COLLEGE ACCT.,CHAP.1-27-ACCESS >CUSTOM<
22nd Edition
ISBN: 9781337253499
Author: HEINTZ
Publisher: Cengage Learning
expand_more
expand_more
format_list_bulleted
Textbook Question
Chapter 5, Problem 17SPB
CORRECTING WORK SHEET WITH ERRORS A beginning accounting student tried to complete a work sheet for Dick Ady’s Bookkeeping Service. The following
(a) Ending inventory of supplies on July 31, $130.
(b) Unexpired insurance on July 31, $420.
(c)
(d) Wages earned, but not paid as of July 31, $95.
REQUIRED
Review the work sheet shown on page 174 for addition mistakes, transpositions, and other errors and make all necessary corrections.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solutionStudents have asked these similar questions
Creative Solutions Company, a computer consulting firm, has decided to write off the $11,750 balance of an account owed by a customer, Wil Treadwell.
On December 31, journalize the entry to record the write-off, assuming that (a) the direct write-off method is used and (b) the allowance method is used. Refer to the Chart of Accounts for exact wording of account titles.
Office supplies are purchased in bulk and recorded as an asset. They are used by staff on a daily basis. An
expense recognising the use of the office supplies will normally be recorded:
when the supplies are purchased.
when supplies are paid for.
at the end of the accounting period when an end-of-period adjustment is prepared for supplies used.
on a daily basis when supplies are taken from storage.
Paid the owner $45 for office supplies purchased with the owner's own funds. The office supplies are already accounted for in the March 31st Trial Balance. What would be the correct General Ledger Entry?
Chapter 5 Solutions
COLLEGE ACCT.,CHAP.1-27-ACCESS >CUSTOM<
Ch. 5 - The matching principle in accounting requires the...Ch. 5 - Prob. 2TFCh. 5 - LO1 As part of the adjustment of supplies, an...Ch. 5 - LO1 Depreciable cost is the difference between the...Ch. 5 - LO1 The purpose of depreciation is to record the...Ch. 5 - LO1 The purpose of depreciation is to (a) spread...Ch. 5 - Prob. 2MCCh. 5 - Prob. 3MCCh. 5 - Prob. 4MCCh. 5 - The first step in preparing a work sheet is to (a)...
Ch. 5 - On December 31, the trial balance indicates that...Ch. 5 - LO2 When posting adjusting entries to the general...Ch. 5 - Prob. 3CECh. 5 - Prob. 4CECh. 5 - LO5 Using the following partial work sheet...Ch. 5 - Prob. 6CECh. 5 - Prob. 1RQCh. 5 - Prob. 2RQCh. 5 - Prob. 3RQCh. 5 - Prob. 4RQCh. 5 - Prob. 5RQCh. 5 - Prob. 6RQCh. 5 - Prob. 7RQCh. 5 - Prob. 8RQCh. 5 - What is an assets depreciable cost?Ch. 5 - Prob. 10RQCh. 5 - Prob. 11RQCh. 5 - Identify the five major column headings on a work...Ch. 5 - List the five steps taken in preparing a work...Ch. 5 - Prob. 14RQCh. 5 - Explain when revenues are recorded under the cash...Ch. 5 - Prob. 16RQCh. 5 - ADJUSTMENT FOR SUPPLIES On December 31, the trial...Ch. 5 - Prob. 2SEACh. 5 - ADJUSTMENT FOR WAGES On December 31, the trial...Ch. 5 - ADJUSTMENT FOR DEPRECIATION OF ASSET On December...Ch. 5 - CALCULATION OF BOOK VALUE On June 1, 20--, a...Ch. 5 - ANALYSIS OF ADJUSTING ENTRY FOR SUPPLIES Analyze...Ch. 5 - Prob. 7SEACh. 5 - POSTING ADJUSTING ENTRIES Two adjusting entries...Ch. 5 - WORK SHEET AND ADJUSTING ENTRIES A partial work...Ch. 5 - JOURNALIZING ADJUSTING ENTRIES From the...Ch. 5 - Prob. 11SEACh. 5 - ANALYSIS OF NET INCOME OR NET LOSS ON THE WORK...Ch. 5 - CASH, MODIFIED CASH, AND ACCRUAL BASES OF...Ch. 5 - ADJUSTMENTS AND WORK SHEET SHOWING NET INCOME The...Ch. 5 - ADJUSTMENTS AND WORK SHEET SHOWING A NET LOSS...Ch. 5 - JOURNALIZE AND POST ADJUSTING ENTRIES FROM THE...Ch. 5 - Prob. 17SPACh. 