Roland Company began operations on December 1 and needs assistance in preparing December 31 financial statemyear-end adjustments. The Tableau dashboard is provided to assist in the work.Selected December-January TransactionsFinished Work for TeloDec. 31 Year-EndPurchased InsuranceStarted Work for TeloDec 13Dec 7Dec 24)(Jan 12Dec 1Jan 5December 13Agreed to do $10,000 worth of work for Telo over the next 30 days. Payment is to be received when the work iscompleted on Jan. 12.Purchased SuppliesReceived Cash in AdvanceWages PaidSelected December-January TransactionsDec. 31 Year-EnduranceStarted Work for TeloFinished Work for TeloDec 7Dec 13January 12Received $10,000 cash from Telo for work performed over the last 30 days.Purchased SuppliesReceived Cash in AdvanceWages Paid

The given question will be solved using the % of completion method. Firstly, we have to calculate…

Answered: Roland Company began operations on…

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter18: Acquiring Capital For Growth And Development

Section: Chapter Questions

Problem 1MP

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Accounting question: If you are doing a balance sheet with notes payable of 96,600. Assuming 13,600 of the note payable will be paid the following year. Where are how do you enter it. Long Term Liability?
Hw.121.
Riverrun Company provides medical care and insurance benefits to its retirees. In the current year, Riverrun agrees to pay $29,500 for medical insurance and contribute an additional $9,600 to a retirement program. Record the entry for these accrued (but unpaid) benefits on December 31. View transaction list Journal entry worksheet 1 Record the costs of employee benefits. Note: Enter debits before credits. Date December 31 Record entry General Journal Clear entry Debit Credit View general journal >
COMPLETE THE FOLLOWING JOURNAL ENTERIES FOR SAFETY HOSPITAL FOR 2021 a. January 31 - Purchase $7,500.00 worth of supplies with cash b. April 31 –Mailed a check to suppliers for $5,000.00 of the $10,000.00 it owed at the end of 2018 c. June 30- Paid wages in the amount of $3,000.00 that had been previously recorded as a liability. d. July 31 – Submitted bills in the amount of $35,000.00 to insurance companies or services rendered. e. September 30 - Purchased $15,000.00 worth of supplies on account
ACCRUALS & DEFERRALSAnswer and explain thoroughly EXERCISES For the following items, make a journalentry of the original transaction (ifapplicable) a. Paid $10,800 for 6-months’ insurance premiums. b. The balance in the ledger account Office Suppliesamounted to $32,000. A count of the office supplies onNov. 30 totaled $12,800. c. Received $22,800 on Nov. 1 from a customer forservices to be rendered during the months of November,December, January, and February. d. Acquired Office Equipment costing $352,800 on April 1.the equipment is expected to last 5 years. After which, itwill be worthless. e. Assume that on Nov. 30 is a Friday and that thecompany pays its employees a total of $87,500 onSaturday.
An involce for $10,000 dated September 10 with terms 3/10, 12/20, n/30, EOM is recelved in the mail on September 25. A payment of $4000 is sent on October 11. What is the outstanding balance? Multiple Choice $5940.00 $5939.09 $6000.00 $5920.00 $5918.37
Below is the trial balance which was extracted from the books of the Ready Hospital Supplies on June 30, the end of the company’s financial year. You are required to collaborate and analyse the problem at hand then apply the accrual basis of accounting in the preparation of the company’s financial statements. Ready Hospital Supplies Trial Balance as at June 30, 2020 Dr $ Cr $ Cash 127,000.00 Accounts Receivable 151,000.00 Allowance for Bad-Debts 12,500.00 Merchandise Inventory 187,500.00 Store Supplies 58,000.00 Prepaid Insurance 72,000.00 Prepaid Rent 56,000.00 Furniture & Fixtures 800,000.00 Accumulated Depreciation: Furniture & Fixtures 256,000.00 Computer Equipment 450,000.00 Accumulated Depreciation: Computer Equipment Accounts Payable 133,500.00 Salaries Payable Interest Payable 27,000.00…
A. You are provided with the following information form the accounts of BBS Ltd for the yearending 30 June 2019Cash Sales 950 000Cost of Goods Sold 35 000Amount received in advance for services to be performed in August 2019 9 500Rent expenses for year ended 30 June 2019 9 000Rent Prepaid for two months to 31 August 2019 1 200Doubtful debts expenses 1 200Amount provided in 2019 for employees’ long-service leave entitlements 5 000Goodwill impairment expenses 7 000Required:Calculate the taxable profit and accounting profit for the year ending 30 June 2019.B. GYV Ltd has the following deferred tax balances as at 30 June 2019.Deferred tax asset $9 00 000Deferred tax liability $7 00 000The above balances were calculated when the tax rate, was 20 per c
You have been provided with the end of year, unadjusted trial balance for City Movers LTD and a list of balance day adjustments to be entered into the General Journal. CITY MOVERS UNADJUSTED TRIAL BALANCE AS AT 31st August 2021 Cash at bank 60080 Accounts Receivable 68250 Allowance for Doubtful Debts 1500 Prepaid Insurance 3600 Moving Van 45000 Acc. Depreciation- Van 9000 Capital – Gui Nash 102000 Drawings – Gui Nash 16,500 Fees Revenue 90930 Moving staff wages 10000 Total 203430 203430 Additional Information The annual Insurance policy was paid on 1st June 2021. An Accounts Receivable of $750 is uncollectable and is to be written off. The policy is to have the Allowance for Doubtful Debts equal to 2% of accounts receivable Moving van is depreciated at 10% per annum straight line method. Wages amounting to $ 950 had been incurred but not been paid as at 31st August 2021. Required:…
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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.
Mountaineer Excavation operates in a low-lying area that is subject to heavy rains and flooding. Because of this, Mountaineer purchases one year of flood insurance in advance on March 1, paying $25,200 ($2,100/month). 1.&2. Record the necessary entries in the Journal Entry Worksheet below. 3. Calculate the year-end adjusted balances of Prepaid Insurance and Insurance Expense (assuming the balance of Prepaid Insurance at the beginning of the year is $0). Prepaid insurance ending balance:_____________ Insurance expense ending balance:________________

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