,300. b. On Oct 1, Johnson’s paid $2,200...
Johnson's Boat Yard, Inc., repairs, stores, and cleans boats for customers. It is completing the accounting process for the year just ended on November 30. The transactions for the past year have been journalized and posted. The following data with respect to adjusting entries at year-end are available a Johnson's winterized (cleaned and covered) three boats for customers at the end of November but did not record the service for $3,400. b. On October 1, Johnson's paid $1,680 to the...
Required information (The following information applies to the questions displayed below.] Johnson's Boat Yard, Inc., repairs, stores, and cleans boats for customers. It is completing the accounting process for the year just ended on November 30. The transactions for the past year have been journalized and posted. The following data with respect to adjusting entries at year-end are available: a. Johnson's winterized (cleaned and covered) three boats for customers at the end of November but did not record the service...
John's Bout Yard, Inc. repairs, stores, and chans boats for customers. It is completing the accounting process for the year just ended on November 30. The transactions for the past you have been jumalized and posted. The following data with respect to adjusting entries at year-end are available a. John's Winterized (cleaned and covered) three boats for customers at the end of November, but did not record the service for $4.500. b. on October 1, John's paid $1,320 to the...
Required Information The following information applies to the questions displayed below) Johnson's Boat Yard, Inc., repairs, stores, and cleans boats for customers. It is completing the accounting process for the year just ended on November 30. The transactions for the past year have been journalized and posted. The following data with respect to adjusting entries at year-end are available: a. Johnson's winterized (cleaned and covered) three boats for customers at the end of November but did not record the service...
Journal entry worksheet < 1 2 3 4 5 6 7 Johnson's used boat-lifting equipment that cost $180,000; $18,000 was the estimated depreciation for current year. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 2 3 4 5 6 Boat repair supplies on hand at the beginning of the current year totaled $18,900. Repair supplies purchased and debited to Supplies during the year amounted to $45,200....
Homework#12-ACCRUED REVENUES-COMPREHENSIVE QUESTION: Boat Yard Inc. repairs, cleans, and stores boats for customers. They are preparing monthly financial statements for November 30, 2018 using accrual accounting. On November 30, the Boat Yard cleaned three boats but did not record the service fees of $33,300, paid $2,400 cash for a radio ad to air in January 2019, the inventory count showed usage of $18,900 in boat supplies, and wage expenses were $4,000. Instructions: A. What is the adjusting entry to accrued...
Part VI. Effects of Adjusting Entries (9 points) Yarde's Boat Yard, Inc. repairs, stores, and cleans boats for its customers. Faith had the following adjusting entries she needed to record on 12/31/20. Faith had cleaned and covered three boats for customers in December, but had not invoiced the customers and has not been paid for the work, $2,700. She prepared the following entry on 12/31/20: Debit: Accounts Receivable $2,700 and Credit: Service Revenues $2,700. b. Faith used boat-lifting equipment with...
Question 13 Trotman’s variety Store is completing the accounting process for the current year just ended. December 31. The transaction during the year have been journalized and posted. The following data will respect to adjustment entries are available. a. Wages earned by employees during December, unpaid and unrecorded at December 3, amount to $2,700 the last payroll was December 28, the next payroll will be January 6. b. Office supplies on hand at January 1 of the current year totaled...
Question 12 Trotman’s variety Store is completing the accounting process for the current year just ended. December 31. The transaction during the year have been journalized and posted. The following data will respect to adjustment entries are available. a. Wages earned by employees during December, unpaid and unrecorded at December 3, amount to $2,700 the last payroll was December 28, the next payroll will be January 6. b. Office supplies on hand at January 1 of the current year totaled...