Question 10 of 20: Select the best answer for the question Here's a partial trial balance taken from the records of the Matthew Sparrow Company as of March 31, 20XX The accou Analysis of the accounts and records disclosed the following additional information Salaries due but unpaid $220 Rent includes $300 paid in March for April 300 Commission earned but not recorded 290 Fee income included fees received for work which has not yet been performed 475 Interest earned but not yet received 240 Fee Income Commission Income Salaries Expense Office Supplies Expense Rent Expense MATTHEW SPARROW COMPANY Partial Trial Balance March 31, 20XX 12,102 850 2,925 4 22,920 7,427 10. To what account will the credit entry be posted for salaries due but unpaid? A. Salaries Receivable B. Prepaid Salaries C. Salaries Payable D. Salaries Expense Mark for review (Will be highlighted on the review page)

Question 10 of 20: Select the best answer for the question Here's a partial trial balance taken from the records of the Matthew Sparrow Company as of March 31, 20XX The accou Analysis of the accounts and records disclosed the following additional information Salaries due but unpaid $220 Rent includes $300 paid in March for April 300 Commission earned but not recorded 290 Fee income included fees received for work which has not yet been performed 475 Interest earned but not yet received 240 Fee Income Commission Income Salaries Expense Office Supplies Expense Rent Expense MATTHEW SPARROW COMPANY Partial Trial Balance March 31, 20XX 12,102 850 2,925 4 22,920 7,427 10. To what account will the credit entry be posted for salaries due but unpaid? A. Salaries Receivable B. Prepaid Salaries C. Salaries Payable D. Salaries Expense Mark for review (Will be highlighted on the review page)

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter21: Accounting For Accruals, Deferrals, And Reversing Entries

Section21.1: Accruals

Problem 1WT

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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.
After all revenue and expenses have been closed at the end of the fiscal period ended December 31, Income Summary has a debit of 45,550 and a credit of 36,520. On the same date, D. Mau, Drawing has a debit balance of 12,000 and D. Mau, Capital had a beginning credit balance of 63,410. a. Journalize the entries to close the remaining temporary accounts. b. What is the new balance of D. Mau, Capital after closing the remaining temporary accounts? Show your calculations.
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, $3,000
The following selected accounts appear in the Birch Company’s unadjusted trial balance as of December 31, the end of the fiscal year (all accounts have normal balances): Prepaid Maintenance $2,700 Commission Fees Earned $86,000 Supplies 9,400 Rent Expense 10,800 Unearned Commission Fees 9,000 RequiredPrepare the necessary adjusting entries in the general journal as of December 31, assuming the following: On September 1, the company entered into a prepaid equipment maintenance contract. Birch Company paid $2,700 to cover maintenance service for six months, beginning September 1. The payment was debited to Prepaid Maintenance. Supplies on hand at December 31 are $2,900. Unearned commission fees at December 31 are $4,000. Commission fees earned but not yet billed at December 31 are $3,500.(Note: Debit Fees Receivable.) Birch Company’s lease calls for rent of $900 per month payable on the first of each month, plus an annual amount equal to 2% of annual…
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Master Architect designs houses for various clients. Its unadjusted trial balance as of December 31, 2016 showed, among others, Unearned Professional Fees of P350,000 representing two accounts collected in advance: November 10 Monson account, P200,000 and December 15 Samson account, P150,000. It takes 50 days for a design to be finished and delivered. Required: a. Prepare the entry to adjust the unearned revenue and recognize Professional Fees. b. Make postings to the general ledger accounts appearing below. Unearned Professional Fees 404 Date Explanation Ref Debit Credit Balance 2018 Nov. 10 Dec. 15 Dec. 31 Collection from Monson Collection from Samson ? GJ 11 GJ 12 AE ? P200,000 150,000 P200,000 350,000 ?Professional Fees 702 Date Explanation Ref Debit 2018 Credit Total services rendered. D ec. 31 GJ 12 P 1,0 00,000 Balance P 1,0 00,000 ? AE 2 ? 5. Leonard Company purchased a…
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Mint Cleaning Inc. prepared the following unadjusted trial balance at the end of its second year of operations ending December 31. (Assume amounts are reported in thousands of dollars.)Account Titles Debit CreditCash $ 55Accounts Receivable 4Prepaid Insurance 7Equipment 114Accumulated Depreciation $ 0Accounts Payable 4Common Stock 110Retained Earnings 14Sales Revenue 122Insurance Expense 0Salaries and Wages Expense 27Supplies Expense 43Totals $ 250 $ 250Other data not yet recorded at December 31:Insurance expired during the year, $5.Depreciation expense for the year, $4.Salaries and wages payable, $7.Income tax expense, $9.How would I create the closing entries for this information
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On December 31, the trial balance shows wages expense of $1,065. An additional $355 of wages was earned by the employees, but has not yet been paid. Analyze this adjustment for supplies using T accounts, and then formally enter this adjustment in the general journal. (Trial balance is abbreviated as TB.) Income Sheet Supplies Expense TB = adj= balance= Balance Sheet ( Wages Payable) Adj; DATE ACCOUNT TITLE DOC.NO. POST.REF. DEBIT CREDIT 1 20-- Dec. 31 wages expense 2 wages payable
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