during january mary dolan, a subcontractor, prodived pet care services to julie's honey for three fridays in janaury, totaling 24 hours at $10 per hour. ck overlooked recording this subcontractor expense since mary had not been paid for these services yet. so at january 31, an adjusting entry is needed to record subcontractor expense that will be paid later. in the future, ck is hoping that the qbo time tracking will assist in avoiding these types of oversights going forward. What is the journal entry needed?
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during january mary dolan, a subcontractor, prodived pet care services to julie's honey for three fridays in janaury, totaling 24 hours at $10 per hour. ck overlooked recording this subcontractor expense since mary had not been paid for these services yet. so at january 31, an
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- In November Craig received $225 from Kate Whelan as a customer prepayment for design work. Craig recorded the entire $225 as Design Income. At the end of the accounting period to Kate, so the $225 had not been earned as of year end. Since it had not been earned, the $225 is a liability because Craig has an obligation to provide the design service or return the $225 to the customer. So an adjusting entry is needed to bring accounts up to date at December 31.Olney Cleaning Company had the following items that require adjustment at year end. For one cleaning contract, $11,100 cash was received in advance. The cash was credited to Unearned Service Revenue upon receipt. At year end, $260 of the service revenue was still unearned. For another cleaning contract, $8,700 cash was received in advance and credited to Unearned Service Revenue upon receipt. At year end, $3,000 of the services had been provided. Required: 1. Prepare the adjusting journal entries needed at December 31. If an amount box does not require an entry, leave it blank. Dec. 31 Unearned Service Revenue fill in the blank 02e1a8f7d03afe9_2 fill in the blank 02e1a8f7d03afe9_3 Service Revenue fill in the blank 02e1a8f7d03afe9_5 fill in the blank 02e1a8f7d03afe9_6 Dec. 31 Unearned Service Revenue fill in the blank 02e1a8f7d03afe9_8 fill in the blank 02e1a8f7d03afe9_9 Service Revenue fill in the blank 02e1a8f7d03afe9_11 fill in the blank 02e1a8f7d03afe9_12…At the end of the current month, Hannah Kinsey prepared a trial balance for Seaside Rescue Service. The credit side of the trial balance exceeds the debit side by a significant amount. Hannah has decided to add the difference to the balance of the miscellaneous expense account in order to complete the preparation of the current month’s financial statements by a 5 ‘o clock deadline. Hannah will look for the difference next week when she has more time. Discuss whether Hannah is acting in a professional manner. Please post your comments and (optionally) respond to your classmates comments as well. Search entries or author
- Assume it is now December 31, 2018, and Nicole has just completed her first year of operations at Nicole’s Getaway Spa. After looking through her trial balance, she noticed that there are some items that have either not been recorded or are no longer up-to-date. Nicole’s Getaway Spa is renting its space at a cost of $680 per month. On September 1, 2018, Nicole paid eight months’ rent in advance using cash. This prepayment was recorded in the account Prepaid Rent back in September. The building, purchased at the beginning of the year for $55,000 cash, has estimated depreciation of $2,800 for 2018, but none has been recorded yet. Salaries and wages to the support staff at Nicole’s Getaway Spa have been paid up to December 26, 2018. The support staff worked both December 27 and 28 and will be paid on January 5, 2019. Salaries and wages Payable amount to $1,200 per day. The spa was closed December 29–31. The insurance policy, purchased on June 1 for $3,480 cash, provides coverage for 12…On January 12, 2018 Julie prepaid $1,600 for pet care services to be provided each Friday for 8 weeks for her Yellow Lab, Honey. Mookie The Beagle Concierge recorded the entire $1,600 as Sales. At the end of the accounting period on January 31, 3 weeks (01/12, 01/19, 01/26) of the pet care services had been provided to Honey, so 5 weeks of services or $1,000 ($1,600/8 = $200 per week) had not been earned as of the end of January. Since $1,000 had not been earned, the $1,000 is a liability because Mookie The Beagle Concierge has an obligation to provide the pet care services or return the $1,000 to the customer. So an adjusting entry is needed to bring the accounts