How are Supplies and Prepaid Insurance managed on Unadjusted Trial balance, Adjusted Trial Balance, Income Statement,...
Homework Answers
Prepaid Insurance: Insurance which is paid in advance which is unexpired at the end
Supplies : Amount of goods services available for purchase
Entry :
Insurance
To Prepaid insurance.
Under Income statement: Prepiad insurance will be deducted from Insurance in P&L statement.
Under Balance sheet: Shown as Current asset in Balance sheet
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How
are Supplies and Prepaid Insurance managed on Unadjusted Trial
balance, Adjusted Trial Balance, Income Statement,...
Instructions: Below is the adjusted trial balance for Central Advertising Inc. (1) Prepare an Income Statement,...
Instructions: Below is the adjusted trial balance for Central Advertising Inc. (1) Prepare an Income Statement, Statement of Retained Earnings, and a Balance Sheet. (2) Then prepare closing entries, post them to t-accounts, and prepare a post-closing trial balance. Central Advertising Inc. Adjusted Trial Balance August 31, 20xx Income Statement $19075 4750 1250 700 8000 $ 200 600 2000 Cash Accounts Receivable Prepaid Insurance Advertising Supplies Equipment Accumulated Depe Accounts Payable Unearned Revenue Interest Payable Notes Payable Common Stock Retained...
Instructions The unadjusted trial balance of Epicenter Laundry at June 30, 2019, the end of the...
Instructions The unadjusted trial balance of Epicenter Laundry at June 30, 2019, the end of the fiscal year, follows: Epicenter Laundry UNADJUSTED TRIAL BALANCE June 30, 2019 ACCOUNT TITLE CREDIT DEBIT 11,000.00 Cash 2 Laundry Supplies 21,500.00 Prepaid Insurance 9.600.00 Laundry Equipment 232,600.00 Accumulated Depreciation 125,400.00 11,800.00 Accounts Payable Sophie Perez Capital Sophie Perez Drawing 105,600.00 10,000.00 Laundry Revenue 232,200.00 125,200.00 Wages Expense 11. Rent Expense 40,000.00 12 Utilities Expense 19,700.00 13 Miscellaneous Expense 5,400.00 14 Totals 475,000.00 475,000.00 The...
Below is the adjusted trail balance for Bally Services. BALLY SERVICES Adjusted Trial Balance December 31,...
Below is the adjusted trail balance for Bally Services. BALLY SERVICES Adjusted Trial Balance December 31, 2018 DR CR Cash $ 11,000 Accounts Receivable 23,500 Supplies 3,000 Prepaid Insurance 2,500 Equipment 60,000 Accumulated Depreciation- $ 33,000 Equipment Accounts Payable 5,000 Interest Payable 150 Notes Payable 5,000 Unearned Service Revenue 5,600 Salaries and Wages Payable 1,300 Common Stock 10,000 Retained Earnings 3,500 Service Revenue 63,500 Salaries and Wages Expense 11,300 Insurance Expense 850 Interest Expense 500 Depreciation Expense 5,000 Supplies Expense...
The following is an unadjusted trial balance (before any adjustments have been made) for Garcia, Inc....
The following is an unadjusted trial balance (before any adjustments have been made) for Garcia, Inc. at December 31 of the current year: Account Titles Debit Credit 42,000 11,600 900 800 19,000 9,200 8,300 3,000 Cash Accounts Receivable Supplies Prepaid Insurance Service Vehicles Accumulated Depreciation Other Assets Accounts Payable Wages Payable Income Taxes Payable Note Payable (3 years) Common Stock (5,000 shares outstanding) Additional Paid-in-Capital Retained Earnings Service Revenue Remaining Expenses Income Tax Expense Totals 17,000 400 19,000 6,000 61,360...
In-Class Case #4 Chapter 4 the following is an unadjusted trial balance before any adjustments have...
In-Class Case #4 Chapter 4 the following is an unadjusted trial balance before any adjustments have been made) for Garcia, Inc. at December 31 of the current year: Debit Credit 42,000 11,600 900 800 19,000 9,200 8,300 3,000 Account Titles Cash Accounts Receivable Supplies Prepaid Insurance Service Vehicles Accumulated Depreciation Other Assets Accounts Payable Wages Payable Income Taxes Payable Note Payable (3 years) Common Stock (5,000 shares outstanding) Additional Paid-in-Capital Retained Earnings Service Revenue Remaining Expenses Income Tax Expense Totals...
