As of December 31, 2015, Zoil Company had $800 of accrued salaries expense that will be paid in 2016. What is the adjusting entry to recognize the above event? a. Salary Payable Dr Salary Expense Cr b. Salary Expense Dr Salary Payable Cr C. Retained Earnings Dr Salary Expense Dr d. Salary Expense Dr Retained Earnings Cr

As of December 31, 2015, Zoil Company had $800 of accrued salaries expense that will be paid in 2016. What is the adjusting entry to recognize the above event? a. Salary Payable Dr Salary Expense Cr b. Salary Expense Dr Salary Payable Cr C. Retained Earnings Dr Salary Expense Dr d. Salary Expense Dr Retained Earnings Cr

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter5: Completing The Accounting Cycle

Section: Chapter Questions

Problem 3EB: For each of the following accounts, identify whether it would be closed at year-end (yes or no) and...

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Identify whether each of the following transactions, which are related to expense recognition, are accrual, deferral, or neither. A. paid an expense for the current month B. prepaid an expense for future months C. made a payment to reduce accounts payable D. incurred a current-month expense, to be paid next month
For each of the following accounts, identify whether it would be closed at year-end (yes or no) and on which financial statement the account would be reported (Balance Sheet, Income Statement, or Retained Earnings Statement). A. Retained Earnings B. Prepaid Rent C. Rent Expense D. Rent Revenue E. Salaries Expense F. Salaries Payable G. Supplies Expense H. Unearned Rent Revenue
Adjustments for unearned and accrued fees The balance in the unearned fees account, before adjustment at the end of the year, is $900,000. Of these fees, $775,000 have been earned. In addition, $289,500 of fees have been earned hut not hilled to clients. What are the adjustments (a) to adjust the unearned fees account and (h) to record the accrued fees? Indicate each account affected, whether the account is increased or decreased, and the amount of the increase or decrease.
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 trial balance of Sports Connection at June 30, 2013, the end of the current fiscal year, is as follows: Adjustment information is as follows: a. Supplies on hand as of June 30, 2013, 450. b. Insurance premiums that expired during the year, 2,420. c. Depreciation on equipment during the year, 1,500. d. Included in the rent expense of 30,000 is 1,200 that is prepaid for July 2013. e. Salaries accrued but not paid at June 30, 2013, 1,440. f. Merchandise inventory on June 30, 2013, 68,864. Open the file P2WORK from the website for this book at cengagebrain.com. Enter the formulas in the appropriate cells on the worksheet. Then enter the adjusting amounts in columns E and G. Also, in column D or F, insert the letter corresponding to the adjusting entry (ae). (Note: Not all textbooks handle the change in inventory as an adjustment. Use the method for handling inventory that is prescribed in your textbook.) Column A is frozen on the screen to assist you in completing requirement 3.
The trial balance of Sports Connection at June 30, 2013, the end of the current fiscal year, is as follows: Adjustment information is as follows: a. Supplies on hand as of June 30, 2013, 450. b. Insurance premiums that expired during the year, 2,420. c. Depreciation on equipment during the year, 1,500. d. Included in the rent expense of 30,000 is 1,200 that is prepaid for July 2013. e. Salaries accrued but not paid at June 30, 2013, 1,440. f. Merchandise inventory on June 30, 2013, 68,864. As the accountant for Sports Connection, you have been asked to prepare adjusting entries and financial statements to complete the accounting cycle for the year. A worksheet called P2WORK has been provided to assist you in this assignment. As you review this worksheet, it should be noted that columns H and I will automatically change when you enter values in columns E and G.
The trial balance of Sports Connection at June 30, 2013, the end of the current fiscal year, is as follows: Adjustment information is as follows: a. Supplies on hand as of June 30, 2013, 450. b. Insurance premiums that expired during the year, 2,420. c. Depreciation on equipment during the year, 1,500. d. Included in the rent expense of 30,000 is 1,200 that is prepaid for July 2013. e. Salaries accrued but not paid at June 30, 2013, 1,440. f. Merchandise inventory on June 30, 2013, 68,864. Complete the income statement and balance sheet by entering formulas in columns J, K, L, and M that reference the appropriate cells in column H or I. Net income will be automatically calculated at the bottom of the income statement and balance sheet columns. Check to be sure that these numbers are the same. Enter your name in cell A1. Save the completed file as P2WORK3. Print the worksheet. Also print your formulas using landscape orientation and fit-to-1 page scaling. Check figure: Net income (cell J34), 37,902.
The trial balance of Sports Connection at June 30, 2013, the end of the current fiscal year, is as follows: Adjustment information is as follows: a. Supplies on hand as of June 30, 2013, 450. b. Insurance premiums that expired during the year, 2,420. c. Depreciation on equipment during the year, 1,500. d. Included in the rent expense of 30,000 is 1,200 that is prepaid for July 2013. e. Salaries accrued but not paid at June 30, 2013, 1,440. f. Merchandise inventory on June 30, 2013, 68,864. In the space provided below, prepare an income statement, a capital statement (statement of owners equity), and a balance sheet. Use the corrected worksheet (P2WORK4) as a basis for your work. Assume no additional owner investments were made during the year.
Selected year-end account balances from the adjusted trial balance as of December 31, 2017, for Bridgeport Corp. is provided below. Debit Credit Accounts Receivable $66,790 Dividends 24,200 Depreciation Expense 12,140 Equipment 195,780 Salaries and Wages Expense 83,810 Accounts Payable $48,760 Accumulated Depreciation—Equipment 105,620 Unearned Rent Revenue 21,070 Service Revenue 169,100 Rent Revenue 5,700 Rent Expense 3,310 Retained Earnings 56,860 Supplies Expense 1,290 Prepare closing entries. Determine the post-closing balance in Retained Earnings. (Post entries in the order of journal entries presented in the previous part.) Retained Earnings choose a transaction date enter a debit amount choose a transaction date enter a credit amount choose a transaction date enter a debit amount choose a transaction date…
The following data at January 31, 2012 is given for EBM, Inc. a. Depreciation, $ 500 b. Prepaid rent expired, $ 600 c. Interest expense accrued, $ 300 CK d. Employce salaries owed for Monday through Thursday of a five-day workweek; weekly payroll, $ 13,000 e. Unearned service revenue earned, $ 1,300 Requirement 1. Journalize the adjusting entries needed on January 31, 2012.
The Unearned Revenue account of Melrose Incorporated began 2018 with a normal balance of $5,500 and ended 2018 with a normal balance of $16,000. During 2018, the UnearnedRevenue account was credited for $19,000 that Melrose will earn later. Based on these facts,how much revenue did Melrose earn in 2018?a. $8,500b. $19,000c. $29,500d. $0
The following additional information relates to the company’s 2020 financial affairs and was provided in the first week of 2021 and are to be record same as adjusting entries:( Key each transaction by its letter and narrations are not required): O. Accrued salary expense, $19,500. P. Depreciation expense, $6,500. Q. Prepaid insurance expired, $24,000. R. Supplies on hand, $2,500. S. Unearned service revenue earned during 2020, $7,000. 5. Use the transactions in requirement 4 to update the affected T accounts. hello I did this question and in the adjusted journal entries for part R i use the total 16,500 instead of 2500 showing the transaction as dr cr supplies expense 16,500 supplies 16,500 would this be correct and if so why?