Accounts PayableAccounts ReceivableAccumulated Depreciation-BuildingsAccumulated Depreciation-EquipmentAdvertising ExpenseBuildingsCashCommon StockDepreciation ExpenseDividendsEquipmentInsurance ExpenseInterest ExpenseInterest PayableLandMaintenance and Repairs ExpenseMortgage PayableNo EntryNotes PayableOwner's CapitalOwner's DrawingsPrepaid AdvertisingPrepaid InsurancePrepaid RentRent ExpenseRent RevenueRetained EarningsSalaries and Wages ExpenseSalaries and Wages PayableSales RevenueService RevenueSubscription RevenueSuppliesSupplies ExpenseTicket RevenueUnearned Rent RevenueUnearned Service RevenueUnearned Subscription RevenueUnearned Ticket RevenueUtilities Expense At the end of its first year, the trial balance of Swifty Corporation shows Equipment $30,400 and zero balances in Accumulated Depreciation-Equipment and DeprPrepare the annual adjusting entry for depreciation at December 31. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)DateAccount Titles and ExplanationDebitCreditDec. 31Post the adjustments to T-accounts.Depreciation ExpenseAcumulated Depreciation-EquipmentIndicate the balance sheet presentationthe equipment at December 31.Swifty CorporationBalance Sheet (Partial)

At the end of its first year, the trhai Daiat Prepare the annual adjusting entry for depreciation at December 31. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31 Post the adjustments to T-accounts. Depreciation Expense Accumulated Depreciation-Equipment Indicate the balance sheet presentation of the equipment at December 31. Swifty Corporation Balance Sheet (Partial)

At the end of its first year, the trhai Daiat Prepare the annual adjusting entry for depreciation at December 31. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31 Post the adjustments to T-accounts. Depreciation Expense Accumulated Depreciation-Equipment Indicate the balance sheet presentation of the equipment at December 31. Swifty Corporation Balance Sheet (Partial)

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter9: Adjusting Entries

Section: Chapter Questions

Problem 1M

See similar textbooks

Similar questions

Determine on which financial statement each account listed below is reported. Use the following abbreviations: Income Statement (IS), Statement of Owners Equity (OE), and Balance Sheet (BS). a. S. Beagle, Capital b. Cash c. Miscellaneous Expense d. Accumulated Depreciation, Equipment e. Wages Payable f. S. Beagle, Drawing g. Equipment h. Supplies i. Depreciation Expense j. Supplies Expense k. Service Fees l. Accounts Receivable
Identify which type of adjustment is indicated by these transactions. Choose accrued revenue, accrued expense, deferred revenue, or deferred expense. A. rent paid in advance for use of property B. cash received in advance for future services C. supplies inventory purchased D. fees earned but not yet collected
What adjusting journal entry is needed to record depreciation expense for the period? A. a debit to Depreciation Expense; a credit to Cash B. a debit to Accumulated Depreciation; a credit to Depreciation Expense C. a debit to Depreciation Expense; a credit to Accumulated Depreciation D. a debit to Accumulated Depreciation; a credit to Cash
Accounts Payable is an example of an asset account.
CASH, MODIFIED CASH, AND ACCRUAL BASES OF ACCOUNTING Prepare the entry for each of the following transactions, using the (a) cash basis, (b) modified cash basis, and (c) accrual basis of accounting. 1. Purchase supplies on account. 2. Make payment on asset previously purchased. 3. Purchase supplies for cash. 4. Purchase insurance for cash. 5. Pay cash for wages. 6. Pay cash for phone expense. 7. Pay cash for new equipment. End-of-Period Adjusting Entries: 8. Wages earned but not paid. 9. Prepaid item purchased, partly used. 10. Depreciation on long-term assets.
Select the correct account type(asset, liability, equity, revenue, expense) for the below accounts: Depreciation expense Answer 1Choose...RevenueAssetLiabilityEquityExpense Drawings Answer 2Choose...RevenueAssetLiabilityEquityExpense Prepaid Insurance Answer 3Choose...RevenueAssetLiabilityEquityExpense Unearned Service Revenue Answer 4RevenueAssetLiabilityEquityExpense
Hi! Can you identify if it belongs to assets, liabilities or owner's equity? ▸ worthless receivable▸ accrued interest receivable ▸ unused supplies ▸accumulated depreciation - storage building▸depreciation expense
Question: Explain the concept of depreciation expense in accounting and how it is calculated using the straight-line method. Discuss the impact of depreciation on a company's financial statements.
Classify the accounts listed below by matching the account name with one of the following financial statementsections in which the account would be reported:a. Current Assetsb. Fixed Assetsc. Intangible Assetsd. Current Liabilitye. Long-Term Liabilityf. Owners’ Equityg. Revenuesh. Operating Expensesi. Other Income/Expense____ 31. Buildings____ 32. Accumulated Depreciation - Buildings____ 33. Depreciation Expense____ 34. Trademarks____ 35. Amortization Expense____ 36. Repairs Expense____ 37. Land Improvements____ 38. Gain on sale of equipment____ 39. Loss on disposal of asset____ 40. Loss from Impaired Goodwill
(Preparation of a Classified Balance Sheet, Periodic Inventory) Presented below is a list of accounts in alphabetical order. Accounts ReceivableBuildingsAccumulated Depreciation—BuildingsCash (in bank)Accumulated Depreciation—EquipmentCash (on hand)Accumulated Other Comprehensive IncomeCash Surrender Value of Life InsuranceAdvances to EmployeesCommission ExpenseAdvertising ExpenseCommon StockAllowance for Doubtful AccountsInterest ReceivableBond Sinking FundInventory—BeginningBonds PayableInventory—EndingLandPrepaid RentLand for Future Plant SitePurchase Returns and AllowancesLoss from FloodPurchasesNotes Payable (due next year)Retained EarningsPaid-in Capital in Excess of Par—Preferred StockSalaries and Wages Expense (sales)PatentsSalaries and Wages PayablePayroll Taxes PayableSales DiscountsPension LiabilitySales RevenuePetty CashTreasury Stock (at cost)Preferred StockUnearned Subscriptions RevenuePremium on Bonds Payable InstructionsPrepare a classified balance sheet in good form.…
The following accounts were taken from the financial statements of Dream Company. Accounts classification Accounts classification Owner’s capital Building Wages Payable Prepaid insurance Unearned Revenue Drawing Instructions: Match each of the following accounts to its proper balance sheet classification, shown below. Current assets (CA) Current liabilities (CL) Long-term investments (LTI) Long-term liabilities (LTL) Property, plant, and equipment (PPE) Owner’s equity (OE) Intangible assets (IA)
Classifying balance sheet accounts For each account listed, identify the category that it would appear on a classified balance sheet. Use the following categories: Current Assets, Long-term Investments, Plant Assets, Intangible Assets, Current Liabilities, Long-term Liabilities, and Stockholders’ Equity. If the item does not belong on the classified balance sheet, put an X. Land (used in operations) Accumulated Depreciation—Equipment Common Stock Service Revenue Investment in Starbucks Corporation (to be held long-term) Accounts Receivable Equipment Buildings Notes Payable (due in 10 years) Unearned Revenue Cash Accounts Payable Prepaid Rent Dividends Land (held for investment purposes) Depreciation Expense