up to date at January 31. What is the journal entry needed?Ken Hensley Enterprises, Inc., is a small recording studio in St. Louis. Rock bands use the studio to mix high-quality demo recordings distributed to talent agents. New clients are required to pay in advance for studio services. Bands with established credit are billed for studio services at the end of each month. Adjusting entries are performed on a monthly basis. Below is an unadjusted trial balance dated December 31 of the current year. (Bear in mind that adjusting entries have already been made for the first 11 months, but not for December.) KEN HENSLEY ENTERPRISES, INC.UNADJUSTED TRIAL BALANCEDECEMBER 31, CURRENT YEAR Cash $ 51,804 Accounts receivable 97,680 Studio supplies 9,120 Unexpired insurance 600 Prepaid studio rent 4,800 Recording equipment 108,000 Accumulated depreciation: recording equipment $ 63,000 Notes payable 19,200 Interest payable 1,008 Income taxes…
- Assume it is now December 31, 2015, and Nicole has just completed her first year of operationsat Nicole’s Getaway Spa. After looking through her trial balance, she noticed that there are someitems that have either not been recorded or are no longer up-to-date.a. Nicole’s Getaway Spa is renting its space at a cost of $600 per month. On September 1, 2015,Nicole paid eight months’ rent in advance using cash. This prepayment was recorded in theaccount Prepaid Rent back in September.b. The building, purchased at the beginning of the year for $47,000 cash, has estimated depreciation of $2,000 for 2015, but none has been recorded yet.c. Salaries and wages to the support staff at Nicole’s Getaway Spa have been paid up to December 26,2015. The support staff worked both December 27 and 28 and will be paid on January 5, 2016.Salaries and wages amount to $1,000 per day. The spa was closed December 29–31.d. The insurance policy, purchased on June 1 for $3,000 cash, provides coverage for 12…As the owner of a hair salon business, you expect to recieve the utility bill on June 14 for the service provided in May. The average monthly bill is around $3,500. 1. When should the utility bill be recorded dated June 14? a) In June, because this is when you received the bill. b) In July, because this is when you will pay the bill. c) In May, because this is when the expense was incurred. Please explain for the answer.Greg operates a sizeable newspaper delivery service. On the last day of each month, Greg receives a statement from the newspaper publisher detailing how much money Greg earned that month from delivering papers. On the 10th day of the following month, Greg receives the cash for the preceding month’s deliveries. On December 31, Greg received a statement from the newspaper publisher notifying him that he had earned $13,700 for his December deliveries. Because December 31 is the end of Greg’s fiscal year, he makes adjusting entries at that time. Prepare the ADJUSTING journal entry necessary on December 31 to record the revenue that Greg has earned but not yet received.
- Dora is in the business of renting several apartment buildings and prepares monthly financial statements. It has been determined that 3 tenants in $600 per month apartments and one tenant in the $1,000 per month apartment had not paid their August rent as of August 31. The required adjusting entry on August 31 is: Debit Unearned Revenue $2,800 and credit Rental Revenue $2,800. Debit Cash $1,600 and credit Accounts Receivable $1,600. Debit Accounts Receivable $2,800 and credit Rental Revenue $2,800. Debit Cash $1,600 and credit Rental Revenue$1,600.At the end of the current month, Gil Frank prepared a trial balance for College App Services. The credit side of the trial balance exceeds the debit side by a significant amount. Gil has decided to add the difference to the balance of the miscellaneous expense account in order to complete the preparation of the current month's financial statements by a 5 o'clock deadline. Gil will look for the difference next week when he has more time. Discuss whether Gil is behaving in a professional manner in your opinion.In December Craig paid $112 for equipment rental and recorded it as Equipment Rental, an Expenses account. But the $112 was prepaid to reserve the equipment for use in January of next year. So at the end of the accounting period on December 31, the benefits of the $112 had not expired and would not be Equipment Rental Expense, but Prapaid Rent Expense, an asset with future benefit. Since Craig recorded the entire $112 as Equipment Rental Expense, and adjusting entry is needed to bring accounts up to date at December 31.