b. The Supplies account has an $800 debit balance to start the year. Supplies of $2,100 were purchased during the current yearand debited to the Supplies account. A December 31 physical count shows $650 of supplies remaining.SuppliesStep 1: Determine what the current account balance equals.Step 2: Determine what the current account balance should equal.Step 3: Record the December 31, adjusting entry to get from step 1 to step 2.c. The Supplies account has a $4,000 debit balance to start the year. During the current year, supplies of $9,400 were purchasedand debited to the Supplies account. The inventory of supplies available at December 31 totaled $2,660.SuppliesStep 1: Determine what the current account balance equals.Step 2: Determine what the current account balance should equal.< Prev3 of 26中Next > Step 1: Determine what the current account balance equals.Step 2: Determine what the current account balance should equal.Step 3: Record the December 31 adjusting entry to get from step 1 to step 2.Assume no other adjusting entries are made during the year.a. The Supplies account has a $300 debit balance to start the year. No supplies were purchased during the current year. ADecember 31 physical count shows $110 of supplies remaining.SuppliesStep 1: Determine what the current account balance equals.Step 2: Determine what the current account balance should equal.Step 3: Record the December 31, adjusting entry to get from step 1 to step 2.b. The Supplies account has an $800 debit balance to start the year. Supplies of $2,100 were purchased during the current yearand debited to the Supplies account. A December 31 physical count shows $650 of supplies remaining.SuppliesISten 1: Determine what the curent account halance enuals< Prev3 of 26Next >

Solution: a. The supplies account has a $300 debit balance to start the year. No supplies were…

. The Supplies account has an $800 debit balance to start the year. Supplies of $2,100 were purchased during the current year nd debited to the Supplies account. A December 31 physical count shows $650 of supplies remaining. Supplies tep 1: Determine what the current account balance equals. rep 2: Determine what the current account balance should equal. ep 3: Record the December 31, adjusting entry to get from step 1 to step 2. The Supplies account has a $4,000 debit balance to start the year. During the current year, supplies of $9,400 were purchased id debited to the Supplies account. The inventory of supplies ayailable at December 31 totaled S2.660

. The Supplies account has an $800 debit balance to start the year. Supplies of $2,100 were purchased during the current year nd debited to the Supplies account. A December 31 physical count shows $650 of supplies remaining. Supplies tep 1: Determine what the current account balance equals. rep 2: Determine what the current account balance should equal. ep 3: Record the December 31, adjusting entry to get from step 1 to step 2. The Supplies account has a $4,000 debit balance to start the year. During the current year, supplies of $9,400 were purchased id debited to the Supplies account. The inventory of supplies ayailable at December 31 totaled S2.660

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter11: Work Sheet And Adjusting Entries

Section: Chapter Questions

Problem 2PA: The balances of the ledger accounts of Beldren Home Center as of December 31, the end of its fiscal...

