1. Supplies on hand are valued at $4,800.Accrued salaries payable are $1,500.3. Depreciation for the month is $750.$1,950 of services related to the unearned service revenue has not been performed by month-end.2.4.Journalize the adjusting entries. (Credit account titles are automatically indented when the amount is entered. Do notindent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debitentries before credit entries.)No. Date Account Titles and Explanation1.2.3.4.Nov.30Nov.30Nov.30Nov.30DebitCredit On November 1, 2025, Marin Inc. had the following account balances. The company uses the perpetual inventory method.CashAccounts ReceivableSuppliesEquipment22252728292910291112During November, the following summary transactions were completed.15Debit19$27,000206,7202,58075,000$111,300Accumulated Depreciation-EquipmentAccounts PayableUnearned Service RevenueSalaries and Wages PayableCommon StockNov. 8 Paid $10,650 for salaries due employees, of which $5,550 is for November and $5,100 is for October.Received $5,700 cash from customers in payment of account.Purchased merchandise on account from Dimas Discount Supply for $24,000, terms 2/10, n/30.Sold merchandise on account for $16,500, terms 2/10, n/30. The cost of the merchandise sold was $12,000.Received credit from Dimas Discount Supply for merchandise returned $900.Received collections in full, less discounts, from customers billed on sales of $16,500 on November 12.Paid Dimas Discount Supply in full, less discount.Received $6,900 cash for services performed in November.Purchased equipment on account $15,000.Purchased supplies on account $5,100.Retained EarningsCredit$3,00010,200"P12,0005,10060,00021,000$111,30029 Paid November rent $1,125.Paid salaries $3,900.Performed services on account and billed customers $2,100 for those services.Received $2,025 from customers for services to be performed in the future.Paid creditors $9,000 of accounts payable due.

Adjusting entries mainly helps to ensure that the principle of revenue recognition and matching are…

2. 3. 4. Accrued salaries payable are $1,500. Depreciation for the month is $750. $1,950 of services related to the unearned service revenue has not been performed by month-en Journalize the adjusting entries. (Credit account titles are automatically indented when the amount indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the entries before credit entries)

2. 3. 4. Accrued salaries payable are $1,500. Depreciation for the month is $750. $1,950 of services related to the unearned service revenue has not been performed by month-en Journalize the adjusting entries. (Credit account titles are automatically indented when the amount indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the entries before credit entries)

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter4: The Adjustment Process

Section: Chapter Questions

Problem 6EA: On July 1, a client paid an advance payment (retainer) of $5,000 to cover future legal services....

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On July 1, a client paid an advance payment (retainer) of $5,000 to cover future legal services. During the period, the company completed $3,500 of the agreed-on services for the client. There was no beginning balance in the Unearned Revenue 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.
The unadjusted trial balance of La Mesa Laundry at August 31, 2016, the end of the fiscal year, follows: The data needed to determine year-end adjustments are as follows: a. Wages accrued but not paid at August 31 are 2,200. b. Depreciation of equipment during the year is 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. 31 Bal. In addition, add T accounts for Wages Payable, Depreciation Expense, Laundry Supplies Expense, Insurance Expense, and Income Summary. 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 owners equity (no additional investments were made during the year), and a balance sheet. 6. Journalize and post the closing entries. Identify the closing entries by Clos. 7. Prepare a post-closing trial balance.
After all revenue and expenses have been closed at the end of the fiscal period ended December 31, Income Summary has a debit of 45,550 and a credit of 36,520. On the same date, D. Mau, Drawing has a debit balance of 12,000 and D. Mau, Capital had a beginning credit balance of 63,410. a. Journalize the entries to close the remaining temporary accounts. b. What is the new balance of D. Mau, Capital after closing the remaining temporary accounts? Show your calculations.
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.
Prepare an adjusted trial balance from the following account information, and also considering the adjustment data provided (assume accounts have normal balances). Equipment was recently purchased, so there is neither depreciation expense nor accumulated depreciation. Adjustments needed: Remaining unpaid Salaries due to employees at the end of the period, $0 Accrued Interest Payable at the end of the period, $7,700
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.
Reece Financial Services Co., which specializes in appliance repair services, is owned and operated by Joni Reece. Reece Financial Services Co.s accounting clerk prepared the following unadjusted trial balance at July 31, 2016: The data needed to determine year-end adjustments are as follows: a. Depreciation of building for the year, 6,400. b. Depreciation of equipment for the year, 2,800. c. Accrued salaries and wages at July 31, 900. d. Unexpired insurance at July 31, 1,500. e. Fees earned but unbilled on July 31, 10,200. f. Supplies on hand at July 31, 615. g. Rent unearned at July 31, 300. Instructions 1. Journalize the adjusting entries using the following additional accounts: Salaries and Wages Payable; Rent Revenue; Insurance Expense; Depreciation ExpenseBuilding; Depreciation ExpenseEquipment; and Supplies Expense. 2. Determine the balances of the accounts affected by the adjusting entries and preparean adjusted trial balance.