Jim Jacobs' Furniture Repair Work Sheet (Partial) For Year Ended December 31, 20-- TRALAALANCE NESIVENTS ADASTEDTRAL BALAKE KOUNT MLE DEBT CENT DET REDIT DEBT CENT 1 Cash 2 Supplies 3 Prepaid Insurance 4 Delivery Equipment 5 Accum. Depr.-Delivery Equipment 6 Wages Payable 7 Jim lacobs, Capital 8 Repair Fees 9 Wages Expense 10 Advertising Expense 11 Supplies Expense 12 Insurance Expense 13 Depr. Experse Delivery Equipment 100 00 8 50 00 9 0 0 00 3600 00 100 00 200 00 300 00 360 0 00 1 2 3 4 6 0 0 0 800 00 10 0 00 6 4 0 0 0 00 7 16 50 00 5 4 0 0 0 00 165 0 00 8 6 0 0 00 200 00 700 00 200 00 6 50 00 6 0 0 00 200 00 6 550 00 10 11 12 13 14 6 25 0 00 6 250 00 6 5 50 00 14

Jim Jacobs' Furniture Repair Work Sheet (Partial) For Year Ended December 31, 20-- TRALAALANCE NESIVENTS ADASTEDTRAL BALAKE KOUNT MLE DEBT CENT DET REDIT DEBT CENT 1 Cash 2 Supplies 3 Prepaid Insurance 4 Delivery Equipment 5 Accum. Depr.-Delivery Equipment 6 Wages Payable 7 Jim lacobs, Capital 8 Repair Fees 9 Wages Expense 10 Advertising Expense 11 Supplies Expense 12 Insurance Expense 13 Depr. Experse Delivery Equipment 100 00 8 50 00 9 0 0 00 3600 00 100 00 200 00 300 00 360 0 00 1 2 3 4 6 0 0 0 800 00 10 0 00 6 4 0 0 0 00 7 16 50 00 5 4 0 0 0 00 165 0 00 8 6 0 0 00 200 00 700 00 200 00 6 50 00 6 0 0 00 200 00 6 550 00 10 11 12 13 14 6 25 0 00 6 250 00 6 5 50 00 14

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter11: Work Sheet And Adjusting Entries

Section: Chapter Questions

Problem 1PA: The trial balance of Hadden Company as of December 31, the end of its current fiscal year, is as...

