![EBK ACCOUNTING PRINCIPLES](https://www.bartleby.com/isbn_cover_images/9781119411017/9781119411017_largeCoverImage.gif)
EBK ACCOUNTING PRINCIPLES
13th Edition
ISBN: 9781119411017
Author: Weygandt
Publisher: WILEY
expand_more
expand_more
format_list_bulleted
Question
error_outline
This textbook solution is under construction.
Students have asked these similar questions
Demello & Associates records adjusting entries on an annual basis. The company has the following information available on accruals
that must be recorded for the year ended December 31, 2021:
1.
Demello has a $15,600, 8% note receivable with a customer. The customer pays the interest on a monthly basis on the first
of the month. Assume the customer pays the correct amount each month.
2.
Demello pays its employees a total of $6,500 every second Wednesday. Employees work a five-day week, Monday to
Friday, and are paid for all statutory holidays. December 31, 2021, is a Friday. Employees were paid on Wednesday,
December 29, 2021, up to the Friday of the prior week.
Demello has a contract with a customer where it provides services prior to billing the customer. On December 31, 2021,
this customer owed Demello $3,400. Demello billed the customer on January 7, 2022, and collected the full amount on
3.
January 18, 2022.
4.
Demello received the $480 December utility bill on January 10, 2022.…
Demello & Associates records adjusting entries on an annual basis. The company has the following information available on accruals that must be recorded for the year ended December 31, 2021:
1.
Demello has a $ 14,400, 8% note receivable with a customer. The customer pays the interest on a monthly basis on the first of the month. Assume the customer pays the correct amount each month.
2.
Demello pays its employees a total of $ 6,900 every second Wednesday. Employees work a five-day week, Monday to Friday, and are paid for all statutory holidays. December 31, 2021, is a Friday. Employees were paid on Wednesday, December 29, 2021, up to the Friday of the prior week.
3.
Demello has a contract with a customer where it provides services prior to billing the customer. On December 31, 2021, this customer owed Demello $ 3,490. Demello billed the customer on January 7, 2022, and collected the full amount on January 18, 2022.
4.
Demello received the $ 495 December utility…
Demello & Associates records adjusting entries on an annual basis. The company has the following information available on accruals that must be recorded for the year ended December 31, 2021:
1.
Demello has a $ 14,400, 8% note receivable with a customer. The customer pays the interest on a monthly basis on the first of the month. Assume the customer pays the correct amount each month.
2.
Demello pays its employees a total of $ 6,900 every second Wednesday. Employees work a five-day week, Monday to Friday, and are paid for all statutory holidays. December 31, 2021, is a Friday. Employees were paid on Wednesday, December 29, 2021, up to the Friday of the prior week.
3.
Demello has a contract with a customer where it provides services prior to billing the customer. On December 31, 2021, this customer owed Demello $ 3,490. Demello billed the customer on January 7, 2022, and collected the full amount on January 18, 2022.
4.
