CONNECT F/ INTERMEDIATE ACCTING>I<
10th Edition
ISBN: 9781260951585
Author: SPICELAND
Publisher: MCG
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During the year ended December 31, 2021 the following transactions occurred:
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Prepare all the journal entries necessary to record the above transactions and any necessary December 31 year end adjusting entries. No need to provide closing entries. Ignore income and sales taxes . Clearly label of the number is credited or debited
Assume all adjusting entries are done at year-end only
Benderson, Inc. makes adjusting journal entries (AJEs) at the end of every month when they prepare their financial statements. Their accountant forgot to record the AJE to accrue utility expense for July 2019 on the July 31, 2019 financial statements. As a result of the omission:
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- Which of the following statements concerning reversing entries is true? Reversing entries are required by Generally Accepted Accounting Principles. Reversing entries are most often used with accrual-type adjustments. Reversing entries are dated December 31, the end of the fiscal year. Reversing entries are recorded before adjusting entries.arrow_forwardAfter analyzing the transactions, prepare the adjusting entries for the month of May (i.e., that the company needs to record for May 31, 2021).arrow_forwardOriole Co. wishes to enter receipts and payments in such a manner that adjustments at the end of the period will not require reversing entries at the beginning of the next period. Record the following transactions in the indicated manner and give the adjusting entry on December 31, 2020. (Two entries for each part.) (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) 1. An insurance policy for two years was acquired on April 1, 2020 for $23,200. 2. Rent of $16,800 for six months for a portion of the building was received on November 1, 2020.arrow_forward
- What are the adjusting journal entries that affected the accounts at Dec. 31 of the current year?arrow_forwardAt the end of the year, on December 31, 2019, the bookkeeper of Honey Company prepared an Unadjusted Trial Balance with corresponding adjustments at the end of the year. Prepare the Statement of Financial Positiong of Honey Company (Account Form).arrow_forwardWhich of the following statements concerning reversing entries is true? a. Reversing entries are required by Generally Accepted Accounting Principles. b. Reversing entries are most often used with accrual-type adjustments. c. Reversing entries are dated December 31, the end of the fiscal year. d. Reversing entries are recorded before adjusting entries.arrow_forward
- Prepare the necessary adjusting entries at December 31, 2021, for the Microchip Company for each of the following situations. Assume that no financial statements were prepared during the year and no adjusting entries were recorded.1. On October 1, 2021, Microchip lent $90,000 to another company. A note was signed with principal and 8% interest to be paid on September 30, 2022.2. On November 1, 2021, the company paid its landlord $6,000 representing rent for the months of November through January. Prepaid rent was debited.3. On August 1, 2021, collected $12,000 in advance rent from another company that is renting a portion of Microchip’s factory. The $12,000 represents one year’s rent and the entire amount was credited to deferredrent revenue.4. Depreciation on office equipment is $4,500 for the year.5. Vacation pay for the year that had been earned by employees but not paid to them or recorded is $8,000. The company records vacation pay as salaries expense.6. Microchip began the year…arrow_forwardOn December 31, 2019, Mason Company made following proper year-end adjusting entries: 1. Prepare journal entries to record whatever reversing entries you think appropriate. 2. Explain your reasoning for each reversing entry.arrow_forwardPrepare the necessary adjusting entries for Johnstone Controls at the end of its December 31, 2021, fiscal yearend for each of the following situations. No adjusting entries were recorded during the year.1. On March 31, 2021, the company lent $50,000 to another company. A note was signed with principal and interest at 6% payable on March 31, 2022.2. On September 30, 2021, the company paid its landlord $12,000 representing rent for the period September 30, 2021, to September 30, 2022. Johnstone debited prepaid rent.3. Supplies on hand at the end of 2020 totaled $3,000. Additional supplies costing $5,000 were purchased during 2021 and debited to the supplies account. At the end of 2021, supplies costing $4,200 remain on hand.4. Vacation pay of $6,000 for the year that had been earned by employees was not paid or recorded. The company records vacation pay as salaries expense.arrow_forward
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