Record and post the following adjustments on month end: Insurance expired 150 Supplies on hand 1,020 (Total supplies from trial balance is 2000) Depreciation using straight-line method (5 yr useful life) Office Equipment- 7500, Furniture 3050 Accrued Salaries 20. Rent Expired 1,500
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: see the journal entries picture below and answer this adjusting enties Adjusting Entries -…
A: Adjustment entry is entry made at the end of the period to assign the correct amount of revenue and…
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: The financial year for Drip Dry Cleaning Services ends on 30 June. Using the following information,…
A: Adjusting journal entry: At year end when company finalise its accounts then any unrecognized income…
Q: The ledger of Larkspur, Inc. on March 31 of the current year includes the selected accounts below…
A: Adjusting journals are as follows:
Q: u need to undertake at least 5 adjusting entries. The adjusting entry amounts and items recorded…
A: Adjusting Entries are the transactions, the effect of which is carried forward to the next period.…
Q: On January 1, the Supplies account had a $300 balance. On December 31 (end of year), a count…
A:
Q: Cesar Cifra operates an accounting firm. Shown below are selected accounts which appear in the…
A: The adjustment entries are prepared to adjust the revenues and expenses of the current period.
Q: Prepare general journal entries on December 31, 2015 to record the following unrelated year-end…
A: Adjusting entries are made by the management of the company for ensuring the accrual base accounting…
Q: The ledger of Blossom Company on March 31 of the current year includes the selected accounts below…
A: 1)Depreciation expense = 728 * 3 months = $ 2184 2) Rent revenue = 32240 / 2 = $16120 3) Supplies…
Q: The following information relates to year-end adjusting entries as of December 31, 2021. a.…
A: Closing entries: in preparation of financial statements, entity must close all revenue and expense…
Q: Slawton Company paid $24,000 on December 1 for three months rent and recorded the transaction to the…
A: Given, Rent expense for 3 months = $24,000 Rent paid: December 1 Adjusting Entry: December 31…
Q: ce at the end of the first year. electronics repair store, reparing the adjusting entries, the…
A: The adjustment entries are prepared to adjust the revenue and expenses of the current period.
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: adjusting entries
A: Adjusting entries are journal entries to update the accurate balance of accounts on a particular…
Q: The ledger of Crane Rental Agency on March 31 of the current year includes the following selected…
A:
Q: Cathy Credit has a realty company and adjusts its books at July 31. Prepare the adjusting entries…
A: Entries for above transaction are as follows:
Q: The ledger of Duggan Rental Agency on March 31 of the current year includes the following selected…
A: Adjusting entries refers to the journal entries which are made at the end of an accounting year to…
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: structions December 31, the following data were accumulated for preparing the adjusting entries for…
A: Journal entries are basic and important part of accounting &it is used to record a business…
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: Instruction: For the following transactions, determine the date gfthe adjustments and make an…
A: 1) March 31. Rent A/c Dr. 9000 To prepaid rent. 9000…
Q: Journalizing reversing entries Lucas Architects recorded the following adjusting entries as of…
A: Reversing entries: These are the journal entries made to undo the entries made in the previous…
Q: a partial adjusted trial balance of piper company at january 31 show the following piper company…
A: The revenues and expenses are presented in the income statement of the company.
