The Unadjusted Trial Balance columns of a work sheet total $97,500. The Adjustments columns contain entries for the following: Office supplies used during the period, $5,700. Expiration of prepaid rent, $2,050. Accrued salaries expense, $1,850. Depreciation expense, $2,150. Accrued consulting revenue, $1,750. The Adjusted Trial Balance columns total is: Multiple Choice $84,000. $97,500. $103,250. $105,250. $111,000.
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The Unadjusted
- Office supplies used during the period, $5,700.
- Expiration of prepaid rent, $2,050.
- Accrued salaries expense, $1,850.
Depreciation expense, $2,150.- Accrued consulting revenue, $1,750.
The Adjusted Trial Balance columns total is:
-
$84,000.
-
$97,500.
-
$103,250.
-
$105,250.
-
$111,000.
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- Required 1. Prepare and complete a 10-column work sheet for fiscal year 2019, starting with the unadjusted trial balance and including adjustments based on these additional facts. a. The supplies available at the end of fiscal year 2019 had a cost of $7,900. b. The cost of expired insurance for the fiscal year is $10,600. c. Annual depreciation on equipment is $7,000. d. The April utilities expense of $800 is not included in the unadjusted trial balance because the bill arrived after the trial balance was prepared. The $800 amount owed needs to be recorded. e. The company’s employees have earned $2,000 of accrued and unpaid wages at fiscal year-end. f. The rent expense incurred and not yet paid or recorded at fiscal year-end is $3,000. g. Additional property taxes of $550 have been assessed for this fiscal year but have not been paid or recorded in the accounts. h. The $300 accrued interest for April on the long-term notes payable has not yet been paid or recorded. 2. Using information…Suppose a customer rents a vehicle for three months from Franklin Rental on November 1, paying $3,750 ($1,250/month). Required: 1.&2. Record the necessary entries in the Journal Entry Worksheet below. 3. Calculate the year-end adjusted balances of Deferred Revenue and Service Revenue (assuming the balance of Deferred Revenue at the beginning of the year is $0).Wyco's fiscal Year ends September 30. On September 10, it's collects $30.000 for a painting job and credits unearned painting revenue. As of September 30, 60% of the work has been done. What adjusting entry must WyCo record on September 30?
- Olney Cleaning Company had the following items that require adjustment at year end. For one cleaning contract, $11,100 cash was received in advance. The cash was credited to Unearned Service Revenue upon receipt. At year end, $260 of the service revenue was still unearned. For another cleaning contract, $8,700 cash was received in advance and credited to Unearned Service Revenue upon receipt. At year end, $3,000 of the services had been provided. Required: 1. Prepare the adjusting journal entries needed at December 31. If an amount box does not require an entry, leave it blank. Dec. 31 Unearned Service Revenue fill in the blank 02e1a8f7d03afe9_2 fill in the blank 02e1a8f7d03afe9_3 Service Revenue fill in the blank 02e1a8f7d03afe9_5 fill in the blank 02e1a8f7d03afe9_6 Dec. 31 Unearned Service Revenue fill in the blank 02e1a8f7d03afe9_8 fill in the blank 02e1a8f7d03afe9_9 Service Revenue fill in the blank 02e1a8f7d03afe9_11 fill in the blank 02e1a8f7d03afe9_12…Queenan Company computes depreciation on delivery equipment at $1,000 for the month of June. The adjusting entry to record this depreciation should be reflected as:A 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…
- A 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, $450. Depreciation expense on equipment, $750 (Remember to credit the Accumulated Depreciation account for equipment, not Equipment). Wages accrued or earned since the last payday, $380 (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 4,370 fill in the blank 1 fill in the blank 2 1 2 Supplies 250 fill in the blank 3 fill in the blank 4 2 3 Prepaid Insurance 1,800 fill in the blank 5 fill in the blank 6 3 4 Equipment 4,880 fill in the blank 7 fill in the blank 8 4 5 Accumulated Depreciation, Equipment 1,350 fill in the blank 9 fill in the blank 10 5 6 Accounts Payable…On November 30, 2019, Davis Company and the following account balances: 1. Prepare general journal entries to record preceding transactions. 2. Post to general ledger T-accou11ts. 3. Prepare a year-end trial balance on a worksheet and complete the worksheet using the following information: (a) accrued salaries at year-end total $1,200; (b ) for simplicity, the building and equipment are being depreciated using the stright-line method over an estimated life of 20 years with no residual all c) supplies on hand at the end of the year total $630; (d ) bad debts expense for the year totals $830; and (e ) the income tax rate is 30%; income taxes are payable in the first quarter of 2020. 4. Prepare company's financial statements for 2019 . 5. Prepare 2019 (a) adjusting and (b) closing entries in the general journal.Salary expense has a balance of $65,400 in the trial balance debit column of a worksheet. The adjustments credit column contains a $500 credit to salary payable. The adjusted trial balance column will show:
- Suppose a customer rents a vehicle for three months from Commodores Rental on November 1, paying $5,250 ($1,750/month). 1.&2. Record the necessary entries in the Journal Entry Worksheet below. 3. Calculate the year-end adjusted balances of the Deferred Revenue and Service Revenue accounts (assuming the balance of Deferred Revenue at the beginning of the year is $0). Deferred revenue ending balance:____________ Service revenue ending balance: _____________Depreciation for equipment this month is $300. The necessary adjusting entry will include a:During the year ended 30 September 20X9, H recorded the following cash transactions: (1) A payment of an annual insurance premium of $6,000. This covered the period to 31 December 20X9. (2) Receipt of $3,000 in respect of rent from a tenant covering the three-month period to 30 November 20X9. What is the impact on profit and net assets of making the year-end adjustments for deferred income and prepayments at 30 September 20X9? Profit Net assets A. Decrease of $500 Increase of $500 B. Decrease of $1,000 Increase of $1,000 C. Decrease of $500 Decrease of $500 D. Increase of $1,000 Increase of $1,000