Accounting Brief Exercise 4-02The ledger of Sandhill Company includes the following unadjusted balances: Prepaid Insurance $3,200, Service Revenue $58,100, and Salaries and Wages Expense $25,600. Adjusting entries are required for (a) expired insurance $2,100, (b) services performed $1,400 are billed and not yet collected, and(c) accrued salaries payable $70o.Enter the unadjusted balances and adjustments into a worksheet and complete the worksheet for all accounts.LENTZ COMPANYWorksheetTrial BalanceAdjustmentsAdjusted Trial BalanceIncome StatementBalance SheetAccount TitlesDr.Cr.Dr.Cr.Dr.Cr.Dr.Cr.Dr.Cr.Prepaid InsuranceService RevenueSalaries and Wages ExpenseAccounts ReceivableSalaries and Wages PayableInsurance ExpenseClick if you would like to Show Work for this question: Open Show WorkLINK TO TEXTQuestion Attempts: UnlimitedSAVE FOR LATERSUBMIT ANSWERActivate WindowsGo to Settings to activate Windows.1:00 PMto search后 )4/22/2021近 Brief Exercise 4-03The following selected accounts appear in the adjusted trial balance columns of the worksheet for Ashram Company.Indicate with an "X" the financial statement column (income statement Dr., balance sheet Cr., etc.) to which each balance should be extended.IncomeBalance SheetStatementAccountDr.Cr.Accumulated DepreciationDepreciation ExpenseOwner's CapitalOwner's DrawingsService RevenueSuppliesAccounts PayableClick if you would like to Show Work for this question: Open Show WorkLINK TO TEXTQuestion Attempts: UnlimitedSUBMIT ANSWERSAVE FOR LATERActivate WindowsGo to Settings to activate Windows.1:01 PMco search4/22/2021近

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Brief Exercise 4-02 The ledger of Sandhill Company includes the following unadjusted balances: Prepaid Insurance $3,200, Service Revenue $58,100, and Salaries and Wages Expense $25,600. Adjusting entries are required for (a) expired insurance $2.100, (b) services performed $1,400 are billed and not yet collected, and (c) accrued salaries payable $700. Enter the unadjusted balances and adjustments into a worksheet and complete the worksheet for all accounts. LENTZ COMPANY Worksheet Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet Account Titles Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Prepaid Insurance Service Revenue Salaries and Wages Expense Accounts Receivable Salaries and Wages Payable Insurance Expense Click if you would like to Show Work for this question: Qeen Show Work

Brief Exercise 4-02 The ledger of Sandhill Company includes the following unadjusted balances: Prepaid Insurance $3,200, Service Revenue $58,100, and Salaries and Wages Expense $25,600. Adjusting entries are required for (a) expired insurance $2.100, (b) services performed $1,400 are billed and not yet collected, and (c) accrued salaries payable $700. Enter the unadjusted balances and adjustments into a worksheet and complete the worksheet for all accounts. LENTZ COMPANY Worksheet Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet Account Titles Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Prepaid Insurance Service Revenue Salaries and Wages Expense Accounts Receivable Salaries and Wages Payable Insurance Expense Click if you would like to Show Work for this question: Qeen Show Work

Corporate Financial Accounting

14th Edition

ISBN:9781305653535

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter3: The Adjusting Process

Section: Chapter Questions

Problem 3.3APR: Adjusting entries Reliable Repairs Service, an electronics repair store, prepared the following...

