1.
Introduction:
Financial Statements: The financial statements of a company are prepared at the end of an accounting year to calculate the total liabilities, total assets, net profit or loss, and increase or decrease in cash during the year. The financial statements are used by various external and internal parties.
To prepare: The T-account for each of the given accounts.
2.
Introduction:
Financial Statements: The financial statements of a company are prepared at the end of an accounting year to calculate the total liabilities, total assets, net profit or loss, and increase or decrease in cash during the year. The financial statements are used by various external and internal parties.
To prepare: The
3.
Introduction:
Financial Statements: The financial statements of a company are prepared at the end of an accounting year to calculate the total liabilities, total assets, net profit or loss, and increase or decrease in cash during the year. The financial statements are used by various external and internal parties.
To prepare: The T-account and show adjusted balance.
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HORNGREN'S FIN.+MGRL..:MANAG.CHP.-MYLAB
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- Prepare the journal entries for the following transactions provided by MPM as at January 31, 2011 and post them to their respective general ledger accounts. a. Depreciation $100 b. Prepaid rent expired $400 c. Interest expense accrued $900 d. Employee salaries owed for Monday to Thursday for a five day workweek: weekly payroll $14,000 e. Unearned service revenue $800arrow_forwardPrepare adjusting journal entries, as needed, considering the account balances excerpted from the unadjusted trial balance and the adjustment data. depreciation on fixed assets, $8,500 unexpired prepaid rent, $12,500 remaining balance of unearned revenue, $555arrow_forwardJournalizing adjusting entries and analyzing their effect on the income statement The following data at July 31, 2018, are given for RCO: Depreciation, $600. Prepaid rent expires, $200. Interest expense accrued, $700. Employee salaries owed for Monday through Thursday of a five-day workweek; weekly payroll, $8,000. Unearned revenue earned $1,000. Office supplies used $150. Requirements Journalize the adjusting entries needed on July 31, 2018. Suppose the adjustments made in Requirement 1 were not made. Compute the overall overstatement or understatement of net income as a result of the omission of these adjustments.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_forwardprepare these entries for Sarah's plant services. prepare general journal entries for the needed balance dy adjustments for the year ending 30/6/21: A stocktake of the inventory on hand was completed on 30/6/21. The value of the stocktake was $17,000. The inventory asset account as at 30/6/21 before adjustments was $18.000 The allowance for Doubtful debts should be 5% of the balance of Accounts Receivable. The accounts receivable balance at 30/6/21 is $76,120 and the balance of the Allowance for Doubtful Debts was $3,450arrow_forwardPrepare adjusting journal entries, as needed, considering the account balances excerpted from the unadjusted trial balance and the adjustment data.Excerpt from Unadjusted Trial Balance. Debits: Property Plant and Equipment 320,000; Prepaid Insurance 24,000; Supplies 7,500. Credits: Accumulated Depreciation 89,500; Unearned Service Revenue 3,000.supplies actual count at year end, $6,500remaining unexpired insurance, $6,000remaining unearned service revenue, $1,200salaries owed to employees, $2,400depreciation on property plant and equipment, $18,000arrow_forward
- Complete the work sheet for Ramey Company, dated December 31, 20, through the adjusted trial balance using the following adjustment information: a. Expired or used-up insurance, 460. b. Depreciation expense on equipment, 870. (Remember to credit the Accumulated Depreciation account for equipment, not Equipment.) c. Wages accrued or earned since the last payday, 120 (owed and to be paid on the next payday). d. Supplies remaining, 80.arrow_forwardPrepare adjusting journal entries, as needed, considering the account balances excerpted from the unadjusted trial balance and the adjustment data. A. depreciation on fixed assets, $ 8,500 B. unexpired prepaid rent, $12,500 C. remaining balance of unearned revenue, $555arrow_forwardAssume the following data for Oshkosh Company before its year-end adjustments: Journalize the adjusting entries for the following: a. Estimated customer refunds and allowances b. Estimated customer returnsarrow_forward
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