Q: On June 1, 20Y2, Herbal Co. received $21,600 for the rent of land for 12 months. Journalize the…
A: Earned rent on December 31, 20Y2 = Total amount received for rent x 7 months / 12 months =…
Q: Muscat company purchased office supplies costing OMR2,000 and debited Office Supplies for the full…
A: Preparation of the journal entries is the first step in the double-entry system of bookkeeping.…
Q: Adjustment data at December 31 follow a. As of December 31 Greavy had performed…
A: The adjustment entries are made at the end of the year so as to calculate the actual profits or…
Q: A company pays $36,000 for twelve months' rent on October 1, recording the prepayment as an asset.…
A: One month rent = $36,000 / 12 months = $3,000
Q: pletir justingentries to T Adjustment data: a. Accrued Salaries Expense, $800. , Depreciation was…
A: Financial Statements are prepared to assess the financial position of an entity which includes…
Q: For each transaction, identify what type of adjusting entry would be needed. Select from the…
A: Accrual accounting is an accounting method where revenue or expenses are recorded when a transaction…
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: Record the following in the adjustment journal template then post it to the T-accounts. additional…
A: Adjustment journals are the journal entries passed at the end of the reporting period to record the…
Q: Use the above information about the company's adjustments to complete a 10-column work sheet. DYLAN…
A: In the given question, we are provided with the unadjusted trial balance and certain adjustments and…
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: Prepare the adjusting entries for them:
A: NOTE: “Since you have posted a question with multiple sub-parts, we will solve first three subparts…
Q: The ledger of Wildhorse Rental Agency on March 31 of the current year includes the following…
A: Journal entry - It refers to the process where the business transactions are recorded in the books…
Q: Lancaster Company must make three adjusting entries on December 31, 20X1. a. Supplies used, $9,200…
A: The accounting process starts with the process of journalizing and posting to the ledger. After…
Q: Before month-end adjustments are made, the February 28 trial balance of Neutral Milk Hotel contains…
A: The current year incomes and expenses should be adjusted for getting correct net income
Q: The financial year for uChampion (UC) ends on 31 May. The following adjusting entries need to be…
A: Adjusting entry means where some adjustment need to be made at the end of specified period for…
Q: Marigold Company purchased supplies costing $ 7100 and debited Supplies for the full amount. At the…
A: Supplies include stationery, postage, and small-value items that are used in the business. Supplies…
Q: Muscat company purchased office supplies costing OMR2,000 and debited Office Supplies for the full…
A: Introduction: Journal: Recording of a business transactions in a chronological order. First step in…
Q: Fill in the t-accounts for each situation and label each transaction as Deferrals/Prepaid or…
A: We shall first prepare the journal entries for all the transactions given in question-Please see…
Q: The transactions provided for adjusting are: 1. Supplies on hand at December 31st are $320, 2. An…
A: Adjusting Entries: Adjusting entries are those which are recorded at the end of the accounting year.…
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…
Q: Adjusting entriesMilbank Repairs & Service, an electronics repair store, prepared thefollowing…
A: Journalize the adjusting entries necessary on June 30, 2019. Answer: No Account title and…
Q: At the end of September, the first month of operations, there are several adjusting entries to be…
A: The question is related to the Journal Entries and T Accounts for the month ended September.
- Record and post the following adjustments on month end:
- Insurance expired 150
- Supplies on hand 1,020 (Total supplies from
trial balance is 2000) Depreciation using straight-line method (5 yr useful life) Office Equipment- 7500, Furniture 3050- Accrued Salaries 20.
- Rent Expired 1,500
Explain why?
Question from me: Is it right to use formula of cost/5/12 if it says to adjust on month end? The start of transaction is April 4
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- 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 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.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, 13,627
- Adjusting Entries The following information is available for Drake Company, which adjusts and closes its accounts every December 31: 1. Salaries accrued but unpaid total 2,840 on December 31. 2. The 247 December utility bill arrived on December 31 and has not been paid or recorded. 3. Buildings with a cost of 78,000, 25-year life, and 9,000 residual value are to be depreciated; equipment with a cost of 44,000, 8-year life, and 2,000 residual value is also to be depreciated. The straight linemethod is to be used. 4. A count of supplies indicates that the Store Supplies account should be reduced by 128 and the Office Supplies account reduced by 397 for supplies used during the year. 5. The company holds a 6,000, 12% (annual rate), 6 month note receivable dated September 30, from a customer. The interest is to be collected on the maturity date. 6. Bad debts expense is estimated to be 1% of annual sales. Sales total 65,000. 7. An analysis of the company insurance policies indicates that the Prepaid Insurance account is to be reduced for 528 of expired insurance. 