Based on the following information, determine the accounts and amount for the adjusting entry for the month ended June 30. Unearned Revenue has a balance of $14,200 which represents the June 2 receipt in advance for services to be provided. Only S5,000 of the services was provided between June 2 and June 30. Debit [Select] Credit [Select) for [Select]
Q: On May 31, the following data were accumulated to assist the accountant in preparing the adjusting…
A: Adjusting entry: It can be defined as the journal entry that is recorded at the closing of the…
Q: On December 31, the adjusted trial balance of Splish Brothers Inc. shows the following selected…
A:
Q: Cortina Company accumulates the following adjustment data at December 31. Indicate (1) the type of…
A: Deferred revenue: Deferred revenues are revenues related to more than one period. A deferred…
Q: The following accounts with debit balances are induded on the year end trial balance of Dak, Inc…
A: Advertising expense applicable to future periods is $ 3,000. It means out of prepaid advertising ($…
Q: On July 1, Runner's Sports Store paid $9,000 to Acme Realty for 6 months' rent beginning July 1 and…
A: Rent expense for the period = Total amount of rent paid x no. of months expired / Total period for…
Q: For each of the following transactions below, prepare the journal entry (if one is required) to…
A: Their is no initial entry
Q: On April, unearned revenue account balance was before adjusting $ 7,100. If unearned revenue account…
A: Unearned revenue is the advance revenue received by the entity. This is in the form of an advance…
Q: On March 31, the following data were accumulated to assist the accountant in preparing the adjusting…
A: Adjusting entries are prepared at the end of the accounting period in order to ensure the accrual…
Q: On December 31, the adjusted trial balance of Shihata Employment Agency shows the following selected…
A: The journal entries are prepared to keep the record of day to day transactions of the business.
Q: The balance in the unearned fees account, before adjustment at the end of the year, is $97,280. Of…
A: Adjusting entries are prepared at the end of the accounting period to ensure the accrual base…
Q: At the end of the current year, $21,200 of fees have been earned but have not been billed to…
A: A. Adjusting Journal Entries:- December 31 Accounts Receivable A/c ...............Dr. $…
Q: The following three separate situations require adjusting journal entries to prepare financial…
A: The adjustment entries are prepared to adjust the revenue and expenses of the current period.
Q: Based on the following information, determine the accounts and amount for the adjusting entry for…
A: Adjusting entries: Adjusting entries are those entries which are made at the end of the accounting…
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 following partial list of accounts and account balances has been taken from the trial balance…
A: The adjustment entries are prepared to adjust the revenue and expenses of the current period.
Q: For each separate case below, follow the three-step process for adjusting the unearned revenue…
A:
Q: Adjustment for Accrued Revenues at the end of the current year, $17,810 of fees have been earned but…
A: Accrued revenues or accrued fees earned are that sale or that revenue that has been recognized by…
Q: David Consulting Services’s Office Supplies account at the beginning of June and ending of June were…
A: Adjusting journal entry are entries which are made at the end of the accounting year to record the…
Q: The following account balances were taking from the adjusted trial balance for laser messenger…
A: Income statement is one of the important statements prepared in financial statements. It provides…
Q: On March 31, the following data were accumulated to assist the accountant in preparing the adjusting…
A: Adjusting entries are necessary for things such as pay rates, past-due costs, income-tax costs,…
Q: On November 1s*, the company received a $50,000 payment from a customer for services to be rendered…
A: Payments collected in advance for goods or services that will be supplied or performed in the future…
Q: The balance in the supplies account, before adjustment at the end of the year, is $10,680.…
A: Accounting Rules (1) Debit what comes in, Credit what goes out.(2) Debit the receiver, Credit the…
Q: A Company collected $8,400 in October 1 of 2018 for 4 months of service which would take place from…
A: given that, the company received cash in advance of $8400 for the 4month service to be rendered from…
Q: Certain adjusting entries made at the end of an accounting period are reversed at the beginning of…
A: First let us understand what are adjusting entries. Adjusting entries are entries made at the end of…
Q: The balance in the supplies account before adjustment at the end of the year is $6,892. The proper…
A: Lets understand the basics. Adjustment entry is required to pass to record correct amount of revenue…
Q: On the basis of the following data, (a) journalize the adjusting entries at December 31, the end of…
A: Calculate the amount of accrued salaries:
Q: At December 31, the unadjusted trial balance of H&R Tacks reports Unearned Revenue of$5,000 and…
A: Adjusting entries: Adjusting entries are also known as adjusting journal entries, they are recorded…
Q: Yao Company began operations on June 1, 20x1 and prepares monthly financial statements. It has the…
A: The prepaid expenses are the expenses paid in advance but not yet due for payment.
