1. Balances at the month of July 31,2020 Unearned fees-1,250 Fees earned- 59,125 Give the Adjusting entry. Unearned fees on July 31,2020, 750.
Q: On March 1, 2020 Delly Corporation received $60,000 in advance from Pam Company for services to be…
A: Amount received in advance for which service has yet to be provided in the next three months is…
Q: Sahali Inc.'s ending trial balance from May 31, 2021 is below. You were hired as the accountant on…
A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts…
Q: Prepare the adjusting entries for the following company (assume that the company only records…
A: JOURNAL ENTRY Date Particulars Debit Credit 1. 30/NOV/20 Insurance expense…
Q: Grasshopper Lawn Service provides general lawn maintenance to customers. The company's fiscal…
A: SOLUTION JOURNAL ENTRY IS THE ACT OF KEEPING OR RECORDS OF ANY BUSINESS TRANSACTIONS EITHER ECONOMIC…
Q: A partial adjusted trial balance of Zaylo Company at December 31, 2019, shows the following. Zaylo…
A: Unearned revenue is a revenue that is not generated but received in advance. It is treated as…
Q: Journalizing adjusting entries and analyzing their effect on the income statement The following data…
A: Total expense = Depreciation + Rent + Interest expense + Salaries + Office supplies = $600 + $200 +…
Q: The balance in the unearned fees account, before adjustment at the end of the year, is $272,500.…
A: Calculate the amount of fees revenue recognized at the end of the accounting year.
Q: Can you answer the multiple-choice and the accounting cycle Below Question 1 If the Supplies Expense…
A: Journal entry: It is also called as book of original entry. All financial transactions occurred in a…
Q: Barans Realty Co. pays weekly salaries of $8,125 on Friday for a five-day workweek ending on that…
A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…
Q: Prepare adjusting entries required on December 31 for each item with your supporting computations…
A: Adjusting entries are entries passed at the end of the period to accurately reflect income and…
Q: Prepare adjusting entries as of December 31, 2021 for the following: DEFERRAL TYPE 1. A company…
A: A journal is the basic book of accounts which forms the very basis of all other books of accounts.…
Q: Prepare the following adjusting entries for Brown's company in May 2020: 1). May 7 Brown's company…
A: Adjusting entries are those entries which are passed at the end of the period in order to reflect…
Q: Journalizing adjusting entries Consider the following situations: a. Business receives $3,200 on…
A: Adjusting entries: The entries that are made at the end of an accounting period in accordance with…
Q: repare the adjusting entries needed as of December 2020. Write your solutions as…
A: Adjusting journal entries are prepared in order to account the accruals or advances in the income…
Q: Prepare the adjusting entry for each of the following for year ended December 31, 2020. 1.)…
A: Annual Depreciation (straight line method) = (Cost of the assets - Residual value) / Expected life…
Q: 3. On November 1, 2020, three months' rent was paid in advance, with a value of $4,500. a) Write…
A: Date Accounts Debit Credit Nov 1 Prepaid rent 4,500 Cash 4,500 (Rent paid for next…
Q: Prepare the necessary adjusting entries for the year at December 31, 20x2. 1. The note amounting…
A: Adjusting journal entries are necessary to prepare at the end of an accounting period to show the…
Q: This is a partial adjusted trial balance of Orlando Corporation: ORLANDO CORPORATION Partial…
A: Hi student Since there are multiple subparts, we will answer only first three subparts.
