On January 1, 2024, Red Flash Photography had the following balances: Cash, $24,000; Supplies, $9,200; Land, $72,000; Deferred Revenue, $6,200; Common Stock $62,000; and Retained Earnings, $37,000. During 2024, the company had the following transactions: Issue additional shares of common stock, $32,000. Provide services to customers for cash, $47,000, and on account, $42,000. Pay salaries to employees for work in 2024, $35,000. 1. February 15 2. May 20 3. August 31 4. October 1 5. November 17 6. December 30 Purchase rental space for one year, $24,000. Purchase supplies on account, $34,000. Pay dividends, $3,200. The following information is available on December 31, 2024: 1. Employees are owed an additional $5,200 in salaries. 2. Three months of the rental space have expired. 3. Supplies of $6,200 remain on hand. All other supplies have been used. 4. All of the services associated with the beginning deferred revenue have been performed.

On January 1, 2024, Red Flash Photography had the following balances: Cash, $24,000; Supplies, $9,200; Land, $72,000; Deferred Revenue, $6,200; Common Stock $62,000; and Retained Earnings, $37,000. During 2024, the company had the following transactions: Issue additional shares of common stock, $32,000. Provide services to customers for cash, $47,000, and on account, $42,000. Pay salaries to employees for work in 2024, $35,000. 1. February 15 2. May 20 3. August 31 4. October 1 5. November 17 6. December 30 Purchase rental space for one year, $24,000. Purchase supplies on account, $34,000. Pay dividends, $3,200. The following information is available on December 31, 2024: 1. Employees are owed an additional $5,200 in salaries. 2. Three months of the rental space have expired. 3. Supplies of $6,200 remain on hand. All other supplies have been used. 4. All of the services associated with the beginning deferred revenue have been performed.

Name: A-2 Required informationExercise 3-20 (Algo) Record transactions and p
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: A-2 Required informationExercise 3-20 (Algo) Record transactions and prepare adjusting entries, adjusted trialbalance, financial statements, and closing entries (LO3-3, 3-4, 3-5, 3-6, 3-7)[The following information applies to the questions displayed

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter3: Basic Accounting Systems: Accrual Basis

Section: Chapter Questions

Problem 3.8E: Adjustment for supplies Answer each of the following independent questions concerning supplies and...

