Journalize the following adjustments. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem. Round answers to 0 decimal places, e.g. 1,527.) 1.   Services performed for customers through February 27, 2022, but unbilled and uncollected were $3,120. 2.   Received notice that a customer who was billed $160 for services performed February 10 has filed for bankruptcy. Sage Hill Cleaning Services does not expect to collect any portion of this outstanding receivable. 3.   Sage Hill Cleaning Services uses the allowance method to estimate bad debts. Sage Hill Cleaning Services estimates that 3% of its month-end receivables will not be collected. 4.   Record 1 month of depreciation for the floor equipment. Use the straight-line method, an estimated life of 4 years, and $410 salvage value. 5.   Record 1 month of insurance expense. 6.   An inventory count shows $330 of supplies on hand at February 28. 7.   One week of services were performed for the customer who paid in advance on February 17. 8.   Accrue for wages owed through February 28, 2022. 9.   Accrue for interest expense for 1 month. 10.   Karen estimates a 20% income tax rate. (Hint: Prepare an income statement up to “income before taxes” to help with the income tax calculation.)

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ChapterA2: Investments
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Journalize the following adjustments. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem. Round answers to 0 decimal places, e.g. 1,527.)

1.   Services performed for customers through February 27, 2022, but unbilled and uncollected were $3,120.
2.   Received notice that a customer who was billed $160 for services performed February 10 has filed
for bankruptcy. Sage Hill Cleaning Services does not expect to collect any portion of this outstanding receivable.
3.   Sage Hill Cleaning Services uses the allowance method to estimate bad debts. Sage Hill Cleaning Services estimates that 3%
of its month-end receivables will not be collected.
4.   Record 1 month of depreciation for the floor equipment. Use the straight-line method, an
estimated life of 4 years, and $410 salvage value.
5.   Record 1 month of insurance expense.
6.   An inventory count shows $330 of supplies on hand at February 28.
7.   One week of services were performed for the customer who paid in advance on February 17.
8.   Accrue for wages owed through February 28, 2022.
9.   Accrue for interest expense for 1 month.
10.   Karen estimates a 20% income tax rate. (Hint: Prepare an income statement up to “income before
taxes” to help with the income tax calculation.)
SAGE HILL CLEANING SERVICES INC.
Trial Balance
2/28/22
Debit
Credit
Cash
8274
Accounts Receivable
4680
Supplies
800
Prepaid Insurance
2018
Prepaid Expenses
180
Equipment
3950
Accounts Payable
550
Notes Payable
6560
Unearned Service Revenue
432
Common Stock
6150
Paid-in Capital in Excess of Par Value-Common Stock
4510
Cash Dividends
770
Treasury Stock
750
Service Revenue
6730
utilities Expense
180
Salaries and Wages Expense
3120
Loss on Disposal of Plant Assets
210
Totals
24932
24932
Transcribed Image Text:SAGE HILL CLEANING SERVICES INC. Trial Balance 2/28/22 Debit Credit Cash 8274 Accounts Receivable 4680 Supplies 800 Prepaid Insurance 2018 Prepaid Expenses 180 Equipment 3950 Accounts Payable 550 Notes Payable 6560 Unearned Service Revenue 432 Common Stock 6150 Paid-in Capital in Excess of Par Value-Common Stock 4510 Cash Dividends 770 Treasury Stock 750 Service Revenue 6730 utilities Expense 180 Salaries and Wages Expense 3120 Loss on Disposal of Plant Assets 210 Totals 24932 24932
Pest to the ledger accounts. (Post entries in the order of journal entries presented above.)
Cash
2/1
10660|2/1
7400
2/1
6560
2/1
180
2/5
3240
2/5
2018
2/17
432
2/18
250
2/25
2050
2/20
750
2/24
3120
2/27
180
2/28
770
2/28 Bal, V
8274
Accounts Receivable
2/16
3200 |||2/25
2050
2/23
3530
Supplies
2/3
800
Prepaid Insurance
2018
Prepaid Expenses
2/27
180
2/28 Bal. V
180
Equipment
7400
2/5
3450
Accounts Payable
2/18
250 || 2/3
800
Notes Payable
6560
Unearned Service Revenue
2/17
Common Stock
432
2/1
6150
Paid in Capital in Excess of Par
4510
Cash Dividends
2/28
770
Treasury Stock
2/20
750
Service Revenue
2/16
3200
3530
Utilities Expense
2/1
180
Salaries and Wages Expense
2/24
3120
Loss on Disposal of Plant Assets
210
D00
Transcribed Image Text:Pest to the ledger accounts. (Post entries in the order of journal entries presented above.) Cash 2/1 10660|2/1 7400 2/1 6560 2/1 180 2/5 3240 2/5 2018 2/17 432 2/18 250 2/25 2050 2/20 750 2/24 3120 2/27 180 2/28 770 2/28 Bal, V 8274 Accounts Receivable 2/16 3200 |||2/25 2050 2/23 3530 Supplies 2/3 800 Prepaid Insurance 2018 Prepaid Expenses 2/27 180 2/28 Bal. V 180 Equipment 7400 2/5 3450 Accounts Payable 2/18 250 || 2/3 800 Notes Payable 6560 Unearned Service Revenue 2/17 Common Stock 432 2/1 6150 Paid in Capital in Excess of Par 4510 Cash Dividends 2/28 770 Treasury Stock 2/20 750 Service Revenue 2/16 3200 3530 Utilities Expense 2/1 180 Salaries and Wages Expense 2/24 3120 Loss on Disposal of Plant Assets 210 D00
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