8. A review of travel expense reports indicates that 310 has been paid for airfare for a salesperson (and recorded as Travel Expenses), but has not yet been used. 9. The income tax rate is 30% on current income and will be paid in the first quarter of next year. The pretax income of the company before adjustments is 18,270. Required: Journalize the necessary year-end adjusting entries for Drake. Show supporting calculations in your journal entry explanations.The unadjusted trial balance of La Mesa Laundry at August 31, 2016, the end of the fiscal year, follows: The data needed to determine year-end adjustments are as follows: a. Wages accrued but not paid at August 31 are 2,200. b. Depreciation of equipment during the year is 8,150. c. Laundry supplies on hand at August 31 are 2,000. d. Insurance premiums expired during the year are 5,300. Instructions 1. For each account listed in the unadjusted trial balance, enter the balance in a T account. Identify the balance as Aug. 31 Bal. In addition, add T accounts for Wages Payable, Depreciation Expense, Laundry Supplies Expense, Insurance Expense, and Income Summary. 2. (Optional) Enter the unadjusted trial balance on an end-of-period spreadsheet and complete the spreadsheet. Add the accounts listed in part (1) as needed. 3. Journalize and post the adjusting entries. Identify the adjustments by Adj. and the new balances as Adj. Bal. 4. Prepare an adjusted trial balance. 5. Prepare an income statement, a statement of owners equity (no additional investments were made during the year), and a balance sheet. 6. Journalize and post the closing entries. Identify the closing entries by Clos. 7. Prepare a post-closing trial balance.Prepare an adjusted trial balance from the following account information, considering the adjustment data provided (assume accounts have normal balances). Equipment was recently purchased, so there is neither depreciation expense nor accumulated depreciation. Adjustments needed: Salaries due to employees, but unpaid at the end of the period, $2,000 Insurance still unexpired at end of the period, $12,000
- Worksheet Victoria Company has the following account balances on December 31, 2019, prior to any adjustments: Additional adjustment information: (a) depreciation on buildings, 1,100; on equipment, 600; (b) bad debts expense, 240; (c) interest accumulated but not paid: on note payable, 50; on mortgage payable, 530 (this interest is due during the next accounting period); (d) insurance expired, 175; (e) salaries accrued but not paid 370; (f) rent was collected in advance and the performance obligation is now satisfied, 800; (g) office supplies cm hand at year-end, 230 (expensed when originally purchased earlier in the year); and (h) the income tax rate is 30% on current income and is payable in the first quarter of 2020. Required: 1. Transfer the account balances to a 10-column worksheet and prepare a trial balance. 2. Prepare the adjusting entries in the general journal and complete the worksheet. 3. Prepare the companys income statement, retained earnings statement, and balance sheet. 4. Prepare closing entries in the general journal.COMPLETION OF A WORK SHEET SHOWING A NET LOSS The trial balance for Cascade Bicycle Shop, a business owned by David Lamond, is shown below. Year-end adjustment information is as follows: (a and b) Merchandise inventory costing 22,000 is on hand as of December 31, 20--. (The periodic inventory system is used.) (c)Supplies remaining at the end of the year, 2,400. (d)Unexpired insurance on December 31, 1,750. (e)Depreciation expense on the building for 20--, 4,000. (f)Depreciation expense on the store equipment for 20--, 3,600. (g)Unearned storage revenue as of December 31, 1,950. (h)Wages earned but not paid as of December 31, 750. REQUIRED 1. Complete the Adjustments columns, identifying each adjustment with its corresponding letter. 2. Complete the work sheet. 3. Enter the adjustments in the general journal.Prepare journal entries to record the following adjustments. A. Insurance that expired this period, $18,000 B. Depreciation on assets, $4,800 C. Salaries earned by employees but unpaid, $1,200
- ADJUSTMENTS AND WORK SHEET SHOWING A NET LOSS Jason Armstrong started a business called Campus Delivery Service. After the first month of operations, the trial balance as of November 30, 20--, is as shown on the next page. REQUIRED 1. Analyze the following adjustments and enter them on the work sheet. (a) Ending inventory of supplies on November 30, 185. (b) Unexpired (remaining) insurance as of November 30, 800. (c) Depreciation expense on van, 300. (d) Wages earned but not paid as of November 30, 190. 2. Complete the work sheet.The trial balance of Clayton Cleaners for the month ended September 30 is as follows: Data for the adjustments are as follows: a. Expired or used-up insurance, 800. b. Depreciation expense on equipment, 2,700. c. Wages accrued or earned since the last payday, 585 (owed and to be paid on the next payday). d. Supplies remaining at the end of month, 230. Required 1. Complete a work sheet. (Skip this step if using CLGL.) 2. Journalize the adjusting entries. If you are using CLGL, use the year 2020 when recording transactions.The trial balance for Game Time on July 31 is as follows: Data for month-end adjustments are as follows: Expired or used-up insurance, 480. Depreciation expense on equipment, 850. Depreciation expense on repair equipment, 120. Wages accrued or earned since the last payday, 525 (owed and to be paid on the next payday). Supplies used, 70. Required Complete a work sheet for the month. (Skip this step if using CLGL.) Journalize the adjusting entries. If using CLGL prepare an adjusted trial balance. Prepare an income statement, a statement of owners equity, and a balance sheet. Assume that no additional investments were made during July. If you are using CLGL, use the year 2020 when recording transactions and preparing reports.