Question

I don't understand how to journalize adjusting entries.

Expert Answer

Want to see the step-by-step answer?

Check out a sample Q&A here.

Want to see this answer and more?

Experts are waiting 24/7 to provide step-by-step solutions in as fast as 30 minutes!*

*Response times may vary by subject and question complexity. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers.
Tagged in
Business
Accounting

Related Accounting Q&A

Find answers to questions asked by students like you.

Q: Beyer Company is considering the purchase of an asset for $180,000. It is expected to produce the fo...

A:  A.Compute the Present value of net cash flows: 

Q: With the following questions, why is 'n' value backwards? #1: Wiseman Video plans to make four annua...

A: Annual Deposit: Annual deposit refers to the amount deposited annually in a fund or for a specific p...

Q: The pretax financial income (or loss) figures for Martinez Company are as follows. 2012   $148,00...

A: Income tax expense:  Income tax expense is an expense for the company which is equal to a certain pe...

Q: Every year Blue Industries manufactures 7,300 units of part 231 for use in its production cycle. The...

A: a) Compute the total relevant cost to make part 231: 

Q: Gallatin Carpet Cleaning is a small, family-owned business operating out of Bozeman, Montana. For it...

A: Activity-based costing (ABC): The costing method which allocates overheads to the products based on ...

Q: Problem 25-3A Computation of cash flows and net present values with alternative depreciation methods...

A: Compute the net income after tax: 

Q: Estimating Costs in an Uncertain Environment  Many companies face increasingly unpredictable costs a...

A: When the business is facing uncertain business enviornment, the factors be it revenue or expenditure...

Q: HH purchased new shelving for its store on April 1, 2018. The shelving is expected to have a 20-year...

A: Since, we only answer upto 3 sub-parts, we'll answer the first 3.Please resubmit the question and sp...

Q: At zero direct labor hours in a flexible budget graph, the total budgeted cost line intersects the v...

A: Fixed costs: Fixed costs are those costs which remain unchanged even there is a change in the produc...

Q: Okay, I have everything else in the journal entry except for the last one.  I'm attaching a picture ...

A: Discount on notes receivable: A contra asset account arising when the present value of a note receiv...

Q: What does the concept "substance over form" stand for?  Can you provide me with some examples?

A: Substance over form: It is an accounting concept, which means that the business must record those tr...

Q: The Selling Division’s unit sales price is $34 and its unit variable cost is $15. Its capacity is 11...

A: Opportunity: This is one of the factors of fraud triangle which explains about the chances an employ...

Q: On March 1, FBM Corporation had office supplies on hand of $1,000. During the month, FBM purchased a...

A: Adjusting entries: Adjusting entries are those entries which are recorded at the end of the year, to...

Q: how do expenses affect equity?

A: Equity represents the sum which hs been contributed by the owners or which belongs to the equity sto...

Q: There can be three subgroups within the long-term capital gain or loss group – 0%/15%/20%, 25%, and ...

A: Generally,  capital gains are taxed at a rate of 15%. However a 0 % rate can also be applied when th...

Q: Prepare a contribution margin format income statement China Imports, Inc., sold 18,000 units in May....

A: Contribution margin format income statement of China Imports, Inc. is prepared using MS Excel:

Q: Platt Company produces one product, a putter called PAR –putter. Platt uses a standard cost system a...

A: Compute the predetermined variable overhead rate: 

Q: HH purchased new shelving for its store on April 1, 2018. The shelving is expected to have a 20-year...

A: If the management wants to report highest possible earnings in its financial statement, it can be do...

Q: Cheyenne Corp. was organized on January 1, 2017. It is authorized to issue 21,000 shares of 7%, $53 ...

A: The journal entries for the transactions are as follows :

Q: A company must decide between scrapping or reworking units that do not pass inspection. The company ...

A: Step 1: Workings for the answer:

Q: Cost Classification  Match each cost to the appropriate cost behavior pattern shown in graphs (a) ...

A: Cost behaviour pattern exhibits the pattern in which the expenses change or remain stable over vario...

Q: Hills Company’s June 30 bank statement and the June ledger account for cash are summarized here:   ...

A: The bank reconciliaion statement can be made in the following manner :

Q: Easter Supply sells a variety of merchandise to retail stores on account, but it insists that any cu...

A: Click to see the answer

Q: The credit manager of Montour Fuel has gathered the following information about the company’s accoun...

A: Uncollectible accounts: Uncollectible accounts refer to that part of receivables which become uncoll...

Q: Problem 12-2Fields Laboratories holds a valuable patent (No. 758-6002-1A) on a precipitator that pre...

