Please huhuhu Unbilledb. DepreciС.c. Accrued. SupplieInstructio1. Journal2. Determiowner'seach omiAdjustmeReported amountsCorrections:0.+31,900+31,900+31,900Adjustment (a)Adjustment (b)Adjustment (c)Adjustment (d)Corrected amountsContinuing ProblemV3. Total ofDebit column:$42,340The unadjusted trial balance that you prepared for PS Music at the end of Chapter 3 shouldappear as shown on the next page.GENERAL LEDGER 2. Post the adjusting entries, inserting balances in the accounts affected.Unadjusted Trial BalanceJuly 31, 2014PS MusicCreditDebitBalancesBalances9,9452,750Cash ...1,020Accounts Receivable.2,700Supplies.....Prepaid Insurance.....Office Equipment ....Accounts Payable ......Unearned Revenue.7,5008,3507,2009,0001,750Peyton Smith, Capital.....Peyton Smith, Drawing ..16,200Fees Earned..3,610Music Expense.2,8002,550Wages ExpenseOffice Rent Expense .1,500Advertising Expense..Equipment Rent Expense.Utilities Expense ...Supplies Expense....Miscellaneous Expense.1,3751,2151801,85540,75040,750The 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. Forinformation on the amount of the accrued revenue to be billed to KXMD, see the contractdescribed in the July 3, 2014, transaction at the end of Chapter 3.b. Supplies on hand at July 31 is $275.c. The balance of the prepaid insurance account relates to the July 1, 2014 transaction at the end ofChapter 3.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, 2014 transaction at the end of Chapter 3.f. Accrued wages as of July 31, 2014, were $140.Instructions1. Prepare adjusting journal entries. You will need the following additional accounts:18 Accumulated Depreciation-Office Equipment22 Wages Payable57 Insurance Expense58 Depreciation Expense2. Post the adjusting entries, inserting balances in the accounts affected3. Prepare an adjusted trial balance.

NOTE : As per BARTLEBY guidelines, when multiple questions are given then first question is to be…

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, 2014, transaction at the end of Chapter 3. b. Supplies on hand at July 31 is $275. c. The balance of the prepaid insurance account relates to the July 1, 2014 transaction at the end of Chapter 3. 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, 2014 transaction at the end of Chapter 3. f. Accrued wages as of July 31, 2014, were $140. Instructions 1. Prepare adjusting journal entries. You will need the following additional accounts: 18 Accumulated Depreciation-Office Equipment 22 Wages Payable 57 Insurance Expense 58 Depreciation Expense

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, 2014, transaction at the end of Chapter 3. b. Supplies on hand at July 31 is $275. c. The balance of the prepaid insurance account relates to the July 1, 2014 transaction at the end of Chapter 3. 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, 2014 transaction at the end of Chapter 3. f. Accrued wages as of July 31, 2014, were $140. Instructions 1. Prepare adjusting journal entries. You will need the following additional accounts: 18 Accumulated Depreciation-Office Equipment 22 Wages Payable 57 Insurance Expense 58 Depreciation Expense

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 3.23E: Adjustment for depreciation The estimated amount of depredation on equipment for the current year is...

