Select all that apply Vance Co. allows employees to take a two week vacation each year. To account for the two weeks off each year, Dante will record an adjusting entry to which of the following accounts? Multiple select question. Credit to Salaries and Wages Payable. Credit to Cash. Debit to Cash. Credit to Vacation Benefits Payable. Debit to Vacation Benefits Expense. Debit to Salaries and Wages Expense.
Q: Partner bonuses, statement of partnership equity The partnership of Angel Investor Associates began…
A: The objective of the question is to prepare a statement of partnership equity for Angel Investor…
Q: Which of the following is not found in the owner's equity section of the balance sheet? O Treasury…
A: Treasury stock refers to shares of a company's own stock that it has issued and subsequently…
Q: wiCoffee Company roasts and packs coffee beans. The process begins by placing coffee beans into the…
A: Direct material cost is the cost of raw material produced or purchased to produce the final…
Q: The Diversified Portfolio Corporation provides investment advice to customers. A condensed income…
A: Statement of cash flow -A cash flow statement is a summary of the amount of money that comes into…
Q: Jacob Long, the controller of Arvada Corporation, is trying to prepare a sales budget for the coming…
A: Budget means the expected value of future. Budget will be compared with actual value and variance is…
Q: Prepare a schedule of cash payments for operations for January February, and March.
A: The cash collection schedule is prepared to estimate the requirements for the period.The cash…
Q: Book Print Terences For a contract with multiple performance obligations, the seller allocates the…
A: Contract: A contract is a legal agreement among two or several parties to perform some task and…
Q: You save $5400 each year into a tax - deferred retirement account. If you are in a 25% tax bracket…
A: The taxpayer is required to pay taxes to the taxable income and the taxable income is the gross…
Q: per Inc. for December 31st, 2022: Ending Raw Materials Inventory: $160,000 Beginning…
A: INCOME STATEMENTIncome Statement is one of the Important Financial Statements of the Company. Income…
Q: Required information Comprehensive Problem 5-75 (LO 5-1, LO 5-2, LO 5-3) (Algo) [The following…
A: Gross income:-It is the total amount of revenue before subtracting expenses like costs, interest,…
Q: Last year's contribution format income statement for Huerra Company is given below: Unit $ 49.60…
A: "Since you have asked a question with sub-parts more than three, as per guidelines, the first three…
Q: Red Robin offers a defined-benefit pension plan to its employees. The following information…
A: In a defined benefit plan, the employer guarantees that the employee will receive a definite amount…
Q: question #2 On January 1, 2024, Nath-Langstrom Services, Incorporated, a computer software training…
A: A journal entry is used by the accounting department of an organization to record financial…
Q: Morgan Graff and Serigo Vargas formed a partnership in which the partnership agreement provided for…
A: A partnership firm is a such type of business when two or more partner cames do business to earn…
Q: Revenues and production budget. Saphire, Inc., bottles and distributes mineral water from the…
A: A production budget is a plan or an estimate prepared by the company as per the products required to…
Q: Vulcan Flyovers offers scenic overflights of Mount Saint Helens. Data concerning the company's…
A: Revenue and spending variance = Actual results - Flexible budget amountsActivity variance = Flexible…
Q: Felix & Company reports the following information. Period Units Produced 1 0 2 720 3 1,120 1,520…
A: The mixed costs of production comprise variable and fixed costs. The variable costs change with a…
Q: Required information [The following information applies to the questions displayed below.] Matt and…
A: Introduction:Total tax liability is an important notion in taxation since it defines how much one…
Q: In early January, Burger Mania acquired 100% of the common stock of the Crispy Taco restaurant…
A: 1. Trademark is an intangible asset that has an indefinite useful life as given in the question. 2.…
Q: WalCo, Incorporated's receivable turnover ratio has been steadily increasing over time. Required: 1.…
A: Accounts Receivable -The amount owed by a business to its clients for products or services purchased…
Q: E5. 5 (LO 3) (Record sales transactions.) Refer to the information in E5.4 for Olaf Corp. and the…
A: Double entry system of book keeping: Under this system one account is debited and other is…
Q: The November production of MVP's Minnesota Division consisted of batch P25 (2, 600 professional…
A: TOTAL COSTTotal Cost is the cost incurred to manufacturing a product.Total Cost Includes Cost of Raw…
