Make the following adjustments. Record the journal entries
Q: Muscat Company purchased office supplies costing OMR20,000 . At the end of the accounting period, a…
A: In the above question we have asked for Adjusting Entry which is as below.
Q: Creative Images Co. offers its services to individuals desiring to improve their personal images.…
A: If two entries are required for closing the accounts, a single entry is made for both revenues and…
Q: Use the following end-of-period spreadsheet to answer the question that follow. Finley Company…
A: Closing entries are need to be prepared at the end of each accounting period to close the temporary…
Q: Prepare the adjusting entries of the additional information given a. depreciation of the store…
A: Adjusting journal entry: At year-end when the company finalizes its accounts then any unrecognized…
Q: After the accounts have been adjusted at December 31, the end of the fiscal year, the following…
A: Closing entries are prepared at the end of the accounting periods in order to transfer the balance…
Q: Use the following items taken from the financial statements of the Postal Service for the year…
A: Current assets of the business means those assets which can be converted into cash into short period…
Q: The Unadjusted Trial Balance columns of a work sheet total $84,000. The Adjustmer columns contain…
A: Amount of unadjusted trial balance columns: $84,000 Office supplies used: $1,200 Expiration of…
Q: 1. Prepare a ten-column worksheet for the year ended June 30, 2011, using the following data for…
A: A trial balance is a list of all the ledger accounts with their closing balances reflecting on the…
Q: A company purchased office supplies costing $3,000 and debited Office Supplies for the full amount.…
A: Step 1 Office supplies are nominal accounts. The golden rule for nominal accounts is: debit all…
Q: Stylist Services Co. offers its services to individuals desiring to improve their personal images.…
A: Accounts are closed by transferring the balance of temporary accounts to retained earnings.
Q: Accounting Question
A: 1.Prepare T- Accounts:
Q: After the accounts have been adjusted at January 31, the end of the year, the following balances are…
A: Closing entries are used to transfer the balance from a temporary to a permanent account. We can say…
Q: Muscat company purchased office supplies costing OMR2,000 and debited Office Supplies for the full…
A: An adjusting journal entry is made at the end of the accounting period to adjust the transactions…
Q: The work sheet for Babson's Seafood, a business owned by B. B. Babson, is provided. Year-end…
A: The financial statements of the business include the income statement and balance sheet of the firm.
Q: Prepare the closing entries of below Adjustment Trial Balance. MAC’S MOTEL Adjustment Trial…
A: The following computations are done for MAC’s Hotel.
Q: The following data from the adjusted trial balance of Safa Shopping Center Trial balance for the…
A: "Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: From the following given data, prepare adjusting journal entries for the year ended December 31,…
A: Adjusting entry: Adjusting journal entry is made at the end of the fiscal period to reflect the…
Q: The following accounts and their balances are listed below: Prepare the first journal entry to…
A: Closing entries: The journal entries prepared to close the temporary accounts to Retained Earnings…
Q: 1. Prepare a ten-column worksheet for the year ended June 30, 2011, using the following data for…
A: Financial statements refer to the set of statements prepared by a company to measure the financial…
Q: before month -end adjustments are made, the september 30 trial balance of horton enterprise contains…
A: Adjusting entries are prepared at the end of the accounting period in order to ensure the accrual…
Q: It journals the transactions for the month of January in the general journal. Makes (post) the…
A: Journal: It is used to record the business transactions of an enterprises.
