DECEMBER 31, 20, ACCORDING TO THE TRIAL BALANCE, THE OFFICE SUPPLIES ACCOUNT HAS A BALANCE OF 2,100.00. ADJUSTMENT DATA REVEALS THAT 960.00 OF OFFICE SUPPLIES ARE ON HAND AT THE END OF THE PERIOD. JOURNALIZE THE ADJUSTING ENTRY.
Q: Post the Journal Entries to the General Ledger and Subsidiary Ledgers. Amounts to the Accounts…
A: A general ledger is an account in which the total of all accounts are posted and the total of this…
Q: 3
A: The debt-to-income ratio (DTI) compares your monthly debt payments to your monthly income. It's the…
Q: Jerry Ltd. Processes a patent material used in building the material is produced in three…
A: Process I Account Particulars Units tons Amount ($) Particulars Units tons Amount ($) Raw…
Q: Belen Corporation makes and sells a single product called a Cute. The company is in the process of…
A: The selling and administrative costs include the costs incurred to sell the products to the final…
Q: [The following information applies to the questions displayed below.] Antuan Company set the…
A: The variable cost per unit remains constant and total fixed costs remains constant at every level of…
Q: Compute the net profit if, Service Revenue OMR 110,000; Other income OMR12,000; salary Expenses OMR…
A: The income statement is an essential part of the financial statements of the company. It is prepared…
Q: Factory overhead is applied at 75% of direct labor cost. How much is the total cost of purchases for…
A: The Cost Sheet is prepared on the basis of different components of Cost i.e., Prime Cost, Factory…
Q: Firm is trying to decide between two types of trucks, conventional diesel-powered vehicle. The…
A: Annual equivalent cost is the annual cost that is equivalent to all costs considering the time and…
Q: Q Company has the following information on December 31, 20x1 before any year-end adjustments: Net…
A: Note: In this question, bad debts are calculated monthly as well as annually. Firstly we should…
Q: On 17 April Ak traders sold goods for R3400 by creadit card to M moody .The cost price on goods sold…
A: In order to earn a profit, goods are sold at a higher price than the cost of goods sold.
Q: Based on the above information, determine the cash received for interest during 2020.
A: Based on the above information, determine the cash received for interest during 2020. Answer -…
Q: Lauprechta Incorporated has the following employees on payroll. Assume that all the employees has…
A: According to the question, we need to compute the total taxes withheld. According to the IRS, the…
Q: In 2021, Roger sold 1,500 units at P500 each. Variable expenses were P300 per unit, and fixed…
A: >The relationship between Cost, Volume and profit is necessary as it tells how each of them are…
Q: how the requisite journal entries to correct the balance.
A: Here to made the correction entry to clear the suspense account which was incurred shortage due to…
Q: 4,000 5 1,000 10 20,000 15
A: Calculation the amount of Janitorial Department cost allocated to sale department no. 2 =…
Q: Grandin wishes to take out an installment loan to finance the purchase of a small antique dining set…
A: Amount of Finance Charge = Total Amount to be paid for Loan - Present Value of loan
Q: Let us assume that an investor can obtain an 80% LTV loan for a property valued at 500,000 at a 10%…
A:
Q: Which option is not a short term adjustment? A. Prepaid expense B. Depreciation C. Income…
A: The correct answer for the above mentioned question is given in the following steps for your…
Q: The spreadsheet is O a. used to aid in preparing financial statements. O b. used to determine net…
A: Spreadsheet is generally used to prepare the financial statements. it is done after recording…
Q: Bank invest in project as Sharik (sleeping partner) and the project manager will act as managing…
A: A managing partner is in charge of a business partnership's day-to-day operations. These specialists…
Q: What is the total balance of SHAREHOLDERS' EQUITY as of December 31, 2020?
A: Shareholder's equity is the sum total of all the classes of shares, share premium and retained…
Q: Antuan Company set the following standard costs per unit for its product. Direct materials (6 pounds…
A: A budget is a forecast of revenue and expenses for a certain future period of time that is generally…
Q: Davison inc. consists of two districts, A and B. The company as a whole had sales of 500,000 a…
A: A fixed expense is just an expense in your plan that you can anticipate being constant or nearly…
Q: Chang Optical manufactures surgical lasers. Information for the year related to the company appears…
A: Applied overhead is the amount of overhead cost that has been applied to a cost item. Some…
Q: The market flex provision in an underwriting/syndication agreement means that the underwriter/lead…
A: The provisions which give the underwriter or the syndicate or the arrangers some amount of the…
Q: Banjo Corporation produces and sells two models of vacuum cleaners, Standard and Deluxe. Company…
A: Step 2 in the solution.