Q: An investor is under contract to buy a 2,000,000 square foot fully leased industrial park in…
A: Annual tax depreciation refers to the amount by which an asset's value decreases for tax purposes…
Q: For its fiscal year ending October 31, 2022, Swifty Corporation reports the following partial data.…
A: Discontinued Operations are the operations that are no longer in operation with the company. Some…
Q: Tahoe Tent Ltd. issued bonds with a par value of $803,000 on January 1, 2023. The annual contract…
A: Bonds payable refers to a type of long-term debt that a company or organization issues to borrow…
Q: ! Required information [The following information applies to the questions displayed below.] On…
A: A corporation may invest in another company's shares, which are typically accounted for using the…
Q: Vernon Manufacturing started in Year 2 with the following account balances. Cash Common stock…
A: Introduction:Financial statement indicates the financial position, performance, and any other…
Q: William Corp. enters into a contract with a customer to build an apartment building for $1,056,300.…
A: Transaction price refers to the expected amount while exchanging the goods or services with the…
Q: Hawk Corp's trial balance reflected the following account balances at December 31, 20X1: Accounts…
A: Balance sheet is a financial statement that shows a list of the final ending balance of assets,…
Q: At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant…
A: Total Assets turnover ratio measures the dollar amount of sales that per dollar of average total…
Q: What is their 2022 child and dependent care credit? X 489
A: The Child and Dependent Care Credit is a tax benefit offered to taxpayers who incur expenses for the…
Q: Marigold Company has the following equivalent units of production for July: materials 23240 and…
A: The following formula used to calculate as follows under:-Cost per equivalent unit = (Beginning cost…
Q: Required information [The following information applies to the questions displayed below.] On…
A: The depreciation expense is charged on the fixed as reduction in the value of the fixed assets with…
Q: Mid-South Auto Leasing leases vehicles to consumers. The attraction to customers is that the company…
A: As you have asked multiple sub-parts we can solve only first three sub-parts for you Please repost…
Q: Parent acquired Sub on January 1, 2023. You were given the following information for the Unadjusted…
A: Consolidated statements are the financial statements of the parent company along with all its…
Q: Chapter 17 Homework Concentrate Lemon-Lime Orange Cola Root Beer Lemon-Lime $4,625 $129,000 Water…
A: Answer given below is self explained
Q: What are the effects on the accounting equation from an adjusting entry for revenues earned, but not…
A: Accounting equation is a mathematical equation that shows relationship between assets, liabilities…
Q: Purchased inflatable rides and inflation equipment on June 2, paying $30,450 cash. Received $7,200…
A: The net income represents the income earned by the business entity during the financial year. It is…
Q: alamoto Co. manufactures a single product that goes through two processes-mixing and cooking. The…
A: Equivalent Units of Production:— It represents Production in terms of Completed units. Cost Per…
Q: GMR Inc is a CCPC owned 100% by Ms. Rothstein. For the current year, the company accountant is…
A: D. Because if the income over $500,000 remains in the company it will not benefit from the SBD, and…
Q: Staples, Inc. is one of the largest suppliers of office products in the United States. Suppose it…
A: Accounting ratios are financial ratios through which a company can analyze its performance in terms…
Q: On September 30, 2023, Blossom Inc. issued $3,210,000 of 10-year, 8% convertible bonds for…
A: The exercise of warrants represents a financial event that involves the conversion of detachable…
Q: Cost of Goods Manufactured and Cost of Goods Sold For each of the following unrelated companies,…
A: The cost of goods manufactured refers to the total cost that a company incurs for manufacturing the…
Q: whats the journal entry for declared and paid $1200 of dividends to shareholders
A: Equity shareholders are the owners of the companies that hold shares or stocks. It helps investors…
Q: On 1/1/20, Evans Co. purchases a 8-year, $4,000,000 10% bond requiring semiannual payments from…
A: Available for Sale (AFS) is a classification used in accounting for investments in securities, an…
Q: The cost structure of Dennis's Retail Mart is dominated by variable costs with a contribution margin…
A: Operating Profit:Operating profit is derived by subtracting the cost of goods sold, operating…
Q: eBook Show Me How Question Content Area Income Statements under Absorption Costing and…
A: The objective of the question is to prepare an income statement for Gallatin County Motors Inc. for…