Demello received the $ 495 December utility…
Knowledge Booster
Similar questions
- During the year ended 30 September 20X9, H recorded the following cash transactions: (1) A payment of an annual insurance premium of $6,000. This covered the period to 31 December 20X9. (2) Receipt of $3,000 in respect of rent from a tenant covering the three-month period to 30 November 20X9. What is the impact on profit and net assets of making the year-end adjustments for deferred income and prepayments at 30 September 20X9? Profit Net assets A. Decrease of $500 Increase of $500 B. Decrease of $1,000 Increase of $1,000 C. Decrease of $500 Decrease of $500 D. Increase of $1,000 Increase of $1,000arrow_forwardAt the end of the year, a company has the following accounts receivable and estimates of uncollectible accounts: Accounts not yet due = $72,000; estimated uncollectible = 7%. Accounts 1 to 30 days past due = $32,000; estimated uncollectible = 20%. Accounts more than 30 days past due = $8,000; estimated uncollectible = 50%. Required: Record the year-end adjusting entry for uncollectible accounts, assuming the current balance of the Allowance for Uncollectible Accounts is $1,400 (debit). (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)arrow_forwardOn November 30, 2019, Davis Company and the following account balances: 1. Prepare general journal entries to record preceding transactions. 2. Post to general ledger T-accou11ts. 3. Prepare a year-end trial balance on a worksheet and complete the worksheet using the following information: (a) accrued salaries at year-end total $1,200; (b ) for simplicity, the building and equipment are being depreciated using the stright-line method over an estimated life of 20 years with no residual all c) supplies on hand at the end of the year total $630; (d ) bad debts expense for the year totals $830; and (e ) the income tax rate is 30%; income taxes are payable in the first quarter of 2020. 4. Prepare company's financial statements for 2019 . 5. Prepare 2019 (a) adjusting and (b) closing entries in the general journal.arrow_forward
- Allentown Services Inc. is preparing adjusting entries for the year ending December 31, 2019.The following data are available:a. Interest is owed at December 31, 2019, on a 6-month, 8% note. Allentown borrowed$120,000 from NBD on September 1, 2019.b. Allentown provides daily building maintenance services to Mack Trucks for a quarterly feeof $2,700 payable on the fifteenth of the month following the end of each quarter. No entrieshave been made for the services provided to Mack Trucks during the quarter ended December31, and the related bill will not be sent until January 15, 2020.c. At the beginning of 2019, the cost of office supplies on hand was $1,220. During 2019, officesupplies with a total cost of $6,480 were purchased from Office Depot and debited to officesupplies inventory. On December 31, 2019, Allentown determined the cost of office supplieson hand to be $970.d. On September 23, 2019, Allentown received a $7,650 payment from Bethlehem Steel for9 months of maintenance…arrow_forwardFAITH Company presented the following information pertaining to accounts that will need adjustments forits November 30, 2020 year-end financial statements:a. On Oct. 1, 2020, Faith Company paid $10,800 for 6-months’ insurance premiums. Debited InsuranceExpense for the amount paid.b. The balance in the ledger account Office Supplies amounted to $32,000. A count of the officesupplies on hand as of Nov. 30, 2020 totaled $12,800.c. Faith Company received $22,800 on Nov. 1, 2020 from a customer for future services to be renderedduring the months of November, December, January, and February.d. Faith acquired Office Equipment costing $355,000 on April 1, 2020. The equipment is expected to last5 years after which it will have a salvage value of $2,200.e. Assume that Nov. 30, 2020 is a Thursday and that Faith pays its employees a total of $87,500 everyFridays for a 5-day working week.Required: Prepare the necessary adjusting entries for Faith Company at November 30, 2020arrow_forwardFrom the following given data, prepare adjusting journal entries for the year ended December 31, 2021: Purchase of supplies for P3,000. At the end of the year, P1,000 cost of supplies were actually used. Expense method was used in payment of supplies. A P48,000 6%, 120-day note was received from a client dated November 1, 2021. The interest was not yet collected at the end of the accounting period. Before adjustments, the balance of laundry supplies inventory was P35,000. Physical count of supplies inventory was P15,000. An office equipment was acquired on May 31, 2021 for P150,000. The office equipment has an estimated life of 5 years without scrap value. A copying machine was rented on November 30, 2021 at P1.00/copy of production. It reported to have produced 300 copies as of December 31, 2021. No payment was made as of this date. Signed an advertising contract on December 1, 2021 with a radio station for P3,500. The contract will commence upon payment on December 15. 2021 and will…arrow_forward
