COLLEGE ACCOUNTING (LL)W/ACCESS>CUSTOM<
4th Edition
ISBN: 9781260255157
Author: Haddock
Publisher: MCG CUSTOM
expand_more
expand_more
format_list_bulleted
Concept explainers
Textbook Question
Chapter 5, Problem 5CSR
The Supplies account has a debit balance of $9,000 in the
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solutionStudents have asked these similar questions
Take, for example, the following two accounts from an Adjusted Trial Balance: Accounts receivable (Dr. balance $12,000) and Fees earned (Cr. blanche $150,000). The amount in each account once the closing entries have been posted will be the following:
Accounts receivable are those that have not been paid yet. $
Fees received in the amount of $
On June 30 of the current year, Rosemount Copy Center has completed the Trial Balance columns of the work sheet. Analyze the adjustment information given here into debit and credit parts. Record the adjustments on the work sheet. Total the Adjustments columns.
Adjustment Information
June 30
Supplies on hand
$188.00
Value of prepaid insurance
540.00
WORK SHEET
For Month Ended June 30, 20--
ACCOUNT TITLE
TRIAL BALANCE
ADJUSTMENTS
INCOME STATEMENT
BALANCE SHEET
DEBIT
CREDIT
DEBIT
CREDIT
DEBIT
CREDIT
DEBIT
CREDIT
1
Cash
8,715.00
1
2
Petty Cash
75.00
2
3
Accounts Receivable-Raymond O’Neil
642.00
3
4
Supplies
518.00
4
5
Prepaid Insurance
675.00
5
6
Accounts Payable-Western Supply
268.00
6
7
Akbar…
The trial balance columns of the worksheet for Acer service Co.LLC, are as follows.
Acer service Co.LLC,
Worksheet (partial) for the Month Ended January 31, 2020
Account Title/Ledger
Trial Balance
Adjustments
Adjusted
Trial Balance
Debit
Credit
Debit
Credit
Debit
Credit
Cash
4,400
Accounts receivable
2,600
Prepaid Rent
1200
Supplies
900
Equipment
8,400
Notes Payable
2,000
Accounts payable
1,450
Unearned revenue
1,500
Capital
8,600
Drawings
1,400
Service revenue
6,700
Salaries expenses
800
Interest expenses
250
Advertising expenses
300
20,250
20,250
Other data:
At the end…
Chapter 5 Solutions
COLLEGE ACCOUNTING (LL)W/ACCESS>CUSTOM<
Ch. 5 - What are adjustments?Ch. 5 - Prob. 1.2SRQCh. 5 - Prob. 1.3SRQCh. 5 - Prob. 1.4SRECh. 5 - Prob. 1.5SRECh. 5 - Prob. 1.6SRACh. 5 - Prob. 2.1SRQCh. 5 - Prob. 2.2SRQCh. 5 - Prob. 2.3SRQCh. 5 - Prob. 2.4SRE
Ch. 5 - On a worksheet, the adjusted balance of the...Ch. 5 - Prob. 2.6SRACh. 5 - Prob. 1CSRCh. 5 - Prob. 2CSRCh. 5 - Prob. 3CSRCh. 5 - Prob. 4CSRCh. 5 - The Supplies account has a debit balance of 9,000...Ch. 5 - Prob. 1DQCh. 5 - Prob. 2DQCh. 5 - Prob. 3DQCh. 5 - Prob. 4DQCh. 5 - Prob. 5DQCh. 5 - Prob. 6DQCh. 5 - Prob. 7DQCh. 5 - Prob. 8DQCh. 5 - What effect does each item in Question 8 have on...Ch. 5 - Why is it necessary to journalize and post...Ch. 5 - Prob. 11DQCh. 5 - Prob. 12DQCh. 5 - How does a contra asset account differ from a...Ch. 5 - Prob. 14DQCh. 5 - Prob. 1ECh. 5 - Prob. 2ECh. 5 - Prob. 3ECh. 5 - Prob. 4ECh. 5 - Journalizing and posting adjustments. Desoto...Ch. 5 - Prob. 1PACh. 5 - Prob. 2PACh. 5 - Prob. 3PACh. 5 - Prob. 4PACh. 5 - Prob. 1PBCh. 5 - Prob. 2PBCh. 5 - Prob. 3PBCh. 5 - Sam Nix owns Nix Estate Planning and Investments....Ch. 5 - The Effect of Adjustments Assume you are the...Ch. 5 - The account balances for the Patterson...Ch. 5 - Prob. 1MFCh. 5 - Prob. 2MFCh. 5 - Prob. 3MFCh. 5 - Prob. 4MFCh. 5 - Prob. 1ED
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 a trial balance, listing the following accounts in proper sequence. The accounts (all normal balances) were taken from the ledger of Sophie Designs Co. on September 30, 2020. Account Account Number Balance Accounts Payable 201 $ 3,800 Accounts Receivable 105 3,150 Cash 101 7,200 Sophie Dawson, Capital 301 19,300 Sophie Dawson, Drawing 302 4,500 Equipment 110 15,500 Miscellaneous Expense 599 850 Rent Expense 505 11,100 Salary Expense 501 13,800 Fees Earned 401 42,245 Supplies 107 3,525 Supplies Expense 507 1,400 Utilities Expense 508 4,300arrow_forwardThe trial balance columns of the worksheet for Acer service Co.LLC, are as follows. Acer service Co.LLC, Worksheet (partial) for the Month Ended January 31, 2020 Account Title/Ledger Trial Balance Adjustments Adjusted Trial Balance Debit Credit Debit Credit Debit Credit Cash 4,400 Accounts receivable 2,600 Prepaid Rent 1200 Supplies 900 Equipment 8,400 Notes Payable 2,000 0 Accounts payable 1,450 Unearned revenue 1,500 Capital 8,600 Drawings 1,400 Service revenue 6,700 Salaries expenses 800 Interest expenses 250 Advertising expenses 300 20,250 20,250 Other data: At the end…arrow_forwardAt the beginning of December, Global Corporation had $1,500 in supplies on hand. During the month, supplies purchased amounted to $2,300, but by the end of the month the supplies balance was only $2,800. What is the appropriate month-end adjusting entry? Multiple Choice Debit cash $1,000, credit supplies $1,000 Debit cash $2,800, credit supplies $2,800 Debit supplies expense $1,000, credit supplies $1,000 Debit supplies $1,000, credit supplies expense $1,000arrow_forward