In-Class Case #4 Chapter 4 the following is an unadjusted trial balance before any adjustments have...
In-Class Case #4 Chapter 4 the following is an unadjusted trial balance before any adjustments have been made) for Garcia, Inc. at December 31 of the current year: Debit Credit 42,000 11,600 900 800 19,000 9,200 8,300 3,000 Account Titles Cash Accounts Receivable Supplies Prepaid Insurance Service Vehicles Accumulated Depreciation Other Assets Accounts Payable Wages Payable Income Taxes Payable Note Payable (3 years) Common Stock (5,000 shares outstanding) Additional Paid-in-Capital Retained Earnings Service Revenue Remaining Expenses Income Tax Expense Totals...
The unadjusted trial balance and income statement amounts from the December 31 adjusted trial balance of...
The unadjusted trial balance and income statement amounts from
the December 31 adjusted trial balance of
Emerson Production Company follow.
.Use the data in the partial worksheet to prepare Emerson
Production Company's
classified balance sheet at December 31 of the current year. Use
the report format. First you must calculate the adjusted balance
for several of the balance-sheet accounts.
Let's prepare the balance sheet for Emerson Production
Company
(If a box is not used in the balance sheet leave the...
The unadjusted trial balance of Epicenter Laundry at June 30, 2019, the end of the fiscal...
The unadjusted trial balance of Epicenter Laundry at June 30, 2019, the end of the fiscal year, follows: Epicenter Laundry UNADJUSTED TRIAL BALANCE June 30, 2019 ACCOUNT TITLE DEBIT CREDIT 1 Cash 11,000.00 2 Laundry Supplies 21,500.00 3 Prepaid Insurance 9,600.00 4 Laundry Equipment 232,600.00 5 Accumulated Depreciation 125,400.00 6 Accounts Payable 11,800.00 7 Sophie Perez, Capital 105,600.00 8 Sophie Perez, Drawing 10,000.00 9 Laundry Revenue 232,200.00 10 Wages Expense 125,200.00 11 Rent Expense 40,000.00 12 Utilities Expense 19,700.00 13...
Cash Accounts receivable Prepaid insurance Supplies inventory Trial balance Financial Statements Statement of Income Balance Sheet...
Cash Accounts receivable Prepaid insurance Supplies inventory Trial balance Financial Statements Statement of Income Balance Sheet Statement of Cash Flows Trial balance Debits Credits Adjusting entries Debits Credits Adjusted trial balance Debits _ Credits _ Revenue Assets Cash Accounts receivable Prepaid insurance Supplies inventory Computer equipment Accumulated depreciation Total assets Net income + Depreciation - Accounts receivable - Prepaid insurance - Supplies + Accounts payable Cash from operations Computer equipment Accounts payable Notes payable Common stock Accounts Cash Accounts receivable...
Barney Company Unadjusted Trial Balance December 31, 2018 Cash Accounts Receivable Supplies Prepaid Insurance Inventory Vehicle...
Barney Company Unadjusted Trial Balance December 31, 2018 Cash Accounts Receivable Supplies Prepaid Insurance Inventory Vehicle 145,000 23,000 6,500 24,000 110,000 15,000 75,000 50,000 8,000 16,900 3,000 45,000 46,000 67,600 5,000 490,000 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 10,000 45,000 5,000 54,000 12,000 145,000 13,000 4,000...
Instructions: Below is the adjusted trial balance for Central Advertising Inc. (1) Prepare an Income Statement, Statement of Retained Earnings, and a Balance Sheet. (2) Then prepare closing entries, post them to t-accounts, and prepare a post-closing trial balance. Central Advertising Inc. Adjusted Trial Balance August 31, 20xx Income Statement $19075 4750 1250 700 8000 $ 200 600 2000 Cash Accounts Receivable Prepaid Insurance Advertising Supplies Equipment Accumulated Depe Accounts Payable Unearned Revenue Interest Payable Notes Payable Common Stock Retained...
