I need help with question number 4 6:36100%Supplies on hand on October 31Depreciation of Building for the year = $12,000Uneamed Rent on October 31Accrued Salary and Wages at October 31 = $2,800Fees eamed but unbilled on October 31 = $10,050= $675- $2,250Instructions:Journalize the adjusting entries using the following additional accounts: Salaries & WagesPayable, Rent Revenue, Insurance Expense, Depreciation Expense - Building, DepreciationExpense - Equipment, and Supplies Expense.2. Determine the balances of the accounts affected by the adjusting entries and prepare anadjusted trial balance.2. Pedroni Oil Company purchased packaging equipment on January 8 for $72,000. Theequipment was expected to have a useful life of three years or 18,000 operating hours, and aresidual value of $4,500. The equipment was used for 7,600 hours during year 1, 6,000 hours inyear 2, and 4,400 hours in year 3.Determine the amount of depreciation expense for the three years ending December 31, by theStraight line method, The units of activity method, and the double declining balance method.Finally determine the total amount of depreciation expense for the three ears by each method.3. Pedroni Enterprises issues a $260,000, 45 day 5 % note to Zorzi Industries for merchandiseinventorya.Journalize Pedroni Enterprises entries to record:1. The issuance of the note2. The payment of the note at maturityb. Journalize Zorzi Industries entries to record:The receipt of the note2. Receipt of the payment of the note at maturity1.4. On July 31,2019 the balances of the accounts appearing in the ledger of Pedroni Interiorscompany a furniture wholesales, are as follows.Accumulated Depreciation - BuildingAdministrative ExpensesBuildingCashCost of Merchandise SoldInterest ExpenseMerchandise InventoryNotes Payable$365,000440,000810,00078,000775,0006,000115,000Ray Zorzi – CapitalRay Zorzi - DrawingSalesSales tax PayableSelling ExpenseStore SuppliesStore Supplies Expense$530.00015,0001,437,0004,500160,00016,00021,500100,000Instructions: Prepare the July 31, 2019 closing entries for Pedroni Interiors Company

Journal entry: Journal entry is the book of original entry where first transactions are recorded in…

1. On July 31, 2019 the balances of the accounts appearing in the ledger of Pedroni Interiors company a furniture wholesales, are as follows. Accumulated Depreciation - Building $365,000 Ray Zorzi - Capital Administrative Expenses Building Cash Cost of Merchandise Sold nterest Expense Merchandise Inventory Notes Payable $530,000 15,000 1,437,000 4,500 160,000 16,000 Store Supplies Expense Ray Zorzi - Drawing Sales 440,000 810,000 78,000 775,000 6,000 115,000 Sales tax Payable Selling Expense Store Supplies 21,500 100,000 nstructions: Prepare the July 31, 2019 closing entries for Pedroni Interiors Company

1. On July 31, 2019 the balances of the accounts appearing in the ledger of Pedroni Interiors company a furniture wholesales, are as follows. Accumulated Depreciation - Building $365,000 Ray Zorzi - Capital Administrative Expenses Building Cash Cost of Merchandise Sold nterest Expense Merchandise Inventory Notes Payable $530,000 15,000 1,437,000 4,500 160,000 16,000 Store Supplies Expense Ray Zorzi - Drawing Sales 440,000 810,000 78,000 775,000 6,000 115,000 Sales tax Payable Selling Expense Store Supplies 21,500 100,000 nstructions: Prepare the July 31, 2019 closing entries for Pedroni Interiors Company

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter3: Review Of A Company's Accounting System

Section: Chapter Questions

Problem 1P: Adjusting Entries The following information is available for Drake Company, which adjusts and closes...

