On January 1, the Supplies account had a $300 balance. On December 31 (end of year), a count revealed that the balance for the Supplies account was $500 . During the year, $900 of supplies were purchased and recorded as an asset. The required adjusting journal entry to be recorded on December 31 is

On January 1, the Supplies account had a $300 balance. On December 31 (end of year), a count revealed that the balance for the Supplies account was $500 . During the year, $900 of supplies were purchased and recorded as an asset. The required adjusting journal entry to be recorded on December 31 is

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 9RE: Refer to RE6-8. On April 23, 2020, McKinncy Co. receives a check, from Mangold Corporation for...

See similar textbooks

Related questions

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: The supplies account had a beginning balance of $6,220 and was debited for $2,550 for supplies…

A: First compute the supplies used: Total supplies available = $6,220 + $2,550 Total supplies available…

Q: For each separate case below, follow the three-step process for adjusting the Supplies asset account…

A: a. Step 1: Determine what the current account balance equals The current account balance equals…

Q: Prepare adjusting journal entries for the year ended (date of) December 31 for each of these…

A: Adjusting Entries: Adjusting Journal entries are recorded at the end of the accounting year to make…

Q: The supplies and supplies expense accounts at December 31, after adjusting entries have been posted…

A: Solution:- Calculation of the amount of supplies purchased during the year as follows:-

Q: For each separate case below, follow the three-step process for adjusting the Supplies asset account…

A: Supplies include stationery, postage, and small-value items. These are classified as current assets.…

Q: Jaworski's Ski Store is completing the accounting process for its first year ended December 31,…

A: d. Depreciation expense is not recorded for the period on delivery equipment for $1,100. So, the…

Q: After all adjusting entries have been made on December 31, the end of the year, the following…

A: Closing entry means where all nominal account i.e. revenue and expenses account will be transfer to…

Q: Accounting Question

A: 1.Prepare T- Accounts:

Q: In general journal form, record the December 31 adjusting entries for the following transactions and…

A: Adjusting Entries:- Adjusting entries helps to correct a mistake that made previously in the…

Q: The supplies account for a company has a $1,000 debit balance at the beginning of the year. Supplies…

A: Supplies: It implies to the raw materials, finished goods, and all the incidental items that a…

Q: adjusting entries

A: Adjusting entries are journal entries to update the accurate balance of accounts on a particular…

Q: The balance in the office supplies account on January 1 was $7,000, supplies purchased during…

A: Adjusting entry: It can be defined as the journal entry that is recorded at the closing of the…

Q: On December 31, the following data were accumulated for preparing the adjusting entries for…

Q: The ledger of Blue Spruce Corp. on March 31 of the current year includes the selected accounts below…

A: Adjusting entries are prepared at the end of the accounting period. It is also helpful to maintain…

Q: The ledger of Duggan Rental Agency on March 31 of the current year includes the following selected…

A: Adjusting entries refers to the journal entries which are made at the end of an accounting year to…

Q: On October 1, Rogers Company purchased $2,930 of supplies on account. On October 1, Rogers Company…

A: Adjusting entries are prepared by management to ensure the accrual basis accounting system. It is…

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: The following revenue and expense account balances were taken from the ledger of Acorn Health…

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: The balance in the supplies account, before adjustment at the end of the year, is $9,000.…

Q: On March 31, the following data were accumulated to assist the accountant in preparing the adjusting…

A: The date of the transaction, the debit and credit accounts, the transaction reference number, and…

Q: The supplies account had a beginning balance of $3,375 and was debited for $6,450 for supplies…

A: Supplies consumed during the year = Beginning balance + Purchases - Ending balance = $3,375 + $6,450…

Q: On June 1, 2018, the balance in the Office Supplies account was P2,000. During July, office supplies…

A: The adjusting entries are made to accrue or defer the expenses and income. It helps in recording the…

Q: On June 1, 20Y2, Herbal Co. received $21,600 for the rent of land for 12 months. Journalize the…

A: Earned rent on December 31, 20Y2 = Total amount received for rent x 7 months / 12 months =…

Q: A+T Williamson Company is making adjusting entries for the year ended December 31 of the current…

A: Prepaid expense: Prepaid expense are the future expenses which are paid in advance. Initially, they…

Q: The supplies account had a balance of $1,003 at the beginning of the year and was debited during the…

A: Supplies expense is an temporary account that represents cost of supplies used during a reporting…

Q: Supplies were purchased on January 1, to be used throughout the year, in the amount of $10,000. On…

A: a)

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: The supplies account had a balance of $4,174 at the beginning of the year and was debited during the…

A: Income Statement:- Income statement is considered as one of the most important financial statement,…

Q: The balance in the supplies account on June 1 was $5340, supplies purchased during June were $3450,…

A: Supplies used = Beginning balance in the supplies account + supplies purchased - Ending balance in…

Q: The ledger of Wildhorse Rental Agency on March 31 of the current year includes the following…

A: Journal entry - It refers to the process where the business transactions are recorded in the books…

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: The supplies account had a beginning balance of $4,085 and was debited for $7,810 for supplies…

A: Routine transactions, such as client billings and supplier invoicing, should not be recorded using…

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: The accounting records of Calvin Architects include the following selected, unadjusted balances at…

A: Adjusting entries: Adjusting entries are those journal entries that are passed at the end of the…

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: On August 1, Green Company purchased $2,860 of supplies. Green Company recorded the transaction by…

A: Journal: Recording of a business transactions in a chronological order.