See similar textbooks

Similar questions

Adjustment process and financial statements Adjustment data for Ms. Ellen’s Laundry Inc. for the year ended December 31, 20Y8, are as follows: a. Wages accrued but not paid at December 31. $2150 b. Depreciation of equipment during the year. $12500 c. Laundry supplies on hand at December 31. $1,500 d. Insurance premiums expired. $4600 Instructions Prepare a classified balance sheet as of December 31, 20Y8.
Adjustment for supplies Answer each of the following independent questions concerning supplies and the adjustment for supplies. a. The balance in the supplies account, before adjustment at the end of the year, is $3,500. What is the amount of the adjustment if the amount of supplies on hand at the end of the year is $1,100? b. The supplies account has a balance of $650. and the supplies expense account has a balance of $1,950 at the end of the first year of operations. What was the amount of supp lies purchased during the year?
NEED ANSWER ASAP At the end of the 2021 year, the accounting staff at Prestige Design Flooring Inc. (PDF) have the followingunadjusted trial balance as at December 31, 2021.Cash 6,700Accounts Receivable 24,327Supplies 4,231Prepaid Insurance 5,700Equipment 896,000Accumulated Depreciation (Equipment) 112,600Other Assets 64,225Accounts Payable 14,327Unearned Service Revenue 16,600Note Payable (due 2026) 80,000Common Shares 289,540Retained Earnings, 12/31/2020 38,454Service Revenue 802,427Wages Expense 131,650Rent Expense 218,415Interest Expense 2,700 Total $1,353,948 $1,353,948The accounting staff have identified the following items where a year end accrual entry may be required.a. PDF purchased 12-month insurance on July 1, 2021. It is reported as prepaid insurance in the trial balanceabove.b. A physical inventory count showed that $690 of office supplies is on hand at year end.c. PDF’s equipment depreciation was $31,980 for the 2021 year.d. An analysis showed the unearned service…
6. Raon Electronics Company The adjusted trial balance of Raon Electronics Company as of 30 September 2018 is given below. Prepare the SFP using report form and the SCI using the single-step format. RAON Electronics Company Trial Balance - Adjusted30 September 2018Account Debit Credit Cash ₱21 700Accounts Receivable 4 200Supplies 1 800Prepaid Insurance 6 300Land 43 500Buildings 132 000Accumulated Depreciation – Building ₱25 000Accounts Payable 3 700Notes Payable 10 300Salaries Payable 2 500Property Taxes Payable 4 100Unearned Revenue 2 600Loans Payable(due in 4 years) 100 000Mr. L, Capital ?Service Revenue 78 600Wages Expense 14 800Utilities Expense 4 600Property Tax Expense 3 500Insurance Expense 6 700Supplies Expense 5 100Depreciation Expense 8 800Interest Expense 13 200Miscellaneous Expense 1 200Total ₱267 400 ₱267 400For Mr. L, Capital squeeze in the figure, i.e total credits ₱267 400 less total accumulated depreciation down to service revenue.Instructions: How much will be the…
P3-3A Alena Co. was organized on July 1, 2017. Quarterly fi nancial statements are prepared. The unadjusted and adjusted trial balances as of September 30 are shown below.ALENA CO.Trial BalanceSeptember 30, 2017 Unadjusted Adjusted Dr. Cr. Dr. Cr.Cash $ 8,700 $ 8,700Accounts Receivable 10,400 11,500Supplies 1,500 650Prepaid Rent 2,200 500Equipment 18,000 18,000Accumulated Depreciation—Equipment $ –0– $ 700Notes Payable 10,000 10,000Accounts Payable 2,500 2,500Salaries and Wages Payable –0– 725Interest Payable –0– 100Unearned Rent Revenue 1,900 450Owner’s Capital 22,000 22,000Owner’s Drawings 1,600 1,600Service Revenue 16,000 17,100Rent Revenue 1,410 2,860Salaries and Wages Expense 8,000 8,725Rent Expense 1,900 3,600Depreciation Expense 700 Supplies Expense 850Utilities Expense 1,510 1,510 Interest Expense 100 $53,810 $53,810 $56,435 $56,435Instructions(a) Journalize the adjusting entries that were made.(b) Prepare an income statement and an owner’s equity statement for the 3 months…
please answer within the format by providing formula the detailed workingPlease provide answer in text (Without image)Please provide answer in text (Without image)Please provide answer in text (Without image) The following balances were taken from the books of Alonzo Corp. on December 31, 2025. Interest revenue $ 87,950 Accumulated depreciation—equipment $ 41,950 Cash 52950 Accumulated depreciation—buildings 29,950 Sales revenue 1,381,950 Notes receivable 156,950 Accounts receivable 151,950 Selling expenses 195,950 Prepaid insurance 21,950 Accounts payable 171,950 Sales returns and allowances 151,950 Bonds payable 101,950 Allowance for doubtful accounts 8950 Administrative and general expenses 98,950 Sales discounts 46,950 Accrued liabilities 33,950 Land 101,950 Interest expense 61,950 Equipment 201,950 Notes payable 101,950 Buildings 141,950 Loss from earthquake damage 151,950 Cost of goods…
