reversing entry (if applicable) o
Q: Explain an example of adjusting entries.
A: Adjusting entries: Adjusting entries are those entries which are recorded at the end of the year,…
Q: Recreate the Post-Closing Trial Balance that wou require an entry, leave it blank.
A: A trial balance is the statement of debits credits that can only be prepared in case of double-entry…
Q: What purpose do adjusting entries serve?
A: Adjusting entries are changes to journal entries which you have already recorded. Specifically they…
Q: How would we prepare a journal entry for an unrecorded and unpaid entry?
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: What differences between adjusting entries and closing entries?
A: A journal is a detailed account that records all the financial transactions of a business, to be…
Q: Write down the purpose do adjusting entries serve.
A: Adjusting entries: Adjusting entries are those entries which are recorded at the end of the year,…
Q: Describe the purpose of closing entries.
A: Definition: Closing entries: The journal entries prepared to close the temporary accounts to…
Q: What is the definition and explanation of the closure procedure and closing entries
A: Entries that have been closed : When the accounting period concludes, a closing entry is a journal…
Q: t closing entries are and why they are necessary.
A:
Q: Was this entry correct? If not, provide the correct entry.
A: Note Receivable: An individual or business makes an unconditional promise in a note receivable to…
Q: Prepare the necessary closing entries. (List a ic torod Do not ont manualh, If n
A: A Journal entry is a primary entry that records the financial transactions initially. The…
Q: What is the difference between adjusting entries and correcting entries?
A: Journal entries are the building blocks of accounting, which is the act of recording the economic or…
Q: Please check if my general entry are correct
A: Closing journal entry: It refers to the journal entry that is recorded at the closing of the…
Q: Reversing entries for adjustr when the original pavment
A: The correct answer is d) Was recorded as prepaid expenses
Q: Can you explain how this should be properly accounted for
A: Journal Entry Every transaction for a business is tracked in journal entries. Any financial activity…
Q: ep a permanent record of t saction is documented. If pw do you ensure that the ransactions are…
A: The accounting system of the organization makes the management record day-to-day business…
Q: What is the purpose of closing entries?
A: The journal entries are prepared to keep the record of day to day transactions of the business.
Q: Explain the steps that must be taken for closing entries?
A: A closing entry is a journal entry made at the end of accounting periods that involves shifting data…
Q: jos= dition esolutory
A: The answers have been mentioned below.
Q: Why are adjusting entries needed? What would the effect be of not preparing and posting adjusting…
A: Journal- A journal keeps track of all of an organization's business transactions. A company may…
Q: ANLIZE THE ADJUSTIN
A: Journal entries refers to the entries which are recorded through in the financial records of the…
Q: Adjustments should not be recorded in the journal. Select one: True False
A: Journal is a book maintained by a entity to record accounting transactions. There are 7 types of…
Q: How do you adjust this accoun
A: Prepaid insurance can be defined as that asset account which is the security amount for future…
Q: Do you know what the processes are for closing an entry
A: This question tells about the processes are for closing an entry
Q: Closing entries are necessary for
A: Closing entries are passed at the end of accounting period to transfer all the temporary account…
Q: Prepare journal entries to record the following adjustments. If an amount box does not require an…
A: Journal entries:- Journal entries are the initial entries that are recorded in the books of…
Q: Describe the purpose what do adjusting entries serve?
A: Adjusting entries: Adjusting entries are those entries which are recorded at the end of the year, to…
Q: Describe the purpose of adjusting entries.
A: Adjusting entries: Adjusting entries are the journal entries, which are recorded at the end of the…
Q: When the reversing entries are not used, the bookkeeper must a. Debit the prepayment when it…
A: Accounting is the procedure that is used by a business to determine the financial position of the…
Q: Please answer section d) only
A: Degree of combined leverage (DCL) It is a leverage ratio that includes the combined effects, caused…
Q: Please fill in the missing items. Thank you!