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The unadjusted trial balance of PS Music as of July 31, 2018, along with the adjustment data for the two months ended July 31, 2018, are shown in Chapter 3. Based upon the adjustment data, the following adjusted trial balance was prepared: PS Music Adjusted Trial Balance July 31, 2018 Account No. Debit Balances Credit Balances Cash................................................. 11 9,945 Accounts Receivable................................... 12 4,150 Supplies.............................................. 14 275 Prepaid Insurance..................................... 15 2,475 Office Equipment..................................... 17 7,500 Accumulated DepreciationOffice Equipment.......... 18 50 Accounts Payable..................................... 21 8,350 Wages Payable........................................ 22 140 Unearned Revenue.................................... 23 3,600 Common Stock....................................... 31 9,000 Dividends............................................ 33 1,750 Fees Earned........................................... 41 21,200 Music Expense........................................ 54 3,610 Wages Expense....................................... 50 2,940 Office Rent Expense................................... 51 2,550 Advertising Expense................................... 55 1,500 Equipment Rent Expense.............................. 52 1,375 Utilities Expense...................................... 53 1,215 Supplies Expense...................................... 56 925 Insurance Expense.................................... 57 225 Depreciation Expense................................. 58 50 Miscellaneous Expense................................ 59 1,855 42,340 42,340 Instructions 1. (Optional) Using the data from Chapter 3, prepare an end-of-period spreadsheet. 2. Prepare an income statement, a retained earnings statement, and a balance sheet. 3. Journalize and post the closing entries. The retained earnings account is #33 and the income summary account is #34 in the ledger of PS Music. Indicate closed accounts by inserting a line in both Balance columns opposite the closing entry. 4. Prepare a post-dosing trial balance.
The trial balance of Wikki Cleaners at December 31, 2012, the end of the current fiscal year, is as follows: Information for the adjusting entries is as follows: a. Cleaning supplies on hand on December 31, 2012, 18,750. b. Insurance premiums expired during the year, 1,800. c. Depreciation on equipment during the year, 21,600. d. Wages accrued but not paid at December 31, 2012, 1,830. As the accountant for Wikki Cleaners, you have been asked to prepare financial statements for the year. A file called F1WORK has been provided to assist you in this assignment. As you review this file, it should be noted that columns H and I will automatically change when you enter values in columns E or G.
The trial balance of Wikki Cleaners at December 31, 2012, the end of the current fiscal year, is as follows: Information for the adjusting entries is as follows: a. Cleaning supplies on hand on December 31, 2012, 18,750. b. Insurance premiums expired during the year, 1,800. c. Depreciation on equipment during the year, 21,600. d. Wages accrued but not paid at December 31, 2012, 1,830. Suppose you discover that an assistant in your department had misunderstood your instructions and had provided you with the wrong information on two of the adjusting entries. Cleaning supplies consumed during the year should have been 18,750, and insurance premiums unexpired at year-end were 1,800. Make the corrections on your worksheet and save the corrected file as F1WORK4. Reprint the worksheet.
The balances of the ledger accounts of Beldren Home Center as of December 31, the end of its fiscal year, are as follows: Data for the adjustments are as follows: ab. Merchandise Inventory at December 31, 102,765. c. Wages accrued at December 31, 1,834. d. Supplies inventory (on hand) at December 31, 645. e. Depreciation of store equipment, 5,782. f. Depreciation of office equipment, 1,791. g. Insurance expired during the year, 845. h. Rent earned, 2,500. Required 1. Complete the work sheet after entering the account names and balances onto the work sheet. Ignore this step if using CLGL. 2. Journalize the adjusting entries. If using manual working papers, record adjusting entries on journal page 16.
Prepare journal entries to record the following business transaction and related adjusting entry. A. January 12, purchased supplies for cash, to be used all year, $3,850 B. December 31, physical count of remaining supplies, $800
Adjustment for supplies Answer each of the following independent questions concerning supplies and the adjustment for supplies. a. The balance in the supplies account, before adjustment at the end of the year, is $3,500. What is the amount of the adjustment if the amount of supplies on hand at the end of the year is $1,100? b. The supplies account has a balance of $650. and the supplies expense account has a balance of $1,950 at the end of the first year of operations. What was the amount of supp lies purchased during the year?
On September 1, a company received an advance rental payment of $12,000, to cover six months rent on an office building. There was no beginning balance in the Unearned Rent account for the period. Based on the information provided, A. Make the December 31 adjusting journal entry to bring the balances to correct. B. Show the impact that these transactions had.
Supplies were purchased on January 1, to be used throughout the year, in the amount of $8,500. On December 31, a physical count revealed that the remaining supplies totaled $1,200. There was no beginning of the year balance in the Supplies account. Based on the information provided: A. Create journal entries for the original transaction B. Create journal entries for the December 31 adjustment needed to bring the balances to correct C. Show the activity, with ending balance
Reviewing insurance policies revealed that a single policy was purchased on August 1, for one years coverage, in the amount of $6,000. There was no previous balance in the Prepaid Insurance account at that time. Based on the information provided: A. Make the December 31 adjusting journal entry to bring the balances to correct. B. Show the impact that these transactions had.