adjusting entries
Q: Bava Consulting has the following account balances at December 31, the end of its fiscal year.…
A: T- accounts are as follows:
Q: Prepare journal entries. 1. The bookkeeper for Oglesby Company asks you to prepare the following…
A: Journal entries is an process of recording accounting transactions of the firm where it involves…
Q: Culver Company shows the following balances in selected accounts of its adjusted trial balance.…
A: Closing entries are those entries which are passed at the end of the period in order to close out…
Q: Account Normal Balance Cash $12,980 Retained Earnings $13,505 Salaries Expense $53,750 Service Fee…
A:
Q: Journalize the closing entries necessary to close out all permanent accounts.
A: Closing entries Closing entries are recorded in order to close the temporary accounts such as…
Q: Use worksheet and prepare the adjusting entries to correct the figures as per below accounts.…
A: Financial Statements: Financial Statements contain Profit & loss account, Balance sheet, Cash…
Q: Cal Consulting follows the practice that prepayments are debited to expense when paid, and unearned…
A: Adjusting entries: Adjusting entries are those entries which are recorded at the end of the year,…
Q: Blossom Company shows the following balances in selected accounts of its adjusted trial balance.…
A: Closing Entry: Closing entries are the accounting entries by which temporary account balances are…
Q: Blossom's Motel opened for business on May 1, 2020. Its trial balance before adjustment on May 31 is…
A: 1. Prepaid insurance is a 1-year policy starting May 1, 2020. Prepaid insurance = $18000 Paid for…
Q: After the accounts have been adjusted at January 31, the end of the fiscal year, the following…
A: Solution A journal is a company's official book in which all business transaction are recorded in…
Q: Having issues with the attached problem. Thanks
A: Accounting equation: Accounting equation is an accounting tool expressed in the form of the…
Q: At the end of the current year, $4,130 fees have been earned but have not been billed to clients.…
A: Adjusting Entries: Adjusting entries are recorded at the end of the accounting period to make sure…
Q: At the beginning of the period, a company reports a balance in office supplies of $450. During the…
A: Introduction: Journals: Recording of each and every business transactions are to be recorded in…
Q: After the accounts have been adjusted at December 31, the end of the fiscal year, the following…
A: Closing entries are used to transfer the balance from a temporary rece to permanent account. We can…
Q: After the accounts have been adjusted at January 31, the end of the year, the following balances are…
A: Closing entries are used to transfer the balance from a temporary to a permanent account. We can say…
Q: Ricardo Construction began operations on December 1. In setting up its accounting procedures, the…
A: Adjusting entries: These can be defined as the journal entries that are made in the company’s books…
Q: Prepare adjusting journal entries, as needed, for the following items. (a) The Supplies account…
A: Adjusting entries are prepared at the end of the accounting period in order to ensure the accrual…
Q: Len Gary started his own consulting firm, Gary Consulting, on June 1, 2022. The trial balance at…
A: The question is based on the concept of Financial Accounting.
Q: After the accounts have been adjusted at December 31, the end of the fiscal year, the following…
A: Balance of revenues and expenses is transferred to the capital account (net income or loss).
Q: After the accounts have been adjusted at December 31, the end of the fiscal year, the following…
A: Closing entries are used to transfer the balance from a temporary account to a permanent account. We…
Q: After the accounts have been adjusted at January 31, the end of the fiscal year, the following…
A: Fees earned will be credited to income summary account.
Q: Determine the account and amount to be debited and the account and amount to be credited for the…
A: Adjusting entries are prepared by management to ensure the accrual basis accounting system. It is…
Q: Prepare journal entries to record the following business transaction and related adjusting entry. If…
A: Journal entry is recording or posting of the business transactions in the books of accounts of the…
Q: Fill in the t-accounts for each situation and label each transaction as Deferrals/Prepaid or…
A: Adjusting entries are required to record internal transactions and balance the assets and…
Q: At the beginning of the period, a company reports a balance in office supplies of $500. During the…
A: Adjusting Entries are the required entries at the end of the period to provide the correct balance…
Q: The income statement for the Marin Inc. for the month ended July 31 shows Service Revenue $19,560,…
A: Prepare the journal entries:
Q: Innovative Consulting Co. has the following accounts in its ledger: Cash, Accounts Receivable,…
A: A journal entry refers to recording of either economic or non-economic transactions of an entity in…
Q: Assume that on February 1, Marks and Spencer plc (M&S) (GBR) paid £ 83,520 in advance for 2 years'…
A: Solution: Journal entry to record insurance payment and relevant adjusting entry is as under:
Q: A+T Williamson Company is making adjusting entries for the year ended December 31 of the current…
A: Prepaid expense: Prepaid expense are the future expenses which are paid in advance. Initially, they…
Q: After the accounts have been adjusted at October 31, the end of the fiscal year, the following…
A: Closing entries are those entries which aim at transferring the temporary accounts to permanent…
Q: After the accounts have been adjusted at October 31, the end of the fiscal year, the following…
A: Journal: Recording of a business transactions in a chronological order.