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Exercise 3-55 Effect of Adjustments on the Financial Statements VanBrush Enterprises, a painting contractor, prepared the following adjusting entries at year end: a. Wages Expense ................ 2,550 Wages Payable 2,550 b. Accounts Receivable ....... 8,110 Service Revenue .............. 8,110 c. Unearned Service Revenue â€¦â€¦â€¦â€¦â€¦â€¦â€¦ 5,245 Service Revenue â€¦â€¦â€¦..... 5.245 d. Rent Expense ............. 3,820 Prepaid Rem .......... 3,820 Required: 1. Show the effect of these adjustments on assets, liabilities, equity, revenues, expenses, and net Income. 2. CONCEPTUAL CONNECTION If these adjustments were made with estimates that were considered conservative, how would this affect your interpretation of earnings quality?
Cornerstone Exercise 3-18 Accrued Expense Adjusting Entries Manning Manufacturing Inc. had the following items that require adjustment at year end. Salaries of $5,320 that were earned in December are unrecorded and unpaid. Used $1,970 Of utilities in December, which are unrecorded and unpaid. Interest of $925 on a note payable has not been or paid. Required: Prepare the adjusting entries needed at December 31. What is the effect on the financial statements if these adjusting entries are not made?
Cornerstone Exercise 3-17 Accrued Revenue Adjusting Entries Powers Rental Service had the following items that require adjustment at year end. Earned $9,880 of revenue from the rental of equipment for which the customer had not yet paid. Interest of S650 on a note receivable has been earned but not yet received. Required: Prepare the adjusting entries needed at December 31. What is the effect on the financial statements if these adjusting entries are not made?
Adjusting entries and errors At the end of April, the first month of operations, the following selected data were taken from the financial statements of Shelby Crawford, an attorney: Net income for April 120,000 Total assets at April 30 750,000 Total liabilities at April 30 300,000 Total owner's equity at April 30 450,000 In preparing the financial statements, adjustments for the following data were overlooked: Supplies used during April, 2,750. Unbilled fees earned at April 30, 23,700. Depreciation of equipment for April, 1,800. Accrued wages at April 30, 1,400. Instructions 1. Journalize the entries to record the omitted adjustments. 2. Determine the correct amount of net income for April and the total assets, liabilities, and owner's equity at April 30. In addition to indicating the corrected amounts, indicate the effect of each omitted adjustment by setting up and completing a columnar table similar to the following. The adjustment for supplies used is presented as an example.
Ledger accounts, adjusting entries, financial statements, and closing entries; optional spreadsheet The unadjusted trial balance of Lakota Freight Co. at March 31, 2018, the end of the year, follows: Lakota Freight Co. Unadjusted Trial Balance March 31, 2018 Account No. Debit Balances Credit Balances Cash................................................ 11 12,000 Supplies............................................ 13 30,000 Prepaid Insurance.................................... 14 3,600 Equipment.......................................... 16 110,000 Accumulated DepreciationEquipment............... 17 25,000 Trucks............................................... 18 60,000 Accumulated DepreciationTrucks................... 19 15,000 Accounts Payable.................................... 21 4,000 Common Stock...................................... 31 26,000 Retained Earnings................................... 32 70,000 Dividends........................................... 33 15,000 Service Revenue..................................... 41 160,000 Wages Expense...................................... 51 45,000 Rent Expense........................................ 53 10,600 Truck Expense....................................... 54 9,000 Miscellaneous Expense............................... 59 4,800 300,000 300,000 The data needed to determine year-end adjustments are as follows: (A) Supplies on hand at March 31 are 7,500. (B) Insurance premiums expired during year are 1,800. (C) Depreciation of equipment during year is 8,350. (D) Depreciation of trucks during year is 6,200. (E) Wages accrued but not paid at March 31 are 600. Instructions 1. For each account listed in the 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 spread sheet 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 Lakota Freight Co.s chart of accounts should be used: Wages Payable, 22; Supplies Expense, 52; Depreciation ExpenseEquipment, 55; Depreciation ExpenseTrucks, 56; Insurance Expense, 57. 4. Prepare an adjusted trial balance. 5. Prepare an income statement, a retained earnings statement, and a balance sheet. 6. Journalize and post the closing entries. Record the closing entries on Page 27 of the journal. (Income Summary is account #34 in the chart of accounts.) Indicate closed accounts by inserting a line in both Balance columns opposite the closing entry. 7. Prepare a post-closing trial balance.