Q: The balance in the supplies account, at the end of the year is 4,850. Journalize the adjusting…

A: Supplies used during the year = Balance in the supplies account - Supplies on hand at the end of the…

Q: The supplies account had a balance of $1,257 at the beginning of the year and was debited during the…

A: Income Statement refers to financial statements of company and also company's revenues and expenses…

Q: The balance in the office supplies account on January 1 was $7,000, supplies purchased during…

A: Supplies used = Beginning balance in the office supplies account + supplies purchased - Ending…

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: The company from last week has prepared all of the necessary entries and now has a trial balance…

A: Adjusting Entries are made at the end of the period to adjust the balance of income and expenses.…

Q: The supplies account had a balance of $1,021 at the beginning of the year and was debited during the…

A: Income statement is the financial statement which shows the profitability position of the entity. It…

Question

Definition Definition Method of recording financial transactions in the book of original entry by debiting and crediting the accounts affected by a transaction using the golden rules of accrual accounting.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Answer

VIEW

Step by step

Solved in 2 steps with 1 images

SEE SOLUTION Check out a sample Q&A here

Similar questions

On December 31, journalize the write-offs and the year-end adjusting entry under the allowance method, assuming that the allowance account had a beginning balance of $89,000 and the company uses the analysis of receivables method. If no entry is required, simply skip to the next transaction. Refer to the Chart of Accounts for exact wording of account titles.
The supplies account had a begging balance of 3375 and was debited for 6450 for supplies purchased during the year. Journalize the adjusting entry required at 5he end of the year assuming the amount of supplies on hand is 2980.
ABC Township purchases $15,000 of supplies on account toward the end of the year. A year-end audit reveals that $4,000 of the inventories remain unused. Prepare the journal entry for the purchase of the inventories and the year-end adjusting entry, assuming that the purchases method is used.
The following accounts appear in the ledger of Celso and Company as of June 30, the end of this fiscal year. The data needed for the adjustments on June 30 are as follows: ab.Merchandise inventory, June 30, 54,600. c.Insurance expired for the year, 475. d.Depreciation for the year, 4,380. e.Accrued wages on June 30, 1,492. f.Supplies on hand at the end of the year, 100. Required 1. Prepare a work sheet for the fiscal year ended June 30. Ignore this step if using CLGL. 2. Prepare an income statement. 3. Prepare a statement of owners equity. No additional investments were made during the year. 4. Prepare a balance sheet. 5. Journalize the adjusting entries. 6. Journalize the closing entries. 7. Journalize the reversing entry as of July 1, for the wages that were accrued in the June adjusting entry. Check Figure Net income, 14,066
Refer to RE6-8. On April 23, 2020, McKinncy Co. receives a check, from Mangold Corporation for 8,500. Prepare the journal entry for McKinncy to record the collection of the account previously written off.
The balance in Ashwood Companys accounts payable account at December 31, 2019, was 1,200,000 before any necessary year-end adjustment relating to the following: Goods were in transit from a vendor to Ashwood on December 31, 2019. The invoice cost was 85,000, and the goods were shipped FOB shipping point on December 29, 2019. The goods were received on January 2, 2020. Goods shipped FOB shipping point on December 20, 2019, from a vendor to Ashwood were lost in transit. The invoice cost was 40,000. On January 5, 2020, Ashwood filed a 40,000 claim against the common carrier. Goods shipped FOB destination on December 22, 2019, from a vendor to Ashwood were received on January 6, 2020. The invoice cost was 20,000, What amount should Ashwood report as accounts payable on its December 31,2019, balance sheet? a. 1,260,000 b. 1,285,000 c. 1,325,000 d. 1,345,000
Assume the following data for Lusk Inc. before its year-end adjustments: Journalize the adjusting entries for the following: a. Estimated customer allowances b. Estimated customer returns
Journalize 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.
The company determines that the interest expense on a note payable for the period ending December 31 is $630. This amount is payable on January 1. Prepare the journal entries required on December 31 and January 1. If an amount box does not require an entry, leave it blank. Dec. 31 Jan. 1
The beginning balance of supplies is $4000. On December 31st, the physical count of remaining supplies, $500. Record the adjusting journal entries for the supplies used during the year.
On December 31, the trial balance indicates that the supplies account has a balance, prior to the adjusting entry, of $320. A physical count of the supplies inventory shows that $90 of supplies remain. Analyze this adjustment for supplies using T accounts, and then formally enter this adjustment in the general journal.
On October 1, Bandor Company sold land (that cost $30,000) on credit for $35,000. The buyer issued an 8%, 12-month note for this amount, with the interest to be paid on the maturity date. Required: Prepare journal entries to record the sale of the land and the related year-end adjusting entry.