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 account ing records are maintained on an accrual basis.Analysis of the accounts and records disclosed the following additional information:Salaries due but unpaidRent includes $300 paid in March for AprilCommission earned but not recorded$220300290Fen income included fees received for work which has not yet beer parfomed 475Interest earned but not yet received240Fee IncomeCommission IncomeSalanes ExpenseOffice Supplies ExporiseRent ExpenseMATTHEW SPARROW COMPANYPartial Trial BalanceMarch 31, 20XX12.1020502.97522,9207 4273. To what account will the debit entry be made to record the amount of interest earned but not received in March?OA. Prepaid InternostOB. Interest IncomeOC. Interest PayableOD. Interest ReceivableMark for review (Will be highlighted on the review page)Da

A journal entry is a form of accounting entry that is used to report a business transaction in a…

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 account ing records are maintained on an accrual busis. Analysis of the accounts and records disclosed the following additional information Salaries due but unpaid Rent includes $300 paid in March for April Commission earned but not recorded $220 300 290 Fen income included fees received for work which has not yet been performed 475 Interest earned but not yet received 240 Fee Income Commission Income Salancs Expense Office Supplies Exporise Rent Expense MATTHEW SPARROW COMPANY Partial Trial Balance March 31, 20XX 12.102 050 2.925 72,920 7.427 3. To what account will the debit entry be made to record the amount of interest earned but not received in March? OA. Prepaid Interest OB. Interest Income C. Interest Payable D. Interest Receivable Mark for review (Will be highlighted on the review page)

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 account ing records are maintained on an accrual busis. Analysis of the accounts and records disclosed the following additional information Salaries due but unpaid Rent includes $300 paid in March for April Commission earned but not recorded $220 300 290 Fen income included fees received for work which has not yet been performed 475 Interest earned but not yet received 240 Fee Income Commission Income Salancs Expense Office Supplies Exporise Rent Expense MATTHEW SPARROW COMPANY Partial Trial Balance March 31, 20XX 12.102 050 2.925 72,920 7.427 3. To what account will the debit entry be made to record the amount of interest earned but not received in March? OA. Prepaid Interest OB. Interest Income C. Interest Payable D. Interest Receivable 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