Q: The Mazzanti Wholesale Food Company’s fiscal year-end is June 30. The company issues quarterly…
A: Adjusting entries: Adjusting entries are the journal entries that are entered in the books of…
Q: A business pays weekly salaries of $11,420 on Monday for the preceding five-day week ending on…
A: Journal entries record the transactions of the business in its accounting books. Transactions having…
Q: Prepare adjusting entries as of December 31, 2021 for the following: ACCRUAL TYPE 1. A company…
A: An adjusting entry is a journal entry in the books of accounts that is recorded in the books at the…
Q: ABC Company collected 30,000 on August 31 representing 6 months rent. The Comapany is using the…
A: Lets understand the basics. Journal entry is requirement is to make to record revenue and expense in…
Q: On July 1, AHMAD Store paid OMR 12,000 to JAMEEL CO. for One Year Rent beginning July 1. If…
A: Following is the answer to given question
Q: If the amount in Supplies Expense is the January 31 adjusting entry, and $2,400 of supplies was…
A: Given information is: Supplies purchased in Jan = $2400 Supplies expense on Jan 31 = $3800
Q: The Mazzanti Wholesale Food Company's fiscal year-end is June 30. The company issues quarterly…
A: Adjusting journal entry: At year-end when the company finalizes its accounts, any unrecognized…
Q: On December 1 of the current year, Prepaid Rent was debited $7,200 for three months of rent, to…
A: Prepaid expenses refer to the expenses of the business that are paid in advance before such expense…
Q: Grasshopper Lawn Service provides general lawn maintenance to customers. The company’s fiscal…
A: Journal entry: It is the recording of financial and non-financial transaction of the organization.…
Q: The balance in the Prepaid Insurance * account before adjustment at the end of the year is P7,200,…
A:
Q: Journalizing adjusting entries and subsequent journal entries Lopez Landscaping has the following…
A: Journalize the adjusting entry needed on December 31 for each of the previous items affecting Lopez…
Q: Grasshopper Lawn Service provides general lawn maintenance to customers. The company's fiscal…
A: Adjusting entries are prepared at year end to prepare error free financial statements.
Q: Prepare the adjusting journal entries needed (if any) on December 31, 2020. AJE's are only prepared…
A: Unearned Revenue is the payment made by the customers in advance for the goods to be delivered in…
Q: Melon company provides painting services to its customers. The company performs adjusting entries on…
A: The financial statements of the business include the income statement and balance sheet.
Q: On July 1, 2019, Oriole Co. pays $ 27,300 to Skysong Insurance Co. for a 4-year insurance contract.…
A: “Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: 2. The company pays weekly salaries of 12,500 on friday for a five day week during in that day.…
A: solution : The company pays weekly salaries of 12,500 on friday for a five day week during in that…
Q: A business pays weekly salaries of $22,000 on Friday for a five-day week ending on that day.…
A: As posted multiple independent scenarios as per company guidelines we are answering only first…
Q: The following adjusting entry for accrued wages was recorded on December 31:Dec. 31…
A: Reversing Entries: Reversing entries are made at the beginning of the accounting period when the…
Q: The ledger of Yoon lumber supply on July 31, 2020, includes the selected accounts below before…
A: Adjusting entries are made at the end of the period so that the transactions reflected after…
Q: Silas Company prepares accounts for accounting year end December 31. Prepare the appropriate…
A: Adjusting entries are the journal entries passed on the reporting date to record the transactions…
Q: A partial adjusted trial balance of Concord Company at January 31, 2020, shows the following.…
A: Beginning supplies = Ending supplies + Supplies used - Purchase of supplies
Q: Prepare the necessary adjusting entries on December 31, 2020 to adjust the given items below. The…
A: The adjusting entries are passed as follows
Q: A partial adjusted trial balance of Piper Company at January 31, 2020, shows the following. Piper…
A: a. Calculate supplies balance on January 1. Supplies balance = $700 + $950 -$850 Supplies balance =…
Q: The balance in the prepaid insurance account, before adjustment at the end of the year, is $27,000.…
A: Adjusting entries are prepared at the end of the accounting period in order to ensure the accrual…
Q: a. On 1 January 2021, a customer paid OMR 3500 fees in advance for professional Services to be given…
A: Adjusting journal Entries Date Description Debit Credit 1 Advance Professional fees A/c…
Q: Prospect Realty Co. pays weekly salaries of $16,980 for a six-day workweek (Monday thru Saturday).…
A: Adjusting journal entry requires for those financial transaction on which any adjustment is needed…
Q: The following information were made available for WideJoy Tech Services (WTS) as of December 31,…
A: The prepaid rent is the rent paid in advance but not due for payment yet.
