Prepare journal entries to record the following adjustments. Insurance that expired this period, $18,000 Depreciation on assets, $4,800 Salaries earned by employees but unpaid, $1,200
Q: The data needed to determine year-end adjustments are as follows: a. Unexpired insurance at August…
A: Adjusting entries are entries that are passed at the end of the period to accurately present all…
Q: 2. Use the following adjustment information to complete the Adjustments columns of the work sheet.…
A: Work sheet:A worksheet is a tool that is used while preparing a financial statement. It is a type of…
Q: The following information is available as of year-end Unexpired insurance Tk. 1,500.00 Supplies…
A: Trial balance is prepared for the purpose of finding out the equalization in the debit and credit…
Q: Solve:
A: It can be defined as an expense that has been paid by the company in advance. Such an expense is…
Q: The unadjusted Trial Balance Columns of a worksheet total $85,500. The Adjustments columns contain…
A: Introduction:- Unadjusted trial balance contains list of all the general ledger balances before…
Q: Prepare the necessary adjusting entries at December 31, 2018, for the Falwell Company for each of…
A:
Q: Prepare the closing entries and post-closing trial balance of MIRAI GENERAL SERVICES as of December…
A: The post-closing trial balance is the trial balance prepared after closing all the temporary…
Q: lease journalize the following adjustments of Air & Sea Travel, Inc., at April 30 (a) Prepaid rent…
A: Adjusting entries are the journal entries prepared at the end of accounting period to update revenue…
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: Prepare the post-closing trial balance of MYSTA GENERAL SERVICES as of December 31, 2021 based on…
A: Trial Balance includes all the accounts of ledger with their respective debit and credit balances.…
Q: The prepaid insurance account had a balance of $3,000 at the beginning of the year. The account was…
A: Adjusting entries: Adjusting entries are those entries which are recorded at the end of the year, to…
Q: The following shows the unadjusted trial balance relating to Mark Wall Consulting Services for the…
A: Adjusting entries: In the business, any transactions are not up to date at the end of the accounting…
Q: Journalizing adjusting entries and posting to T-accounts The accounting records of Mackay Architects…
A:
Q: (1) Prepare a ten-column work sheet for the year ended June 30, 2021 using the following data for…
A: Final Accounts It provides the profitability and financial position of an enterprise during a…
Q: Prepare an adjusted trail balance from the following account information, considering the adjustment…
A: Trial Balance: Trial balance is a statement in which closing balance of all ledger accounts are…
Q: Supplies on hand on January 31 are $2,850. Insurance premiums expired during the year are $3,150.…
A: Jouranl entries is to be passed for the year end adjustment so that books of accounts gives true and…
Q: Journalize the adjusting entries (a) to adjust the unearned fees account and (b) to record the…
A: Adjusting entries: The entries that are made at the end of an accounting period in accordance with…
Q: Reece Financial Services Co., which specializes in appliance repair services, is owned and operated…
A: Adjusted trial balance shows all balance of general ledger accounts after all the adjustments.
Q: If USD 3,000 has been earned by a company’s workers since the last payday in an accounting period,…
A: As per accrual principle of accounting Expense should be recorded in the period in which they are…
Q: Prepare an adjusted trial balance from the following account information, considering the adjustment…
A: Adjusted trial balance: Adjusted trial balance is a summary of all the ledger accounts, and it…
Q: The balance in the prepaid insurance account, before adjustment at the end of the year,is $18,420.…
A: Insurance expense on March 31 = Balance in the prepaid insurance account - unexpired insurance…
Q: The Prepaid Insurance account began the year with a balance of $920. During the year, insurance in…
A: Note: Since opening balance, Insurance purchased and unexpired insurance are given, Insurance…
Q: On December 1, Brooks Company paid $21,000 for two years of insurance in advance. On December 1,…
A: In the given case, Insurance of $ 21,000 is paid in advance for 2 years on December 1. The following…
Q: Instructions: Prepare the adjusting entries at March 31, assuming that adjusting entries are made…
A: Adjusting entries are prepared by management to ensure the accrual basis accounting system. These…
Q: "For each separate case below, follow the three-step process for adjusting the prepaid asset account…
A: Journal entry: It is also called as book of original entry. All financial transactions occurred in a…
Q: The following revenue and expense account balances were taken from the ledger of Acorn Health…
A:
Q: Prepare adjusting journal entries, as needed, considering the account balances excerpted from the…
A: Adjusting entries are the entries usually made at the end of the period to fix some accounts before…
Q: During the year, a company recorded prepayments of expenses in asset accounts and cash receipts of…
A: (1) Accrue salaries expense Salaries expense - Debit Salaries payable - Credit
Q: The following accounts appear in an adjusted trial balance of Waterloo Consulting. Indicate whether…
A: Assets which can be converted into cash or cash equivalent within 12 months from the balance sheet…
Q: Journalize the entries for the following adjustments at January 31, the end of the accounting period…
A: Journal is the recording of financial transactions for a going concern in a chronological order…
Q: Epicenter Laundry Unadjusted Trial Balance June 30, 20Y3 Debit Balances Credit Balances Cash.. .…
A: An accounting record for a business uses a journal entry to document a commercial transaction. The…
Q: The following is the adjusted trial balance for Jones Accounting Services for the year ended…
A: "Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: For each separate case below, follow the three-step process for adjusting the prepaid asset account…
A: Solution: a. Prepaid Insurance Step 1: Determine what the current account balance…
Q: After the accounts have been adjusted at April 30, the end of the fiscal year, the following…
A:
Q: The following revenue and expense account balances were taken from the ledger of Acorn Health…
A: The income statement represents the net income or loss of the company that is calculated by…
Q: Using the above additional information, prepare the adjusting entries that should be made by…
A: Closing entries are used to transfer the balance from a temporary account to a permanent account. We…
Q: Prepare Expanded Financial Statements The following is the adjusted trial balance for Jones…
A: The working capital is calculated as difference between current assets and current liabilities.