See similar textbooks

Similar questions

On July 1, a client paid an advance payment (retainer) of $10,000, to cover future legal services. During the period, the company completed $6,200 of the agreed-on services for the client. There was no beginning balance in the Unearned Revenue account for the period. Based on the information provided, make the journal entries needed to bring the balances to correct for: A. original transaction B. December 31 adjustment
At the end of April, the first month of operations, the following selected data were taken from the financial statements of Shelby Crawford, an attorney: In preparing the financial statements, adjustments for the following data were overlooked: Supplies used during April, 2,750. Unbilled fees earned at April 30, 23,700. Depreciation of equipment for April, 1,800. Accrued wages at April 30, 1,400. Instructions 1. Journalize the entries to record the omitted adjustments. 2. Determine the correct amount of net income for April and the total assets, liabilities, and owners equity at April 30. In addition to indicating the corrected amounts, indicate the effect of each omitted adjustment by setting up and completing a columnar table similar to the following. The adjustment for supplies used is presented as an example.
The unadjusted trial balance that you prepared for PS Music at the end of Chapter 2 should appear as follows: The data needed to determine adjustments are as follows: During July, PS Music provided guest disc jockeys for KXMD for a total of 115 hours. For information on the amount of the accrued revenue to be billed to KXMD, see the contract described in the July 3 transaction at the end of Chapter 2. Supplies on hand at July 31, 275. The balance of the prepaid insurance account relates to the July 1 transaction in Chapter 2. Depreciation of the office equipment is 50. The balance of the unearned revenue account relates to the contract between PS Music and KXMD, described in the July 3 transaction in Chapter 2. Accrued wages as of July 31 were 140. Instructions 1. Prepare adjusting journal entries. You will need the following additional accounts: 18 Accumulated DepreciationOffice Equipment 22 Wages Payable 57 Insurance Expense 58 Depreciation Expense 2. Post the adjusting entries, inserting balances in the accounts affected. 3. Prepare an adjusted trial balance.
The unadjusted trial balance that you prepared for PS Music at the end of Chapter 2 should appear as follows: The data needed to determine adjustments are as follows: During July, PS Music provided guest disc jockeys for KXMD for a total of 115 hours. For information on the amount of the accrued revenue to be billed to KXMD, see the contract described in the July 3 transaction at the end of Chapter 2. Supplies on hand at July 31, 275. The balance of the prepaid insurance account relates to the July 1 transaction at the end of Chapter 2. Depreciation of the office equipment is 50. The balance of the unearned revenue account relates to the contract between PS Music and KXMD, described in the July 3 transaction at the end of Chapter 2. Accrued wages as of July 31 were 140. Instructions 1. Prepare adjusting journal entries. You will need the following additional accounts: 2. Post the adjusting entries, inserting balances in the accounts affected. 3. Prepare an adjusted trial balance.
At the end of August, the first month of operations, the following selected data were taken from the financial statements of Tucker Jacobs, an attorney: In preparing the financial statements, adjustments for the following data were overlooked: Unbilled fees earned at August 31, 31,900. Depreciation of equipment for August, 7,500. Accrued wages at August 31, 5,200. Supplies used during August, 3,000. Instructions 1. Journalize the entries to record the omitted adjustments. 2. Determine the correct amount of net income for August and the total assets, liabilities, and owners equity at August 31. In addition to indicating the corrected amounts, indicate the effect of each omitted adjustment by setting up and completing a columnar table similar to the following. The first adjustment is presented as an example.
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.
The unadjusted trial balance that you prepared for PS Music at the end of Chapter 2 should appear as follows: The data needed to determine adjustments are as follows: a. During July, PS Music provided guest disc jockeys for KXMD for a total of 115 hours. For information on the amount of the accrued revenue to be billed to KXMD, see the contract described in the July 3, 2016, transaction at the end of Chapter 2. b. Supplies on hand at July 31, 275. c. The balance of the prepaid insurance account relates to the July 1, 2016, transaction at the end of Chapter 2. d. Depreciation of the office equipment is 50. e. The balance of the unearned revenue account relates to the contract between PS Music and KXMD, described in the July 3, 2016, transaction at the end of Chapter 2. f. Accrued wages as of July 31, 2016, were 140. Instructions 1. Prepare adjusting journal entries. You will need the following additional accounts: 18 Accumulated DepreciationOffice Equipment 22 Wages Payable 57 Insurance Expense 58 Depreciation Expense 2.Post the adjusting entries, inserting balances in the accounts affected. 3.Prepare an adjusted trial balance.
Considering the following events, determine which month the revenue or expenses would be recorded using the accounting method specified. a. Gerber Company uses the cash basis of accounting. Gerber prepays cash in May for insurance that only covers the following month, (June). b. Matthews and Dudley Attorneys uses the accrual basis of accounting. Matthews and Dudley Attorneys receives cash from customers in June for services to be performed in July. c. Eckstein Company uses the accrual basis of accounting. Eckstein prepays cash in October for rent that covers the following month, (October). d. Gerbino Company uses the cash basis of accounting. Gerbino makes a sale to a customer in February but does not expect payment until March.
Horizon Consulting Company had the following transactions during the month of October: a. Record the October revenue transactions for Horizon Consulting Company in the following revenue journal format: b. What is the total amount posted to the accounts receivable and fees earned accounts from the revenue journal for October? c. What is the October 31 balance of the Pryor Corp. customer account assuming a zero balance on October 1?
Global Services Company had the following transactions during the month of August: a. Record the August revenue transactions for Global Services Company into the following revenue journal format: b. What is the total amount posted to the accounts receivable and fees earned accounts from the revenue journal for August? c. What is the August 31 balance of the Morgan Corp. customer account assuming a zero balance on August 1?
The unadjusted trial balance that you prepared for PS Music at the end of Chapter 2 should appear as follows: PS Music Unadjusted Trial Balance July 31, 2018 The data needed to determine adjustments are as follows: During July, PS Music provided guest disc jockeys for KXMD for a total of 115 hours. For information on the amount of the accrued revenue to be billed to KXMD, see the contract described in the July 3 transaction at the end of Chapter 2. Supplies on hand at July 31, 275. The balance of the prepaid insurance account relates to the July 1 transaction at the end of Chapter 2. Depreciation of the office equipment is 50. The balance of the unearned revenue account relates to the contract between PS Music and KXMD, described in the July 3 transaction at the end of Chapter 2. Accrued wages as of July 31 were 140. Instructions 1. Prepare adjusting journal entries. You will need the following additional accounts: 18 Accumulated DepreciationOffice Equipment 22 Wages Payable 57 Insurance Expense 58 Depreciation Expense 2. Post the adjusting entries, inserting balances in the accounts affected. 3. Prepare an adjusted trial balance.