Q: Adjustment for accrued expenseWe-Sell Realty Co. pays weekly salaries of $11,800 on Friday for a…
A: Adjusting entries: Adjusting entries are those entries which are recorded at the end of the year, to…
Q: Journalizing adjusting entries Consider the following situations: The business receives $3,200 on…
A: Adjusting entries: Adjusting entries are those entries which are recorded at the end of the year, to…
Q: Journalizing adjusting entries and analyzing their effect on the income statement The following data…
A: 1. Prepare necessary adjusting entries needed on July 31, 2018.
1. Balances at the month of July 31,2020
Unearned fees-1,250
Fees earned- 59,125
Give the Adjusting entry.
Unearned fees on July 31,2020, 750.
2. The company pays weekly salaries of 12,500 on friday for a five day week during in that day. Journalize the necessary adjusting entry at the end of the accounting period, assuming that the period ends on Thursday.
3. Which of the following requires an
A. Land
B.
C. Wages expense
Step by step
Solved in 2 steps
- On December 1, Daw Company accepts a $46,000, 45-day, 9% note from a customer. (1) Prepare the year-end adjusting entry to record accrued interest revenue on December 31. (2) Prepare the entry required on the note's maturity date assuming it is honored. (Use 360 days a year.) View transaction list Journal entry worksheet Record the year-end adjustment related to this note, if any. Note: Enter debits before credits. Date General Journal Debit December 31 Clear entry Record entry Credit View general journalJournalize the adjusting entry for each of the following accrued expenses at the end of the current year:a. Product warranty cost, $26,800.b. Interest on the 19 remaining notes owed to Gallardo Co.Instructions Mar. Purchased merchandise on account from Kirkwood Co., $372,000, terms n/30. 1 31 Issued a 30-day, 4% note for $372,000 to Kirkwood Co., on account. Apr. 30 Paid Kirkwood Co. the amount owed on the note of March 31. Jun. Borrowed $150,000 from Triple Creek Bank, issuing a 45-day, 8% note. 1 Jul. 1. Purchased tools by issuing a $276,000, 60-day note to Poulin Co., which discounted the note at the rate of 6%. 16 Paid Triple Creek Bank the interest due on the note of June 1 and renewed the loan by issuing a new 30-day, 6.5% note for $150,000. (Journalize both the debit and credit to the notes payable account.) Aug. 15 Paid Triple Creek Bank the amount due on the note of July 16. 30 Paid Poulin Co. the amount due on the note of July 1. Dec. Purchased equipment from Greenwood Co. for $540,000, paying $108,000 cash and issuing a series of ten 4% notes for $43,200 each, coming due at 30-day intervals. 22 Settled a product liability lawsuit with a customer for $309,500, payable…
- Assume that Company X loaned $12,000 to an employee on October 1, 2018, by creating a note the employee pay the principal and 8% interest on September 30, 2019. Assume the company makes adjusting entries only at year-end on December 31. a. Record the establishment of the note b. Record any necessary end-of-period adjusting entry to be made at the end of 2018 c. Record the receipt of interest and principal on September 30,2019On December 1, Daw Company accepts a $48,000, 45-day, 10% note from a customer. (1) Prepare the year-end adjusting entry to record accrued interest revenue on December 31. (2) Prepare the entry required on the note's maturity date assuming it is honored. (Use 360 days a year.) View transaction list Journal entry worksheet 1 2 Record the year-end adjustment related to this note, if any. Note: Enter debits before credits. Date December 31 Record entry General Journal Clear entry Debit Credit View general journal >On December 1, Daw Company accepts a $18,000, 45-day, 10% note from a customer. (1) Prepare the year-end adjusting entry to record accrued interest revenue on December 31. (2) Prepare the entry required on the note's maturity date assuming it is honored. (Use 360 days a year.) View transaction list Journal entry worksheet 1 2 Record the year-end adjustment related to this note, if any. Note: Enter debits before credits. Date December 31 General Journal Debit Credit >
