Fill in the blanks Illinois State University : ACC 131 001 FA2021 - Financial Accounting : Gr...CengageNOWv2 | Online teaching and learning resource from Cenga-еBookShow Me HowExpense AdjustmentsFaraday Electronic Service repairs stereos and DVD players. During the year, Faraday engaged in the following activities:a. On September 1, Faraday paid Wausau Insurance $4,320 for its liability insurance for the next 12 months. The full amount of the prepayment was debited to prepaidinsurance.b. At December 31, Faraday estimates that $1,700 of utility costs are unrecorded and unpaid.C. Faraday rents its testing equipment from JVC. Equipment rent in the amount of $3,300 is unpaid and unrecorded at December 31.d. In late October, Faraday agreed to become the sponsor for the sports segment of the evening news program on a local television station. The station billed Faraday$6,900 for 3 months' sponsorship-November, December, and January-in advance. When these payments were made, Faraday debited prepaid advertising. AtDecember 31, 2 months' advertising has been used and 1 month remains unused.Required:1. Prepare adjusting entries at December 31 for these four activities. If an amount box does not require an entry, leave it blank.Dec. 31 Insurance Expense vPrepaid Insurance vDec. 31Utilities ExpenseUtilities Payable vRent Expense vDec. 31Rent PayableDec. 31 Advertising ExpensePrepaid AdvertisingFeedbackPreviousNext00.00 00

General concept - As per the accrual concept of accounting, we need to record all the expenses and…

Answered: Expense Adjustments Faraday Electronic…

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter3: The Basics Of Record Keeping And Financial Statement Preparation: Income Statement