A: Compound interesting refers to a technique which tells us how money grows after a certain period of…
Q: Closing entries have two purposes. What are they
A: The journal entries are prepared to record daily transactions of the business. The T-accounts are…
Q: Differentiate closing entries, reversing entries, opening entries and correcting entry.
A: Closing entry: A closing entry is a journal entry that is passed at the end of an accounting period…
Q: What are closing entries and why are they necessary?
A: Closing entries: The journal entries prepared to close the temporary accounts to Retained Earnings…
Q: Explain the difference between an original journal entry and an adjusting journal entry?
A: Journal entry: A journal entry is used to record day-to-day transactions of the business by debiting…
Q: Adjusting entries required
A: Journal means the book of prime entry where all entries are recorded in different pages. Ledger…
Q: Distinguish between a reversing entry and an adjusting entry. Are reversing entries required?
A: Adjusting entries means some entries which is to be paid at the end of specified period regarding…
Q: Jounal Entries only
A: Journal entries are the initial recording of all the monetary business transactions in a…
Q: 44. Adjusting entries that should be reversed include those for prepaid or unearned items that *
A: Solution: Adjusting entry that should be reversed include those for prepaid or unearned items that :…
Q: how do you do adjusting entries?
A: Adjusting entries: An adjusting entry is prepared when the trial balance is not up-to-date, and…
Q: Explain the methods for closing entries.
A: A closing entry is a journal entry that transfers balances from a temporary account to a permanent…
Write the reversing entry (if applicable) or “NO RE” if not applicable. Thank you
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- 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 statement of cash flows for the year ended December 31. 20Y8.Vorst depreciates Asset A on the double-declining-balance method. How much depreciation expense should Vorst record in 2020 for Asset A? a. 32,000 b. 25,600 c. 14,400 d. 6,400The following is the adjusted trial balance of the Toribio Cayanan Company: Toribio Cayanan Company Adjusted Trial Balance Jan. 31, 2010 Cash P 140,000Accounts Receivable 230,000Prepaid Rent 90,000Office Supplies 150,000Office Equipment 780,000Accumulated Depreciation P 320,000Accounts Payable 120,000Salaries Payable 70,000Cayanan, Capital 750,000Cayanan, Withdrawals 170,000Counseling Service Revenues 830,000Miscellaneous Income 110,000Salaries Expense 320,000Office Supplies Expense 210,000Depreciation Expense 60,000Rent Expense 50,000 Total P2,200,000 P2,200,000 Required: 1. Prepare the closing entries.2.…
- How to do the post-adjustment trial balance of Fling Incorporated for the financial year ended 31 December 2021. Motor vehicles50 000 DtAccumulated depreciation on motor vehicles5 000 CrDebtors control45 000 DtBank: one 7 550 DtBank two:650 CrEquipment25 000 DtAccumulated depreciation on equipment2 100 CrCreditors control15 600 CrShare capital3 000 CrRetained earnings31 800 CrRental income13 000 CrInventory: Finished products8 500 DtSale of goods135 000 CrWater and electricity8 800 DtSalaries and wages55 000 CrPrinting and stationery6 300 Cr206 150(206 150) Adjustments:1. Rental income earned monthly amounts to R1 000.2. Printing and stationery on hand as at 31 December 2021 amounted to R800.3. Cleaning expenses of R250 was incorrectly posted to the salaries and wages account.4. Discount of R150 was given to a debtor who…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 the statement of income and expenditure and statement of sources and application of funds considering the adjustment given below. adjustments1. closing inventory / consumables as on 31-12-21, Rs 18000 2. Depreciate equipment at 10% 3. salaries outstanding rs 1000, power and fuel outstanding rs 2000. 4. Rs 5000 was spent on equipment but wrongly included in wages. 5. provide provision for bad and doubtful debts for rs 1500. 6. discount earned but not received rs 100 7. commission due but not recorded rs 200. 8. rent received includes rs 500 received in advance.