Instructions The unadjusted trial balance of Epicenter Laundry at June 30, 2019, the end of the fiscal year, follows: Epicenter Laundry UNADJUSTED TRIAL BALANCE June 30, 2019 ACCOUNT TITLE CREDIT DEBIT 11,000.00 Cash 2 Laundry Supplies 21,500.00 Prepaid Insurance 9.600.00 Laundry Equipment 232,600.00 Accumulated Depreciation 125,400.00 11,800.00 Accounts Payable Sophie Perez Capital Sophie Perez Drawing 105,600.00 10,000.00 Laundry Revenue 232,200.00 125,200.00 Wages Expense 11. Rent Expense 40,000.00 12 Utilities Expense 19,700.00 13 Miscellaneous Expense 5,400.00 14 Totals 475,000.00 475,000.00 The...
Below is the adjusted trail balance for Bally Services. BALLY SERVICES Adjusted Trial Balance December 31, 2018 DR CR Cash $ 11,000 Accounts Receivable 23,500 Supplies 3,000 Prepaid Insurance 2,500 Equipment 60,000 Accumulated Depreciation- $ 33,000 Equipment Accounts Payable 5,000 Interest Payable 150 Notes Payable 5,000 Unearned Service Revenue 5,600 Salaries and Wages Payable 1,300 Common Stock 10,000 Retained Earnings 3,500 Service Revenue 63,500 Salaries and Wages Expense 11,300 Insurance Expense 850 Interest Expense 500 Depreciation Expense 5,000 Supplies Expense...
The following is an unadjusted trial balance (before any adjustments have been made) for Garcia, Inc. at December 31 of the current year: Account Titles Debit Credit 42,000 11,600 900 800 19,000 9,200 8,300 3,000 Cash Accounts Receivable Supplies Prepaid Insurance Service Vehicles Accumulated Depreciation Other Assets Accounts Payable Wages Payable Income Taxes Payable Note Payable (3 years) Common Stock (5,000 shares outstanding) Additional Paid-in-Capital Retained Earnings Service Revenue Remaining Expenses Income Tax Expense Totals 17,000 400 19,000 6,000 61,360...
In-Class Case #4 Chapter 4 the following is an unadjusted trial balance before any adjustments have been made) for Garcia, Inc. at December 31 of the current year: Debit Credit 42,000 11,600 900 800 19,000 9,200 8,300 3,000 Account Titles Cash Accounts Receivable Supplies Prepaid Insurance Service Vehicles Accumulated Depreciation Other Assets Accounts Payable Wages Payable Income Taxes Payable Note Payable (3 years) Common Stock (5,000 shares outstanding) Additional Paid-in-Capital Retained Earnings Service Revenue Remaining Expenses Income Tax Expense Totals...
In-Class Case #4 Chapter 4 the following is an unadjusted trial balance before any adjustments have been made) for Garcia, Inc. at December 31 of the current year: Debit Credit 42,000 11,600 900 800 19,000 9,200 8,300 3,000 Account Titles Cash Accounts Receivable Supplies Prepaid Insurance Service Vehicles Accumulated Depreciation Other Assets Accounts Payable Wages Payable Income Taxes Payable Note Payable (3 years) Common Stock (5,000 shares outstanding) Additional Paid-in-Capital Retained Earnings Service Revenue Remaining Expenses Income Tax Expense Totals...
The unadjusted trial balance and income statement amounts from
the December 31 adjusted trial balance of
Emerson Production Company follow.
.Use the data in the partial worksheet to prepare Emerson
Production Company's
classified balance sheet at December 31 of the current year. Use
the report format. First you must calculate the adjusted balance
for several of the balance-sheet accounts.
Let's prepare the balance sheet for Emerson Production
Company
(If a box is not used in the balance sheet leave the...
Cash Accounts receivable Prepaid insurance Supplies inventory Trial balance Financial Statements Statement of Income Balance Sheet Statement of Cash Flows Trial balance Debits Credits Adjusting entries Debits Credits Adjusted trial balance Debits _ Credits _ Revenue Assets Cash Accounts receivable Prepaid insurance Supplies inventory Computer equipment Accumulated depreciation Total assets Net income + Depreciation - Accounts receivable - Prepaid insurance - Supplies + Accounts payable Cash from operations Computer equipment Accounts payable Notes payable Common stock Accounts Cash Accounts receivable...
Barney Company Unadjusted Trial Balance December 31, 2018 Cash Accounts Receivable Supplies Prepaid Insurance Inventory Vehicle 145,000 23,000 6,500 24,000 110,000 15,000 75,000 50,000 8,000 16,900 3,000 45,000 46,000 67,600 5,000 490,000 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 10,000 45,000 5,000 54,000 12,000 145,000 13,000 4,000...
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