Ledger accounts, adjusting entries, financial statements, and closing entries; optional end-of-period spreadsheet The unadjusted trial balance of Recessive Interiors at January 31, 2016, 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 premiums 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 of 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 owners equity (no additional investments were made during the year), and a balance sheet. 6. Journalize and post the closing entries. Record the closing entries on Page 27 of the journal. (Income Summary is account #33 in the chart of accounts.) Indicate closed accounts by inserting a line in both Balance columns opposite the closing entry. 7. Prepare a post-closing trial balance.
Adjusting entries and errors At the end of August, the first month of operations, the following selected data were taken from the financial statements of Tucker jacobs, an attorney: Net income for August 112,500 Total assets at August 31 650,000 Total liabilities at August 31 225,000 Total stockholders equity at August 31 425,000 In preparing the financial statements, adjustments for the following data were overlooked: Unbilled fees earned at August 31, 31,900. Depreciation of equipment for August, 7,500. Accrued wages at August 31, 5,200. Supplies used during August, 3,000. Instructions 1. journalize the entries to record the omitted adjustments. 2. Determine the correct amount of net income for August and the total assets, liabilities, and stockholders equity at August 31. In addition to indicating the corrected amounts, indicate the effect of each omitted adjustment by setting up and completing a columnar table similar to the following. The first adjustment is presented as an example.
Cornerstone Exercise 3-20 Deferred Expense Adjusting Entries Best Company had the following items that require adjustment at year end. Cash for equipment rental in the amount of $3,800 was paid in advance. The $3,800 was debited to prepaid rent When paid. At year end, $2,950 Of the prepaid rent had expired. Cash for insurance in the amount of $8,200 was paid in advance. The $8,200 was debited to prepaid insurance when paid. At year end, $1,8SO of the prepaid insurance was still unused. Required: Prepare the adjusting journal entries needed at December 31. What is the effect on the financial statements if these adjusting entries are not made? What is the balance in prepaid equipment rent and insurance expense at December 31?
Adjusting entries Reliable Repairs Service, an electronics repair store, prepared the following unadjusted trial balance at the end of its first year of operations: Reliable Repairs Service Unadjusted Trial Balance April 30,2018 Debit Balances Credit Balances Cash 10,350 Accounts Receivable 67,500 Supplies 16,200 Equipment 116,100 Accounts Payable 15,750 Unearned Fees 18,000 Common Stock 10,000 Retained Earnings 111,500 Dividends 13,500 Fees Earned 294,750 Wages Expense 94,500 Rent Expense 72,000 Utilities Expense 51,750 Miscellaneous Expense 8,100 450,000 450,000 For preparing the adjusting entries, the following data were assembled: Fees earned but unbilled on April 30 were 9,850. Supplies on hand on April 30 were 4,660. Depreciation of equipment was estimated to be 6,470 for the year. The balance in unearned fees represented the April 1 receipt in advance for services to be provided. During April, 15,000 of the services were provided. Unpaid wages accrued on April 30 were 5,200. Instructions 1. Journalize the adjusting entries necessary on April 30, 2018. 2. Determine the revenues, expenses, and net income of Reliable Repairs Service before the adjusting entries. 3. Determine the revenues, expense, and net income of Reliable Repairs Service after the adjusting entries. 4. Determine the effect of the adjusting entries on Retained Earnings.
Adjustments and errors At the end of May, the first month of operations, the following selected data were taken from the financial statements of Julie Mortenson, Attorney at Law, PC.: In preparing the financial statements, adjustments for the following data were overlooked: a. Unbilled fees earned at May 31, $9.700 h. Depreciation of equipment for May, $8,000 c. Accrued wages at May 31. $1,150 d. Supplies used during May, $975 Instructions Determine the correct amount of net income for May and the total assets, liabilities, and stockholders’ equity at May 31. In addition to indicating the corrected amounts, indicate the effect of each omitted adjustment by setting up and completing a columnar table similar to the one shown below. Adjustment (a) is presented as an example.