Record the necessary adjusting journal entry at December 31, 2020 for Purple Company using the blanks provided. The debit entry is the first line and credit entry is second line. You need to type the full accounting name AND the dollar amount. (You do not need to record transactions made during the year). Assume that no financial statements were prepared during the year and no adjusting entries were recorded during that year. Purple purchased equipment on January 1 for $200,000. Annual depreciation on the equipment is estimated to be $13,000.

Spring Garden Flowers had the following balances at December 31, 2024, before the year-end adjustments: E (Click the icon to view the balances.) The aging of accounts receivable yields the following data: E (Click the icon to view the accounts receivable aging schedule.) Requirements Journalize Spring's entry to record bad debts expense for 2024 using the aging-of-receivables method. 1. 2. Prepare a T-account to compute the ending balance of Allowance for Bad Debts. Requirement 1. Journalize Spring's entry to record bad debts expense for 2024 using the aging-of-receivables method. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts Debit Credit Dec. 31 Data Table Accounts Receivable Allowance for Bad Debts 66,000 1,615 Requirement 2. Prepare a T-account to compute the ending balance of Allowance for Bad Debts. Allowance for Bad Debts Print Done Data Table Age of Accounts Receivable 0-60 Days Over 60 Days Total…

Prepare the entry to record the sale of asset D for cash of $4,800. It was used for 6 years, and depreciation was entered under the composite method. (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 amount is entered. Do not indent manually. Use Plant Assets related account. List all debit entries before credit entries.) Account Titles and Explanation Accumulated Depreciation - Plant Assets Debit 2000 Credit Cash Plant Assets 4800 6800

At the end of the year, Dahir Incorporated’s balance of Allowance for Uncollectible Accounts is $1,500 (credit) before adjustment. The company estimates future uncollectible accounts to be $7,500.   What adjusting entry would Dahir record 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.)

Carla Vista Corporation has the following selected transactions during the year ended December 31, 2024: Jan. 1 Purchased a copyright for $117.480 cash. The copyright has a useful life of six years and a remaining legal life of 30 years. Mar. 1 Sept. 1 Dec. 31 Acquired a franchise with a contract period of nine years for $500,850; the expiration date is March 1, 2033, Paid cash of $38,820 and borrowed the remainder from the bank. Purchased a trademark with an indefinite life for $73,190 cash. As the purchase was being finalized, spent $33.150 cash in legal fees to successfully defend the trademark in court. Purchased an advertising agency for $640,000 cash. The agency's only assets reported on its statement of financial position immediately before the purchase were accounts receivable of $58,000, furniture of $170,000, and leasehold improvements of $320,000. Carla Vista hired an independent appraiser who estimated that the fair value of these assets was accounts receivable $58,000,…

1. What is the net overstatement/(understatement) of KnK for the year ended December31, 2022? 2. What adjusting entry is necessary to correct KnK’s financial statements for the yearended Dec 31, 2022 ?

The information necessary for preparing the December 31, 2021 year-end adjusting entries for Vito’s Pizza Parlor appears below. Vito’s fiscal year-end is December 31. On July 1, 2021, purchased $11,500 of IBM Corporation bonds at face value. The bonds pay interest twice a year on January 1 and July 1. The annual interest rate is 12%. Vito’s depreciable equipment has a cost of $31,500, a five-year life, and no salvage value. The equipment was purchased in 2019. The straight-line depreciation method is used. On November 1, 2021, the bar area was leased to Jack Donaldson for one year. Vito’s received $6,900 representing the first six months’ rent and credited deferred rent revenue. On April 1, 2021, the company paid $2,760 for a two-year fire and liability insurance policy and debited insurance expense. On October 1, 2021, the company borrowed $23,000 from a local bank and signed a note. Principal and interest at 12% will be paid on September 30, 2022. At year-end, there is a $1,950…

Current Attempt in Progress At the end of its first year, the trial balance of Teal Company shows Equipment of $47,200 and zero balances in Accumulated Depreciation-Equipment and Depreciation Expense. Depreciation for the year is estimated to be $5,900. Prepare the adjusting entry for depreciation at December 31. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry.) Date Account Titles and Explanation Dec. 31 Post the adjustments to T accounts. Accumulated Depreciation-Equipment Carrying amount Depreciation Expense Indicate the balance sheet presentation of the equipment at December 31. TEAL COMPANY Balance Sheet (partial) $ Debit Credit

On April 1, 2013 ABC purchased equipment that cost $80,000. The expected useful life is 4 years and the estimated salvage value at the end of its life is $20,000. The company uses Straight-Line depreciation method. The accounting period ends Dec. 31 each year.What is the impact on Assets, Liabilities, SE and NI if ABC neglects to enter the adjusting entry?