Q: a. Calculate payments to suppliers assuming that the company places orders during each quarter equal…
A: Step 1 : Calculation of value of goods purchased from suppliersParticulars Last year Current…
Q: Woodmier Lawn Products introduced a new line of commercial sprinklers in 2023 that carry a one-year…
A: Warranty expense:The amount spent on repairs and maintenance in accordance with the company's…
Q: Mazie Supply Company uses the percent of accounts receivable method. On December 31, it has…
A: Adjusting entries are made at the end of the accounting period. Normally adjusting entries are…
Select all that apply Vance Co. allows employees to take a two week vacation each year. To account for the two weeks off each year, Dante will record an
Step by step
Solved in 3 steps
- If the Prepaid Insurance account had a balance of $12,000, representing one years policy premium, which was paid on July 1, what entry would be needed to adjust the Prepaid Insurance account at the end of December, before preparing the financial statements?Garcia Company rents out a portion of its building to Jerry Company for 1,000 per month. On August 1, Jerry paid Garcia 12,000 for 1 year of rent in advance. Prepare journal entries for Garcia to record the collection ofrent and the related year-end adjusting entry on December 31.Accruals and Deferrals For the following situations, indicate whether each involves a deferred expense (DE), a deferred revenue (DR), an accrued liability (AL), or an accrued asset (AA). Example: DE Office supplies purchased in advance of their use __________ 1. Wages earned by employees but not yet paid __________ 2. Cash collected from subscriptions in advance of publishing a magazine __________ 3. Interest on a customer loan for which principal and interest have not yet been collected __________ 4. One years premium on life insurance policy paid in advance __________ 5. Office building purchased for cash __________ 6. Rent collected in advance from a tenant __________ 7. State income taxes owed at the end of the year __________ 8. Rent owed by a tenant but not yet collected
- Assume that a lawyer bills her clients $15000 on June 30, for services rendered during June. The lawyer collects $8500 of the billings during July and the remainder in August. Under the accrual basis of accounting, when would the lawyer record the revenue for the fees? A. June, $15,000; July, $0; and August, $0 B. June, $0; July, $6,500; and August, $8,500 C. June, $8,500; July, $6,500; and August, $0 D. June, $0; July, $8,500; and August, $6,500Customer Deposits Wolfe $ Wolfe collected $9,000 from a customer on April 1 and agreed to provide legal services during the next three months. Wolfe $ Wolfe expects to provide an equal amount of services each month. Required Prepare the journal entry for the receipt of the customer deposit on April 1. Prepare the adjusting entry on April 30. What will be the effect on net income for April if the entry in (2) is not recorded?On October 1, 2019, Jay Pryor established an interior decorating business, Pioneer Designs. During the month, Jay completed the following transactions related to the business: Oct. 1. Jay transferred cash from a personal bank account to an account to be used for the business, 18,000. 4.Paid rent for period of October 4 to end of month, 3,000. 10.Purchased a used truck for 23,750, paying 3,750 cash and giving a note payable for the remainder. 13.Purchased equipment on account, 10,500. 14.Purchased supplies for cash, 2,100. 15.Paid annual premiums on property and casualty insurance, 3,600. 15.Received cash for job completed, 8,950. Enter the following transactions on Page 2 of the two-column journal: 21.Paid creditor a portion of the amount owed for equipment purchased on October 13, 2,000. 24.Recorded jobs completed on account and sent invoices to customers, 14,150. 26.Received an invoice for truck expenses, to be paid in November, 700. 27.Paid utilities expense, 2,240. 27.Paid miscellaneous expenses, 1,100. Oct. 29. Received cash from customers on account, 7,600. 30.Paid wages of employees, 4,800. 31.Withdrew cash for personal use, 3,500. Instructions 1. Journalize each transaction in a two-column journal beginning on Page 1, referring to the following chart of accounts in selecting the accounts to be debited and credited. (Do not insert the account numbers in the journal at this time.) Journal entry explanations may be omitted. 2. Post the journal to a ledger of four-column accounts, inserting appropriate posting references as each item is posted. Extend the balances to the appropriate balance columns after each transaction is posted. 3. Prepare an unadjusted trial balance for Pioneer Designs as of October 31, 2019. 4. Determine the excess of revenues over expenses for October. 5. Can you think of any reason why the amount determined in (4) might not be the net income for October?