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The trial balance of Hadden Company as of December 31, the end of its current fiscal year, is as follows: Here are the data for the adjustments. ab.Merchandise Inventory at December 31, 64,742.80. c.Store supplies inventory (on hand), 420.20. d.Insurance expired, 738. e.Salaries accrued, 684.50. f.Depreciation of store equipment, 3,620. Required Complete the work sheet after entering the account names and balances onto the work sheet.
The trial balance of Jillson Company as of December 31, the end of its current fiscal year, is as follows: Here are the data for the adjustments. ab. Merchandise Inventory at December 31, 54,845.00. c. Store supplies inventory (on hand), 488.50. d. Insurance expired, 680. e. Salaries accrued, 692. f. Depreciation of store equipment, 3,760. Required Complete the work sheet after entering the account names and balances onto the work sheet.
COMPLETION OF A WORK SHEET SHOWING A NET INCOME A trial balance for the Bosket Corner, a business owned by Linda Palermo, is shown on page 557. Year-end adjustment information is provided below. (a and b)Merchandise inventory costing 24,000 is on hand as of December 31, 20--. (The periodic inventory system is used.) (c)Supplies remaining at the end of the year; 2,100. (d)Unexpired insurance on December 31, 2,600. (e)Depreciation expense on the building foe 20--, 5,300. (f)Depreciation expense on the store equipment for 20--, 3,800. (g)Unearned decorating revenue as of December 31, 1,650. (h)Wages earned but not paid as of December 31, 750. REQUIRED 1. Complete the Adjustments columns, identifying each adjustment with its corresponding letter. 2. Complete the work sheet. 3. Enter the adjustments in a general journal.
7-3 Purchasing Supplies and the Monthly Supplies Adjusting Entry On July 1, 2021, Martha Jones started Martha’s Auto Repair Shop, Inc. On that same day, Martha purchased the following supplies for use in the repair shop: Item Unit of MeasureQuantity PurchasedPrice per UnitExtended Total CostShop Towels Rolls 120 $4 $480Degreasing Fluid Quarts 75 $9 $675Gasket Sealer Tubes 40 $6 $240Total $1,395On July 1, Martha paid cash for the supplies and set the accounting policy that all supplies would initially be recorded in the Supplies asset account. At the end of July, Martha counted the supplies that were left and prepared the following listing: Item Unit of MeasureQuantity RemainingShop Towels Rolls 80 Degreasing Fluid Quarts 65 Gasket Sealer Tubes 32 At the end of August, Martha counted the supplies that were left and prepared the following listing: Item Unit of MeasureQuantity RemainingShop Towels Rolls 55 Degreasing Fluid Quarts 48 Gasket Sealer Tubes 22 The following is a partial list…
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…
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…
jue Jantz started a business in August 20-- called Jantz Plumbing Service. The trial balance showing balances for the month of August are shown. Jantz Plumbing ServiceUNADJUSTED TRIAL BALANCEAugust 31, 20-- ACCOUNT TITLEDEBITCREDIT1Cash20,200.00 2Accounts Receivable2,700.00 3Office Supplies300.00 4Prepaid Insurance800.00 5Plumbing Equipment6,000.00 6Van8,000.00 7Accounts Payable 4,500.008Sue Jantz, Capital 30,000.009Sue Jantz, Drawing3,000.00 10Service Fees 9,800.0011Rent Expense700.00 12Wages Expense500.00 13Phone Expense100.00 14Advertising Expense2,000.00 15Totals44,300.0044,300.00 Required: Determine the following information. Use the format provided below. 1.a.Total revenue for the month b.Total expenses for the month c.Net income for the month2.a.Sue Jantz’s original investment in the business + Net income for the month - Owner’s drawing Increase (decrease) in capital = Ending owner’s equity
On 28 February 20.2 you are given the following information for Betties Plumbing. RCapital252 000Services rendered510 000Wages100 000Telephone expenses10 000Water and electricity8 000Insurance1 500Maintenance of vehicles2 500Interest expenses1 500Interest income2 000 The total expenditure for Betties Plumbing for the year ended 28 February 20.2 is ... NB: Instructions 1. Use a full stop to indicate any decimals (eg: 1000.01) 2. Only show the amount, do not show the R (eg: 12141.72)
Gawucho Furniture Manufacturing Company (Gawucho) commenced business on 1st January, 2019, preparing account to 31st December each year. The accountant of the business has provided you with the below information.Assets Note Original Cost (USD)Furniture 1 424,000Plywood 2 130,000Motor Vehicle 3 350,000Plant and Machinery 4 100,000Total Assets 1,004,000Additional Information1. The Furniture was produced on 1st March, 2019 for sales but Gawucho used GH¢ 20,000 of these Furniture in its Administration offices. No sales was made during the year.2. Plywood was purchased on 1st January, 2019 for the production of the furniture. 3. Motor Vehicle was acquired on 1st January, 2019 to convey furniture to customers’ destination only.4. Plant and machinery was bought on 1st October, 2019 for production of furniture.5. The business depreciates its asset at the rate of 20% on straight line method on one month ownership basis.6. All the above assets existed as of 31st December, 2019.Required a. Draft…
Accrued Salaries Expense of $4,600. Accrued Salaries Expense of $4,600. Date Accounts Debit Credit Nov. 30Dec. 1Dec. 15Dec. 31 Depreciation in the amount of $200 was recorded on the furniture. Depreciation in the amount of $200 was recorded on the furniture. Date Accounts Debit Credit Nov. 30Dec. 1Dec. 15Dec. 31 Prepaid Insurance for the month expired. Remember, a four month insurance policy of $1,800 was paid for on December 1. Prepaid Insurance for the month expired. Remember, a four month insurance policy of $1,800 was paid for on December 1. Date Accounts Debit Credit Nov. 30Dec. 1Dec. 15Dec. 31 Office Supplies used during the month, $110. Office Supplies used during the month, $110. Date Accounts Debit Credit Nov. 30Dec. 1Dec. 15Dec. 31 Unearned Revenue earned during the month, $600. Unearned Revenue earned during the month,…
Muscat Company purchased office supplies costing OMR20,000 . At the end of the accounting period, a physical count of office supplies revealed OMR5,000 still on hand. The Adjusting Entry should be Select one: a. Debit Office Supplies, OMR15,000; Credit Office Supplies Expense, OMR15,000 b. Debit Office Supplies Expense, OMR5,000; Credit Office Supplies, OMR5,000 c. Debit Office Supplies Expense, OMR15,000; Credit Office Supplies, OMR15,000 d. None of the answers are correct e. Debit Office Supplies, OMR15,000; Credit Office Supplies Expense, OMR15,000
Bee-In-The-Bonnet Company purchased office supplies costing $6000and debited Office Supplies for the full amount. At the end of the accounting period, a physical count of office supplies revealed $2,400 still on hand. The appropriate adjusting journal entry to be made at the end of the period would be: a. Debit Office Supplies $2400; Credit Office Supplies Expense $2400. b. Debit Office Supplies Expense $3600; Credit Office Supplies $3600. c. Debit Office Supplies Expense $2400; Credit Office Supplies $2400. d. Debit Office Supplies 00; Credit Office Supplies Expense $3600.