Balance of Insurance ExpenseThe trial balance for Ariel Certified Cleaners appears as follows:Ariel Certified CleanersTrial BalanceSept. 30, 2015DebitCreditCashB117,880Accounts Receivable264,940Prepaid Insurance34,000Cleaning SuppliesLand73,740180,000Building1,850,000Accumulated Depreciation - Building9456,000Accounts Payable204,000Uneamed Cleaning Revenues16.000Mortgage Payable1,100,000Ariel, Capital565,600Ariel, Withdrawals100,000Cleaning Revenues1,576,340Salaries Expense1,013,300Cleaning Equipment Rental Expense60,000Delivery Truck Expense43,740Interest Expense110,000Other Expense70,340Total :P3,917,940P3,917,940 Total of Adjustments' Column(Debit)The trial balance for Ariel Certified Cleaners appears as follows:Ariel Certified CleanersTrial BalanceSept. 30, 2015DebitCreditCashB117,880Accounts Receivable264,940Prepaid Insurance34,000Cleaning Supplies73,740Land180,000Building1,850,000Accumulated Depreciation - BuildingB456,000Accounts Payable204,000Unearned Cleaning Revenues16,000Mortgage PayableAriel, Capital1,100,000565,600Ariel, Withdrawals100,000Cleaning RevenuesSalaries Expense1,576,3401,013,300Cleaning Equipment Rental Expense60,000Delivery Truck Expense43,740Interest Expense110,000Other Expense70,340Total :P3,917,940P3,917,940

Adjustment Entries Adjustment entries which are provided to the financial statement at the end of…

Answered: Balance of Insurance Expense The trial…

Balance of Insurance Expense The trial balance for Ariel Certified Cleaners appears as follows: Ariel Certified Cleaners Trial Balance Sept. 30, 2015 Debit Credit

