Hi, I need help with adjusting entries. Sales revenues include $11,500 that had been received from a customer to pay for goods that will not be delivered until 1/15. What would this adjusting entry look like?
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- A firm is preparing to make adjusting entries at the end of the accounting period. The balance of the merchandise inventory account is 200,000. If the firm is using the periodic inventory system, what does this balance represent?A firm is preparing to make adjusting entries at the end of the accounting period. The balance of the merchandise inventory account is 100,000. If the firm is using the perpetual inventory system, what does this balance represent?Presented below are year-end adjusted account balances for Bramble Co. Insurance expense $11,350 Salaries and wages expense 59,490 Rent expense 21,230 Sales discounts 12,280 Inventory 26,150 Sales returns and allowances 15,080 Cost of goods sold 208,840 Sales revenue 403,740 Freight-out 6,680 Prepare the necessary closing entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit enter an account title to close accounts with credit balances enter a debit amount enter a credit amount enter an account title to close accounts with credit balances enter a debit amount enter a credit amount (To close accounts with credit balances) enter an account title to close accounts with debit balances enter a debit amount enter a credit amount enter an account title to close accounts with debit…
- Hartmann Co. provided $42,000 worth of maintenance services to a customer, Simmons Co., the last week of December 2020. Hartmann did not invoice the customer until January 3, 2021. What adjusting entry must Simmons make at December 31, 2020? No entry needed on December 31, 2020 Debit: Accounts Receivable, $42,000; Credit: Revenue, $42,000 Debit: Maintenance Expense, $42,000; Credit: Accounts Payable, $42,000 Debit: Accounts Payable, $42,000; Credit: Maintenance Expense, $42,000 Debit: Revenue, $42,000; Credit: Accounts Receivable, $42,000Hartmann Co. provided $42,000 worth of maintenance services to a customer, Simmons Co., the last week of December 2020. Hartmann did not invoice the customer until January 3, 2021. What adjusting entry must Simmons make at December 31, 2020? No entry needed on December 31, 2020 Debit: Accounts Receivable, $42,000; Credit: Revenue, $42,000 Debit: Maintenance Expense, $42,000; Credit: Accounts Payable, $42,000 Debit: Accounts Payable, $42,000; Credit: Maintenance Expense, $42,000 Debit: Revenue, $42,000; Credit: Accounts Receivable, $42,000 Which of the following would not require an adjusting journal entry at the end of an accounting period? Multiperiod costs that must be split among two or more accounting periods Multiperiod revenues that must be split among two or more accounting periods Revenues earned in a given period but not as yet recorded in the accounts Expenses incurred in…can you help me correct these? because I can't detect what is wrong and my statement of financial position is not balance. Inventories 31 December 2019 RM500 000. Commission revenue of RM500 was for the month January 2020. Rent revenue of RM750 for the month of December 2019 was still not received. Insurance expense was for a year starting April 1, 2019. There was still unpaid worker’s salary of RM9 000. Sales discount of RM600 was recorded as sales return and allowances. GENERAL JOURNAL DATE DETAILS DEBIT CREDIT Dec 31 Dr. Commission revenue Cr. Unearned commission revenue (To record commission revenue) 500 500 Dr. Accrued rent revenue Cr. Rent revenue (To record accrued rent revenue) 750 750 Dr. Prepaid insurance (16 000 x 9/12) Cr. Insurance expense (To record prepaid insurance) 12 000 12 000 Dr. Salaries expenses Cr.Accrued salaries (To record accrued salaries) 9 000 9 000 Dr. Sales…
- Phone companies bill their customers after they provided them with cellular service. So if a customer receives their October phone usage during the month of November. From the phone company's perspective, they make an adjusting entry at the end of October if they want the revenue they earned at the end of the month shows up on the October income statement. From the company's perspective would this adjusting entry be an example of accrual or a deferral, why?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, $1,850 of the prepaid insurance was still unused. Supplies at the beginning of the year showed a balance of $2,000. Best purchased supplies of $16,200 during the year. At the end of the year, a physical count of supplies showed $4,125 of supplies on hand. 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 Rent Expense fill in the blank 27781a0e1020040_2 fill in the blank 27781a0e1020040_3 Prepaid Rent fill in the blank 27781a0e1020040_5 fill in the blank 27781a0e1020040_6 Dec. 31 Insurance Expense…On August 31, 2010, the following data were accumulated to assist the accountant in preparing the adjusting entries for Cobalt Realty: a. Fees accrued but unbilled at August 31 are $9,560. b. The supplies account balance on August 31 is $3,150. The supplies on hand at August 31 are $900. c. Wages accrued but not paid at August 31 are $1,200. d. The unearned rent account balance at August 31 is $9,375, representing the receipt of an advance payment on August 1 of three months’ rent from tenants. e. Depreciation of office equipment is $1,600.
- From the following given data, prepare adjusting journal entries for the year ended December 31, 2021: Purchase of supplies for P3,000. At the end of the year, P1,000 cost of supplies were actually used. Expense method was used in payment of supplies. A P48,000 6%, 120-day note was received from a client dated November 1, 2021. The interest was not yet collected at the end of the accounting period. Before adjustments, the balance of laundry supplies inventory was P35,000. Physical count of supplies inventory was P15,000. An office equipment was acquired on May 31, 2021 for P150,000. The office equipment has an estimated life of 5 years without scrap value. A copying machine was rented on November 30, 2021 at P1.00/copy of production. It reported to have produced 300 copies as of December 31, 2021. No payment was made as of this date. Signed an advertising contract on December 1, 2021 with a radio station for P3,500. The contract will commence upon payment on December 15. 2021 and will…On February 1, Andrews Company purchased printing supplies of $2,500. A month end inventory shows that the company has supplies of $900 on hand. The adjusting entry for this prepaid expense will include a.a debit to Supplies for $900 and a credit to Supplies Expense for $900 b.a debit to Supplies Expense and a credit to Cash for $1,600 c.a debit to Supplies Expense and a credit to Supplies for $1,600 d.a debit to Supplies and a credit to Cash for $900Regan Rentals company faced the following situations. 1. Journalize the adjusting entry needed at December31,2020, for each situation. Consider each fact separately. (Record debits first, then credits. Exclude explanations from any journal entries.) a. The business has interest expense of $3,200 that it must pay early in January 2021. b. Interest revenue of $4,600 has been earned but not yet received. c. On July 1, 2020, when the business collected $12,000 rent in advance, it debited Cash and credited Unearned Rent Revenue. The tenant was paying for two years' rent. d. Salary expense is $6,300 per day—Monday through Friday—and the business pays employees each Friday. This year, December 31 falls on a Thursday. e. The unadjusted balance of the Supplies account is $2,500. The total cost of supplies on hand is $1,700. f. Equipment was purchased on January 1 of this year at a cost of $120,000. The equipment's useful life is…