Q: Lavender Company started its business on April 1, 2019. Using the following accounts, prepare the…
A: An accounting record for a business uses a journal entry to document a commercial transaction. The…
Q: After the accounts have been adjusted at December 31, the end of the fiscal year, the following…
A: Introduction: Closing Entries are the Closing journal entries, these are recorded at the end of the…
Q: The bookkeeper for Blossom Company asks you to prepare the following accrued adjusting entries at…
A: Journal Entries: In an organization's accounting system, a journal entry is used to document a…
Q: Prepare journal entries to record the following business transaction and related adjusting entry. If…
A: Journal entry: A journal entry is used to record day-to-day transactions of the business by debiting…
Q: After the accounts have been adjusted at December 31, the end of the fiscal year, the following…
A: Closing entries are used to transfer the balance from a temporary account to a permanent account. We…
Q: Wagner Accounting & Tax Services provides accounting and tax services in Tampa, Florida. The…
A: The question is based on the concept of Journal Entries.
Q: XYZ Company prepares monthly financial statements. In the tabular summary below are selected…
A: The depreciation expense is charged on fixed assets as reduction in the value of fixed assets with…
Q: Cal Consulting initially records prepaid and unearned items in income statement accounts. Given this…
A: Solution - Preparation of…
Q: After the accounts have been adjusted at May 31, the end of the fiscal year, the following balances…
A: Journal entry: Journal is a book of prime entry or a book of original entry in which transactions…
Q: At the beginning of the period, a company reports a balance in office supplies of $450. During the…
A: Supply Consumed: The Supplies is an asset account falls under current assets since supplies will be…
Q: Week 2- Analyzing Transactions and the Adjusting Process Define the following: Accrual basis of…
A: Hello. Since you have posted multiple questions and not specified which question needs to be solved,…
Q: Brett Thomas Enterprises had the following accounts and normal balances listed on its December 31st…
A: Debit all expenses, and Credit all incomes Debit the receiver, and Credit the giver Debit what comes…
Q: Innovative Consulting Co. has the following accounts in its ledger: Cash, Accounts Receivable,…
A: Journal entries Journal entries are the transactions that are recorded in the primary book. They are…
Q: The bookkeeper for Wildhorse Co. asks you to prepare the following accrual adjusting entries at…
A: Adjusting entries are prepared by management to ensure the accrual basis accounting system. It is…
Q: Innovative Consulting Co. has the following accounts in its ledger: Cash, Accounts Receivable,…
A: Journal is first book where financial transactions are recorded. Journal Entry is done on…
Q: After the accounts have been adjusted at November 30, the end of the fiscal year, the following…
A: Closing entries are entries made at the end of an accounting period, for transferring temporary…
Record (write out in proper
Adjusting & other entries:
A) December 31: The bookkeeper forgot to enter a journal entry in the system. Therefore, you must also record an entry for $11,500 dividend payment that the company made to its shareholders. (Debit dividends and credit cash).
