close solutoin list

Journalize the required adjusting entries for the year ended December 31 for Butler Spa and Pool Accessories. Butler Spa and Pool Accessories uses the periodic inventory system. a–b. On December 31, a physical count of inventory was taken. The physical count amounted to $22,624. The Merchandise Inventory account shows a balance of $21,696. c. On July 1 of this year, $2,400 was paid for a one-year insurance policy. d. On November 1 of this year, $420 was paid for three months of advertising. e. As of December 31, the balance of the Unearned Membership Fees account is $15,600. Of this amount, $9,200 has been earned. f. Equipment purchased on May 1 of this year for $8,000 is expected to have a useful life of five years with a trade-in value of $500. All other equipment has been fully depreciated. The straight-line method is used. g. As of December 31, three days’ wages at $250 per day had accrued. h. As of December 31, the balance of the supplies account is $4,200. A physical inventory of the supplies was taken, with an amount of $1,650 determined to be on hand.

BuyFind

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 5E
Textbook Problem

Journalize the required adjusting entries for the year ended December 31 for Butler Spa and Pool Accessories. Butler Spa and Pool Accessories uses the periodic inventory system.

a–b. On December 31, a physical count of inventory was taken. The physical count amounted to $22,624. The Merchandise Inventory account shows a balance of $21,696.

c. On July 1 of this year, $2,400 was paid for a one-year insurance policy.

d. On November 1 of this year, $420 was paid for three months of advertising.

e. As of December 31, the balance of the Unearned Membership Fees account is $15,600. Of this amount, $9,200 has been earned.

f. Equipment purchased on May 1 of this year for $8,000 is expected to have a useful life of five years with a trade-in value of $500. All other equipment has been fully depreciated. The straight-line method is used.

g. As of December 31, three days’ wages at $250 per day had accrued.

h. As of December 31, the balance of the supplies account is $4,200. A physical inventory of the supplies was taken, with an amount of $1,650 determined to be on hand.

Expert Solution

Want to see this answer and more?

Experts are waiting 24/7 to provide step-by-step solutions in as fast as 30 minutes!*

See Solution

*Response times vary by subject and question complexity. Median response time is 34 minutes and may be longer for new subjects.

Chapter 11 Solutions

College Accounting (Book Only): A Career Approach
Show all chapter solutions
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)...

Additional Business Textbook Solutions

Find more solutions based on key concepts
Show solutions
Describe business marketing

MKTG 12:STUDENT ED.-TEXT

For a stock to be in equilibrium, what two conditions must hold?

Fundamentals of Financial Management, Concise Edition (MindTap Course List)

What are the major forces in consumerism today?

Foundations of Business (MindTap Course List)

How does inflation distort ratio analysis comparisons for one company over time (trend analysis) and for differ...

Fundamentals of Financial Management, Concise Edition (with Thomson ONE - Business School Edition, 1 term (6 months) Printed Access Card) (MindTap Course List)