Section: Chapter Questions

Problem 14E

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FIND & FOUND LTD, currently trades in Products CCT. The company is currently enjoying a tax holiday. Below is the company’s trial balance. Trial Balance of FIND & FOUND LTD as at year ending 31/12/2016 DR CR GH¢ GH¢ 10% Debentures (2030 – 2035) - 8,600 Bad debts 720 - Bank 9,000 - Building repairs and maintenance 1,440 Carriage inward 1,080 Carriage outwards 1,620 Sale / Purchases 84,000 144,000 Donations received - 864 Trade Debtors/ Creditors 21,600 9,720 Discount 720 936 Electricity company of Ghana (ECG) - 1,080 Electricity Expense 1,440 - Income Surplus 1/1 - 64,440 Investment income - 1,080 Long term Investment-cost 90,000 - Motor Vehicle (Accumulated Depreciation) - 4,320 Motor Vehicle (Cost) 18,000 - Office Equipment (Accumulated Depreciation) - 2,160 Opening Stock 4,320 Office Equipment…
ACCOUNTING: Julius Ceasar organized Eternal Images, a photography and portrait studio, on Oct. 1, 2020. The studio completed the following transactions during the month: Oct. 1 Deposited P350,000 in a bank account in the name of the business Oct. 3 Paid two month's rent in advance, P30,000 Oct. 5 Acquired photography equipment valued at P129,000. Oct.12 Purchased photography supplies on credit, P21,000. Oct.13 Received cash for previously unbilled portraits, P11,400. Oct.17 Billed customers for portraits, P22,500. Oct.19 Paid fifty percent of the supplies purchased on Oct. 12, P10,500. Oct.25 Paid electricity bill for Oct., P3,600 Oct.26 Paid the telephone bill for Oct., P2,100. Oct.28 Received payments from the customers billed on Oct. 17, P7500. Oct.29 Paid salaries to personnel, P12,000. Oct.30 Received an advance payment from a customer, P1,500. Oct.31 Withdrew P16,000 from the business for a…
lorato’s trial balance as at 31st December 2020 Dr Cr Pula Pula Sales 800,000 Sales Returns 17,000 Purchases 400,000 Purchases Returns 21,000 Land and Buildings 320,000 Machinery 275,000 Motor vehicle 130,000 Furniture 65,000 Opening inventory 50,000 Accounts receivable 220,000 Accounts payable 276,000 Capital 650,000 Cash at Bank 30,000 DIPLOMA Sessional Structured Timed Assignment January - June BPA612 Principles of Accounting ©BOU 2023 Page 5 of 11 Cash in hand 3,000 Telephone 12,000 Electricity 15,000 Salaries and wages 170,000 Discounts receivable 3,500 Discounts Allowed 2,000 Interest receivable 9,000 Interest payable 12,000 General expenses 28,000 Insurance 6,000 Bad debts 1,000 Provision for bad and doubtful debts 4,500 Carriage outwards 3,000 Carriage inwards 5,000 1,764,000.0 1,764,000 Additional information a. Closing inventory P40,000 b. Motor vehicles purchased P10, 000 was included in Purchases by mistake. c. Electricity P1, 000 was owing at the end of the financial year.…
What is the journal entries for the following transactions during October 2020 of Java Review School? Oct. 1 Java made additional investments of P50,OOO in the business. 2 Bought liability insurance for one year, P14,500. 3 Received a bill for advertising from SouthMin News, P3,200. 4 Paid rent for the month, P8,900. 7 Received a bill for equipment repair from E. Hipolito, P2,880. 10 Received and deposited tuition from students, P62,500. 11 Received and paid the telephone bill, P2,3QO. 15 Bought chairs from E. Awayan Furniture, P18,800, paying P8,800 in cash and the balance on account. 18 Paid accounts to SouthMin News, P3,200. 21 Java withdrew P8,OOO for personal use. 24 Received a bill for gas and oil from Mindanao Oil Corp., PI,800. 25 Received and deposited tuition from students, P61,400. 27 Paid salaries of the office assistants, P 12,000. 28 Pought a photocopier on account from Dadiangas Office Machines, P7,500. 29 Received P7,000 tuition from a student who had charged the…
Can you help me with part B, #7-9 please! Roth Contractors Corporation was incorporated on December 1, 2019 and had the following transactions during December:Part Aa.Issued common stock for $5,000 cashb.Paid $1,200 cash for three months’ rent: December 2019; January and February 2020c.Purchased a used truck for $10,000 on credit (recorded as an account payable)d.Purchased $1,000 of supplies on credit. These are expected to be used during the month (recorded as expense)e.Paid $1,800 for a one-year truck insurance policy, effective December 1f.Billed a customer $4,500 for work completed to dateg.Collected $800 for work completed to dateh.Paid the following expenses in cash: advertising, $350; interest, $100; telephone, $75; truck operating, $425; wages, $2,500i.Collected $2,000 of the amount billed in f abovej.Billed customers $6,500 for work completed to datek.Signed a $9,000 contract for work to be performed in January 2020l.Paid the following expenses in cash: advertising, $200;…
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…