Q: The Bookkeeper for Ogles Company asks you to prepare the following accrued adjusting entries at…
A: Journal entries are used to record transactions of the business during its operations, where it…
Q: Following are two income statements for Alexis Co. for the year ended December 31. The left number…
A: Adjusting entries: Adjusting entries are the journal entries that are entered in the books of…
Q: he supplies account had a beginning balance of $3,375 and was debited for $6,450 for supplies…
A: Adjusting journal entries are used to record transactions that have occurred but have not yet been…
Q: On March 31, the following data were accumulated to assist the accountant in preparing the adjusting…
A: Step 1 Journal is the part of book keeping.
Q: On May 31, the following data were accumulated to assist the accountant in preparing the adjusting…
A: Adjusting Entries:The Journal entries need to record the necessary adjustment prior to the…
Q: Prepare the following adjusting entries at August 31 for Walgreens. (a) Interest on notes…
A: Journal Entry:- These are prepared by the companies with debit and credit sides in order to match…
Q: On October 1, Bailey Company paid $4,800 for one year of advertising, in advance. Bailey Company…
A: Adjusting entries: Adjusting entries are prepared to ensure the accrual basis accounting method.…
Q: The Unearned Service Revenue account shows an end-of-year balance of P30,000. The adjusting entry to…
A: The Unearned revenue is the revenue received in advance but has not been earned yet. It has credit…
Q: The prepaid insurance account had a beginning balance of $4,500 and was debited for $16,600 of…
A: Compute the amount for recording adjusting entry for insurance expense at end of year as shown…
Q: The following three separate situations require adjusting journal entries to prepare financial…
A: The Journal entries for Situation 1 which are related to adjustment and payment of accrued expenses…
Q: STU Services adjusts and closes its books at the end of each month. On October 31, 2014 adjusting…
A: a) interest expenses will go to expenses of income statement and interest payable will to liability…
Q: During the current year ended December 31, clients paid fees in advance for accounting services…
A: Unearned Service Revenue :— It is revenue that is not accrued but cash for the revenue is received…
Q: On March 31, the following data were accumulated to assist the accountant in preparing the adjusting…
A: 1. Journalizing the adjusting entries: Date Accounts title Debit ($) Credit ($) 31-Mar Supplies…
Q: On March 31, the following data were accumulated to assist the accountant in preparing the adjusting…
A: Adjusting Entries are recorded at the end of the period in accordance with the accrual concept of…
Q: On December 31, the following data were accumulated for preparing the adjusting entries for…
A: a). First journal entry is for wages accrued yet not paid.Second journal entry is for unearned rent.…
Q: At the beginning of the period, a company reports a balance in office supplies of $450. During the…
A: Journal entry shows the recording of the transactions during an accounting year. Every transaction…
Q: Journalize the adjusting entry required if the amount of unearned fees at the end of the year is…
A: Fees Revenue to be recorded = $14,310 - $7,560 Fees Revenue to be recorded = $6,750
Q: On March 31, the following data were accumulated to assist the accountant in preparing the adjusting…
A: Adjusting journal entry: At year end when company finalise its accounts then any unrecognized income…
Q: At the end of the current year, $59,500 of fees have been earned but have not been billed to…
A: Given, Fees receivables of $59,500
Q: On November 1, Harris Company received $16,800 for six months of rent in advance. On November 1,…
A: Revenue still unearned at December 31 = $16,800*4/6 Revenue still unearned at December 31 = $11,200
Q: The balance in the unearned fees account, before adjustment at the end of the year, is $97,770. Of…
A: Adjusting entries: Adjusting entries are those entries which are recorded at the end of the year, to…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- UNCOLLECTIBLE ACCOUNTSALLOWANCE METHOD Pyle Nurseries used the allowance method to record the following transactions, adjusting entries, and closing entries during the year ended December 31, 20--. REQUIRED 1. Open the three selected general ledger accounts. 2. Enter the transactions and the adjusting and closing entries in a general journal (page 6). After each entry, post to the appropriate selected accounts. 3. Determine the net realizable value as of December 31.E. Accounts receivable P 60,000 Allowance for doubtuful accounts 350 (credit balance) Doubtul of collection % 2% 1. Provide Adjusting Entries by the year end Dec. 31, 2021A company has the following December 31 year-end unadjusted balances: Allowance for Sales Discounts, $0; and Accounts Receivable, $11,200. Of the $11,200 of receivables, $2,600 are within a 3% discount period, and the company expects buyers to take $78 in future discounts arising from this period's sales. Required: 1. Prepare the December 31 year-end adjusting journal entry for future sales discounts.
