The schedule presents the trial balance for MM Cafe at the end of the fiscal year. Thefollowing information is available to assist in the preparation of adjusting entries:MМ CafeTrial BalanceDecember 31, 2021Debit (RM)Credit (RM)Cash1,300Account receivable700SuppliesPrepaid rentPrepaid InsuranceEquipmentAccumulated depreciation- equipmentAccount payableUnearned internet fees2004006009,100400500900Common stock1,500Retained earnings1,000Dividends8,000Internet fees22,700Wage expensesRent expensesUtility expensesTotal3,5002,0001,200RM 27,000RM 27,000The following information is available to assist in the preparation of adjusting entries:a. An inventory of supplies reveals RM100 still on hand.b. Prepaid insurance consists of a two-year policy purchased on July 1, 2021.c. Depreciation on equipment is estimated to be RM 500.d. Accrued wages are RM100 on December 31.e. Accrued utility expenses RM 300.

Adjusting entries are prepared by management to ensure the accrual basis accounting system. It is…

The schedule presents the trial balance for MM Cafe at the end of the fiscal year. The following information is available to assist in the preparation of adjusting entries: мМ Cafe Trial Balance December 31, 2021 Debit (RM) Credit (RM) Cash 1,300 Account receivable Supplies Prepaid rent Prepaid Insurance Equipment Accumulated depreciation- equipment Account payable Unearned internet fees Common stock Retained earnings 700 200 400 600 9,100 400 500 900 1,500 1,000 Dividends 8,000 Internet fees 22,700 Wage expenses Rent expenses Utility expenses Total 3,500 2,000 1,200 RM 27,000 RM 27,000 The following information is available to assist in the preparation of adjusting entries: a. An inventory of supplies reveals RM100 still on hand. b. Prepaid insurance consists of a two-year policy purchased on July 1, 2021. c. Depreciation on equipment is estimated to be RM 500. d. Accrued wages are RM100 on December 31. Accried utility expenses RM 300 e

The schedule presents the trial balance for MM Cafe at the end of the fiscal year. The following information is available to assist in the preparation of adjusting entries: мМ Cafe Trial Balance December 31, 2021 Debit (RM) Credit (RM) Cash 1,300 Account receivable Supplies Prepaid rent Prepaid Insurance Equipment Accumulated depreciation- equipment Account payable Unearned internet fees Common stock Retained earnings 700 200 400 600 9,100 400 500 900 1,500 1,000 Dividends 8,000 Internet fees 22,700 Wage expenses Rent expenses Utility expenses Total 3,500 2,000 1,200 RM 27,000 RM 27,000 The following information is available to assist in the preparation of adjusting entries: a. An inventory of supplies reveals RM100 still on hand. b. Prepaid insurance consists of a two-year policy purchased on July 1, 2021. c. Depreciation on equipment is estimated to be RM 500. d. Accrued wages are RM100 on December 31. Accried utility expenses RM 300 e

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter22: End-of-fiscal-period Work For A Corporation

