Hi I need help with adjusting entries. Wages of $8000 had been earned by employees, but not been paid by 12/31. What would the adjusting entry look like?
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- 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 Wikki Cleaners at December 31, 2012, the end of the current fiscal year, is as follows: Information for the adjusting entries is as follows: a. Cleaning supplies on hand on December 31, 2012, 18,750. b. Insurance premiums expired during the year, 1,800. c. Depreciation on equipment during the year, 21,600. d. Wages accrued but not paid at December 31, 2012, 1,830. Suppose you discover that an assistant in your department had misunderstood your instructions and had provided you with the wrong information on two of the adjusting entries. Cleaning supplies consumed during the year should have been 18,750, and insurance premiums unexpired at year-end were 1,800. Make the corrections on your worksheet and save the corrected file as F1WORK4. Reprint the worksheet.What two accounts are affected by the needed adjusting entries? A. supplies actual counts are lower than account balance B. employee salaries are due but not paid at year end C. insurance premiums that were paid in advance have expired
- On July 1, a client paid an advance payment (retainer) of $5,000 to cover future legal services. During the period, the company completed $3,500 of the agreed-on services for the client. There was no beginning balance in the Unearned Revenue 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.By the end of the accounting period, employees have earned salaries of $500, but they will not be paid until the following pay period. Which of the following is the proper adjusting entry?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.
- Prepare adjusting journal entries for Sparky Electronics for the following items:a. Salaries for employees in the amount of $2,750 have not been paid.b. Interest expense of $1,400 for an outstanding note.c. Work performed but not yet billed for $3,800.so at the end of the accounting period on january 31. 1 month of rent had expired at $8.00. since mookie the beagle concierge had not recorded the transaction, the entire $8.00 should be recorded as renter insurance expense with an adjusting entry to bring accounts up to date at january 31.If USD 3,000 has been earned by a company’s workers since the last payday in an accounting period, the necessary adjusting entry would be: Group of answer choices Debit a liability and credit an asset. Debit an expense and credit a liability. Debit a liability and credit an expense. Debit an expense and credit an asset.
- Below are three independent and unrelated errors. On December 31, 2020, Wolfe-Bache Corporation failed to accrue salaries expense of $1,400. In January 2021, when it paid employees for the December 27–January 2 workweek, Wolfe-Bache made the following entry: Salaries expense 1,400 Cash 1,400 On the last day of 2020, Midwest Importers received a $82,000 prepayment from a tenant for 2021 rent of a building. Midwest recorded the receipt as rent revenue. The error was discovered midway through 2021. At the end of 2020, Dinkins-Lowery Corporation failed to accrue interest of $7,200 on a note receivable. At the beginning of 2021, when the company received the cash, it was recorded as interest revenue. Required:For each error:1. What would be the effect of each error on the income statement and the balance sheet in the 2020 financial statements?2. Prepare any journal entries each company should record in 2021 to correct the errors.Given the following situation, please prepare the adjusting journal entries for the end of the period. Please also prepare the T-Accounts. 6/12/18 – Company X paid $3,500 for cleaning supplies. 6/30/18 – Company X has $2,000 of cleaning supplies left. 6/1/18 – Company Y paid $2,400 for 12 months of insurance. 12/31/18 – Company Y needs to adjust the amount of insurance (both expense and amount remaining as a prepaid. 12/31/18 – Company Z realizes that it owes employees $3,500 in wages not yet paid or recorded. 8/1/18 – Student H moves into an apartment in South Side (despite all of the best advice from parents, teachers, and friends). Student H pays for the entire 12 months of rent in advance. The annual rent is $7,200. What are the journal entries that Student H and the landlord should record on 12/31/18?In August, JemCo, which has an October 31 year end, pays $1,200 for office supplies and records it in Supplies Expense. On October 31, a physical count reveals $440 of supplies unused. What adjusting entry must JemCo record on October 31? If this entry is not recorded, how will it affect JemCo’s financial statements?
