Adjusting Entries Date Feb 28 Feb 28 Feb 28 Feb 28 Feb 28 Feb 28 Accounts Title Insurance Expense Prepaid Insurance Supplies Expenses Supplies ($2,300 - $500) Depreciation Expense Accumulated Depreciation Salaries Expense Salaries Payable Rent Expense Prepaid Rent ($5,000/2 months) Unearned Revenue Service Revenue Debit $1,000 $1,800 $2,000 $300 $2,500 $2,000 Credit $1,000 $1,800 $2,000 $300 $2,500 $2,000

Adjusting Entries Date Feb 28 Feb 28 Feb 28 Feb 28 Feb 28 Feb 28 Accounts Title Insurance Expense Prepaid Insurance Supplies Expenses Supplies ($2,300 - $500) Depreciation Expense Accumulated Depreciation Salaries Expense Salaries Payable Rent Expense Prepaid Rent ($5,000/2 months) Unearned Revenue Service Revenue Debit $1,000 $1,800 $2,000 $300 $2,500 $2,000 Credit $1,000 $1,800 $2,000 $300 $2,500 $2,000

Name: Post the following journal entries into T-accounts. Adjusting EntriesD
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Description: Post the following journal entries into T-accounts. Adjusting EntriesDateFeb 28Feb 28Feb 28Feb 28Feb 28Feb 28Accounts TitleInsurance ExpensePrepaid InsuranceSupplies ExpensesSupplies($2,300 - $500)Depreciation ExpenseAccumulated DepreciationSalaries

Corporate Financial Accounting

15th Edition

ISBN:9781337398169

Author:Carl Warren, Jeff Jones

Publisher:Carl Warren, Jeff Jones

Chapter4: The Accounting Cycle

Section: Chapter Questions

Problem 4.3BPR: Income: 27,350 accounts, adjusting entries, financial statements, and closing entries; optional...