5 - ADJUSTMENT FOR SUPPLIES On July 31, the trial...Ch. 5 - ADJUSTMENT FOR INSURANCE On July 1, a six-month...Ch. 5 - ADJUSTMENT FOR WAGES On July 31, the trial balance...Ch. 5 - ADJUSTMENT FOR DEPRECIATION OF ASSET On July 1,...Ch. 5 - CALCULATION OF BOOK VALUE On January 1, 20--, a...Ch. 5 - ANALY SIS OF ADJUSTING ENTRY FOR SUPPLIES Analyze...Ch. 5 - ANALY SIS OF ADJUSTING ENTRY FOR INSURANCE Analyze...Ch. 5 - POSTING ADJUSTING ENTRIES Two adjusting entries...Ch. 5 - WORK SHEET AND ADJUSTING ENTRIES A partial work...Ch. 5 - JOURNALIZING ADJUSTING ENTRIES From the...Ch. 5 - EXTENDING ADJUSTED BALANCES TO THE INCOME...Ch. 5 - Prob. 12SEBCh. 5 - CASH, MODIFIED CASH, AND ACCRUAL BASES OF...Ch. 5 - Prob. 14SPBCh. 5 - Prob. 15SPBCh. 5 - JOURNALIZE AND POST ADJUSTING ENTRIES FROM THE...Ch. 5 - CORRECTING WORK SHEET WITH ERRORS A beginning...Ch. 5 - Delia Alvarez, owner of Delias Lawn Service, wants...Ch. 5 - Prob. 1MPCh. 5 - Prob. 1CP
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Prepare adjusting journal entries, as needed, considering the account balances excerpted from the unadjusted trial balance and the adjustment data. A. amount due for employee salaries, $4,800 B. actual count of supplies inventory, $ 2,300 C. depreciation on equipment, $3,000arrow_forwardDrafts of the condensed income statement and balance sheet of Allofe Co. for the current year are shown below. Shortly after preparing these draft financial statements, Allofe discovered that an error had been made in the year-end adjustment process. Overhead of 2,500 had not been applied to the ending work in process. REQUIRED 1. Identify all adjusting and closing entries that would be affected by this error and prepare the missing portions of the entries. 2. Prepare a revised condensed income statement for Allofe. (In solving this problem, assume that corporate income tax is not affected by the error.)arrow_forwardComplete 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_forward
- Prepare adjusting journal entries, as needed, considering the account balances excerpted from the unadjusted trial balance and the adjustment data. A. supplies actual count at year end, $6,500 B. remaining unexpired insurance, $6,000 C. remaining unearned service revenue, $1,200 D. salaries owed to employees, $2,400 E. depreciation on property plant and equipment, $18,000arrow_forwardThe accounts receivable clerk for Waddell Industries prepared the following partially completed aging of receivables schedule as of the end of business on August 31: The following accounts were unintentionally omitted from the aging schedule and not included in the preceding subtotals: a. Determine the number of days past due for each of the preceding accounts as of August 31. b. Complete the aging of receivables schedule by adding the omitted accounts to the bottom of the schedule and updating the totals.arrow_forwardA partial work sheet for Marges Place is shown below. Prepare the following adjustments on this work sheet for the month ended June 30, 20. a. Expired or used-up insurance, 450. b. Depreciation expense on equipment, 750. c. Wages accrued or earned since the last payday, 380 (owed and to be paid on the next payday). d. Supplies used, 110.arrow_forward
- The accounts receivable clerk for Kirchhoff Industries prepared the following partially completed aging of receivables schedule as of the end of business on August 31: The following accounts were unintentionally omitted from the aging schedule and not included in the preceding subtotals: a. Determine the number of days past due for each of the preceding accounts as of August 31. b. Complete the aging of receivables schedule by adding the omitted accounts to the bottom of the schedule and updating the totals.arrow_forwardThe trial balance of Hadden Company as of December 31, the end of its current fiscal year, is as follows: Here are the data for the adjustments. ab.Merchandise Inventory at December 31, 64,742.80. c.Store supplies inventory (on hand), 420.20. d.Insurance expired, 738. e.Salaries accrued, 684.50. f.Depreciation of store equipment, 3,620. Required Complete the work sheet after entering the account names and balances onto the work sheet.arrow_forwardCORRECTING ERRORS Assuming that all entries have been posted, prepare correcting entries for each of the following errors. 1. The following entry was made to record the purchase of 700 in supplies on account: 2. The following entry was made to record the payment of 450 in wages: 3. The following entry was made to record a 300 payment to a supplier on account:arrow_forward