P3-1A Tony Masasi started his own consulting fi rm, McGee Company, on June 1, 2012. Thetrial balance at June 30 is shown below. Prepare adjusting entries, postto ledger accounts, and prepareadjusted trial balance.(SO 5, 6, 7) McGEE COMPANYTrial BalanceJune 30, 2012 Account Number Debit Credit101 Cash $ 7,150112 Accounts Receivable 6,000126 Supplies 2,000130 Prepaid Insurance 3,000157 Equipment 15,000201 Accounts Payable $ 4,500209 Unearned Service Revenue 4,000301 Owner’s Capital 21,750400 Service Revenue 7,900726 Salaries and Wages Expense 4,000729 Rent Expense 1,000$38,150 $38,150 Problems: Set A 137 c03AdjustingTheAccounts.indd Page 137 11/29/10 2:10:44 PM f-392 03AdjustingTheAccounts.indd Page 137 11/29/10 2:10:44 PM f-392 /Users/f-392/Desktop/Nalini 23.9/ch05 Users/f-392/Desktop/Nalini 23.9/ch05 138 3 Adjusting the Accounts In addition to those accounts listed on the trial balance, the chart of accounts for McGeeCompany also contains the following accounts and account numbers: No.…
Hello, I need help with 3a, 3b and 3c. Attached is the adjusted information, which includes the balance sheet and income statement. The following unadjusted trial balance is for Ace Construction Company at its June 30 current fiscal year-end. The credit balance of the V. Ace, Capital account was $56,500 on June 30 of the prior year, and the owner invested $22,000 cash during the current fiscal year. ACE CONSTRUCTION COMPANY Unadjusted Trial Balance June 30 Number Account Title Debit Credit 101 Cash $ 18,000 126 Supplies 8,000 128 Prepaid insurance 5,500 167 Equipment 141,760 168 Accumulated depreciation—Equipment $ 23,000 201 Accounts payable 6,000 203 Interest payable 0 208 Rent payable 0 210 Wages payable 0 213 Property taxes payable 0 251 Long-term notes payable 24,000 301 V. Ace, Capital 78,500 302 V. Ace, Withdrawals 32,500 403 Construction revenue 147,000 612 Depreciation expense—Equipment 0 623 Wages expense…
The whole question is A - F questions. Pope’s Garage had the following accounts and amounts in its financial statements on December 31, 2019. Assume that all balance sheet items reflect account balances at December 31, 2019, and that all income statement items reflect activities that occurred during the year then ended. Accounts receivable $ 31,300 Depreciation expense 10,200 Land 24,600 Cost of goods sold 87,000 Retained earnings 58,700 Cash 10,200 Equipment 69,000 Supplies 5,400 Accounts payable 23,000 Service revenue 22,500 Interest expense 2,700 Common stock 6,000 Income tax expense 22,830 Accumulated depreciation 40,000 Long-term debt 38,000 Supplies expense 12,500 Merchandise inventory 25,200 Net sales 166,000 Required: a. Calculate the total current assets at December 31, 2019. b. Calculate the total liabilities and stockholders’ equity at December 31, 2019. c. Calculate the earnings from…
Use the trial balance, adjustments and additional information to prepare the Statement ofComprehensive Income for the year ended 28 February 2022.Liat TradersPRE-ADJUSTMENT TRIAL BALANCE AS AT 28 FEBRUARY 2022Balance sheet accounts section Debit CreditR RCapital 550 854Drawings 75 150Land and buildings 477 164Vehicles at cost 91 000Equipment at cost 67 000Accumulated depreciation on vehicles 31000Accumulated depreciation onequipment 23800Trading inventory 68 800Debtors control 45 850Provision for bad debts 1900Bank 15 560Cash float 1 250Petty cash 250Creditors control 38 860Loan: MUFG Bank (15%) 21600Nominal accounts sectionSales 498 000Cost of sales 244 000Sales returns 8 000Wages 42 500Bank charges 2 300Rent income 26000Packing materials 12 000Advertising 8 500Rates 3 000Bad debts 900Discount allowed 750Discount received 980Stationery 8 500Interest on loan 2 970Water and electricity 5 550Insurance 5 000Telephone 7 0001 192 994 1 192 994Adjustments and additional information1. A…
Prepare initial and adjusting entries for the following transactions:Attach the EXCEL screenshots here.WITH FORMULAS IN EXCEL FOR UPVOTE5/31 Company paid P25,000 rent in advance for 3 years. (Use Asset and Expense Methods)6/30 The Company collected in advance P400,000 for services to be rendered in 2 yrs. (Use Liability and Revenue Methods)
Beacon Signals Company maintains and repairs warning lights, such as Beacon Signals Company prepared the following end-of period spreadsheet at December 31, 2019, the end of the fiscal year:Beacon Signals CompanyEnd-of-Period SpreadsheetFor the Year Ended December 31, 2019Unadjusted Trial Balance Adjustments Adjusted Trial BalanceAccount Title Dr. Cr. Dr. Cr. Dr. Cr.Cash 13,000.00 13,000.00Accounts Receivable 40,500.00 (a) 12,500.00 53,000.00Prepaid Insurance 4,200.00 (b) 3,000.00 1,200.00Supplies 3,000.00 (c) 2,250.00 750.00Land 98,000.00 98,000.00Building 500,000.00 500,000.00Accumulated Depreciation-Building 255,300.00 (d) 9,000.00 264,300.00Equipment 121,900.00 121,900.00Accumulated Depreciation-Equipment 100,100.00 (e) 4,500.00 104,600.00Accounts Payable 15,700.00 15,700.00Salaries and Wages Payable (f) 4,900.00 4,900.00Unearned Rent 2,100.00 (g) 1,300.00 800.00Sarah Colin, Capital 238,100.00 238,100.00Sarah Colin, Drawing 10,000.00 10,000.00Fees Earned 388,700.00 (a) 12,500.00…