- The transactions completed by PS Music during June 2019 were described at the end of Chapter 1. The following transactions were completed during July, the second month of the businesss operations: July 1.Peyton Smith made an additional investment in PS Music by depositing 5,000 in PS Musics checking account. 1.Instead of continuing to share office space with a local real estate agency, Peyton decided to rent office space near a local music store. Paid rent for July, 1,750. 1.Paid a premium of 2,700 for a comprehensive insurance policy covering liability, theft, and fire. The policy covers a one-year period. 2.Received 1,000 cash from customers on account. 3.On behalf of PS Music, Peyton signed a contract with a local radio station, KXMD, to provide guest spots for the next three months. The contract requires PS Music to provide a guest disc jockey for 80 hours per month for a monthly fee of 3,600. Any additional hours beyond 80 will be billed to KXMD at 40 per hour. In accordance with the contract, Peyton received 7,200 from KXMD as an advance payment for the first two months. 3.Paid 250 to creditors on account. 4.Paid an attorney 900 for reviewing the July 3 contract with KXMD. (Record as Miscellaneous Expense.) 5.Purchased office equipment on account from Office Mart, 7,500. 8.Paid for a newspaper advertisement, 200. 11.Received 1,000 for serving as a disc jockey for a party. 13.Paid 700 to a local audio electronics store for rental of digital recording equipment. 14.Paid wages of 1,200 to receptionist and part-time assistant. Enter the following transactions on Page 2 of the two-column journal: 16.Received 2,000 for serving as a disc jockey for a wedding reception. 18.Purchased supplies on account, 850. July 21. Paid 620 to Upload Music for use of its current music demos in making various music sets. 22.Paid 800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July. 23.Served as disc jockey for a party for 2,500. Received 750, with the remainder due August 4, 2019. 27.Paid electric bill, 915. 28.Paid wages of 1,200 to receptionist and part-time assistant. 29.Paid miscellaneous expenses, 540. 30.Served as a disc jockey for a charity ball for 1,500. Received 500, with the remainder due on August 9, 2019. 31.Received 3,000 for serving as a disc jockey for a party. 31.Paid 1,400 royalties (music expense) to National Music Clearing for use of various artists music during July. 31.Withdrew 1,250 cash from PS Music for personal use. PS Musics chart of accounts and the balance of accounts as of July 1, 2019 (all normal balances), are as follows: Instructions 1. Enter the July 1, 2019, account balances in the appropriate balance column of a four-column account. Write Balance in the Item column and place a check mark () in the Posting Reference column. (Hint: Verify the equality of the debit and credit balances in the ledger before proceeding with the next instruction.) 2. Analyze and journalize each transaction in a two-column journal beginning on Page 1, omitting journal entry explanations. 3. Post the journal to the ledger, extending the account balance to the appropriate balance column after each posting. 4. Prepare an unadjusted trial balance as of July 31, 2019.The transactions completed by PS Music during June 2019 were described at the end of Chapter 1. The following transactions were completed during July, the second month of the business's operations: July 1. Peyton Smith made an additional investment in PS Music by depositing 5,000 in PS Music's checking account. 1. Instead of continuing to share office space with a local real estate agency, Peyton decided to rent office space near a local music: store. Paid rent for July, 1,750. 1. Paid a premium of 2,700 for a comprehensive insurance policy covering liability, theft, and fire. The policy covers a one-year period. 2. Received 1,000 cash from customers on account. 3. On behalf of PS Music, Peyton signed a contract with a local radio station, KXMD, to provide guest spots for the next three months. The contract requires PS Music to provide a guest disc jockey for SO hours per month for a monthly fee of 3,600. Any additional hours beyond SO will be billed to KXMD at 40 per hour. In accordance with the contract, Peyton received 7,200 from KXMD as an advance payment for the first two months. 3. Paid 250 to creditors on account. 4. Paid an attorney 900 for reviewing the July 3 contract with KXMD. (Record as Miscellaneous Expense.) 5. Purchased office equipment on account from Office Mart, 7,500. 8. Paid for a newspaper advertisement, 200. 11. Received 1,000 for serving as a disc jockey for a party. 13. Paid 700 to a local audio electronics store for rental of digital recording equipment. 