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Income: 27,350 accounts, adjusting entries, financial statements, and closing entries; optional end-of-period spreadsheet The unadjusted trial balance of La Mesa Laundry at August 31, 20Y5, the end of the fiscal year, follows: The data needed to determine ear-end adjustments are as follows: (a) Wages accrued but not paid at August 31 are 2,200. (b) Depreciation of equipment during the year it 8,150 (c) Laundry supplies on hand at August 31 are 2,000. (d) Insurance premiums expired during the year are 5,300. Instructions 1. For each account listed in the unadjusted trial balance, enter the balance in a T account. Identify the balance as Aug. 51 Bal. In addition, add T accounts for Wages Payable. Depreciation Expense, Laundry Supplies Expense, and Insurance Expense. 2. (Optional) Enter the unadjusted trial balance on an end-of-period spreadsheet and complete the spreadsheet. Add the accounts listed in part (1) as needed. 3. Journalize and post the adjusting entries. Identify the adjustments by Adj. and the new balances as Adj. Bal. 4. Prepare an adjusted trial balance. 5. Prepare an income statement, a statement of stockholders equity, and a balance sheet. During the year ended August 51, 20Y5, common stock of 3,000 was issued. 6. Journalize and post the closing entries. Identify the closing entries by Clos. 7. Prepare a post-closing trial balance.
Adjusting Entries The following information is available for Drake Company, which adjusts and closes its accounts every December 31: 1. Salaries accrued but unpaid total 2,840 on December 31. 2. The 247 December utility bill arrived on December 31 and has not been paid or recorded. 3. Buildings with a cost of 78,000, 25-year life, and 9,000 residual value are to be depreciated; equipment with a cost of 44,000, 8-year life, and 2,000 residual value is also to be depreciated. The straight linemethod is to be used. 4. A count of supplies indicates that the Store Supplies account should be reduced by 128 and the Office Supplies account reduced by 397 for supplies used during the year. 5. The company holds a 6,000, 12% (annual rate), 6 month note receivable dated September 30, from a customer. The interest is to be collected on the maturity date. 6. Bad debts expense is estimated to be 1% of annual sales. Sales total 65,000. 7. An analysis of the company insurance policies indicates that the Prepaid Insurance account is to be reduced for 528 of expired insurance. 8. A review of travel expense reports indicates that 310 has been paid for airfare for a salesperson (and recorded as Travel Expenses), but has not yet been used. 9. The income tax rate is 30% on current income and will be paid in the first quarter of next year. The pretax income of the company before adjustments is 18,270. Required: Journalize the necessary year-end adjusting entries for Drake. Show supporting calculations in your journal entry explanations.
Adjustment for unearned revenue On June 1, 20Y2, Herbal Co. received 18,900 for the rent of land for 12 months. Journalize the adjusting entry required for unearned rent on December 31, 20Y2.
Adjustment for depreciation The estimated amount of depredation on equipment for the current year is $133,000. a. How is the adjustment recorded? Indicate each account affected, whether the account is increased or decreased, and the amount of the increase or decrease. b. If the adjustment in (a) was omitted, which items would be erroneously stated on (1) the income statement for the year and (2) the balance sheet as of December 31?
34. Unearned rent: Balance beginning of the year P11,000 Balance end of year 15,000Warehouse quarterly rent received in advance is P18,000. During the year, equipment was rented to another company at an annual rent of P9,000. The quarterly rent payments were credited to Rent Income; the annual equipment rental was credited to Unearned Rent. What is the appropriate adjusting entry? a. Debit Rent Income and credit Unearned Rent, P4,000 b. Debit Unearned Rent and credit Rent Income P4,000 c. Debit Rent Income and credit Unearned Rent, P5,000 d. Debit Unearned Rent and credit Rent Income P5,000
5. Prepare and post adjusting journal entries. Accrued salaries at year-end amounted to $1,000. Depreciation forthe year on the equipment is $2,000.
P8 Prepare the adjusting entry for each of the following situations. The last day of the accounting period is December 31. a. The payment of the P19,000 insurance premium for two years in advance was originally recorded as Prepaid Insurance. One year of the policy has now expired. b. All employees earn a total of P10,000 per day for a five-day week beginning on Monday and ending Friday. They were paid for the workweek ending December 26. They worked on Monday, Dec. 29, Tuesday, Dec. 30 and Wednesday, Dec. 31. c. The Supplies account had a balance of P4,480 on January 1. During the year, P11,000 of supplies were bought. A year-end inventory showed that P6,400 worth of supplies are still on hand. d. Equipment costing P588,000 has a useful life of 5 years with an P80,000 salvage value at the end of its life. Record the depreciation for the year.
Unearned rent: Balance beginning of the year P11,000 Balance end of year 15,000Warehouse quarterly rent received in advance is P18,000. During the year, equipment was rented to another company at an annual rent of P9,000. The quarterly rent payments were credited to Rent Income; the annual equipment rental was credited to Unearned Rent. What is the appropriate adjusting entry?
Adjustment for Unearned Revenue On August 1, 20Y1, Newhouse Co. received $36,330 for the rent of land for 12 months. Journalize the adjusting entry required for unearned rent on December 31, 20Y1. Round your final answer to the nearest dollar amount. If an amount box does not require an entry, leave it blank. Dec. 31
9. Unearned rent, Jan. 1 P170,000 Unearned rent, Dec. 31 85,000 Accrued rent income, Jan. 1 180,000 Accrued rent income, Dec. 31 200,000 Rental payments received 560,000 How much is the Rent income under the accrual basis accounting? a. 455,000 b. 625,000 c. 665,000 d. 645,000
Beg. Retained Earnings= $34 for nov. 30, 2022. . Then, The following transactions occurred during December of 2022: Paid $14 for December rent, Paid $6 to reduce the amount of accounts payable, Sold inventory costing $5 for $60, Collected $10 accounts receivable, Accrued $5 owed to employees for work performed in December to be paid in January, Recorded $8 depreciation on the new equipment. What is retained earnings at 12/31/2022?