On April 1, 2021, Betty Trout created a new self-storage company called Betty Storage Company. The following eventsoccurred during the company's first month:April1Betty invested $75,000 cash, land and buildings worth $300,000 and $225,000 respectively.2Rented equipment by paying $4,800 for the first month.5Purchased $5,200 of office supplies for cash.10Paid $10,800 for the premium on a one-year insurance policy effective today.14Paid an employee $2,000 for two weeks' salary.24Collected $22,500 of storage revenue from customers27Collected $2,400 on a rental agreement for storage from May 1, 2021 to April 30, 202228Paid an employee $2,000 for two weeks' salary.29Paid the month's $600 phone bill30Repaired a leak in the roof of the buidling for $2,000 on account31Betty withdrew $3,500 cash from the company for personal use.The following is the company's chart of accounts:101Cash301Betty Trout, Capital106Accounts Receivable302Betty Trout, Drawings124Office Supplies401Storage…
Jack Shellenkamp owns and manages a computer repair service, which had the following trial balance on December 31, 2009 (the end of its fiscal year) BYTE REPAIR SERVICETrial BalanceDecember 31, 2009Cash $ 8,000Accounts Receivable 15,000Parts Inventory 13,000Prepaid Rent 3,000Shop Equipment 21,000Accounts Payable $19,000Jack Shellenkamp, Capital 41,000$60,000 $60,000Summarized transactions for January 2010 were as follows:1. Advertising costs, paid in cash, $1,000.2. Additional repair parts inventory acquired on account $4,000.3. Miscellaneous expenses, paid in cash, $2,000.4. Cash collected from customers in payment of accounts receivable $14,000.5. Cash paid to creditors for accounts payable due $15,000.6. Repair parts used during January $4,000. (Hint: Debit this to Repair Parts Expense.)7. Repair services performed during January: for cash $6,000; on account $9,000.8. Wages for January, paid in cash, $3,000.9. Jack’s drawings during January were $3,000 (b) Prepare journal entries to…
Sharp OutfittersUnadjusted Trial BalanceJuly 31, 2020 Debit $ Credit $ Cash 3750 Supplies 8600 Prepaid Insurance 3200 Equipment 95000 Accumulated Depreciation 16500 Accounts Payable 3500 Unearned rental fees 8850 C.Sharp, Capital 39000 C.Sharp, Drawing 1200 Rental fees earned 78000 Wages expenses 27800 Rent expense 3300 Advertising expense 2300 Travel expense 700 TOTAL 145850 145850 Sharp Outfitters’ fiscal year ends on July 31 and its accounts are adjusted on a monthly basis. Thefollowing additional information are available:1. Supplies on hand at July 31, amount to $3,3002. Insurance expense for the month is $6003. Depreciation for the full year is $8,2504. The unearned rental fees consist of deposits received from customers in advance when reservations aremade. During the month, $2,850 of the unearned rental fees was earned. The remaining deposits applyto rentals for August and…
Sharp OutfittersUnadjusted Trial BalanceJuly 31, 2020 Debit $ Credit $ Cash 3750 Supplies 8600 Prepaid Insurance 3200 Equipment 95000 Accumulated Depreciation 16500 Accounts Payable 3500 Unearned rental fees 8850 C.Sharp, Capital 39000 C.Sharp, Drawing 1200 Rental fees earned 78000 Wages expenses 27800 Rent expense 3300 Advertising expense 2300 Travel expense 700 TOTAL 145850 145850 Sharp Outfitters’ fiscal year ends on July 31 and its accounts are adjusted on a monthly basis. Thefollowing additional information are available:1. Supplies on hand at July 31, amount to $3,3002. Insurance expense for the month is $6003. Depreciation for the full year is $8,2504. The unearned rental fees consist of deposits received from customers in advance when reservations aremade. During the month, $2,850 of the unearned rental fees was earned. The remaining deposits applyto rentals for August and…
ACCT 3303, Spring 2022PROJECT 1Due March 6Transactions for Blackberry Mountain Inc for the month of January is as follows: 1 Company issued common stock for $21,000 2a Supplies are purchased for $3,000. 2b Insurance is paid for 6 months beginning January 1: $5,400 (record as an asset) 2c Rent is paid for 3 months beginning in January: $4,500 (record as an asset) 3 Blackberry Mountain Inc borrows $45,000 from 1st State Bank at 12% annual interest. 6 An equipment is purchased for $22,500 cash. It will be used for 3 years and will be depreciated monthly using straight-line depreciation with no salvage value. A full month of depreciation will be charged in January. 9 Services are performed for customers on account. Invoices totaling $9,800 are mailed. 10 Services are performed for cash customers: $7,600. 15 Blackberry Mountain Inc borrows $16,000 from 2nd State Bank at 9% annual interest. 16 Wages for the first half of the month are paid on January 16: $4,200 20 The company receives $3,000…
Redlands Inc. begins business on January 1, 2020. Redlands had the following four transactions during 2020. 1. Purchased equipment for $20. 2. Earned $30 of service revenue and collected it all in cash. 3. Incurred $20 of operating expenses. Paid $5 in cash and set up an account payable for the remaining $15. 4. Recorded $5 of depreciation on the equipment. Complete the following journal by recording transactions 2-4 above. The first one has been completed for you. Insert "0" in any space that should be left blank.

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