led trial balance of Pharoan Exposure Inc. had these balances for the following select accounts: Supplies $3,950, Unearned Service Revenue $8,900, and Prepaid Rent $1,710. At the end of the period, a count showed $820 of supplies on hand. Services of $3,750 had been performed related to the unearned revenue account, and one month's worth of rent, worth $570, had been consumed by Pharoah Exposure. Record the required adjusting entries related to these events. (List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) No. Account Titles and Explanation 1. 2. 3. (To record supplies used) (To record revenue for services performed) (To record rent expired) Debit Credit 2011

A business sells $100,000 of products to a customer on account and collects 6% sales tax. Cost of the merchandise sold was $70,000. At the end of the month, the company pays the total sales tax collected ($185,000) to the state department of revenue. Required: Record the entries for (a) 'the sale' and for  (b) 'the payment of the sales tax.'  Indicate Dr. or Cr. in front of each account.

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, $9,030. Aug. 14. Received $6,410 as partial payment on the $16,160 account of Rosalie Oakes. Wrote off the remaining balance as uncollectible. Oct. 16. Received the $9,030 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 $2,620 Greg Gagne 1,630 Amber Kisko 6,230 Shannon Poole 3,610 Niki Spence 990 Dec. 31. If necessary, record the year-end adjusting entry for uncollectible accounts. a.  Journalize the transactions under the direct write-off method. June 8 Allowance for Doubtful Accounts        Accounts Receivable-Kathy Quantel  Aug. 14 Cash    Bad Debt Expense    Accounts Receivable-Rosalie Oakes…

At the end of October, the ABC Company needed to make accrual adjustments to the accounts, using the following information: Depreciation for the month is £50 An inventory count on October 31 revealed that 125units were in the company’s warehouse. The cost flow assumption followed for the preparation of statements is FIFO.   On September 1, ABC Company issued a 3-month, annual rate 6%, $1,000 Note Payable to Credit Bank. Capital and interest are to be paid at the end of November.     Prepare a worksheet showing the October transactions and the October accrual adjustments for the ABC Company. The work sheet is attached below, which is solvevd. But I wonder how to get the lastest amount of inventory, which is 125? Can you please show me the calculation process?

Cleaning services sold on account to Cara Caterers for the week were $430, and for cash were $22,804. What would be the correct General Ledger Entry?

York Company engaged in the following transactions for Year 1. The beginning cash balance was $86,000 and the ending cash balance was $59,100. 1. Sales on account were $548,000. The beginning receivables balance was $128,000 and the ending balance was $90,000. 2. Salaries expense for the period was $232,000. The beginning salaries payable balance was $16,000 and the ending balance was $8,000. 3. Other operating expenses for the period were $236,000. The beginning other operating expenses payable balance was $16,000 and the ending balance was $10,000. 4. Recorded $30,000 of depreciation expense. The beginning and ending balances in the Accumulated Depreciation account were $12,000 and $42,000, respectively. 5. The Equipment account had beginning and ending balances of $44,000 and $56,000, respectively. There were no sales of equipment during the period. 6. The beginning and ending balances in the Notes Payable account were $36,000 and $44,000, respectively. There were no payoffs of…

Chabon Corp. had a beginning "Supplies" account balance of $500 on December 1, 20X1. It had the following occur during 20X1: On December 4, supplies costing $4,000 were purchased on account. On December 15, the company paid $4,000 for the supplies previously purchased on account. On December 31, 20X1, a physical count shows $900 of supplies to still be on hand (unused) Where should the "Supplies" account balance be reported on the financial statements?

Triple Tier Bakery is a locally-owned business offering custom cakes, cupcakes, desserts and wedding cakes. At year end, Triple Tier's balance of Allowance for Uncollectible Accounts is $530 (credit before adjustment. The Accounts Receivable balance is $21,500, During the next year, Triple Tier estimates that 15% of accounts will be uncollectible. Record the adjustment required for Allowance for Uncollectible Accounts? (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the adjusting entry for Allowance for Uncollectible Accounts. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal

Bolton sold a customer service contract with a price of $37,000 to Sammy's Wholesale Company. Bolton offered terms of 1/10, n/30 and uses the gross method. Required:     Hide     Prepare the journal entry assuming the payment is made after 10 days (after the discount period).               Account and Explanation Debit Credit                   Record collection of accounts receivable

Quality Move Company made the following expenditures on one of its delivery trucks: Mar. 20 Replaced the transmission at a cost of $1,990. June 11 Paid $1,455 for installation of a hydraulic lift. Nov. 30 Paid $57 to change the oil and air filter.   Prepare journal entries for each expenditure. Refer to the Chart of Accounts for exact wording of account titles.   CHART OF ACCOUNTSQuality Move CompanyGeneral Ledger   ASSETS 110 Cash 111 Petty Cash 112 Accounts Receivable 114 Interest Receivable 115 Notes Receivable 116 Merchandise Inventory 117 Supplies 119 Prepaid Insurance 120 Land 123 Delivery Truck 124 Accumulated Depreciation-Delivery Truck 125 Equipment 126 Accumulated Depreciation-Equipment 130 Mineral Rights 131 Accumulated Depletion 132 Goodwill 133 Patents   LIABILITIES 210 Accounts Payable 211 Salaries Payable 213 Sales Tax Payable 214 Interest Payable 215 Notes Payable   EQUITY 310 Owner's…