- Demello & Associates records adjusting entries on an annual basis. The company has the following information available on accruals that must be recorded for the year ended December 31, 2021: 1. Demello has a $15,600, 8% note receivable with a customer. The customer pays the interest on a monthly basis on the first of the month. Assume the customer pays the correct amount each month. 2. Demello pays its employees a total of $6,500 every second Wednesday. Employees work a five-day week, Monday to Friday, and are paid for all statutory holidays. December 31, 2021, is a Friday. Employees were paid on Wednesday, December 29, 2021, up to the Friday of the prior week. Demello has a contract with a customer where it provides services prior to billing the customer. On December 31, 2021, this customer owed Demello $3,400. Demello billed the customer on January 7, 2022, and collected the full amount on 3. January 18, 2022. 4. Demello received the $480 December utility bill on January 10, 2022.…Information to prepare adjusting journal entries The following information relates to Gatsby, Inc. as of December 31 of the current year. The company uses the calendar year as its annual reporting period and the Accrual Method of Accounting. Prepaid and unearned items are recorded as assets and liabilities, respectively. Prepare all necessary adjusting journal entries and post to the T-accounts. 1 The company's weekly payroll is $3,000 and is paid each Friday for a five-day work week. Assume December 31st falls on a Thursday, but the employees will not be paid their wages until Friday, January 3rd. 2 Eighteen months earlier, on July 1st the company purchased equipment that cost $160,000. Its useful life is predicted to be ten years, at which time the equipment is expected to have a zero salvage/residual value. Gatsby, Inc. uses the straight-line depreciation method. Deprecation has NOT been recorded for this year. 3 On September 1st of the current year Gatsby, Inc. was paid $60,000 in…Demello & Associates records adjusting entries on an annual basis. The company has the following information available on accruals that must be recorded for the year ended December 31, 2021: 1. Demello has a $ 14,400, 8% note receivable with a customer. The customer pays the interest on a monthly basis on the first of the month. Assume the customer pays the correct amount each month. 2. Demello pays its employees a total of $ 6,900 every second Wednesday. Employees work a five-day week, Monday to Friday, and are paid for all statutory holidays. December 31, 2021, is a Friday. Employees were paid on Wednesday, December 29, 2021, up to the Friday of the prior week. 3. Demello has a contract with a customer where it provides services prior to billing the customer. On December 31, 2021, this customer owed Demello $ 3,490. Demello billed the customer on January 7, 2022, and collected the full amount on January 18, 2022. 4. Demello received the $ 495 December utility…
- On December 1, a company accepts a $44,000, 45-day, 12% note from a customer. a. Prepare the year-end adjusting entry to record accrued interest revenue on December 31. b. Prepare the entry required on the note's maturity date assuming it is honored. Note: Use 360 days a year. View transaction list Journal entry worksheet 1 2 Record the year-end adjusting entry to record accrued interest revenue on December 31. Note: Enter debits before credits. Date December 31 General Journal Debit Credit >Demello & Associates records adjusting entries on an annual basis. The company has the following information available on accruals that must be recorded for the year ended December 31, 2021: 1. Demello has a $ 14,400, 8% note receivable with a customer. The customer pays the interest on a monthly basis on the first of the month. Assume the customer pays the correct amount each month. 2. Demello pays its employees a total of $ 6,900 every second Wednesday. Employees work a five-day week, Monday to Friday, and are paid for all statutory holidays. December 31, 2021, is a Friday. Employees were paid on Wednesday, December 29, 2021, up to the Friday of the prior week. 3. Demello has a contract with a customer where it provides services prior to billing the customer. On December 31, 2021, this customer owed Demello $ 3,490. Demello billed the customer on January 7, 2022, and collected the full amount on January 18, 2022. 4. Demello received the $ 495 December utility…On December 1, Daw Co. accepts a $34,000, 45-day, 9% note from a customer. (1) Prepare the year-end adjusting entry to record accrued interest revenue on December 31. (2) Prepare the entry required on the note's maturity date assuming it is honored. (Use 360 days a year.) View transaction list Journal entry worksheet 1 2 > Record the year-end adjustment related to this note, if any. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31