- When the "Income Summary" account has a credit account balance of $100,000 after closing entries have been made to it, what does this imply?arrow_forwardAfter all revenue and expenses have been closed at the end of the fiscal period and December 31, income summary has a debit of 45550 and a credit of $36,520. On the same date, D. Mau, drawing has a debit balance of $12,000 and D. mau, capital had a beginning credit balance of $63,410. a. Journalize the entries to close the remaining temporary accounts. b. What is the new balance D. Mau, capital after the remaining temporary accounts?arrow_forwardBava Consulting has the following account balances at December 31, the end of its fiscal year. Service Fees Earned $85,000Rent Expense $22,000Salaries Expense 50,000Supplies Expense 4,000Depreciation Expense 18,000Retained Earnings 70,000 Set up T-accounts for each account and record the above amounts in each account. Then, post the closing entries to the T-accounts. After theseentries are posted, what is the balance of the Retained Earnings account?arrow_forward
- If the beginning balance of Accounts Receivable account amounts to P250,000, and during the month have total debit postings of P500,000 and total credit postings of P400,000, what is the ending balance Group of answer choices P350,000 P750,000 P150,000 P250,000arrow_forwardOn June 1 , Michelob signed up and paid $1,200 to Master Brewer Inc. for a 6 monthbrewing course that started on the same date. As of July 31st, Master Brewer'saccounting records would indicate: $400 of revenue, $800 of accounts receivable $400 of revenue, $800 of deferred revenue $1,200 of revenue, $1,200 of cash $800 of revenue, $400 of accounts receivablearrow_forwardAmong the ledger accounts used by Glenwood Speedway are the following: Prepaid Rent, Rent Expense, Unearned Admissions Revenue, Admissions Revenue, Prepaid Printing, Printing Expense, Concessions Receivable, and concessions Revenue. For each of the following items, write first the journal entry (if one is needed) to record the external transaction and second the adjusting entry, if any, require don May31, the end of the fiscal year. i) On May1, borrowed $300,000 cash from National Bank by issuing a 12% note payable due in three months. ii) On May1, paid rent for six months beginning May1 at $30,000 per month.iii) On May 2, sold season tickets for a total of $910,000 cash. The season includes 70 racing days 20 in May 25 in June, and 25 in July.iv) On May4, an agreement was reached with Snack-Bars, Inc., allowing that company to sell refreshment at the track in return for 10% of the gross receipts from refreshment sales.v) On May 6, schedules for the 20 racing days in May and the first…arrow_forward
- The company Computadoras Caribe, after making the adjustments in the month of March, has the following balances in the books, which are found in the following trial balance: Prepares the multi-step income statement (multi-step income statement).Prepare the statement of owner's equity.Prepare the statement of owner's equity (balance sheet). Caribbean ComputersAdjusted Trial BalancePeriod ending March 31, 2020 Account title Ref. Debit Credit Cash $17,560 Account Receivable 18,065 Supplies 60,500 Building 180,000 Acc. Depreciation-Building $22,000 Equipment 45,600 Acc. Depreciation-Equipment 5,800 Account Payable 29,200 Salary Payable 3,500 Interest Payable 1,000 Unearned Sales Revenue 7,000 Note Payable, Long Term 85,000 J. Ayala, Capital 180,000 J. Ayala, Withdrawals 5,000 Sales Revenue 150,000 Sales Discounts 6,200 Sales Return and Allowances 7,600 Cost of Goods Sold…arrow_forwardThe supplies account had a beginning balance of $3,375 and was debited for $6,450 for supplies purchased during the jear. Journalize the adjusting entry required at the end of the year, assuming the amount of supplies on hand is $2,980.arrow_forwardLet's select two accounts from an Adjusted Trial Balance: Accounts receivable (Dr. balance $12,000) and Fees earned (Cr. blance $150,000). What will be the balance in each account after closing entries are posted? Accounts receivable $ Fees earned $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
Accounting
Accounting
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:Cengage Learning,
Accounting Information Systems
Accounting
ISBN:9781337619202
Author:Hall, James A.
Publisher:Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis...
Accounting
ISBN:9780134475585
Author:Srikant M. Datar, Madhav V. Rajan
Publisher:PEARSON
Intermediate Accounting
Accounting
ISBN:9781259722660
Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:9781259726705
Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:McGraw-Hill Education
The accounting cycle; Author: Alanis Business academy;https://www.youtube.com/watch?v=XTspj8CtzPk;License: Standard YouTube License, CC-BY