A: The balance on the given dates can be calculated as follows :

Q: Calculate gross profit, cost of goods sold, and selling price MBI, Inc., had sales of $600 million f...

A: Gross profit: Gross profit is the major part of the firm’s net profit. Gross profit can be calculate...

Q: Under what situation will return on equity be higher than return on investment? a. When assets excee...

A: (a) When assets exceed liabilities:Suppose assets is $ 70,000 and liabilities is $ 50,000 and net in...

Q: Exercise 8-5 Waterway Industries has accounts receivable of $98,600 at March 31, 2017. Credit terms...

A: Calculating the value of total estimated uncollectible. We have,

Q: Mary Potts arrived at her stored on the morning of January 29, she found empty shelves and display r...

A: The perpetual inventory method and periodic inventory method are the methods used to count the quant...

Q: Ramos Co. provides the following sales forecast and production budget for the next four months:  ...

A: Budget:Budget refers to the financial plan for the business activities a company intends to do in th...

Q: I am lost on this problem, I tried using the 'Show me how' video but I don't understand it at all. H...

A: Since we only answer upto 3 sub-parts, we'll answer the first 3. Please resubmit the question and sp...

Q: Regarding taxpayers having a tough time of volume of tax regulations. What does the concept "substan...

A: Substance over form: It is an accounting concept, which means that the business must record those tr...

Q: Required information   [The following information applies to the questions displayed below.]  Doyle ...

A: Accounting equation: Accounting equation is an accounting tool expressed in the form of equation, by...

Q: What is the relationship between the amount shown in the adjusted trial balance column for an accoun...

A: Adjusted trial balance:  Adjusted trial balance is that statement which contains complete list of ac...

Q: Brief Exercise 15-10Sweet Inc. declared a cash dividend of $2.2 per share on its 5 million outstandi...

A: Journal: Journal is the method of recording monetary business transactions in chronological order. I...

Q: On January 1, 2019, Shenzhen ltd. Issued a 10% convertible bond at par, with a face value $100,000 m...

A: A convertible bond represents a bond that can be converted into certain number of shares by its hold...

Q: Once § 1231 gains are netted against § 1231 losses, if the gains exceed the losses, the net gain is ...

A: Internal Revenue Code (IRC):  Internal Revenue Code is generally referred to as “The CODE” outlines ...

Q: Northwood Company manufactures basketballs. The company has a ball that sells for $35. At present, t...

A: 1.a. Compute the last year's CM ratio. 

Q: O 3Depreciation calculation methods Millco, Inc., acquired a machine that cost $1,200,000 early in 2...

A: a.Calculate depreciation expense:Annual Depreciation = (Cost - Salvage Value) / Expected useful life...

Q: Crane Company’s direct materials budget shows total cost of direct materials purchases for April $30...

A: Cash budget meaningA cash budget is an estimation of the cash inflows and surges for a business over...

Q: On December 31, an entity had a reporting unit that had a book value of $3,450,000, including goodwi...

A: Under the new standard, goodwill needs to be impaired if the reporting unit's carrying value is more...

Q: LO 3,8 Citron, a calendar year taxpayer, began business in January 2017. It had a long-term capital ...

A: Provision of long-term capital gain as an individual. Long-term capital gain of $5,000 in 2017 is ta...

Q: Regarding the statue of limitations on additional assessments of tax by the IRS, determine the appli...

A: The statue of limitations to the IRS in accessing the taxes gets expired from three years from the d...

Q: Brief Exercise 15-8Marin Inc. has outstanding 10,400 shares of $10 par value common stock. On July 1...

A: Preparation of the journal entries to record the repurchased the outstanding shares as on July 1, 20...

Q: Brief Exercise 15-11Indigo Inc. owns shares of Sweet Corporation stock. At December 31, 2017, the se...

A: Preparation of journal entries to record unrealized holding gain or loss as on September 21, 2018. W...

Q: Patents are asset, liability, quity, revenue or expense?

A: Assets: These are the resources owned and controlled by business as a result of a past transaction o...

Q: Process Costing in Sugar Manufacturing The food-processing industry, like most process industries, i...

A: Note: Since we are entitled to answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit t...

Q: Brief Exercise 21A-6 Metlock Company leased equipment from Costner Company, beginning on December 31...

A: Prepare jounal entry to record lease liability: 

Q: Manahan Corporation received its August 31 bank statement showing total funds on deposit of $288,090...

A: a) Manahan's bank reconciliation statement as of August 31, 20X5 is as follows:

Q: Backyard Bulldog Barbecue Sauces, Inc., founded by Jefe Allen, produces a variety of barbecue sauces...

A: Different types of costs by Backyard Bulldog Barbecue Sauces, Inc. are as follows: Manufacturing cos...