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter12: Intangibles

Section: Chapter Questions

Problem 2MC

See similar textbooks

Similar questions

Process activity analysis: For a service company Statewide insurance company has a process for making payments on insurance claims as follows. An activity analysis revealed the cause of these activities was as follows. Receiving claim $78,000 Adjusting claim 338,000 Paying claim 104,000 Total. $520,000 This process includes only the cost of the process the claims payments, not the actual amount of the claim payments. The adjustment activity involves verify the estimated amount of the claim and is variable to the number of claims adjusted. The process received, adjusted, and paid 6,500 claims During the period. All claims were treated identically in this process. To improve the cost of the process, management has determined that claims should be segregated into two categories. Claims under $1,000 at claims greater than $1,000 claims under 1,000 would not be adjusted but would be acceptable to insured evidence of the claim. Claims above $1,000 would be adjusted it is estimated…
prepare an income using the following adjusted trial balance of billi sol companycash 13000accounts receivable 20000office supplies 10300office equipment 40500Accumulated depriciation office 22000accounts payable 11500unearned service revenue 6500long term notes payable 38000billi sol capital 11000billi sol withdrawls 10000service revenue 1100salary expenses 30000rent expenses 12300depreciation expenses 1000office suplies 3000expensesTotal 140100 140100
Process Activity Analysis for a Service Company Statewide Insurance Company has a process for making payments on insurance claims as follows: An activity analysis revealed that the cost of these activities was as follows: Receiving claim $120,000 Adjusting claim 260,000 Paying claim 120,000 Total $500,000 This process includes only the cost of processing the claim payments, not the actual amount of the claim payments. The adjusting activity involves verifying and estimating the amount of the claim and is variable to the number of claims adjusted. The process received, adjusted, and paid 2,000 claims during the period. All claims were treated identically in this process. To improve the cost of this process, management has determined that claims should be segregated into two categories. Claims under $1,000 and claims greater than $1,000: claims under $1,000 would not be adjusted but would be accepted upon the insured’s evidence of claim. Claims above $1,000 would be…
The Delivery Equipment account of Freedom Company showed the following details for 2022:Delivery Equipment01.01.22 Balance 1,500,00001.15 5,000 08.30 225,00009.30 535,000 10.31 180,000 Your examination disclosed the following:a. The P5,000 charged to the Delivery Equipment account on January 15, 2022 represents paymentof LTO registration fees for the company’s delivery equipment for the year 2022.b. The company bought a second-hand delivery truck on September 30 for P535,000, whichincludes P35,000 worth of comprehensive insurance for one year effective October 1, 2022.c. The company wrote-off a fully depreciated truck with an original cost of P225,000 on August 30;further verification disclosed that this truck is still being used by the company.d. The credit of P180,000 on October 31 represents proceeds from sale of one truck costingP350,000, which is 50% depreciated as of December 31, 2021.e. There is only one entry made to the Accumulated Depreciation account during 2022, a debit…
1. The company uses asset method to record payment for annual insurance amounting to P12,000.00. On February 1, 2021, the bookkeeper entered it in the books as (DR) Insurance Expense, P21,000 and (CR) Cash, P21,000.00. a. Transposition b. Transplacement c. No error d. Error of Omission e. Error of account titles2. The company uses asset method to record payment for annual insurance amounting to P12,000.00. On February 1, 2021, the bookkeeper entered it in the books as (DR) Prepaid Insurance, P21,000 and (CR) Cash, P21,000.00. a. Transposition b. Transplacement c. No error d. Error of Omission e. Error of account titles3. The company uses asset method to record payment for annual insurance amounting to P12,000.00. On February 1, 2021, the bookkeeper entered it in the books as (DR) Prepaid Insurance, P120,000.00 and (CR) Cash, P120,000.00 a. Transposition b.…
The adjusted trial balance for Tybalt Construction on December 31 of the current year follows. TYBALT CONSTRUCTIONAdjusted Trial BalanceDecember 31No.Account TitleDebit Credit101Cash$5,000 104Short-term investments 23,000 126Supplies 8,100 128Prepaid insurance 7,000 167Equipment 40,000 168Accumulated depreciation—Equipment $20,000 173Building 150,000 174Accumulated depreciation—Building 50,000 183Land 55,000 201Accounts payable 16,500 203Interest payable 2,500 208Rent payable 3,500 210Wages payable 2,500 213Property taxes payable 900 236Unearned revenue 7,500 244Current portion of long-term note payable 7,000 251Long-term notes payable 60,000 307Common stock 5,000 318Retained earnings 121,400 319Dividends 13,000 404Services revenue 97,000 406Rent revenue 14,000 407Dividends revenue 2,000 409Interest revenue 2,100 606Depreciation expense—Building 11,000 612Depreciation expense—Equipment 6,000 623Wages expense 32,000 633Interest expense 5,100 637Insurance expense 10,000 640Rent expense…
Closing entries with net loss Summit Services Co. offers its services to individuals desiring to improvetheir personal images. After the accounts have been adjusted at May 31,the end of the fiscal year, the following balances were taken from the ledger of Summit Services: Fees EarnedDividendsRent ExpenseRetained Earnings $1,150,0005,000200,000450,000 Supplies ExpenseWages ExpenseMiscellaneousExpense $ 19,300915,00031,900 Journalize the closing entries required to close the accounts.
Provided below is the adjusted trial balance of Garden Wizards.GARDEN WIZARDSAdjusted Trial balanceDecember 31, 2020 Debit Balances Rs. Credit Balances Rs.Cash 450 Accumulated Depreciation: Furniture and fixtures 6600Accounts Receivable 220 Accounts Payable 7100Unexpired Insurance 1600 Notes Payable 24000Prepaid Rent 1800 Salaries Payable 2100Office Supplies 900 Interest payable 170Furniture and fixtures 10000 Unearned Services Revenue 600Insurance Expense 6200 Capital Stock 4000Office Rent Expense 12000 Retained Earning 2000Supplies Expense 300 Services Revenue 56700Salary expense 48000 Depreciation expense: furniture and fixtures 1200 Office and telephone expense 4600 Internet service expense. 7200 Legal expense 1800 Interest expense 2700 Miscellaneous expense 4300 Total 103,270 Total 103,270 Required:⦁ Prepare the following statements of the company from the data given above:⦁ Income Statement for the year ending at December 31, 2020⦁ Retained Earnings Statement for…
2. Prepare a December 31 balance sheet in proper form for Surety Insurance using the following accounts and amounts: Commissions Revenue Earned.............$40,000Accounts payable..................3,500Accounts receivable............... 5,000M. Bruno, Capital..................103,500Office equipment...................10,000Advertising expense............. 3,200Cash................................... 7,500Land......................................35,000Note payable.......................... 50,000Office supplies........................500Salaries expense....................12,000Salaries payable.....................1,000Building...............................100,000
IT IS URGENTTTT Trial Balance of FRS Company’s accounts as of January 31 2020 given as follows: Trial Balance Account Title Debit Credit Cash 372850 Accounts Receivable 48500 Supplies 26000 Prepaid Insurance 10800 Inventory 16425 Equipment 46000 Accumulated Depreciation-Equipment 20000 Accounts Payable 96000 Salary Payable 0 Unearned Sales Revenue 25000 Capital 341800 Withdrawals 0 Sales Revenue 96000 Sales Returns& Allowances 7500 Sales Discounts 1650 Cost of Goods Sold 49075 Insurance Expense Depreciation Expense-Equipment Supplies Expense Salary Expense Total 578800 578800 On January 31, 2018 FRS Company completed following adjusting entries: Expiration of prepaid insurance for one month is 1800$ Depreciation of equipment for the month, $8,500…
Violet Designs provides consulting services related to home decoration. Violet Designs provides customers with recommendations for a full range of home décor, including window treatments, carpet and wood flooring, paint colors, furniture, and much more. Below is the year-end adjusted trial balance of Violet Designs. VIOLET DESIGNS Adjusted Trial Balance December 31, 2024 Accounts Debits Credits Cash $ 4,900 Accounts Receivable 3,900 Supplies 1,900 Prepaid Rent 5,900 Buildings 109,000 Accumulated Depreciation $ 20,900 Accounts Payable 2,900 Salaries Payable 3,900 Utilities Payable 1,200 Notes Payable (due in four years) 19,000 Common Stock 49,000 Retained Earnings 14,900 Service Revenues 115,100 Salaries Expense 41,900 Rent Expense 17,900 Depreciation Expense 6,900 Supplies Expense 7,900 Advertising Expense 12,900 Utilities Expense 11,900 Interest Expense 1,900 Totals $ 226,900 $ 226,900…
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…