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: are an adjusted trial balance from the following account information, considering the adjustment…
A: Adjusted trial balance refers to the financial statement of a company that reflects all the current…
Q: Prepare the following adjusting journal entries at December 31,2020. Service revenues earned but…
A: There are three golden rules in accounting for recording the transaction : Debit what comes in ,…
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: The following account balances appeared in the adjusted trial balance of Cortes Painting…
A: Prepare the year-end closing entries for Cortes Painting Contractors, Date Account title and…
Q: Prepare the necessary closing entries based on the following selected accounts.
A: 1.Closing the revenue accounts: Transferring the credit balances in the revenue accounts to a…
Q: Journalizing reversing entries Lucas Architects recorded the following adjusting entries as of…
A:
Q: Prepare adjusting journal entries, as needed, considering the account balances excerpted from the…
A: Adjusting entries are prepared at the end of the accounting period to ensure the accrual base…
Q: Listed bellow are the account names and their balances after adjustments for Brian O’Brion Dance…
A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…
Q: Unadjusted Trial Balance Debit Credit Property plant and equipment Accumulated depreciation Prepaid…
A: Adjusting entries: Adjusting entries are those entries which are recorded at the end of the year, to…
Q: Journalizing adjusting entries and analyzing their effect on the income statement The following data…
A: 1. Prepare necessary adjusting entries needed on July 31, 2018.
Q: Prepare adjusting journal entries for the year ended December 31, 2011, for each of the independent…
A: Adjusting Entry for Wages paid at the end of the period is Debit Wages Expense and Credit Wages…
Prepare
- Insurance that expired this period, $18,000
Depreciation on assets, $4,800- Salaries earned by employees but unpaid, $1,200
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Prepare 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 business transaction and related adjusting entry for the following: A. March 1, paid cash for one year premium on insurance contract, $18,000 B. December 31, remaining unexpired balance of insurance, $3,000The 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, 13,627
- Prepare 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, $3,000Reviewing insurance policies revealed that a single policy was purchased on March 1, for one years coverage, in the amount of $9,000. There was no previous balance in the Prepaid Insurance account at that time. 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.Reviewing insurance policies revealed that a single policy was purchased on August 1, for one years coverage, in the amount of $6,000. There was no previous balance in the Prepaid Insurance account at that time. 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.
- Prepare journal entries to record the following adjustments: A. revenue earned but not collected, nor recorded, $14,000 B. revenue earned that had originally been collected in advance, $8,500 C. taxes due but not yet paid, $ 2,750Prepare adjusting journal entries, as needed, considering the account balances excerpted from the unadjusted trial balance and the adjustment data. A. depreciation on buildings and equipment, $17,500 B. advertising still prepaid at year end, $2,200 C. interest due on notes payable, $4,300 D. unearned rental revenue, $6,900 E. interest receivable on notes receivable, $1,200The 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 following accounts appear in the ledger of Celso and Company as of June 30, the end of this fiscal year. The data needed for the adjustments on June 30 are as follows: ab.Merchandise inventory, June 30, 54,600. c.Insurance expired for the year, 475. d.Depreciation for the year, 4,380. e.Accrued wages on June 30, 1,492. f.Supplies on hand at the end of the year, 100. Required 1. Prepare a work sheet for the fiscal year ended June 30. Ignore this step if using CLGL. 2. Prepare an income statement. 3. Prepare a statement of owners equity. No additional investments were made during the year. 4. Prepare a balance sheet. 5. Journalize the adjusting entries. 6. Journalize the closing entries. 7. Journalize the reversing entry as of July 1, for the wages that were accrued in the June adjusting entry. Check Figure Net income, 14,066On July 1, a client paid an advance payment (retainer) of $10,000, to cover future legal services. During the period, the company completed $6,200 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, make the journal entries needed to bring the balances to correct for: A. original transaction B. December 31 adjustmentOn 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.
