Pharoah Company's trial balance at December 31 shows Supplies $8,760 and Supplies Expense $0. On December 31, there are $2,140 of supplies on hand.Prepare the adjusting entry at December 31. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "NoEntry" for the account titles and enter 0 for the amounts.)Date Account Titles and ExplanationDebitCreditDec. 31SHOW LIST OF ACCOUNTSLINK TO TEXTINTERACTIVE TUTORIALUsing T-accounts, enter the balances in the accounts, post the adjusting entry, and indicate the adjusted balance in each account. (Post entries in the order of journal entries presented in theprevious part.)SuppliesSupplies Expense

Adjustment entries: Adjusting entries are those entries which are made at the end of the year to…

Answered: Pharoah Company's trial balance at…

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter22: End-of-fiscal-period Work For A Corporation

Section: Chapter Questions

Problem 1AP

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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.
On September 1, a company received an advance rental payment of $12,000, to cover six months rent on an office building. There was no beginning balance in the Unearned Rent account for the period. Based on the information provided, A. Make the December 31 adjusting journal entry to bring the balances to correct. B. Show the impact that these transactions had.
Post the following August transactions to T-accounts for Accounts Payable and Supplies, indicating the ending balance (assume no beginning balances in these accounts): A. purchased supplies on account, $600 B. paid vendors for supplies delivered earlier in month, $500 C. purchased supplies for cash, $450
Using the data in Exercise 9-11, assume that the allowance for doubtful accounts for Selbys Bike Co. had a debit balance of 7,200 as of December 31, 2016. Journalize the adjusting entry for uncollectible accounts as of December 31, 2016. Journalize the adjusting entry for uncollectible accounts as of December 31, 2016. Selbys Bike Co. is a wholesaler of motorcycle supplies. An aging of the companys accounts receivable on December 31, 2016, and a historical analysis of the percentage of uncollectible accounts in each age category are as follows: Estimate what the proper balance of the allowance for doubtful accounts should be as of December 31, 2016.
On July 1, a client paid an advance payment (retainer) of $5,000 to cover future legal services. During the period, the company completed $3,500 of the agreed-on services for the client. There was no beginning balance in the Unearned Revenue account for the period. Based on the information provided, A. Make the December 31 adjusting journal entry to bring the balances to correct. B. Show the impact that these transactions had.
The unadjusted trial balance of PS Music as of July 31, 2018, along with the adjustment data for the two months ended July 31, 2018, are shown in Chapter 3. Based upon the adjustment data, the following adjusted trial balance was prepared: PS Music Adjusted Trial Balance July 31, 2018 Account No. Debit Balances Credit Balances Cash................................................. 11 9,945 Accounts Receivable................................... 12 4,150 Supplies.............................................. 14 275 Prepaid Insurance..................................... 15 2,475 Office Equipment..................................... 17 7,500 Accumulated DepreciationOffice Equipment.......... 18 50 Accounts Payable..................................... 21 8,350 Wages Payable........................................ 22 140 Unearned Revenue.................................... 23 3,600 Common Stock....................................... 31 9,000 Dividends............................................ 33 1,750 Fees Earned........................................... 41 21,200 Music Expense........................................ 54 3,610 Wages Expense....................................... 50 2,940 Office Rent Expense................................... 51 2,550 Advertising Expense................................... 55 1,500 Equipment Rent Expense.............................. 52 1,375 Utilities Expense...................................... 53 1,215 Supplies Expense...................................... 56 925 Insurance Expense.................................... 57 225 Depreciation Expense................................. 58 50 Miscellaneous Expense................................ 59 1,855 42,340 42,340 Instructions 1. (Optional) Using the data from Chapter 3, prepare an end-of-period spreadsheet. 2. Prepare an income statement, a retained earnings statement, and a balance sheet. 3. Journalize and post the closing entries. The retained earnings account is #33 and the income summary account is #34 in the ledger of PS Music. Indicate closed accounts by inserting a line in both Balance columns opposite the closing entry. 4. Prepare a post-dosing trial balance.
Horizon Consulting Company had the following transactions during the month of October: a. Record the October revenue transactions for Horizon Consulting Company in the following revenue journal format: b. What is the total amount posted to the accounts receivable and fees earned accounts from the revenue journal for October? c. What is the October 31 balance of the Pryor Corp. customer account assuming a zero balance on October 1?
Rainy Day Services had 430 of supplies reported on its unadjusted trial balance as of March 31. During the month of March, Rainy Day Services used 175 worth of supplies. What is the entry to adjust supplies? a. Supplies Expense175 Cash175 b. Supplies430 Supplies Expense430 c. Supplies Expense255 Supplies255 d. Supplies Expense175 Supplies175

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