Step by step
Solved in 3 steps
- ssignment/takeAssignmentMain.do?invoker%=&takeAssignmentSessionLocator38inprogress3Dfalse CardPointe ONew Tab UTA Is The Leader I.... Commercial Captur... UPS-Shipping ups Search for Corporat... |国 Determine the amount to be paid by the buyer for full settlement of each invoice, assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discount period. Merchandise Transportation Paid by Seller Transportation Terms Returns and Allowances (a) $7,600 $202 FOB Shipping Point, 1/10, net 30 $800 (b) $7,500 $62 FOB Destination, 2/10, net 45 $1,700 a. b. Previous Next Email Instruct + %24 %24tests.mettl.com/test-window/f55ac827#/testWindow/0/16/1 EY Accounting Assessment O Total 00:54.47 Finish Test Section 1 of 1 Section #1 v 10 11 12 13 14 15 16 17 18 19 20 17 of 45 All 2 43 Question # 17 G Revisit Choose the best option Which of the following formula best describes the acid test or quick ratio? Current assets: Current liabilities. Debtors: Creditors O (Current assets stock) Current liabilities. O Current assets: (Current liabilities - bank overdraft). Frev Cueston Next Question +91-82878-03040 Zaineh | Support +1-650-924-9221 metil 413 PM 1/16/2021 Type here to searchWhat is the result in C9? 1 2 34569 7 8 9 B Year O a. #DIV/01 O b. N/A O c. Accept O d. Reject 0 1 2 4 Cash Flow 8,200 1,400 2,500 3,100 4,800 8% D E F 4 Rate Decision IF(NPV(CB,C4:C7)>=C3,"Accept","Reject")
- PROGRAMS v SELF-DEVELOPMENT E-LIBRARY ZAIN HANDBOOKS 11 12 13 14 15 When recording bad debt expense under the allowance method, at the end of the accounting period? is credited, and is debited O a accounts receivable; bad debt expense. O b. allowance for doubtfut accounts accounts receivable O c. bad debt expense; allowance for doubtful accounts O d. allowance for doubtful accounts: bad debtexpense. Hc POCOPHONE SHOT ON POCOPHONE F1 10:04 11/2/7 10Question 1. Trial balanceLand and premises 2000000Furniture 120000Inventory (01/04/19) 80000Import on duty 4000Wages of contract workers 46000Salaries 64000Carriage for goods purchased 5200Carriage for goods sold 12400Discounts 24900 25080Purchases and sales 705200 237252200 Rent 11200 13000Commission 15600 17400Bills receivable 1080012% investment (1/10/19) 136000Donation to national fund 1260010% bank loan 112000Factory rent 64000Receivables and payables 920000 240000eBank 728000Bad debts 66000 Provision for doubtful debts 20000Rates and taxes 31200BrokerageCapitalQueen corona 500000Queen covid 500000Current accountQueen corona 20000Queen covid 128000 Additional informationDue to the economic recession at the moment, the partners estimated that more of their receivables may not be able to settle their debts, hence, they wrote off additional debts of GHc 15000 and agreed to maintain provisions for doubtful debts at 5%.They agreed to provide for discount on receivables at 5%.All…ANotes X A Soluti x A Notes x A Soluti x A Tuton X Answ X OTgzNDkyOTcw/a/MJU1MTU2OT94NZAX/details 2. The following trial balance was extracted from the books of Syarikat Wawa at 31 Mac 2020: RM 83,030 1,620 800 145,800 10,000 8,500 232,950 68,000 3,600 8,400 4,300 9,600 3,180 28,400 16,440 Particulars Capital Carriage in Carriage out Purchases Office equipment Motor vehicle Sales Wages and salaries Rent and rates Lighting and heating Vehicles running cost Telephone expenses General office expenses Debtors Creditors Provision for depreciation: Motor vehicle Office equipment Provision for doubtful debts 4,250 4,000 500 13,570 6,200 Drawings Cash at bank Cash in hand Stock as at 1 April 2019 Return inwards Return outwards 300 8,000 3,800 2,900 Additional information as at 31 Mac 2020: Stock on hand was valued at RM8,800 Rent and rates prepaid RM1,200 Wages and salaries RM1,750 iv. i. ii. i. Depreciation is to be provided as follows: a. Motor vehicles b. Office equipment 50 % reducing…