Q: Clever Computers has a five-day workweek and pays the office staff $3,050 each week. If the month…
A: Lets understand the basics. Adjustment entry is required to pass to record correct amount of revenue…
Q: ABC Co. purchased goods with invoice price of P1,000 on account on Dec. 27, 2019. The related…
A: Journal entries should not be used to record routine transactions including customer billings and…
Q: The adjusted trial balance O a. is prepared on a specific date. O b. is for a period of time. O c.…
A: Ledger accounts becomes the base for the preparations of Trial balance. Trial balance consist of the…
Q: Hume, Ltd had the following production data for August: Beginning Inventory, Raw Materials:…
A: The job costing computes the cost of jobs separately. The overheads are applied on the basis of…
Q: An investor has a taxable income of $125997. He has an investment property which earns $21780 in…
A: The rental income is passive incomes and are charged specifically at a rate of 30% on the gross…
Q: 2.3 Bookkeeping systems - How do you record your cash sales and other money received in your…
A: As per rule we provide solution to the first three-subparts or one question only and you have asked…
Q: The following information relates to production activities of Mercer Manufacturing for the year.…
A: Direct Material Price Variance (SP − AP) × AQ Direct materials quantity variance =…
Q: Dr. Cr. (GH₵) (GH₵) Stated capital 310 Income surplus at 1 January 2017 456 Inventory at 1 January…
A: In the context of the given question, we are required to prepare a comprehensive income statement,…
Q: Oft If, Service Revenue ÖMR 110,000; Other income OMR12,000; salary Expenses OMR 10,000; water…
A: Net profit = Service Revenue+ Other income - Salary expense - Water expense - Utility expenses
Q: Industrious Inc. disclosed the following information: Accounts payable, after deducting debit…
A: The accounts payable includes the balance due to suppliers or creditors of the business.
Q: The limitations of ratio analysis as a tool for strategic decision making
A: It is frequently required to compare the performance of a company or multiple organisations across…
Q: Using the direct method, the amount of Janitorial Department cost allocated to Sales Department no.…
A: Cost allocation refers to the process which is used by the company to allocate the cost of product…
Q: Revenue is recorded when services have been performed or products have been delivered to customers.…
A: Introduction: Accounting Principals are created in order to increase the precision of financial data…
Q: Prepare the trial balance as of 31st March 2021
A: Journal entries are the first entry which is made on every business transaction on the journal book…
Q: The accountant for ABC established a petty cash fund of P2,000. During October. The fund was…
A: Petty cash: Petty cash fund is established to manage the payment for the small business expenditure…
Q: Insurance of last year in adjustment where to adjust that insurance?
A: Adjusting Entry – Adjusting Entries are the entries that make the accrual principle work for the…
Q: Coronado Corporation had net income of $2060000 and paid dividends to common stockholders of $296000…
A:
Q: a. How much is the depletion charge in 2022? b. Assuming that of the 300,000 ounces of gold…
A: Depletion refers to the reducing in the value of natural resources of the earth from extraction of…
Q: On January 1, 20x1, Company A issues bonds with face amount of P5,000,000 for P5,773,129. The bonds…
A: The journal entries are prepared to record day to day transactions of the business. The bonds are…
Q: 1.Materials are issued from the storeroom to production based on a form called the ________.…
A: 1. Materials are issued from the storeroom to production based on a form called the ________. Ans.…
Q: How should we record the journal entry that was on question 4? We are somewhat confused regarding…
A: W.N.1 Calculation of Depreciation Expense based on Input Year Depreciable Amount…
Q: In the review of records of King Company for the year ended December 31,2021, the following data…
A: Since you have posted a question with multiple sub parts, we will solve first three sub parts (As…
Q: ABC Co. purchased goods with invoice price of P1,000 on account on Dec. 27, 2019. The related…
A: Lets understand the basics. FOB shipping point is a term in which goods ownership gets transfer once…
Q: ols to determinate appropriate business decisions under different economic, political and legal…
A: If a firm wants to succeed in the marketplace, it must have a thorough understanding of the factors…
Present the
Step by step
Solved in 2 steps
