Adjusting Entries Two months (July and August) have passed since Ms. Valli has seen the financial statements for All About You Spa. It is time to begin their preparation. Several accounts need adjusting. These include the accounts you adjusted in Chapter 4 as well as any accounts involved with merchandising. Adjusting Entry Information Merchandise Inventory Adjustment (a) A physical count of inventory was taken, and the inventory was valued at $11,310. Supplies Adjustments (b) and (c) A physical count has been taken of the two supplies accounts. The values of the remaining inventories of supplies are as follows: Prepaid Insurance Adjustment (d) A review of the insurance records determined that $233.34 in liability insurance coverage had been used during the last two months. Depreciation Adjustments (e) and (f) Estimated depreciation amounts for the two equipment accounts are as follows: Wages Expense/Wages Payable Adjustment There is no need for a Wages Expense/Wages Payable adjustment because the end of the fiscal period did not come in the middle of a pay period. Required 1. Complete a work sheet (if required by your instructor). Ignore this step if using CLGL. 2. Journalize the adjusting entries in the general journal. If you are preparing the adjusting entries with Working Papers, enter your transactions beginning on page 16. 3. Post the adjusting entries to the general ledger accounts. Ignore this step if you are using CLGL. 4. Prepare an adjusted trial balance as of August 31, 20--.

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College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
Publisher: South-Western College Pub
ISBN: 9781337280570
BuyFind

College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
Publisher: South-Western College Pub
ISBN: 9781337280570

Solutions

Chapter
Section
Chapter 11, Problem 1CP
Textbook Problem

Adjusting Entries

Two months (July and August) have passed since Ms. Valli has seen the financial statements for All About You Spa. It is time to begin their preparation. Several accounts need adjusting. These include the accounts you adjusted in Chapter 4 as well as any accounts involved with merchandising.

Adjusting Entry Information

Merchandise Inventory Adjustment (a)

A physical count of inventory was taken, and the inventory was valued at $11,310.

Supplies Adjustments (b) and (c)

A physical count has been taken of the two supplies accounts. The values of the remaining inventories of supplies are as follows:

Chapter 11, Problem 1CP, Adjusting Entries Two months (July and August) have passed since Ms. Valli has seen the financial , example  1

Prepaid Insurance Adjustment (d)

A review of the insurance records determined that $233.34 in liability insurance coverage had been used during the last two months.

Depreciation Adjustments (e) and (f)

Estimated depreciation amounts for the two equipment accounts are as follows:

Chapter 11, Problem 1CP, Adjusting Entries Two months (July and August) have passed since Ms. Valli has seen the financial , example  2

Wages Expense/Wages Payable Adjustment

There is no need for a Wages Expense/Wages Payable adjustment because the end of the fiscal period did not come in the middle of a pay period.

Required

  1. 1. Complete a work sheet (if required by your instructor). Ignore this step if using CLGL.
  2. 2. Journalize the adjusting entries in the general journal.
    • If you are preparing the adjusting entries with Working Papers, enter your transactions beginning on page 16.
  3. 3. Post the adjusting entries to the general ledger accounts.
    • Ignore this step if you are using CLGL.
  4. 4. Prepare an adjusted trial balance as of August 31, 20--.

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Chapter 11 Solutions

College Accounting (Book Only): A Career Approach
Ch. 11 - On a work sheet, where will the amount of the...Ch. 11 - Explain what is meant by unearned revenue. Why it...Ch. 11 - Why is it necessary to adjust the Merchandise...Ch. 11 - A merchandising company shows 8,842 in the...Ch. 11 - Assume that a college receives 84,000 for one...Ch. 11 - For the university football programs Unearned...Ch. 11 - On October 31, the Vermillion Igloos Hockey Club...Ch. 11 - Basga Company uses the periodic inventory system....Ch. 11 - Indicate the work sheet columns (Income Statement...Ch. 11 - Journalize the required adjusting entries for the...Ch. 11 - On December 31, the end of the year, the...Ch. 11 - On December 31, Marchant Company took a physical...Ch. 11 - The trial balance of Hadden Company as of December...Ch. 11 - The balances of the ledger accounts of Beldren...Ch. 11 - A portion of the work sheet of Sadies Flowers for...Ch. 11 - Here are the accounts in the ledger of Mishas...Ch. 11 - A portion of Anderson Publishings work sheet for...Ch. 11 - The trial balance of Jillson Company as of...Ch. 11 - The balances of the ledger accounts of Pelango...Ch. 11 - A portion of the work sheet of Habib Company for...Ch. 11 - The accounts and their balances in the ledger of...Ch. 11 - A portion of Johnsons Farm Supply work sheet for...Ch. 11 - BURTS BEES, Durham, North Carolina Burts Bees...Ch. 11 - You have a friend who is a seamstress specializing...Ch. 11 - On November 1, an exterior painting company...Ch. 11 - The owner of a motorcycle shop allows his two sons...Ch. 11 - What could happen if a business spent the cash it...Ch. 11 - Adjusting Entries Two months (July and August)...

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