- create a balance sheet for the following: Adjusted Trial Balance Account Titles Dr Cr Cash 26,143 Equity securities portolio 47,521 Fair value adjustment 3,585 Accounts receivable 284,171 Allowance for doubtful accounts 14,209 Inventory 623,636 Prepaid insurance 11,080 Land 414,518 Buildings 1,455,667 Accumulated depreciation-bldg 490,534 Equipment 1,041,038 Accumulated depreciation-equip 337,259 Deferred tax asset 6,000 Patent 17,970 Accounts payable 205,799 Income taxes payable 108,659 Note payable 42,000 Bonds payable 300,000 Premium on bonds payable 16,038 Preferred stock (5%, $100 par) 200,000 Common stock ($10 par value) 400,000 Paid-In capital in excess of par 471,999 Retained earnings 934,729 Dividends 90,000 Sales revenue 4,634,536 Cost of goods sold 3,172,647 Salaries and wages expense 580,593 Advertising expense 65,641 Depreciation expense 161,167…The balance in the equipment account before adjustment on December 31, 2007 is $60,000 and the balance of accumulated depreciation on December 31, 2007 is $24,000. The adjustment amount for depreciation for the year is $12,000. What account should be debited in the journal (1) and for what amount to record the adjusting entry to record this depreciation based on this information? JOURNAL Page 25 date description p.ref. debit CREDIT Adjusting Entries 12/31 (1) ? (2) ? Group of answer choices Depreciation Expense $36,000 Accumulated Depreciation $12,000 Equipment $12,000 Depreciation Expense $12,000The balance in the equipment account before adjustment on December 31, 2007 is $60,000 and the balance of accumulated depreciation on December 31, 2007 is $24,000. The adjustment amount for depreciation for the year is $12,000. What account should be credited in the journal (2) and for what amount to record the adjusting entry to record this depreciation based on this information? JOURNAL Page 25 date description p.ref. debit CREDIT Adjusting Entries 12/31 (1) ? (2) ? Group of answer choices Depreciation Expense $12,000 Equipment $12,000 Accumulated Depreciation $12,000 Depreciation Expense $36,000
- Current Attempt in Progress Splish Brothers Inc. reported net income of $122400 for the year 2022. During 2022, accounts receivable increased by $8160, accounts payable decreased by $5440 and depreciation expense of $13600 was recorded. Net cash provided by operating activities for 2022 is A. $111520. B. $122400. C. $108800. D. $136000. eTextbook and Media Attempts: 0 of 1 used1. What is the depreciation Expense balance on December 31st of the first year of operations? a. 6000 b. 57000 c. 6300 d. 63000 2. What is the unearned Revenue balance on December 31st of the first year of operation? a. 2000 b. 40000 c. 0 d. 42000Prepare the Statement of Comprehensive Income as at: 28 February 2021.Embassy TradersPre-adjustment Trial Balance as at: 28 February 2021Debit CreditBalance Sheet Accounts SectionCapital 1 651 100Drawings 132 900Land and buildings 1 254 800Vehicles at cost 925 000Equipment 662 000Accumulated depreciation on vehicles 528 000Accumulated depreciation on equipment 369 000Fixed deposit: Bob-bank (9% p.a.) 200 000Trading inventory 152 000Debtors control 174 800Provision for bad debts 10 000Bank 127 800Creditors control 184 800Mortgage loan: Bob-bank (18% p.a.) 330 000Nominal Accounts SectionSales 2 075 000Cost of sales 795 000Sales returns 15 000Salaries and wages 586 000Bad debts 18 000Stationary 30 000Rates and taxes 58 000Motor expenses 32 000Advertising 23 000Telephone 44 000Electricity and water 66 000Bank charges 8 000Insurance 5 000Interest on mortgage loan 26 000Interest on fixed deposit 15 000Rent income 171 6005 334 500 5 334 500Adjustments and additional information1.Trading…
