Adjusting Entries Debit Credit 1,600.00 a.) Insurance Expenses (2400-800) Prepaid Insurance (To record insurance expenses) b.) Store Supplies Expenses Store Supplies (To record supplies expenses) c.) Depreciation (26000*5%) Acc Dep |(To record depreciation) d.) Salaries Expense Salaries Payable (To record salaries payable) e.) Unearned Copy Services Revenue (3000*1/3) Copy Services Revenue (To record revenue) 1,600.00 1,500.00 1,500.00 1,300.00 1,300.00 200.00 200.00 1,000.00 1,000.00
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Using the information in the attached pictures, prepare the REVERSING ENTRIES
REVERSING ENTRIES:
a.)
b.)
c.)
d.)
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- Adjustment process and financial statements Adjustment data for Ms. Ellen’s Laundry Inc. for the year ended December 31, 20Y8. are as follows: a. Wages accrued but not paid at December 31. $2150 h. Depreciation of equipment during the year. $12500 c. Laundry supplies on hand at December 31. $1,500 d. Insurance premiums expired. $4600 Instructions 1. Using the following integrated financial statement framework, record each adjustment to the appropriate accounts, identifying each adjustment by its letter. After all adjustments are recorded, determine the balances.Multiple-step income statement The following income statement for Curbstone Company was prepared for the year ended August 31, 20Y5: a. Identify the errors in the income statement. b. Prepare a corrected income statement.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
- DATA PROVIDEDThe pre-adjustment trial balance of Wing-It (Pty) Ltd as at 31 August 2022 is presented:AccountDebitCreditProfessional fees765 000Goods sold435 000Cost of sales215 000Interest received19 500Interest on loan6 300Bank charges3 200Cleaning1 500Staff welfare650Salaries and wages35 850Municipal services6 850Printing and stationery16 715Telephone18 600Fuel and oil56 000Repairs and maintenance: Building5 200Repairs and maintenance: Vehicles6 850Capital: Blue520 000Capital: Green630 000Drawings: Blue35 000Drawings: Green27 000Current account: Blue2 500Current account: Green6 400Retained income265 000Land500 000Buildings1 500 000Accumulated depreciation on buildings21 000Vehicles380 000Accumulated depreciation on vehicles65 000Equipment and electronics79 500Accumulated depreciation on equipment and electronics1 5008% Long-term loan325 000Bank: FNB168 000Bank: ABSA32 000Debtors control account85 000Allowance for credit losses6 400Creditors control account78 600Petty cash2…Prepare the Statement of Comprehensive Income as at: 28 February 2021.Embassy TradersPre-adjustment Trial Balance as at: 28 February 2021Debit CreditBalance Sheet Accounts SectionCapital 1 651 100Drawings 132 900Land and buildings 1 254 800Vehicles at cost 925 000Equipment 662 000Accumulated depreciation on vehicles 528 000Accumulated depreciation on equipment 369 000Fixed deposit: Bob-bank (9% p.a.) 200 000Trading inventory 152 000Debtors control 174 800Provision for bad debts 10 000Bank 127 800Creditors control 184 800Mortgage loan: Bob-bank (18% p.a.) 330 000Nominal Accounts SectionSales 2 075 000Cost of sales 795 000Sales returns 15 000Salaries and wages 586 000Bad debts 18 000Stationary 30 000Rates and taxes 58 000Motor expenses 32 000Advertising 23 000Telephone 44 000Electricity and water 66 000Bank charges 8 000Insurance 5 000Interest on mortgage loan 26 000Interest on fixed deposit 15 000Rent income 171 6005 334 500 5 334 500Adjustments and additional information1.Trading…Title Verne Cova Company has the following balances in selected accounts on December 31, 2014.Accounts Rec Description Verne Cova Company has the following balances in selected accounts on December 31, 2014.Accounts Receivable$ 0Accumulated DepreciationâEquipment0Equipment6,606Interest Payable0Notes Payable10,213Prepaid Insurance2,220Salaries and Wages Payable0Supplies2,318Unearned Service Revenue41,421All the accounts have normal balances. The information below has been gathered at December 31, 2014.1.Verne Cova Company borrowed $9,950 by signing a 12%, one-year note on September 1, 2014.2.A count of supplies on December 31, 2014, indicates that supplies of $881 are on hand.3.Depreciation on the equipment for 2014 is $1,942.4.Verne Cova Company paid $2,220 for 12 months of insurance coverage on June 1, 2014.5.On December 1, 2014, Verne Cova collected $28,400 for consulting services to be performed from December 1, 2014, through March 31, 2015.6.Verne Cova performed…
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- Sharp OutfittersUnadjusted Trial BalanceJuly 31, 2020 Debit $ Credit $ Cash 3750 Supplies 8600 Prepaid Insurance 3200 Equipment 95000 Accumulated Depreciation 16500 Accounts Payable 3500 Unearned rental fees 8850 C.Sharp, Capital 39000 C.Sharp, Drawing 1200 Rental fees earned 78000 Wages expenses 27800 Rent expense 3300 Advertising expense 2300 Travel expense 700 TOTAL 145850 145850 Sharp Outfitters’ fiscal year ends on July 31 and its accounts are adjusted on a monthly basis. Thefollowing additional information are available:1. Supplies on hand at July 31, amount to $3,3002. Insurance expense for the month is $6003. Depreciation for the full year is $8,2504. The unearned rental fees consist of deposits received from customers in advance when reservations aremade. During the month, $2,850 of the unearned rental fees was earned. The remaining deposits applyto rentals for August and…Sharp OutfittersUnadjusted Trial BalanceJuly 31, 2020 Debit $ Credit $ Cash 3750 Supplies 8600 Prepaid Insurance 3200 Equipment 95000 Accumulated Depreciation 16500 Accounts Payable 3500 Unearned rental fees 8850 C.Sharp, Capital 39000 C.Sharp, Drawing 1200 Rental fees earned 78000 Wages expenses 27800 Rent expense 3300 Advertising expense 2300 Travel expense 700 TOTAL 145850 145850 Sharp Outfitters’ fiscal year ends on July 31 and its accounts are adjusted on a monthly basis. Thefollowing additional information are available:1. Supplies on hand at July 31, amount to $3,3002. Insurance expense for the month is $6003. Depreciation for the full year is $8,2504. The unearned rental fees consist of deposits received from customers in advance when reservations aremade. During the month, $2,850 of the unearned rental fees was earned. The remaining deposits applyto rentals for August and…Q4: On 31/12/2020, the following balances appeared in the trial balance of ABC Company ABC Co. Partial Trial Balance December 31 Prepaid insurance 1,500 Supplies 1,000 Unearned service revenue 1,500 Equipment 50,000 Additional information: An insurance policy examination showed SR1,000 of expired insurance An inventory count showed SR200 of unused shop supplies still available Depreciation expense on shop equipment, SR10,000 SR800 of the Unearned service account balance was earned by year-end. Required : Make the necessary adjusting entries. Show the impact of these adjustments on the income statement and the balance sheet statement.