10 The analyze-record-summarize process is applied only to daily transactions, month-end adjustments do not need to be analyzed and summarized. true or False
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10
The analyze-record-summarize process is applied only to daily transactions, month-end adjustments do not need to be analyzed and summarized.
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- From the adjusting entries below, prepare the reversing entry(ies) that would be needed for January 1. GENERAL JOURNALPage 1 DateDescriptionPostRef. DebitCreditAdjusting EntriesDec.31Work in Process Inventory17,333.00Factory Overhead17,333.0031Interest Receivable2,367.00Interest Revenue2,367.0031Office Supplies Expense6,319.00Office Supplies6,319.0031Factory Overhead15,841.00Factory Supplies15,841.0031Bad Debt Expense4,320.00Allowance for Bad Debts4,320.0031Factory Overhead1,927.00Prepaid Insurance1,927.0031Factory Overhead6,210.00Accumulated Depreciation—FactoryBuilding6,210.0031Factory Overhead14,253.00Accumulated Depreciation—FactoryEquipment14,253.00PE 6-7B Customer allowances and returns Assume the following data for Casper Company before its year-end adjustments: Journalize the adjusting entries for the following: Estimated customer allowances Estimated customer returnsThe trial balance for Wilson Financial Services on January 31 is as follows: Data for month-end adjustments are as follows: a. Expired or used-up insurance, 750. b. Depreciation expense on equipment, 300. c. Wages accrued or earned since the last payday, 1,055 (owed and to be paid on the next payday). d. Supplies used, 535. Required 1. Complete a work sheet for the month. (Skip this step if using CLGL.) 2. Journalize the adjusting entries. 3. If using CLGL, prepare an adjusted trial balance. 4. Prepare an income statement, a statement of owners equity, and a balance sheet. Assume that no additional investments were made during January.
- The trial balance of The New Decors for the month ended September 30 is as follows: Data for the adjustments are as follows: a. Expired or used-up insurance, 425. b. Depreciation expense on equipment, 2,750. c. Wages accrued or earned since the last payday, 475 (owed and to be paid on the next payday). d. Supplies remaining at end of month, 215. Required 1. Complete a work sheet. (Skip this step if using GL.) 2. Journalize the adjusting entries. If you are using CLGL, use the year 2020 when recording transactions.Effect of omitting adjustment Assume that the error in Exercise 3-15 was not corrected and that the $6750 of accrued salaries was included in the first salary payment in January 20Y7. Indicate which items will he erroneously stated LWC1LL%C of failure to correct the initial error on (a) the income statement for January 20Y7 and (h) the balance sheet as of January 31, 20Y7.At December 31, the unadjusted trial balance of H&R Tracks reports Software of $25,000 andzero balances in Accumulated Amortization and Amortization Expense. Amortization for theperiod is estimated to be $5,000. Prepare the adjusting journal entry on December 31. In separateT-accounts for each account, enter the unadjusted balances, post the adjusting journal entry, andreport the adjusted balance.
- December 31, 20XX, according to the Trial Balance, the Office Supplies account has a balance of 2,100.00.Adjustment data reveals that 960.00 of office supplies are on hand at the end of the period.Journalize the adjusting entry.December 31, 20XX, according to the Trial Balance, the Equipment account has a balance of 37,700.00.Adjustment data reveals that Depreciation Expense is 3,500.00. Journalize the adjusting entry.December 31, 20XX, according to the Trial Balance, the Store Supplies account has a balance of 3,000.00.Adjustment data reveals that 2,000.00 of store supplies have been used at the end of the period. Journalize the adjusting entry.
- Kk.340. Adjusting entries are made during the accounting cycle ______ the unadjusted trial balance and ______ the company prepares its financial statements, bringing the amounts in the general ledger accounts to their proper balances.At December 31, the unadjusted trial balance of H&R Tacks reports Supplies of $9,000 and SuppliesExpense of $0. On December 31, supplies costing $7,700 are on hand. Prepare the adjusting journalentry on December 31. In separate T-accounts for each account, enter the unadjusted balances, postthe adjusting journal entry, and report the adjusted balance.Light-It-Up Company maintains and repairs warning lights, such as those found on radio towers and lighthouses. Light-It-Up Company prepared the following end-of-period spreadsheet at August 31, 20Y5, the end of the fiscal year: Light-It-Up Company End-of-Period Spreadsheet For the Year Ended August 31, 20Y5 Unadjusted Trial Balance Adjustments Adjusted Trial Balance Account Title Dr. Cr. Dr. Cr. Dr. Cr. Cash 10,800 10,800 Accounts Receivable 38,900 5,000 43,900 Prepaid Insurance 4,200 3,150 1,050 Supplies 2,730 2,180 550 Land 98,000 98,000 Building 400,000 400,000 Accumulated Depreciation-Building 205,300 12,000 217,300 Equipment 101,000 101,000 Accumulated Depreciation-Equipment 85,100 4,800 89,900 Accounts Payable 15,700 15,700 Salaries and Wages Payable 4,100 4,100 Unearned Rent 2,100 900 1,200 Common Stock 75,000 75,000 Retained Earnings…
