Use the following account information and consider the adjustment data provided (assume accounts have normal balances). Eguipment was recently purchased, so there is neither depreciation expense nor accumulated depreciation Accounts Payable $11,500 Accounts Receivable 14,260 Cash 22,222 Common Stock 31,000 Dividends 6,000 Equipment 12,000 Prepaid Insurance 25,444 Land 22,000 Notes Payable 29,000 Retained Earnings Insurance Expense 12,609 Service Revenue 82,050 Supplies 2,750 Salaries Expense 53,000 Adjustments needed: Salaries due to employees, but unpaid at the end of the period, $2,000. Insurance still unexpired at end of the period, $12,000. Prepare an adjusted trial balance. If an amount box does not require an entry, leave it blank

Use the following account information and consider the adjustment data provided (assume accounts have normal balances). Eguipment was recently purchased, so there is neither depreciation expense nor accumulated depreciation Accounts Payable $11,500 Accounts Receivable 14,260 Cash 22,222 Common Stock 31,000 Dividends 6,000 Equipment 12,000 Prepaid Insurance 25,444 Land 22,000 Notes Payable 29,000 Retained Earnings Insurance Expense 12,609 Service Revenue 82,050 Supplies 2,750 Salaries Expense 53,000 Adjustments needed: Salaries due to employees, but unpaid at the end of the period, $2,000. Insurance still unexpired at end of the period, $12,000. Prepare an adjusted trial balance. If an amount box does not require an entry, leave it blank

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter4: The Adjustment Process

Section: Chapter Questions

Problem 15PB: Prepare an adjusted trial balance from the following account information, considering the adjustment...

See similar textbooks

Similar questions

What adjusting journal entry is needed to record depreciation expense for the period? A. a debit to Depreciation Expense; a credit to Cash B. a debit to Accumulated Depreciation; a credit to Depreciation Expense C. a debit to Depreciation Expense; a credit to Accumulated Depreciation D. a debit to Accumulated Depreciation; a credit to Cash
Prepare an adjusted trial balance from the following account information, considering the adjustment data provided (assume accounts have normal balances). Building and Equipment were recently purchased, so there is neither depreciation expense nor accumulated depreciation. Adjustments needed: Physical count of supplies inventory remaining at end of period, $3,300 Customer fees collected in advance (payments were recorded as Fees Earned), $18,500
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?
Identify which type of adjustment is indicated by these transactions. Choose accrued revenue, accrued expense, deferred revenue, deferred expense, or estimate. A. utilities owed but not paid B. cash received in advance for future services C. supplies inventory purchased D. fees earned but not yet collected E. depreciation expense recorded F. insurance paid for future periods
Using the following information, A. Make the December 31 adjusting journal entry for depreciation. B. Determine the net book value (NBV) of the asset on December 31. Cost of asset, $195,000 Accumulated depreciation, beginning of year, $26,000 Current year depreciation, $13,000
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…
Use the following account information, and also consider the adjustment data provided (assume accounts have normal balances). Equipment was recently purchased, so there is neither depreciation expense nor accumulated depreciation. Accounts Payable $28,000 Accounts Receivable 8,000 Cash 29,000 Common Stock 35,000 Dividends 8,000 Equipment 68,000 Notes Payable (due next month) 28,000 Salaries Expense 42,000 Salaries Payable 2,000 Service Revenue 71,000 Supplies 5,000 Transportation Expense 4,000 Adjustments needed: Remaining unpaid Salaries due to employees at the end of the period, $0 Accrued Interest Payable at the end of the period, $7,000 Prepare an adjusted trial balance. If an amount box does not require an entry, leave it blank.
Complete the worsheet one section at a time, beginning with the Adjustments columns. For the Adjustments columns use the appropriate letters a. through d. as posting references. For the Income Statement and Balance Sheet columns, remember to include the net income or loss after the totals and then total the columns again. (If a box is not used in the worksheet, leave the box empty; do not enter a zero. Abbreviations used: Acc. = Acccumulated; Adj. = Adjusted; Depr. = Depreciation; Stmt. = Statement.) Mullen Co. Worksheet For Year Ended December 31, 201X Trial Balance Adjustments Account Dr. Cr. Dr. Cr. Cash 7 Accounts Receivable 3 Merchandise Inventory 9 Store Supplies 7 Store Equipment 20 Acc. Depr., Store Equipment…
Prepare an adjusted trial balance from the following account information, considering the adjustment data provided (assume accounts have normal balances). Equipment was recently purchased, so there is neither depreciation expense nor accumulated depreciation.Accounts Payable 9,500; Accounts Receivable 14,260; Cash 22,222; Common Stock 30,000; Dividends 5,000; Equipment 12,000; Prepaid Insurance 25,444; Land 20,000; Notes Payable 26,000; Retained Earnings 12,815; Insurance Expense 12,689; Service Revenue 89,550; Supplies 2,750; Salaries Expense 53,500. Adjustments needed: Salaries due to employees, but unpaid at the end of the period, $2,000Insurance still unexpired at end of the period, $12,000
Consider the account balances excerpted from the unadjusted trial balance and the adjustment data. Unadjusted Trial Balance Account Title Debit Credit Fixed Assets $124,000 Accumulated Depreciation $24,100 Prepaid Rent 18,300 Unearned Revenue 4,000 A. Depreciation on fixed assets, $9,000 B. Unexpired prepaid rent, $12,700 C. Remaining balance of unearned revenue, $560 Prepare adjusting journal entries, as needed. If an amount box does not require an entry, leave it blank. A. B.. C.
Prepare adjusting journal entries, as needed, considering the account balances excerpted fromthe unadjusted trial balance and the adjustment data. A. depreciation on fixed assets, $ 8,500B. unexpired prepaid rent, $12,500C. remaining balance of unearned revenue, $555
For each of the following transactions or adjustments, indicate the effect of the transaction or adjustment on assets, liabilities, and net income by entering for each account affected the account name and amount and indicating whether it is an addition (+) or a subtraction (–). Transaction a has been done as an illustration. Net income is not affected by every transaction. In some cases, only one column may be affected because all of the specific accounts affected by the transaction are included in that category. Recorded $200 of depreciation expense. Sold land that had originally cost $14,900 for $10,800 in cash. Recorded a $66,500 payment for the cost of developing and registering a patent. Recognized periodic amortization for the patent (in part c) using the maximum statutory useful life. Capitalized $3,100 of cash expenditures made to extend the useful life of production equipment. Expensed $2,000 of cash expenditures incurred for routine maintenance of production equipment. Sold…