11. Paid wages of 1,200 to receptionist and part-time assistant. Enter the following transactions on Page 2 of the two-column journal: 16. Received 2,000 for serving as a disc jockey for a wedding reception. 18. Purchased supplies on account, 850. July 21. Paid 620 to Upload Music for use of its current music demos in making various music sets. 22. Paid 800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July. 23. Served as disc jockey for a party for 2,500. Received 750, with the remainder due August 4, 2019. 27. Paid electric bill, 915. 28. Paid wages of 1,200 to receptionist and part-time assistant. 29. Paid miscellaneous expenses, 540. 30. Served as a disc jockey for a charity ball for 1,500. Received 500, with the remainder due on August 9, 2019. 31. Received 3,000 for serving as a disc jockey for a party. 31. Paid 1,400 royalties (music expense) to National Music Clearing for use of various artists' music during July. 31. Withdrew l,250 cash from PS Music for personal use. PS Music's chart of accounts and the balance of accounts as of July 1, 2019 (all normal balances), are as follows: 11 Cash 3,920 12 Accounts receivable 1,000 14 Supplies 170 15 Prepaid insurance 17 Office Equipment 21 Accounts payable 250 23 Unearned Revenue 31 Peyton smith, Drawing 4,000 32 Fees Earned 500 41 Wages Expense 6,200 50 Office Rent Expense 400 51 Equipment Rent Expense 800 52 Utilities Expense 675 53 Supplies Expense 300 54 music Expense 1,590 55 Advertising Expense 500 56 Supplies Expense 180 59 Miscellaneous Expense 415 Instructions 1.Enter the July 1, 2019, account balances in the appropriate balance column of a four-column account. Write Balance in the Item column and place a check mark () in the Posting Reference column. (Hint: Verify the equality of the debit and credit balances in the ledger before proceeding with the next instruction.) 2.Analyze and journalize each transaction in a two-column journal beginning on Page 1, omitting journal entry explanations. 3.Post the journal to the ledger, extending the account balance to the appropriate balance column after each posting. 4.Prepare an unadjusted trial balance as of July 31, 2019.Office Supplies Somerville Corp. purchases office supplies once a month and prepares monthly financial statements. The asset account Office Supplies on Hand has a balance of $1,450 on May 1. Purchases of supplies during May amount to $1,100. Supplies on hand at May 31 amount to $920. Prepare the necessary adjusting entry on Somervilles books on May 31. What will be the effect on net income for May if this entry is not recorded?
- EXPENSE METHOD OF ACCOUNTING FOR PREPAID EXPENSES Davidsons Food Mart paid 1,200 in advance to the local newspaper for advertisements that will appear monthly. The following entry was made: At the end of the year, December 31, 20--, Davidson received notification that advertisements costing 800 had been run. Prepare the adjusting entry.In April, J. Rodriguez established an apartment rental service. The account headings are presented below. Transactions completed during the month of April follow. a. Rodriguez deposited 70,000 in a bank account in the name of the business. b. Paid the rent for the month, 2,000, Ck. No. 101 (Rent Expense). c. Bought supplies on account, 150. d. Bought a truck for 23,500, paying 2,500 in cash and placing the remainder on account. e. Bought insurance for the truck for the year, 2,400, Ck. No. 102. f. Sold services on account, 4,700. g. Bought office equipment on account from Stern Office Supply, 1,250. h. Sold services for cash for the first half of the month, 8,250. i. Received and paid the bill for utilities, 280, Ck. No. 103. j. Received a bill for gas and oil for the truck, 130. k. Paid wages to the employees, 2,680, Ck. Nos. 104106. l. Sold services for cash for the remainder of the month, 3,500. m. Rodriguez withdrew cash for personal use, 4,000, Ck. No. 107. Required 1. Record the transactions and the balance after each transaction. 2. Total the left side of the accounting equation (left side of the equal sign), then total the right side of the accounting equation (right side of the equal sign). If the two totals are not equal, check the addition and subtraction. If you still cannot find the error, re-analyze each transaction.The account balances of Miss Beverlys Tutoring Service 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, 470. b. Depreciation expense on equipment, 948. c. Depreciation expense on the van, 1,490. d. Salary accrued (earned) since the last payday, 574 (owed and to be paid on the next payday). e. Supplies remaining as of June 30, 407. 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 3,000 on June 10. 5. Prepare a balance sheet 6. Journalize the closing entries using the four steps in the proper sequence. Check Figure Net income, 19,567