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Ledger accounts, adjusting entries, financial statements, and closing entries; optional end-of-period spreadsheet The unadjusted trill balance of Recessive Interior, at January 31, 20Y2, the end of the year, follows: The data needed to determine year-end adjustments are as follows: (a) Supplies on hand at January 31 are 2,850 (b) Insurance premium expired during the year are 3,150. (c) Depreciation of equipment during the year is 5,250 (d) Depreciation of trucks during the year is 4,000. (e) Wages accrued but not paid at January 31 are 900. Instructions 1. For each account listed in the unadjusted trial balance, enter the balance in the appropriate Balance column of a four-column account and place a check mark () in the Posting Reference column. 2. (Optional) Enter the unadjusted trial balance on an end-of-period spreadsheet and complete the spreadsheet. Add the accounts listed in part (3) as needed. 3. Journalize and post the adjusting entries, inserting balances in the accounts affected. Record the adjusting entries on Page 26 of the journal. The following additional accounts from Recessive Interiors chart if accounts should be used: Wages Payable, 22; Depreciation ExpenseEquipment, 54; Supplies Expense. 55; Depreciation ExpenseTrucks. 56; Insurance Expense, 57. 4. Prepare an adjusted trial balance. 5. Prepare an income statement, a statement of stockholders equity, and a balance sheet. During the year ended January 31, 20Y2, additional common stock of 7,500 was issued. 6. Journalize and post the dining entries. Record the closing entries on Page 27 of the journal. Indicate closed accounts by inserting a line in both Balance columns opposite the closing entry. 7. Prepare a post-closing trial balance.
Time remaining: 00 :09 :41 Accounting S No Date Particulars Debit Credit 1 01-12-2019 Cash Dr. $ 10,000 To Capital $10,000 2 05-12-2019 Enlistment & Permitting Charges Dr. $ 370 To Cash $ 370 3 06-12-2019 Furniture & Fixures Dr. $ 3,000 To Cash $ 3,000 4 07-12-2019 Administration Gear Dr. $ 16,000 To Cash $ 8,000 To Records Payable $ 8,000 5 07-12-2019 Administration Supplies Dr. $ 1,500 To Admn Supplies Payable $ 1,500 6 09-12-2019 Cash Dr. $ 1,900 To Administrations Delivered $ 1,900 7 12-12-2019 Admn Supplies Receivable $ 4,250 To Administrations Delivered $ 4,250 8 14-12-2019 Cash Dr. $ 3,200 To Capital $ 3,200 9 15-12-2019 Admn Supplies Receivable Dr. $ 3,400 To Administrations Delivered $ 3,400 10 22-12-2019 Cash Dr. $ 4,250 To Admn Supplies Receivable $ 4,250 11 23-12-2019 Admn Supplies Payable Dr. $…
ACCTS RECEIVABLE P 22,500ALLOWANCE FOR IMPAIRMENT LOSS 1,200NOTES RECEIVABLE 20,000OFFICE EQUIPMENT 92,000ACCUMUMULATED DEPRECIATION 4,500RENTAL INCOME 12,000SERVICE INCOME 450,000SUPPLIES EXPENSE 6,250INSURANCE EXPENSE 7,200SALARIES EXPENSE 120,000 REQUIRED:PREPARE ADJUSTING ENTRIES FOR DEC. 31, 2021. 1. UNUSED OFFICE SUPPLIES AT THE END, P 320.2. ONE-YEAR INSURANCE WAS PAID ON APRIL 1 OF THE CURRENT YEAR.3. OFFICE EQUIPMENT HAD A USEFUL LIFE OF 10 YEARS WITH SCRAP VALUE OF P2,000. IT WAS ACQUIRED JULY 1, 2021.4. UNEARNED RENTAL INCOME IS 1/3 OF THE AMOUNT COLLECTED.5. SERVICE INCOME NOT YET COLLECTED, P3,000.6. THE 60-DAY 6% NOTE WAS RECEIVED ON DECEMBER 1, 2021.7. ESTIMATED BAD DEBTS IS 10% OF THE ACCOUNTS RECEIVABLE.8. ACCRUED SALARIES IS P12,000.
Exercise 4. Selected account balance before adjustments for Kiss Me Again Company on December 31, 2020 are as follows: Debit CreditAccounts Receivable P84,625Supplies 11,375Equipment 215,000Module 4 10- NABAccumulated Depreciation P34,450Wages payable 0Unearned fees 23,500Fees earned 348,975Wages expense 79,700Rent expense 48,000Depreciation Expense 0Supplies expense 0The data needed for year-end adjustments are as follows:a. Fees earned but not yet collected on December 31, P31,575.b. Supplies on hand on December 31, P2,785c. Rent expired during the year, P36,000d. Depreciation for equipment during the year, P5,000e. Wages accrued but unpaid on December 31, P13,800f. Accounts receivable of P10,000 is doubtful of being collected.Date Description PR Debit Credit
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
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
Q#3 Following in the adjusted trial balance of M/s Rizwan for the year 2020ACCOUNT TITLES DEBIT CREDITCash 150000Inventory 10,000Prepaid rent 50,000Office Supplies 60,000Land 900,000Building 800,000Accumulated Depreciation 40,000Accounts payable 80,000Salaries payable 55,000Long term loan 390,000Purchases 400,000Sales 600,000Purchase returns 18,000Sales returns 14,000Transportation-in 5,000Interest expense 2,000Salaries expense 44,000Depreciation expense 29,000Electricity expense 5,000Interest expense 5,000Interest payable 25,000Commission Income 22,000Capital 1,254,000Drawing 10000Total 2,484,000 2,484,000Inventory Closing Rs. 50,000REQUIRED a) Prepare Income Statement for the year ended December 31, 2020. b) Prepare Balance Sheet in classified account form as of December 31, 2020
Q#3 Following in the adjusted trial balance of M/s Rizwan for the year 2020ACCOUNT TITLES DEBIT CREDITCash 150000Inventory 10,000Prepaid rent 50,000Office Supplies 60,000Land 900,000Building 800,000Accumulated Depreciation 40,000Accounts payable 80,000Salaries payable 55,000Long term loan 390,000Purchases 400,000Sales 600,000Purchase returns 18,000Sales returns 14,000Transportation-in 5,000Interest expense 2,000Salaries expense 44,000Depreciation expense 29,000Electricity expense 5,000Interest expense 5,000Interest payable 25,000Commission Income 22,000Capital 1,254,000Drawing 10000Total 2,484,000 2,484,000Inventory Closing Rs. 50,000REQUIRED a) Prepare Income Statement for the year ended December 31, 2020.
Required information Exercise 5-19 (Algo) Prepaid expenses—insurance LO 10 Skip to question [The following information applies to the questions displayed below.] A company makes the payment of a one-year insurance premium of $4,440 on March 1, 2019. Exercise 5-19 (Algo) Part e e. Accounting for prepaid expenses achieves a better matching of revenues and expenses and yields a more meaningful measure of net income. true or false
EA10. LO 4.3Prepare journal entries to record the following adjustments. Insurance that expired this period, $18,000 Depreciation on assets, $4,800 Salaries earned by employees but unpaid, $1,200
Marked out of 20.00P Flag questionusing the income summary account for the month ofSiren MarketingAdjusted Trial BalanceMay 31, 2022Account TitleCashDebitCredit$8, 600Accounts Receivable$2, 500Prepaid Insurance$2,700 Accounts PayableUnearned RevenueKirk, Capital$1, 200$1, 800$5, 880Kirk, Withdrawals$1,600Service Revenue$8, 620Advertising Expenselnsurance ExpenseRent Expense Total$790$450$860$17,500 $17,500No comma or dollar sign should be included in the imput icklPrepare the closing entries in the proper order. For transactions that have more than 1 debit or more than 1 deditDebitAccount Title and Explanation Date May 31
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.