Section: Chapter Questions

Problem 1AP

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Prepare adjusting journal entries, as needed, considering the account balances excerpted from the unadjusted trial balance and the adjustment data. A. supplies actual count at year end, $6,500 B. remaining unexpired insurance, $6,000 C. remaining unearned service revenue, $1,200 D. salaries owed to employees, $2,400 E. depreciation on property plant and equipment, $18,000
Prepare adjusting journal entries, as needed, considering the account balances excerpted from the unadjusted trial balance and the adjustment data. A. depreciation on fixed assets, $ 8,500 B. unexpired prepaid rent, $12,500 C. remaining balance of unearned revenue, $555
Adjusting Entries At the end of 2019, Richards Company prepared a trial balance, recorded and posted its adjusting entries, and then prepared an adjusted trial balance. Selected accounts and account balances from the trial balance and adjusted trial balance are as follow: Required: 1. Next Level By comparing the partial trial balance to the partial adjusted trill balance, determine the adjusting; entries that the company made on December 31, 2019 Prepare your answer in general journal form. 2. Assuming that the company uses reversing entries, indicate which adjusting entries should be reversed.
Worksheet Victoria Company has the following account balances on December 31, 2019, prior to any adjustments: Additional adjustment information: (a) depreciation on buildings, 1,100; on equipment, 600; (b) bad debts expense, 240; (c) interest accumulated but not paid: on note payable, 50; on mortgage payable, 530 (this interest is due during the next accounting period); (d) insurance expired, 175; (e) salaries accrued but not paid 370; (f) rent was collected in advance and the performance obligation is now satisfied, 800; (g) office supplies cm hand at year-end, 230 (expensed when originally purchased earlier in the year); and (h) the income tax rate is 30% on current income and is payable in the first quarter of 2020. Required: 1. Transfer the account balances to a 10-column worksheet and prepare a trial balance. 2. Prepare the adjusting entries in the general journal and complete the worksheet. 3. Prepare the companys income statement, retained earnings statement, and balance sheet. 4. Prepare closing entries in the general journal.
Prepare an adjusted trial balance from the following account information, considering the adjustment data provided (assume accounts have normal balances). Adjustments needed: Physical count of supplies inventory remaining at end of period, $2,150 Taxes payable at end of period, $3,850
Assume the following data for Oshkosh Company before its year-end adjustments: Journalize the adjusting entries for the following: a. Estimated customer refunds and allowances b. Estimated customer returns
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The unadjusted trial balance of Recessive Interiors at January 31, 2019, the end of the year, follows: The data needed to determine year-end adjustments are as follows: a. Supplies on hand at January 31 are 2,850. b. Insurance premiums expired during the year are 3,150. c. Depreciation of equipment during the year is 5,250. d. Depreciation of trucks during the year is 4,000. e. Wages accrued but not paid at January 31 are 900. Instructions 1. For each account listed in the unadjusted trial balance, enter the balance in the appropriate Balance column of a four-column account and place a check mark () in the Posting Reference column. 2. (Optional) Enter the unadjusted trial balance on an end-of-period spreadsheet and complete the spreadsheet. Add the accounts listed in part (3) as needed. 3. Journalize and post the adjusting entries, inserting balances in the accounts affected. Record the adjusting entries on Page 26 of the journal. The following additional accounts from Recessive Interiors chart of accounts should be used: Wages Payable, 22; Depreciation ExpenseEquipment, 54; Supplies Expense, 55; Depreciation ExpenseTrucks, 56; Insurance Expense, 57. 4. Prepare an adjusted trial balance. 5. Prepare an income statement, a statement of owners equity (no additional investments were made during the year), and a balance sheet. 6. Journalize and post the closing entries. Record the closing entries on Page 27 of the journal. Indicate closed accounts by inserting a line in both Balance columns opposite the closing entry. 7. Prepare a post-closing trial balance.
The unadjusted trial balance of PS Music as of July 31, 2018, along with the adjustment data for the two months ended July 31, 2018, are shown in Chapter 3. Based upon the adjustment data, the following adjusted trial balance was prepared: PS Music Adjusted Trial Balance July 31, 2018 Account No. Debit Balances Credit Balances Cash................................................. 11 9,945 Accounts Receivable................................... 12 4,150 Supplies.............................................. 14 275 Prepaid Insurance..................................... 15 2,475 Office Equipment..................................... 17 7,500 Accumulated DepreciationOffice Equipment.......... 18 50 Accounts Payable..................................... 21 8,350 Wages Payable........................................ 22 140 Unearned Revenue.................................... 23 3,600 Common Stock....................................... 31 9,000 Dividends............................................ 33 1,750 Fees Earned........................................... 41 21,200 Music Expense........................................ 54 3,610 Wages Expense....................................... 50 2,940 Office Rent Expense................................... 51 2,550 Advertising Expense................................... 55 1,500 Equipment Rent Expense.............................. 52 1,375 Utilities Expense...................................... 53 1,215 Supplies Expense...................................... 56 925 Insurance Expense.................................... 57 225 Depreciation Expense................................. 58 50 Miscellaneous Expense................................ 59 1,855 42,340 42,340 Instructions 1. (Optional) Using the data from Chapter 3, prepare an end-of-period spreadsheet. 2. Prepare an income statement, a retained earnings statement, and a balance sheet. 3. Journalize and post the closing entries. The retained earnings account is #33 and the income summary account is #34 in the ledger of PS Music. Indicate closed accounts by inserting a line in both Balance columns opposite the closing entry. 4. Prepare a post-dosing trial balance.