On June 1, 2018, the balance in the Office Supplies account was P2,000. During July, office supplies costing P5,800 were purchased. A physical count of office supplies at December 31 revealed that there was P240 still on hand. 10. What date should be used to record the December adjusting entry? 11. How much is the amount of adjustment? 12. What are the accounts involved in the adjusting entries? 13. Prepare the adjusting entries.

On June 1, 2018, the balance in the Office Supplies account was P2,000. During July, office supplies costing P5,800 were purchased. A physical count of office supplies at December 31 revealed that there was P240 still on hand. 10. What date should be used to record the December adjusting entry? 11. How much is the amount of adjustment? 12. What are the accounts involved in the adjusting entries? 13. Prepare the adjusting entries.

Excel Applications for Accounting Principles

4th Edition

ISBN:9781111581565

Author:Gaylord N. Smith

Publisher:Gaylord N. Smith

Chapter2: Service Company Worksheet (f1work)

Section: Chapter Questions

Problem 5R: The trial balance of Wikki Cleaners at December 31, 2012, the end of the current fiscal year, is as...

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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. As the accountant for Wikki Cleaners, you have been asked to prepare financial statements for the year. A file called F1WORK has been provided to assist you in this assignment. As you review this file, it should be noted that columns H and I will automatically change when you enter values in columns E or G.
The trial balance for Wilson Financial Services on January 31 is as follows: Data for month-end adjustments are as follows: a. Expired or used-up insurance, 750. b. Depreciation expense on equipment, 300. c. Wages accrued or earned since the last payday, 1,055 (owed and to be paid on the next payday). d. Supplies used, 535. Required 1. Complete a work sheet for the month. (Skip this step if using CLGL.) 2. Journalize the adjusting entries. 3. If using CLGL, prepare an adjusted trial balance. 4. Prepare an income statement, a statement of owners equity, and a balance sheet. Assume that no additional investments were made during January.
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.
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