Q: Journalize the closing entries at December 31. (Credit account titles are automatically indented…
A: Journal entry: This is the first step to record accounts. It is written in the same order in which…
Q: The income statement debit column of the worksheet showed the following expenses: Supplies Expense…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: The asset account, Office Supplies had a beginning balance of $5,100. During the accounting period,…
A: Here in this problem has covered the concept of adjustment entries. Supplies Expense refers the…
Q: Prepare the worksheet, closing all entries and prepaid the trial balance after closing for the ABO…
A: Adjusting Entries Adjusting entries are done at the end of the financial year for the accrual,…
Q: bought supplies worth 17,500 in cash. If the busines is using expense method, what will be the…
A: Adjusting entries: Adjusting entries are those journal entries that are passed at the end of the…
Q: 1. Prepare a ten-column work sheet for the year ended June 30, 2011 using the following data for…
A: Given: To prepare the statement as,
Q: After preparing and posting the closing entries for revenues and expenses, the income summary…
A: Closing entries are made every year in order to ascertain the results. For a manufacturing…
Q: 1. Prepare a ten-column work sheet for the year ended June 30, 2011 using the following data for…
A: Adjustment Entries The purpose of making the adjustment entries to make more viable quality in the…
Q: The following accounts and their balances are listed below: Prepare the first journal entry to…
A: Temporary account: Temporary accounts are those final balances of accounts which are transfer to the…
Q: After all adjustments have been made, but before the accounts have been closed, the following…
A: Closing entries are used to transfer the balance from a temporary account to a permanent account. We…
Q: Use the following end-of-period spreadsheet to answer the question that follow. Finley Company…
A: Closing entries are made at the end of an accounting period. These entries are made to close the…
Q: Stylist Services Co. Offers it's services to individuals desiring to improve their personal images.…
A: Closing Entry: Closing entries are passed at the end of accounting period to close the balances of…
Q: Use the following information to prepare adjusting entries: a.Prepaid insurance of $400 expired…
A: Adjusting entries are those which are recorded at the end of the period to adjust the prepayments…
Q: Use the following end-of-period spreadsheet below to answer the question that follow. Finley Company…
A: Trial Balance: Trial balance is a statement in which closing balance of all ledger accounts are…
Q: The supplies account had a beginning balance of $1,500. Supplies purchased during the period totaled…
A: Adjusting entries are those journal entries which are passed at the end of the period for the…
Q: Prepare adjusting journal entries, as needed, considering the account balances excerpted from the…
A: Workings for adjustments Amount $ Supplies- Opening 7,500.00 Less: Supplies- Closing 6,500.00…
Q: Tammi Company began the current period with a $20,000 balance in the Tammi West, Capital account. At…
A: After closing income summary account, the withdrawals account need to be closed.
Q: Cesar Mahusay operates an accounting firm. Shown below are selected accounts that appear in the…
A: In accounting books, there are several type of accounts. These can be asset accounts, liability…
Q: PREPARE ADJUSTED TRIAL BALANCE BY USING THE INFORMATION On December 1, 2020, Sheridan Distributing…
A: Trial balance is a statement showing the summary of ledger accounts and their balances. Generally it…
Q: Cesar Mahusay operates an accounting firm. Shown below are selected accounts that appear in the…
A: Adjusting journal entries.
Q: The accounting records of Calvin Architects include the following selected, unadjusted balances at…
A: Adjusting entries: Adjusting entries are those journal entries that are passed at the end of the…
Q: (1_Prepare the adjusting Journal entries using the information that follows: (a) An insurance policy…
A: Adjusting journal entries are those entries which are recorded at the end of the financial year in…
Q: Using the following information, prepare the adjusting entries in general journal form for the Tia…
A: Adjusting entries are those journal entries which are passed at the end of accounting period in…
Q: After the accounts have been adjusted at January 31, the end of the year, the following balances are…
A: Journal entries: Journal entry records the financial transactions of a business in a journal book.…
Q: After preparing and posting the closing entries to close revenues (and gains) and expenses (and…
A: Income summary is closed to Owner's capital by crediting the gains and debiting the losses.
Q: The company's adjusted trial balance includes the following accounts balances: Cash, $15,000;…
A: First closing entry means the closing of revenue account. Revenue account is closed by transferring…
Q: The following are some of the transactions made by Luigi Gomez Cleaners during 2020: Apr. 1…
A: Adjusting Entry – Adjusting Entries are the entries that make the accrual principle work for the…
Q: Adjusting Entries: Please tell me how this would be recorded on a General Journal. The following…
A: Transaction a. Depreciation charged is debited to Depreciation expenses and will increase the…
Make the following adjustments. Record the
Used $200 of supplies
Record income not recorded- $750
Phone bill arrived- record $150
End of Period Spreadsheet is an excel sheet or document where all the transactions of a business by way of Trial Balance are maintained before and after adjustments.
