there are part a and b Record the effect, if any, of the transaction entry or adjusting entry on the appropriate balance sheet category or on the incomestatement by entering the account name and amount and indicating whether it is an addition (+) or subtraction (-). Column headingsreflect the expanded balance sheet equation; items that affect net income should not be shown as affecting stockholders' equity. Thefirst transaction is provided as an illustration.a. During the month, the Supplies (asset) account was debited $4,800 for supplies purchased. The cost of supplies used during themonth was $3,300. Record the adjustment to properly reflect the amount of supplies used and supplies still on hand at the end ofthe month.b. An insurance premium of $440 was paid for the coming year. Prepaid Insurance was debited.c. Wages of $3,225 were paid for the current month.d. Interest revenue of $300 was received for the current month.e. Accrued $680 of commissions payable to sales staff for the current month.f. Accrued $100 of interest expense at the end of the month.g. Received $2,425 on accounts receivable accrued at the end of the prior month.h. Purchased $600 of merchandise inventory from a supplier on account.i. Paid $120 of interest expense for the month.j. Accrued $830 of wages at the end of the current month.k. Paid $530 of accounts payable.Required:a. Indicate the financial statement effect.b. Prepare the journal entry for the above transactions.Complete this question by entering your answers in the tabs below.Required APrepare the journal entry for the above transactions.Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.View transaction listJournal entry worksheet<Required B1Event2a.Note: Enter debits before credits.3Record the cost of supplies used during the month of $3,300.Record entry4 5 6 7General Journal8Clear entryDebit11CreditView general journal> Record the effect, if any, of the transaction entry or adjusting entry on the appropriate balance sheet category or on the incomestatement by entering the account name and amount and indicating whether it is an addition (+) or subtraction (-). Column headingsreflect the expanded balance sheet equation; items that affect net income should not be shown as affecting stockholders' equity. Thefirst transaction is provided as an illustration.a. During the month, the Supplies (asset) account was debited $4,800 for supplies purchased. The cost of supplies used during themonth was $3,300. Record the adjustment to properly reflect the amount of supplies used and supplies still on hand at the end ofthe month.b. An insurance premium of $440 was paid for the coming year. Prepaid Insurance was debited.c. Wages of $3,225 were paid for the current month.d. Interest revenue of $300 was received for the current month.e. Accrued $680 of commissions payable to sales staff for the current month.f. Accrued $100 of interest expense at the end of the month.g. Received $2,425 on accounts receivable accrued at the end of the prior month.h. Purchased $600 of merchandise inventory from a supplier on account.i. Paid $120 of interest expense for the month.j. Accrued $830 of wages at the end of the current month.k. Paid $530 of accounts payable.Required:a. Indicate the financial statement effect.b. Prepare the journal entry for the above transactions.Complete this question by entering your answers in the tabs below.Required AIndicate the financial statement effect.TransactionorAdjustmenta.b.b.C.d.e.Required Bf.9.9.h.i.j.k.Supplies -3,300AssetsBalance Sheet CategoryLiabilities< Required A+Stockholders'EquityRequired B >Income StatementNet Income EffectSupplies expense -3,300

Rules for EntriesPersonal Account: Related to Person or Firm.Receiver will be debited and Giver will…

a. During the month, the Supplies (asset) account was debited $4,800 for supplies purchased. The cost of supplies used during the month was $3,300. Record the adjustment to properly reflect the amount of supplies used and supplies still on hand at the end of the month. b. An insurance premium of $440 was paid for the coming year. Prepaid Insurance was debited. c. Wages of $3,225 were paid for the current month. d. Interest revenue of $300 was received for the current month. e. Accrued $680 of commissions payable to sales staff for the current month. f. Accrued $100 of interest expense at the end of the month. g. Received $2,425 on accounts receivable accrued at the end of the prior month.

a. During the month, the Supplies (asset) account was debited $4,800 for supplies purchased. The cost of supplies used during the month was $3,300. Record the adjustment to properly reflect the amount of supplies used and supplies still on hand at the end of the month. b. An insurance premium of $440 was paid for the coming year. Prepaid Insurance was debited. c. Wages of $3,225 were paid for the current month. d. Interest revenue of $300 was received for the current month. e. Accrued $680 of commissions payable to sales staff for the current month. f. Accrued $100 of interest expense at the end of the month. g. Received $2,425 on accounts receivable accrued at the end of the prior month.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 4EA: Identify the financial statement on which each of the following accounts would appear: the income...

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Record the effect, if any, of the transaction entry or adjusting entry on the appropriate balance sheet category or on the income statement by entering the account name and amount and indicating whether it is an addition (+) or subtraction (–). Column headings reflect the expanded balance sheet equation; items that affect net income should not be shown as affecting stockholders’ equity. The first transaction is provided as an illustration. A. During the month, Supplies Expense was debited $2,600 for supplies purchased. The cost of supplies used during the month was $1,900. Record the adjustment to properly reflect the amount of supplies used and supplies still on hand at the end of the month. B. During the month, the board of directors declared a cash dividend of $14,400, payable next month. C. Employees were paid $10,500 in wages for their work during the first three weeks of the month. D. Employee wages of $3,600 for the last week of the month have not been recorded. E. Revenues from…
Record the effect, if any, of the transaction entry or adjusting entry on the appropriate balance sheet category or on the income statement by entering the account name and amount and indicating whether it is an addition (+) or subtraction (-). Column headings reflect the expanded balance sheet equation; items that affect net income should not be shown as affecting stockholders' equity. The first transaction is provided as an illustration. A. During the month, Supplies Expense was debited $2,600 for supplies purchased. The cost of supplies used during the month was $1,900. Record the adjustment to properly reflect the amount of supplies used and supplies still on hand at the end of the month. B. During the month, the board of directors declared a cash dividend of $14,400, payable next month. C. Employees were paid $10,500 in wages for their work during the first three weeks of the month. D. Employee wages of $3,600 for the last week of the month have not been recorded. E. Revenues from…
Record the effect, if any, of the transaction entry or adjusting entry on the appropriate balance sheet category or on the income statement by entering the account name and amount and indicating whether it is an addition (+) or subtraction (-). Column headings reflect the expanded balance sheet equation; items that affect net income should not be shown as affecting stockholders' equity. The first transaction is provided as an illustration. a. During the month, the Supplies (asset) account was debited $4,800 for supplies purchased. The cost of supplies used during the month was $3,300. Record the adjustment to properly reflect the amount of supplies used and supplies still on hand at the end of the month. b. An insurance premium of $440 was paid for the coming year. Prepaid Insurance was debited. c. Wages of $3,225 were paid for the current month. d. Interest revenue of $300 was received for the current month. e. Accrued $680 of commissions payable to sales staff for the current month.…
Transaction/ Adjustment a. b. C. d. e. f. g. h. i. j. k. Assets Supplies -2,800 Balance Sheet Category = Liabilities Stockholders' Equity Income Statement Net Income Effect Supplies Exp -2,800
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