At the end of August, the first month of operations, the following selected data were taken from the financial statements of Tucker Jacobs, an attorney: Net income for August $180,900 Total assets at August 31 999,000 Total liabilities at August 31 330,000 Total owner’s equity at August 31 669,000 In preparing the financial statements, adjustments for the following data were overlooked: Unbilled fees earned at August 31, $9,970. Depreciation of equipment for August, $4,500. Accrued wages at August 31, $3,190. Supplies used during August, $2,790. Required: Question Content Area 1. Journalize the entries to

Ernie Upshaw is the supervising manager of Sleep Tight Bedding. At the end of the year, the company’s accounting manager provides Ernie with the following information, before any adjustment.Accounts receivable $500,000Estimated percent uncollectible 9%Allowance for uncollectible accounts $20,000 (debit)Operating income $320,000In the previous year, Sleep Tight Bedding reported operating income (after adjustment) of $275,000. Ernie knows that it’s important to report an upward trend in earnings. This is important not only for Ernie’s compensation and employment, but also for the company’s stock price. If investors see a decline in earnings, the stock price could drop significantly, and Ernie owns a large amount of the company’s stock. This has caused Ernie many sleepless nights.Required:1. Record the adjustment for uncollectible accounts using the accounting manager’s estimate of 9% of accounts receivable.2. After the adjustment is recorded in requirement 1, what is the revised amount…

I want to solve the income statement and the statement of financial position for this question after the trial balance and adjustments     The data needed to determine year-end adjustments are as follows:a. Supplies on hand at March 31 are $7,500.b. Insurance premiums expired during the year are $1,800.c. Depreciation of equipment during the year is $8,350.d. Depreciation of trucks during the year is $6,200.e. Wages accrued but not paid at March 31 are $600.

Under accrual basis accounting, expenses are recognized when incurred, which means the activity giving rise to the expense has occurred. Required: Assume the following transactions occurred in January. For each of the transactions, if an expense is to be recognized in January, indicate the amount. a b. At the beginning of January, Turnboldt Construction Company pays $4,650 in rent for February to April C d. e Transaction Gateway pays its computer service technicians $91,000 in salary for work done in January. Answer from Gateway's standpoint f Assume that McGraw-Hill Education-publisher of this textbook-uses $1,050 worth of electricity and natural gas in January for which it has not yet been billed. Pooler Company receives and pays in January a $1,550 invoice from a consulting firm for services received in January The campus bookstore receives consulting services at a cost of $5,100. The terms indicate that payment is due within thirty days of the consultation. Schergevitch…

Attached are images containing information to build what is essentially an encompassing financial report on "Howard's Flight Radio Management Corporation. I need:- The Journal Entries for March - "General Journal"- The General Ledger- Trial Balance- A new General Ledger adjusting the entries based on this information:    a) One month's insurance has expired.      b) The remaining inventory of repair supplies is $200.    c) The estimated depreciation on repair equipment is $150.       d) The estimated income taxes are $100.   - Post the entries to the T-accounts.- Prepare an adjusted Trial Balance- Prepare the financial statements (Only the Income, Statement of Retained Earning, and the Balance Sheet)- Prepare the closing entries at March 31st in a General Ledger- Post the Closing entries to the T-accounts.

Adjustment for Depreciation Cowley Company just completed its first year of operations. The December 31 equipment account has a balance of $20,000. There is no balance in the Accumulated Depreciation-Equipment account or in the Depreciation Expense account. The accountant estimates the yearly equipment depreciation to be $4,000. Prepare the required adjustment to record the yearly depreciation for equipment. Note: Use negative signs with answers, when appropriate. Balance Sheet Income Statement Stockholders Assets Liabilities Equity Revenues Expenses = Net Income 20,000 4,000 Check O Previous A Save Answers

The following additional accounts from Recessive Interiors' chart of accounts should be used: Wages Payable, 22; Income Summary, 33; Depreciation Expense-Equipment, 54; Supplies Expense, 55; Depreciation Expense-Trucks, 56; Insurance Expense, 57. The data needed to determine year-end adjustments are as follows: Supplies on hand at January 31 are $2,850. Insurance premiums expired during the year are $3,150. Depreciation of equipment during the year is $5,250. Depreciation of trucks during the year is $4,000. Wages accrued but not paid at January 31 are $900. Required: 1. Journalize the closing entries on of the journal. Then post to the general ledger in the attached spreadsheet. For a compound transaction, if an amount box does not require an entry, leave it blank.

Required information [The following information applies to the questions displayed below.] On December 31, the bookkeeper for Grillo Company prepared the income statement and balance sheet but neglected to consider three adjusting entries. Data on the three adjusting entries follow: a. Rent revenue of $2,100 earned in December of the current year was neither collected nor recorded. b. Depreciation of $4,600 on the equipment for the current year was rfot recorded. c. Income tax expense of $4,700 for the current year was neither paid nor recorded. Required: 1. Prepare the three adjusting entries that were omitted. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet 1 Prepare the adjusting entry needed at December 31. Rent revenue of $2,100 earned in December of the current year was neither collected nor recorded. Note: Enter debits before credits. Transaction General Journal…

Neveranerror Inc. was organized on June 2 by a group of accountants to provide accounting and tax services to small businesses. The following transactions occurred during the first month of business:   Required:  Prepare journal entries on the books of Neveranerror Inc. to record the transactions entered into during the month. Ignore depreciation expense and interest expense.   Indicate the effect on financial statement items by selecting "–" for decrease (or negative effect), "+" for increase (or positive effect) and "NE" for No Entry (or no effect) on the financial statement.     June 2: Received contributions of $11,300 from each of the three owners of the business in exchange for shares of stock.   June 5: Purchased a computer system for $11,400. The agreement with the vendor requires a down payment of $2,500 with the balance due in 60 days. June 8: Signed a two-year promissory note at the bank and received cash of $21,800. June 15: Billed $14,560 to clients for the first half…

Read the following case and record the transactions and the corresponding adjustment entries: At Caribe Music, a company dedicated to the sale of music equipment, there have been the following transactions and adjustments in the past two years. The transactions are related to the use of the shipping equipment. The depreciation method was the double declining balance. First year Transacción February 6 A used delivery truck was purchased in cash for $35,000. July 7 $700 was paid in truck repairs. December 31 Records the depreciation of the truck for the calendar year. The truck had a lifespan of 3 years. The truck had a residual of $4,500. Second year   January 8 A new truck was purchased in cash for $52,000. June 10 Maintenance and repairs were performed on the truck for $625. July 9 $300 was paid for repairs to the used truck that was purchased the first year. September 19 The truck that was purchased in the first year was sold for…