- Consider the following situations for College Park Welding Services: i (Click the icon to view the situations.) Journalize the adjusting entry needed on December 31 for each situation. Use the letters to label the journal entries. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) More info 4 a. Depreciation for the current year includes equipment, $2,800. b. Each Monday, College Park pays employees for the previous week's work. The amount of weekly payroll is $7,700 for a seven-day workweek (Monday to Sunday). This year, December 31 falls on Thursday. c. The beginning balance of Office Supplies was $2,700. During the year, College Park purchased office supplies for $2,800, and at December 31 the office supplies on hand totaled $1,300. d. College Park prepaid a two full years' insurance on April 1 of the current year, $6,960. Record insurance expense for the year ended December 31. e. College Park had earned $2,900 of unearned…arrow_forwardIn November Craig received $225 from Kate Whelan as a customer prepayment for design work. Craig recorded the entire $225 as Design Income. At the end of the accounting period to Kate, so the $225 had not been earned as of year end. Since it had not been earned, the $225 is a liability because Craig has an obligation to provide the design service or return the $225 to the customer. So an adjusting entry is needed to bring accounts up to date at December 31.arrow_forwardA partial work sheet for Marge's Place is shown below. Prepare the following adjustments on this work sheet for the month ended June 30, 20--. Expired or used-up insurance, $570. Depreciation expense on equipment, $720 (Remember to credit the Accumulated Depreciation account for equipment, not Equipment). Wages accrued or earned since the last payday, $1,410 (owed and to be paid on the next payday). Supplies used, $110. If no amount is required, enter 0. Marge's Place Work Sheet For Month Ended June 30, 20-- TRIAL BALANCE ADJUSTMENTS ACCOUNT NAME DEBIT CREDIT DEBIT CREDIT 1 Cash 4,577 1 2 Supplies 250 2 3 Prepaid Insurance 1,800 3 4 Equipment 4,880 4 5 Accumulated Depreciation, Equipment 1,350 5 6 Accounts Payable 2,539 6 7 M. Benson, Capital 4,751 7 8 M. Benson, Drawing 2,000 8 9 Income from Services 6,937 9 10 Rent Expense 1,086 10 11 Supplies Expense…arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- College Accounting, Chapters 1-27AccountingISBN:9781337794756Author:HEINTZ, James A.Publisher:Cengage Learning,College Accounting (Book Only): A Career ApproachAccountingISBN:9781337280570Author:Scott, Cathy J.Publisher:South-Western College PubPrinciples of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax College
- Century 21 Accounting Multicolumn JournalAccountingISBN:9781337679503Author:GilbertsonPublisher:CengageFinancial AccountingAccountingISBN:9781305088436Author:Carl Warren, Jim Reeve, Jonathan DuchacPublisher:Cengage Learning
College Accounting, Chapters 1-27
Accounting
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:Cengage Learning,
College Accounting (Book Only): A Career Approach
Accounting
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:South-Western College Pub
Principles of Accounting Volume 1
Accounting
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax College
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:9781337679503
Author:Gilbertson
Publisher:Cengage
Financial Accounting
Accounting
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Cengage Learning
Accounting Changes and Error Analysis: Intermediate Accounting Chapter 22; Author: Finally Learn;https://www.youtube.com/watch?v=c2uQdN53MV4;License: Standard Youtube License