See similar textbooks

Similar questions

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…
The comparative balance sheet of Merrick Equipment Co. for Dec. 31, 20Y9 and 20Y8, is:Dec. 31, 20Y9 Dec. 31, 20Y8AssetsCash $70,720 $47,940Accounts receivable (net) 207,230 188,190Inventories 298,520 289,850Investments 0 102,000Land 295,800 0Equipment 438,600 358,020Accumulated depreciation—equipment (99,110) (84,320)Total assets $1,211,760 $901,680Liabilities and Stockholders' EquityAccounts payable (merchandise creditors) $205,700 $194,140Accrued expenses payable (operating expenses) 30,600 26,860Dividends payable 25,500 20,400Common stock, $1 par 202,000 102,000Paid-in capital: Excess of issue price over par—common stock 354,000 204,000Retained earnings 393,960 354,280Total liabilities and stockholders' equity $1,211,760 $901,680The income statement for the year ended December 31, 20Y9, is as follows:Sales $2,023,898Cost of goods sold 1,245,476Gross profit $778,422Operating expenses:Depreciation expense $14,790Other operating expenses 517,299Total operating expenses 532,089Operating…
Adjustment for depreciation The estimated amount of depredation on equipment for the current year is $133,000. a. How is the adjustment recorded? Indicate each account affected, whether the account is increased or decreased, and the amount of the increase or decrease. b. If the adjustment in (a) was omitted, which items would be erroneously stated on (1) the income statement for the year and (2) the balance sheet as of December 31?
Refer to the information for Cox Inc. above. What amount would Cox record as depreciation expense at December 31, 2020, if the double-declining-balance method were used? a. $187,200 b. $192,000 c. $195,200 d. $312, 000
Financial statements Alpine Realty. Inc., organized July 1. 20Y8, is operated by Angela Griffin. How many errors can you find in the following financial statements far Alpine Realty, Inc. prepared after its first month of operations?
Prepare 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…
The following is a pre-adjusted Trial balance of Khulumani Pty Ltd (Khulumani) on 28 February 2020 Balance sheet sectionCapital 596 400,00Drawings 130 500,00Land and buildings 600 000,00Equipment 145 000,00Accumulated depreciation (1 March 2020) 33 000,00Fixed deposit: TT Bank (8% p.a) 50 000,00Loan: BTK Bank (16% p.a) 60 000,00Inventory (1 March 2020) 105 330,00Debtors control 51 630,00Creditors control 74 400,00Bank 18 720,00Petty cash 1 500,00Nominal AccountsSales 841 600,00Purchases 408 760,00Sales returns 6 000,00Purchases returns 4 500,00Rent income 80 400,00Interest on fixed deposit 2 000,00Bank charges 2 700,00water & electricity 18 810,00Telephone 5 250,00Insurance 5 850,00Interest on loan 7 250,00Rates and taxes 24 600,00Salaries & wages 84 640,00Consumables stores 10 960,00Advertising 14 800,00 Adjustments and additional information1. Inventory on hand on 28 February 2020 amounted to R91 000. Inventories are measured at cost, on a FIFO method andat net realisable…
DATA PROVIDEDThe pre-adjustment trial balance of Wing-It (Pty) Ltd as at 31 August 2022 is presented:AccountDebitCreditProfessional fees765 000Goods sold435 000Cost of sales215 000Interest received19 500Interest on loan6 300Bank charges3 200Cleaning1 500Staff welfare650Salaries and wages35 850Municipal services6 850Printing and stationery16 715Telephone18 600Fuel and oil56 000Repairs and maintenance: Building5 200Repairs and maintenance: Vehicles6 850Capital: Blue520 000Capital: Green630 000Drawings: Blue35 000Drawings: Green27 000Current account: Blue2 500Current account: Green6 400Retained income265 000Land500 000Buildings1 500 000Accumulated depreciation on buildings21 000Vehicles380 000Accumulated depreciation on vehicles65 000Equipment and electronics79 500Accumulated depreciation on equipment and electronics1 5008% Long-term loan325 000Bank: FNB168 000Bank: ABSA32 000Debtors control account85 000Allowance for credit losses6 400Creditors control account78 600Petty cash2…
Determine the missing amount from each of the separate situations a, b, and c below. (Omit the "$" sign in your response.) Assets = Liabilities + Equity a. $ = $ 164,000 + $ 16,000 b. $ 90,000 = $ 39,000 + $ c. $ 201,000 = $ + $ 62,000
The adjusted trial balance for Tybalt Construction on December 31 of the current year follows. TYBALT CONSTRUCTIONAdjusted Trial BalanceDecember 31No.Account TitleDebit Credit101Cash$5,000 104Short-term investments 23,000 126Supplies 8,100 128Prepaid insurance 7,000 167Equipment 40,000 168Accumulated depreciation—Equipment $20,000 173Building 150,000 174Accumulated depreciation—Building 50,000 183Land 55,000 201Accounts payable 16,500 203Interest payable 2,500 208Rent payable 3,500 210Wages payable 2,500 213Property taxes payable 900 236Unearned revenue 7,500 244Current portion of long-term note payable 7,000 251Long-term notes payable 60,000 307Common stock 5,000 318Retained earnings 121,400 319Dividends 13,000 404Services revenue 97,000 406Rent revenue 14,000 407Dividends revenue 2,000 409Interest revenue 2,100 606Depreciation expense—Building 11,000 612Depreciation expense—Equipment 6,000 623Wages expense 32,000 633Interest expense 5,100 637Insurance expense 10,000 640Rent expense…
For item 5. An SME has the following informationRetained Earnings P 2,400Transactions during the yearRevenues 5,000Dividend Income 800Dividend income and other expenses 3,200Dividend Declared P 350Additional information:• During the year, the SME changed the cost flow for its inventories from the FIFO method to theweighted average.FIFO AverageJan. 1 P 3,200 P 2,600December 31 5,300 6,4005. If the SME opts present a statements of income and retained earnings, the bottom line in thestatement shows an amount equal toa. P2,600 b. P2,850 c. P4,550 d. P4,050
The following pre‐adjustment trial balance appeared in the books of MusketeerTraders at the end of their financial year 30 September 2019. Ignore VAT.Folio Debit(R) Credit(R)Statement of financial position sectionCapital 400 000Drawings 5 500Land and Buildings 450 000Motor Vehicles 225 000Accumulated depreciation: Vehicles 65 000Financial Asset: Fixed deposit : JPHouse107 000Bank 3 200Debtors control 48 220Trading Inventory 24 640Mortgage Loan 210 520Creditors Control 33 980Nominal Accounts SectionSales 1 200 000Sales Returns 18 800Cost of Sales 800 340Rent Income 45 000Interest Income 4 600Service Income 8 700Rent Expense 66 700Folio Debit(R) Credit(R)Credit Losses 3 500Wages and Salaries 102 380Cleaning Materials 6 300Office consumables 5 400Interest on mortgage loan 2 500Electricity 11 250Rates and services 4 870Fuel 12 300Advertising 50 700Telephone 25 6001 971 000 1 971 000Additional information and adjustments as at 30 September 2019:1. The stock take revealed the following items…