College Accounting, Chapters 1-27
Solutions
College Accounting, Chapters 1-27
JOURNALIZE AND POST ADJUSTING ENTRIES FROM THE WORK SHEET Refer to Problem 5-15A and the following additional information:
REQUIRED
- 1. Journalize the adjusting entries on page 5 of the general journal.
- 2. Post the adjusting entries to the general ledger. (If you are not using the working papers that accompany this text, enter the balances provided in this problem before posting the adjusting entries.)
1.
Prepare adjusting entries for the given transactions.
Adjusting entries:
Adjusting entries are those entries which are recorded at the end of the year, to update the income statement accounts (revenue and expenses) and balance sheet accounts (assets, liabilities, and stockholders’ equity) to maintain the records according to accrual basis principle.
Prepare adjusting entries for the ending inventory on supplies on November 30, $185.
| Date | Account Titles and explanation | Post. Ref. | Debit ($) | Credit ($) | |
| November 30 | Supplies expense | 523 | 390 | Â | |
| Â | Â Â Â Â Supplies | 141 | Â | 390 | |
|  | (To record the additional amount of supplies that must be used) |  |  |  | |
Table (1)
- Supplies expense (Expense) is a component of stockholder’s equity and there is an increase in the value of expense. Hence, debit the supplies expense by $390.
- Supplies are an asset and there is decrease in the value of an asset. Hence, credit the supplies by 390.
Prepare adjusting entries for the unexpired insurance as of November 30, $800.
| Date | Account Titles and explanation | Post. Ref. | Debit ($) | Credit ($) |
| November 30 | Insurance expense | 535 | 500 | Â |
| Â | Â Â Â Â Prepaid insurance | 145 | Â | 500 |
| Â | (To record the insurance expense during the end of the year.) | Â | Â | Â |
Table (2)
- Insurance expense (Expense) is a component of stockholder’s equity and there is an increase in the value of expense
2.
Chapter 5 Solutions
Additional Business Solutions
Find more solutions based on key concepts
Show solutions addA system must have organization, interrelationships, integration, and central objectives. Why must each of thes...
Accounting Information Systems
Missing amount from an account On August 1, the supplies account balance was 1,025. During August, supplies of ...
Financial & Managerial Accounting
An examination of the accounting records of Clowney Company disclosed a high contribution margin ratio and prod...
Financial And Managerial Accounting
The following data are taken from recent financial statement of Nike, Inc. (in millions): a. Determine the amou...
Financial Accounting
Sales-related and purchase-related transactions using perpetual inventory system The following were selected fr...
Corporate Financial Accounting
Hotel rooms in Smalltown go for 100, and 1,000 rooms are rented on a typical day. a. To raise revenue, the mayo...
Principles of Macroeconomics (MindTap Course List)
Kayla can cook dinner in 30 minutes and wash the laundry in 20 minutes. Her roommate takes half as long to do e...
Principles of Microeconomics (MindTap Course List)
How does a firms top management influence its degree of centralization?
Foundations of Business (MindTap Course List)
Repeat this procedure for the other three companies. Do you find similar capital structures for each of the fou...
Fundamentals of Financial Management, Concise Edition (MindTap Course List)
In a supply-and-demand diagram, show producer and consumer surplus at the market equilibrium.
Principles of Economics (MindTap Course List)
(Production in the Short Run) Complete the following table. At what point does diminishing marginal returns set...
ECON: MICRO4 (New, Engaging Titles from 4LTR Press)
If the United States imports more goods from abroad than it exports, foreigners will tend to have a surplus of ...
Fundamentals of Financial Management (MindTap Course List)
Your opportunity cost of going to a movie is a. the price of the ticket. b. the price of the ticket plus the co...
Brief Principles of Macroeconomics (MindTap Course List)
Fortune magazine and the Hay Group found that a clear, stable strategy is one of the defining characteristics o...
Management, Loose-Leaf Version
Why is audience analysis so important in the selection of the detect or Indirect organization strategy for a bu...
Essentials of Business Communication (MindTap Course List)
Pew Research Center is a nonpartisan polling organization that provides information about issues, attitudes, an...
STATISTICS F/BUSINESS+ECONOMICS-TEXT
Differentiate the six categories of marketing.
Contemporary Marketing
Why do economists make assumptions?
Essentials of Economics (MindTap Course List)
Transactions Interstate Delivery Service is owned and operated by Katie Wyer. The following selected transactio...
Financial & Managerial Accounting
What Would You Say? A friend of yours wants to start her own pet-sitting business. She already has a business l...
College Accounting (Book Only): A Career Approach
The following selected transactions were completed by Capers Company during October of the current year: Instru...
Financial Accounting
Which of the following benefits is least likely to result from a system of internal controls? a. Reduction of c...
Accounting Information Systems
Model for Making Tactical Decisions Austin Porter is a sophomore at a small Midwestern university (SMWU). He is...
Managerial Accounting: The Cornerstone of Business Decision-Making
On June 1, Phillips Corporation sold, with recourse, a note receivable from a customer to a bank. The note has ...
Intermediate Accounting: Reporting And Analysis
Explain cause-related marketing
MKTG 12:STUDENT ED.-TEXT
Determine the balance of the following T account: a. 94,100 debit b. 54,900 debit c. 133,300 credit d. 54,900 c...
College Accounting (Book Only): A Career Approach
Job order cost sheet Stretch and Trim Carpet Company sells and installs commercial carpeting for office buildin...
Accounting (Text Only)
How would each of the following changes tend to affect aggregate (i.e., the average for all corporations) payou...
Fundamentals of Financial Management, Concise Edition (with Thomson ONE - Business School Edition, 1 term (6 months) Printed Access Card) (MindTap Course List)
Explain how value-added networks (VANs) are used to simplify EDI between two or more companies.
Pkg Acc Infor Systems MS VISIO CD
Why are budget deficits and trade deficits sometimes called the twin deficits?
Principles of Macroeconomics (MindTap Course List)
CONSTANT GROWTH Your broker offers to sell you some shares of Bahnsen Co. common stock that paid a dividend of...
Fundamentals of Financial Management (MindTap Course List)
Explain why using the midpoint formula for calculating the elasticity of demand gives the same result whether p...
Exploring Economics
The Hawaii Visitors Bureau collects data on visitors to Hawaii. The following questions were among 16 asked in ...
Statistics for Business & Economics, Revised (MindTap Course List)
Accrual versus cash net income. Cigna Corp. (CI) provides insurance services, and Deere & Company (DE) manufact...
Survey of Accounting (Accounting I)
Fully depreciated equipment costing 50,000 was discarded. What was the effect of the transaction on cash flows ...
Corporate Financial Accounting
Applebaum Security Company is located in State H, which enables employers to reduce their contribution rates un...
PAYROLL ACCT.,2019 ED.(LL)-TEXT
Sales of a product over time often follow an S-shaped curve. Two functions that yield S-shaped curves are the P...
Practical Management Science
What does an income elasticity of demand of 1.33 mean?
Microeconomics
What are transferred-in costs?
Cornerstones of Cost Management (Cornerstones Series)
If bus travel is an inferior good, its income elasticity of demand is a. strictly greater than 1. b. positive. ...
Economics For Today
Illustrate the following graphically: a. Fiscal policy destabilizes the economy. b. Fiscal policy eliminates an...
Economics (MindTap Course List)
Discuss the conditions under which a buyer might prefer that a third-party logistics provider arrange and contr...
Purchasing and Supply Chain Management