- The trial balance for Wilson Financial Services on January 31 is as follows: Data for month-end adjustments are as follows: a. Expired or used-up insurance, 750. b. Depreciation expense on equipment, 300. c. Wages accrued or earned since the last payday, 1,055 (owed and to be paid on the next payday). d. Supplies used, 535. Required 1. Complete a work sheet for the month. (Skip this step if using CLGL.) 2. Journalize the adjusting entries. 3. If using CLGL, prepare an adjusted trial balance. 4. Prepare an income statement, a statement of owners equity, and a balance sheet. Assume that no additional investments were made during January.The following partial work sheet covers the affairs of Masanto and Company for the year ended June 30. Required 1. Journalize the six adjusting entries. 2. Journalize the closing entries. 3. Journalize the reversing entry as of July 1, for the salaries that were accrued in the June adjusting entry. Check Figure Reversing entry amount, 1,240The following partial work sheet covers the affairs of Ketcher and Company for the year ended June 30. Required 1. Journalize the six adjusting entries. 2. Journalize the closing entries. 3. Journalize the reversing entry as of July 1, for the salaries that were accrued in the June adjusting entry. Check Figure Reversing entry amount, 1,645
- The trial balance of Jillson Company as of December 31, the end of its current fiscal year, is as follows: Here are the data for the adjustments. ab. Merchandise Inventory at December 31, 54,845.00. c. Store supplies inventory (on hand), 488.50. d. Insurance expired, 680. e. Salaries accrued, 692. f. Depreciation of store equipment, 3,760. Required Complete the work sheet after entering the account names and balances onto the work sheet.On September 1, a company received an advance rental payment of $12,000, to cover six months rent on an office building. There was no beginning balance in the Unearned Rent 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 Clayton Cleaners for the month ended September 30 is as follows: Data for the adjustments are as follows: a. Expired or used-up insurance, 800. b. Depreciation expense on equipment, 2,700. c. Wages accrued or earned since the last payday, 585 (owed and to be paid on the next payday). d. Supplies remaining at the end of month, 230. Required 1. Complete a work sheet. (Skip this step if using CLGL.) 2. Journalize the adjusting entries. If you are using CLGL, use the year 2020 when recording transactions.
- The trial balance of The New Decors for the month ended September 30 is as follows: Data for the adjustments are as follows: a. Expired or used-up insurance, 425. b. Depreciation expense on equipment, 2,750. c. Wages accrued or earned since the last payday, 475 (owed and to be paid on the next payday). d. Supplies remaining at end of month, 215. Required 1. Complete a work sheet. (Skip this step if using GL.) 2. Journalize the adjusting entries. If you are using CLGL, use the year 2020 when recording transactions.The following accounts appear in the ledger of Celso and Company as of June 30, the end of this fiscal year. The data needed for the adjustments on June 30 are as follows: ab.Merchandise inventory, June 30, 54,600. c.Insurance expired for the year, 475. d.Depreciation for the year, 4,380. e.Accrued wages on June 30, 1,492. f.Supplies on hand at the end of the year, 100. Required 1. Prepare a work sheet for the fiscal year ended June 30. Ignore this step if using CLGL. 2. Prepare an income statement. 3. Prepare a statement of owners equity. No additional investments were made during the year. 4. Prepare a balance sheet. 5. Journalize the adjusting entries. 6. Journalize the closing entries. 7. Journalize the reversing entry as of July 1, for the wages that were accrued in the June adjusting entry. Check Figure Net income, 14,066Prepare adjusting journal entries, as needed, considering the account balances excerpted from the unadjusted trial balance and the adjustment data. A. amount due for employee salaries, $4,800 B. actual count of supplies inventory, $ 2,300 C. depreciation on equipment, $3,000
- The trial balance for Benner Hair Salon on March 31 is as follows: Data for month-end adjustments are as follows: a. Expired or used-up insurance, 300. b. Depreciation expense on equipment, 500. c. Wages accrued or earned since the last payday, 235 (owed and to be paid on the next payday). d. Supplies remaining at the end of the month, 65. Required 1. Complete a work sheet for the month. (Skip this step if using CLGL.) 2. Journalize the adjusting entries. 3. Prepare an income statement, a statement of owners equity, and a balance sheet. Assume that no additional investments were made during March.The trial balance of Hadden Company as of December 31, the end of its current fiscal year, is as follows: Here are the data for the adjustments. ab.Merchandise Inventory at December 31, 64,742.80. c.Store supplies inventory (on hand), 420.20. d.Insurance expired, 738. e.Salaries accrued, 684.50. f.Depreciation of store equipment, 3,620. Required Complete the work sheet after entering the account names and balances onto the work sheet.The following accounts appear in the ledger of Sheldon Company on January 31, the end of this fiscal year. The data needed for adjustments on January 31 are as follows: ab.Merchandise inventory, January 31, 55,750. c.Insurance expired for the year, 1,285. d.Depreciation for the year, 5,482. e.Accrued wages on January 31, 1,556. f.Supplies used during the year 1,503. Required 1. Prepare a work sheet for the fiscal year ended January 31. Ignore this step if using QuickBooks or general ledger. 2. Prepare an income statement. 3. Prepare a statement of owners equity. No additional investments were made during the year. Ignore this step if using CLGL. 4. Prepare a balance sheet. 5. Journalize the adjusting entries. 6. Journalize the closing entries. Check Figure Net loss, 1,737