Step by step
Solved in 3 steps with 1 images
- Prepare journal entries to record the following transactions. Create a T-account for Supplies, post any entries that affect the account, and tally ending balance for the account (assume Supplies beginning balance of $6,550). A. January 26, purchased additional supplies for cash, $9,500 B. December 31, actual count of supplies, $8,500Prepare adjusting journal entries, as needed, considering the account balances excerpted from the unadjusted trial balance and the adjustment data. A. amount due for employee salaries, $4,800 B. actual count of supplies inventory, $ 2,300 C. depreciation on equipment, $3,000Prepare journal entries to record the following transactions that occurred in March: A. on first day of the month, purchased building for cash, $75,000 B. on fourth day of month, purchased inventory, on account, $6,875 C. on eleventh day of month, billed customer for services provided, $8,390 D. on nineteenth day of month, paid current month utility bill, $2,000 E. on last day of month, paid suppliers for previous purchases, $2,850
- The account balances of Bryan Company as of June 30, the end of the current fiscal year, are as follows: Required 1. Data for the adjustments are as follows: a. Expired or used up insurance, 495 b. Depreciation expense on equipment, 670. c. Depreciation expense on the van, 1,190. d. Salary accrued (earned) since the last payday, 540 (owed and to be paid on the next payday). e. Supplies used during the period, 97. Your instructor may want you to use a work sheet for these adjustments. 2. Journalize the adjusting entries. 3. Prepare an income statement. 4. Prepare a statement of owners equity. Assume that there was an additional investment of 2,000 on June 10. 5. Prepare a balance sheet. 6. Journalize the closing entries using the four steps in the correct sequence. Check Figure Net Income, 13,627Prepare adjusting journal entries, as needed, considering the account balances excerpted from the unadjusted trial balance and the adjustment data. A. supplies actual count at year end, $6,500 B. remaining unexpired insurance, $6,000 C. remaining unearned service revenue, $1,200 D. salaries owed to employees, $2,400 E. depreciation on property plant and equipment, $18,000Prepare journal entries to record the following transactions. Create a T-account for Accounts Payable, post any entries that affect the account, and tally ending balance for the account. Assume an Accounts Payable beginning balance of $5,000. A. February 2, purchased an asset, merchandise inventory, on account, $30,000 B. March 10, paid creditor for part of February purchase, $12,000
- Prepare journal entries to record the following business transaction and related adjusting entry. A. January 12, purchased supplies for cash, to be used all year, $3,850 B. December 31, physical count of remaining supplies, $800Williams Mechanic Services prepared the following work sheet for the year ended March 31,20--. Required 1. Complete the work sheet. (Skip this step if using CLGL.) 2. Prepare an income statement. 3. Prepare a statement of owners equity. Assume that there was an additional investment of 5,000 on March 13. 4. Prepare a balance sheet. 5. Journalize the closing entries using the four steps in the correct sequence. 6. Prepare a post-dosing trial balance. Check Figure Post-closing trial balance total, 31,765The account balances of Miss Beverlys Tutoring Service as of June 30, the end of the current fiscal year, are as follows: Required 1. Data for the adjustments are as follows: a. Expired or used up insurance, 470. b. Depreciation expense on equipment, 948. c. Depreciation expense on the van, 1,490. d. Salary accrued (earned) since the last payday, 574 (owed and to be paid on the next payday). e. Supplies remaining as of June 30, 407. Your instructor may want you to use a work sheet for these adjustments. 2. Journalize the adjusting entries. 3. Prepare an income statement. 4. Prepare a statement of owners equity. Assume that there was an additional investment of 3,000 on June 10. 5. Prepare a balance sheet 6. Journalize the closing entries using the four steps in the proper sequence. Check Figure Net income, 19,567
- EXPENSE METHOD OF ACCOUNTING FOR PREPAID EXPENSES Ryans Fish House purchased supplies costing 3,000 for cash. This amount was debited to the supplies expense account. At the end of the year, December 31, 20--, an inventory showed that supplies costing 500 remained. Prepare the adjusting entry.Review the following transactions and prepare any necessary journal entries. A. On January 5, Bunnet Co. purchases 350 aprons (Supplies) at $25 per apron from a supplier, on credit. Terms of the purchase are 3/10, n/30 from the invoice date of January 5. B. On February 18, Melon Construction receives advance cash payment from a client for construction services in the amount of $20,000. Melon had yet to provide construction services as of February 18. C. On March 21, Noonan Smoothies sells 875 smoothies for $4 cash per smoothie. The sales tax rate is 6.5%. D. On June 7, Organic Methods paid a portion of their noncurrent note in the amount of $9,340 cash.The trial balance of The New Decors for the month ended September 30 is as follows: Data for the adjustments are as follows: a. Expired or used-up insurance, 425. b. Depreciation expense on equipment, 2,750. c. Wages accrued or earned since the last payday, 475 (owed and to be paid on the next payday). d. Supplies remaining at end of month, 215. Required 1. Complete a work sheet. (Skip this step if using GL.) 2. Journalize the adjusting entries. If you are using CLGL, use the year 2020 when recording transactions.