- Uncollectible Accounts—Percentage of Sales and Percentage of Receivables At the end of the current year, the accounts receivable account of Malik's Lanscaping Service has a debit balance of $390,000. Credit sales are $2,880,000. Record the end-of-period adjusting entry on December 31, in general journal form, for the estimated uncollectible accounts. Assume the following independent conditions existed prior to the adjustment: 1. Allowance for Doubtful Accounts has a credit balance of $1,840. a. The percentage of sales method is used and bad debt expense is estimated to be 1% of credit sales.adjustment for Uncollectible Accounts Kirchhoff Industries has computed that the proper balance for the Allowance for Doubtful Accounts at August 31 is $66,683. Assume that the allowance for doubtful accounts for Kirchhoff Industries has a credit balance of $14,005 before adjustment on August 31. Journalize the adjusting entry for uncollectible accounts as of August 31. August 31=If necessary, record year-end adjusting entries for uncollectible accounts.Prepare the aging schedule for the following accounts receivable: Ageing classification (numbers of due days) Balance sheet as at 31 December Estimate of the percentage of the account that is uncollectible 0-30 days $120,000 1% 31-60 days 80,100 2 % 61-90 days 21,000 11% 91- 120 days 9,000 23% Más de 120 days 15,300 65% Total accounts receivable $245,400
- At the beginning of the year, the balance in Allowance for Doubtful Accounts is a credit of $766. During the year, previously written off accounts of $138 are reinstated and accounts totaling $741 are written off as uncollectible. The end-of-year balance (before adjustment) in Allowance for Doubtful Accounts should be a.$741 b.$766 c.$138 d.$163Med Labs has the following December 31 year-end unadjusted balances: Allowance for Sales Discounts, $0; and Accounts Receivable, $6,400. Of the $6,400 of receivables, $1,700 are within a 3% discount period, meaning that it expects buyers to take $51 in future-period discounts arising from this period's sales. a. Prepare the December 31 year-end adjusting journal entry for future sales discounts. b. Assume the same facts above and that there is a $6 year-end unadjusted credit balance in Allowance for Sales Discounts. Prepare the December 31 year-end adjusting journal entry for future sales discounts.The following selected transactions were taken from the records of Rustic Tables Company for the year ending December 31: June 8. Wrote off account of Kathy Quantel, $8,150. Aug. 14. Received $5,790 as partial payment on the $14,590 account of Rosalie Oakes. Wrote off the remaining balance as uncollectible. Oct. 16. Received the $8,150 from Kathy Quantel, whose account had been written off on June 8. Reinstated the account and recorded the cash receipt. Dec. 31. Wrote off the following accounts as uncollectible (record as one journal entry): Wade Dolan $2,360 Greg Gagne 1,470 Amber Kisko 5,620 Shannon Poole 3,260 Niki Spence 900 Dec. 31. If necessary, record the year-end adjusting entry for uncollectible accounts. If no entry is required, select "No entry" and leave the amount boxes blank. If an amount box does not require an entry, leave it blank. a. Journalize the transactions under the direct write-off method. June 8 Bad Debt Expense Accounts Receivable-Kathy Quantel Aug. 14 Cash…
- Analysis of Receivables Method At the end of the current year, Accounts Recelvable has a balance of $465,000; Allowance for Doubtful Accounts has a debit balance of $4,000; and sales for the year total $2,090,000. Using the aging method, the balance of Allowance for Doubtful Accounts is estimated as $18,400. a. Determine the amount of the adjusting entry for uncollectible accounts. b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense. Accounts Receivable Allowance for Doubtful Accounts Bad Debt Expense C. Determine the net realizable value of accounts receivable.At the beginning of 20X3, W7w Tax Prep Company reported Accounts Receivable $11500 and Allowance for Uncollectible Accounts $1000 (debit). During 20X3, before recording the year-end adjusting entries, the Company recorded credit service revenue $27000 and wrote off accounts receivable $200. The following balance was reported on December 31, 20X3, before any adjustment Accounts Receivable $23000. The Company estimates uncollectible accounts based on an aging of accounts receivable as shown below. Age Group Not yet due 0-30 days past due Amount Receivable Estimated Percent Uncollectible 18,000 10% 3,000 30% More than 30 days past due Total 2,000 60% 23,000 Required: Please choose the best answer to the following questions based on the above information. On December 31, 20X3, what is the amount of accounts receivable that the Company expects to collect from customers? O $19100 $21800 O $10500 O $23000 What is the amount of bad debt expense that the Company recorded in its December 31,…company’s accounting records provide the following information concerning certain account balances and changes in the account balances during the current year. Transaction information is missing from each of the below. Prepare the journal entry to record the information for each account. b. Allowance for Doubtful Accounts: Jan. 1 balance, $1,500; Dec. 31 balance, $2,200; adjusting entry increasing allowance on Dec. 31, $4,800. Record write-off uncollectible accounts receivable. c. Inventory of office supplies: Jan. 1 balance, $1,500; Dec. 31 balance, $1,350; office supplies expense for the year, $9,500. Record purchase of office supplies. d. Equipment: Jan. 1 balance, $20,500; Dec. 31 balance, $18,000; equipment costing $8,000 was sold during the year. Record purchase of equipment. e. Accounts Payable: Jan. 1 balance $9,000; Dec. 31 balance, $11,500; purchases on - account for the year, $48,000. Record cash payments. Please dont provide solution in image thnx