- On June 7,2019, Dilby Mechanical Corp completed $50,00 of servicing work for a client and billed them for that amount plus a GST of $2,500 and PST of $3,50; terms are N20. Required: a. Prepare the journal entry as it would appear in Dilby's accounting records. b. Assume the receivable established on June 7 was collected on June 27. Record the entry.arrow_forwardOn December 1, Daw Company accepts a $46,000, 45-day, 9% note from a customer. (1) Prepare the year-end adjusting entry to record accrued interest revenue on December 31. (2) Prepare the entry required on the note's maturity date assuming it is honored. (Use 360 days a year.) View transaction list Journal entry worksheet Record the year-end adjustment related to this note, if any. Note: Enter debits before credits. Date General Journal Debit December 31 Clear entry Record entry Credit View general journalarrow_forwardComprehensive On November 30, 2019. Davis Company had the following account balance. During the month of December, Davis entered into the following transactions: Required: a.Prepare generaljournal entries to record the preceding transactions. b.Post to general ledger T accoun c.Prepare a year-end trial balance on a worksheet and complete theworksheet using the following information: (a) accrued salaries at year-end total s1,200; (b) for simplicity, the building and equipment are being depreciated using the straight-line method over an estimated life of 20 yean with no residual value;(c) supplies on hand at the end of the year total $630; (d) bad debts expense for the year totals $830; and (e)the income tax rate is 30%; income taxes are payable in the first quarter of d.Prepare the companis financial statements for 2019. e.Prepare the 2019 (a) adjusting and (b) closing entries in the general journal.arrow_forward
- Zumra Company's fiscal year ends on December 31. It is December 31, 2021, and all of the 2021 entries have been made, except the following adjusting entries: a. On September 1, 2021, Zumra collected six months' rent of $8,400 on storage space. At that date, Zumra debited cash and credited deferred rent revenue for $8,400. b. On October 1, 2021, the company borrowed $18,000 from a local bank and signed a 5 percent note for that amount. The principal and interest are payable on the maturity date, September 30, 2022. c. Depreciation of $2,500 must be recognized on a service truck purchased on July 1, 2021, at a cost of $15,000. d. Cash of $3,000 was collected on November 1, 2021, for services to be rendered evenly over the next year beginning on November 1. Deferred service revenue was credited when the cash was received. e. On November 1, 2021, Zumra paid a one-year premium for property insurance, $9,000, for coverage starting on that date. Cash was credited and prepaid insurance was…arrow_forwardCedar Valley is a national restoration contractor licensed in roofing, siding, gutters and windows. Cedar Valley's balance of Allowance for Uncollectible Accounts is $2,300 (debit before adjustment at the end of the year. The company estimates future uncollectible accounts to be $11,500. What is the adjustment Cedar Valley would record for Allowance for Uncollectible Accounts? (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 Record the adjusting entry for Allowance for Uncollectible Accounts. Note: Enter debits before credits. Transaction General Jounal Debit Credit Record entry Clear entry View general journalarrow_forwardWyco's fiscal Year ends September 30. On September 10, it's collects $30.000 for a painting job and credits unearned painting revenue. As of September 30, 60% of the work has been done. What adjusting entry must WyCo record on September 30?arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- AccountingAccountingISBN:9781337272094Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.Publisher:Cengage Learning,Accounting Information SystemsAccountingISBN:9781337619202Author:Hall, James A.Publisher:Cengage Learning,
- Horngren's Cost Accounting: A Managerial Emphasis...AccountingISBN:9780134475585Author:Srikant M. Datar, Madhav V. RajanPublisher:PEARSONIntermediate AccountingAccountingISBN:9781259722660Author:J. David Spiceland, Mark W. Nelson, Wayne M ThomasPublisher:McGraw-Hill EducationFinancial and Managerial AccountingAccountingISBN:9781259726705Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting PrinciplesPublisher:McGraw-Hill Education
![Text book image](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Text book image](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:Cengage Learning,
![Text book image](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:9781337619202
Author:Hall, James A.
Publisher:Cengage Learning,
![Text book image](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
Horngren's Cost Accounting: A Managerial Emphasis...
Accounting
ISBN:9780134475585
Author:Srikant M. Datar, Madhav V. Rajan
Publisher:PEARSON
![Text book image](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
Intermediate Accounting
Accounting
ISBN:9781259722660
Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:McGraw-Hill Education
![Text book image](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)
Financial and Managerial Accounting
Accounting
ISBN:9781259726705
Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:McGraw-Hill Education