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Journal Entries: | |||||||
Date | Account | Debit | Credit | ||||
Dec 31 | Interest Receivable | $ 425 | |||||
Dec 31 | Interest Revenue | $ 425 | |||||
(To record accrued interest revenue.) | |||||||
Dec 31 | Interest Expense | $ 80 | |||||
Dec 31 | Interest Payable | $ 80 | |||||
(To record accrued interest expense in December ) | |||||||
($12,000 x 8% x 1/12) | |||||||
Dec 31 | Depreciation Expense: Buildings | $ 3,000 | |||||
Dec 31 | Accumulated Depreciation: Buildings | $ 3,000 | |||||
(To record December depreciation expense) | |||||||
($720,000 ÷ 20 years x 1/12). | |||||||
Dec 31 | No Entry since revenue is not yet earned | ||||||
Dec 31 | No Entry since revenue is not yet earned | ||||||
Dec 31 | Salaries Expense | $ 1,515 | |||||
Dec 31 | Salaries Payable | $ 1,515 | |||||
( To record accrued salary expense in December. ) | |||||||
Dec 31 | Camper Revenue Receivable | $ 2,700 | |||||
Dec 31 | Camper Revenue | $ 2,700 | |||||
( To record accrued camper revenue earned in Dec) | |||||||
Dec 31 | Unearned Camper Revenue | $ 1,500 | |||||
Dec 31 | Camper Revenue | $ 1,500 | |||||
(To record revenue earned from campers that paid in advance) | |||||||
$7,500 ÷ 5 months | |||||||
Dec 31 | Bus Rental Expense | $ 810 | |||||
Dec 31 | Accounts Payable | $ 810 | |||||
(To record accrued bus rental expense in December) | |||||||
$45 per day x 18 days | |||||||
Dec 31 | Income Taxes Expense | $ 6,600 | |||||
Dec 31 | Income Taxes Payable | $ 6,600 | |||||
(To record income taxes accrued in December) | |||||||
Part b: | |||||||
1 | Accruing uncollected revenue | ||||||
2 | Accruing unpaid expenses | ||||||
3 | Converting assets to expenses | ||||||
4 | No Entry | ||||||
5 | Accruing unpaid expenses | ||||||
6 | Accruing uncollected revenue | ||||||
7 | Converting liabilities to revenue | ||||||
8 | Accruing unpaid expenses | ||||||
9 | Accruing unpaid expenses | ||||||
Part c: | |||||||
Event | Revenue | Expense | Net Income | Assets | Liabilities | Owners Equity | |
1 | I | NE | I | I | NE | I | |
2 | NE | I | D | NE | I | D | |
3 | NE | I | D | D | NE | D | |
4 | NE | NE | NE | NE | NE | NE | |
5 | NE | I | D | NE | I | D | |
6 | I | NE | I | I | NE | I | |
7 | I | NE | I | NE | D | I | |
8 | NE | I | D | NE | I | D | |
9 | NE | I | D | NE | I | D |
Big Oaks, annually on December 31. Most guests of the campground pay at the time they...
Big Oaks, annually on December 31. Most guests of the campground pay at the time they check out, and the amounts collected are credited to Camper Revenue. The following information is available as a source for preparing the adjusting entries at December 31 a large campground in Vermont, adjusts its accounts monthly and closes its accounts 1. Big Oaks invests some of its excess cash in certificates of deposit (CDs) with its local bank. Accrued interest revenue on its CDs...
Big Oaks, annually on December 31. Most guests of the campground pay at the time they check out, and the amounts collected are credited to Camper Revenue. The following information is available as a source for preparing the adjusting entries at December 31 a large campground in Vermont, adjusts its accounts monthly and closes its accounts 1. Big Oaks invests some of its excess cash in certificates of deposit (CDs) with its local bank. Accrued interest revenue on its CDs...
Question 27 A partial trial balance of Skysong Corporation is as follows on December 31, 2018, Dr. Cr. $2.500 $1,500 Supplies Salaries and wages payable Interest Receivable Prepaid Insurance Unearned Rent Interest Payable 5,400 90,500 13,900 Additional adjusting data: 1. A physical count of supplies on hand on December 31, 2018, totaled $1,000. 2. Through oversight, the Salaries and Wages Payable account was not changed during 2018. Accrued salaries and wages on December 31, 2018, amounted to $4,000. 3. The...
Required: Record the necessary adjusting entries at December 31, 2021, for Hurricane Company for each of the situations. Assume that no financial statements were prepared during the year and no adjusting entries were recorded. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations.) Journal entry worksheet 1. On October 1, 2021, Hurricane lends $7,700 to another company. The other company signs a note indicating principal...
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...
Jaworski's Ski Store is completing the accounting process for its first year ended December 31, 2018. The transactions during 2018 have been journalized and posted. The following data are available to determine adjusting journal entries a. The unadiusted balance in Supplies was $820 at December 31, 2018. The unadjusted balance in Supplies Expense was $0 at December 31, 2018. A year-end count showed $100 of supplies on hand. b. Wages earned by employees during December 2018, unpaid and unrecorded at...
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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...
Jordan Company’s annual accounting year ends on December 31. It
is now December 31, 2018, and all of the 2018 entries have been
made except for the following:
The company owes interest of $900 on a bank loan. The interest
will be paid when the loan is repaid on September 30, 2019. No
interest has been recorded.
On September 1, 2018, Jordan collected six months’ rent of
$7,800 on storage space. At that date, Jordan debited Cash and
credited Deferred...