- 2. Nem Level Which of the two methods yields a conceptaly pefenbile valion of invemory E7-10 107.5 Alternative Ivety Methods Nevens Compary nes a peiodic invenory Duting November, the foillowing tranactions occurred: Dete Tronsecfion Units Cot/Uni November Balonce $3.50 50 350 Sole Pierhme Purchese Sole 13 300 400 5.00 21 28 200 SHOW ME HOW 150 Required: 1. Compute the cost of goods sold for November and the inventory ar the end of November for each of the following cost flow assumptions: FIPO 2. b. LIPO C Average cost Next Level What can you conclude about the effects of the inventory cost flow assumptions on the financial 2. statementsote: Total Aet-Cuat linbiwbe Accumulated fundo tthistoation: The recepts and gagmetsalleunte of Liar c for the you Balane If Sub saptindn knded 2lst Delamt 1999 Wee ce Inserrance Rate l,000 ting 3,650 L, 700 600 Glavenalerpanes 6itor Reut fnnitume Sought lana /d 27,250 Sonatins 8,500 8,150 7,80 2,St0 27250 The fillowing nformetim Rates were 3600 2,F00 popaid Geneal Raputes prepaid Doo Raut Buing Subsaptim in Qureas 100 75 Foo 600 The foced assets funituns Cnd fifting Premies bepreciate thu Asets as at Ist jan 999 were; at1,500 A5,00 by o pepare; Youre veequired to Statemat of affats - m Come and"copenditwe allounts 2 Balane sheetas at 3lst Delember 1999,ACC 122 Fall 2020Comprehensive ProjectBestValue Corporation's Trial Balance at December 31, 20XX is presented below.All 20XX transactions have been recorded except for the items described on the next page.Debit CreditCash $ 109,890Accounts Receivable 28,789Inventory 25,540Debt Investments 0Land 55,674Buildings 215,850Equipment 75,120Allowance for Doubtful Accounts $ 1,027Accumulated Depreciation-Buildings 63,306Accumulated Depreciation-Equipment 16,048Accounts Payable 35,278Interest Payable 0Unearned Rent Revenue 48,900Dividends Payable 0Income Tax Payable 0Bonds Payable 0Discount on Bonds Payable 0Common Stock ($2 par) 29,200Paid in Capital in Excess of Par-Common Stock 44,580Preferred Stock ($60 par) 0Paid in Capital in Excess of Par-Preferred Stock 0Retained Earnings 107,904Treasury Stock 0Cash Dividends 0Sales Revenue 776,068Rent Revenue 0Gain on Sale of Land 0Bad Debt Expense 0Interest Expense 0Cost of Goods Sold 478,542Depreciation Expense 0Other Operating Expenses 53,274Salaries…
- Question 3 of 8 > -/2 View Policies Current Attempt in Progress What is the journal entry to record an uncollectible accounts receivable? Bad Debt Expense XXX Allowance for Doubtful Accounts XXX Bad Debt Expenses XXX Accounts Receivable XXX Accounts Receivable XXX Allowance for Doubtful Accounts XXX Allowance for Doubtful Accounts XXX Accounts Receivable XXX Save for Later Attempts: 0 of 1 used Submit AnsBalance LO5-3 EXERCIS Adequate Disclosure 05-2, L05-4 KERCISE 5.7 sing Entries of a fitable Company a. Best Buy. The following information was taken directly from the roo customer-facing. 1. "A gift card liability is initially established for the value of gift cards when they are sold. We recognize revenue from gift cards when the cards are redeemed by customers." 2. "Advertising costs, which are included in SG&A, are expensed when the advertisement is Th are di balance ha C. 3. a. the assets. Discuss what is meant by each of the above footnote items. "We compute depreciation using the straight-line method over the estimated useful lives of b. As noted, Best Buy establishes a liability to record the sale of gift cards. Assume that you current year. 99 ** a entries made by Best Buy to record (1) your purchase of the gift card and (2) the use of the gift card by your friend to purchase a $100 set of headphones. Discuss how the matching principle relates to Best Buy's treatment of…C. P177.60 d. P29.60 P74.40 P300 P620 30% e. 4. Find the (a) cash discount and (b) net amount due if the following invoices are paid within the discoun period. Net invoice price P3,265 Net amount due Terms of payment 3 п Cash discount 10'30 P 1,342 15'60 2 n P985 5'15 5. Find the (a) deadline for discount period, (b) deadline for credit period, (c) cash discount and (d) amount due for the following cases. Deadline of discount Net Deadline of credit Invoice Terms of Cash Invoice date amount due amount payment discount period period 1 n P 1,675 Jan. 15 15'45 P645 Feb. 25 10'30 1n P 895 March 12 10'45 3 2 P785 April 22 . 15'20'90 6. The net invoice price of a wall clock is P287.00. If the discount granted was 18%, find: a. Net invoice price rate b. List price C. Discount 7. The net invoice price of a dining table is P6,187.50, representing 75% of the list price. Find: a. List price b. Discount