1.
Concept Introduction: At the end of the accounting period, adjustments are made to record revenues in the period they are earned and expenses in the period they occur.
The T-accounts using unadjusted
2.
Concept Introduction: Double-entry accounting requires the
The
3.
Concept Introduction: Double-entry accounting requires the
The account balances for T-accounts.
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HORNGREN'S FINANCIAL & MANGERIAL ACCOUNT
- At December 31, the unadjusted trial balance of H&R Tacks reports Equipment of $25,500 and zero balances in Accumulated Depreciation and Depreciation Expense. Depreciation for the period is estimated to be $5,100. Required: 1. Prepare the adjusting journal entry on December 31. 2. Post the beginning balances and adjusting entries to the following T-accounts. Complete this question by entering your answers in the tabs below. Required 11 Required 2 Post the beginning balances and adjusting entries to the following T-accounts. Accumulated Depreciation Beginning Balance Debit Ending Balance Credit Answer is not complete. 5,100 5,100 Beginning Balance Debit Ending Balance Creditarrow_forwardAt December 31, the unadjusted trial balance of H&R Tacks reports Equipment of $25,500 and zero balances in Accumulated Depreciation and Depreciation Expense. Depreciation for the period is estimated to be $5,100. Required: 1. Prepare the adjusting journal entry on December 31. 2. Post the beginning balances and adjusting entries to the following T-accounts. Complete this question by entering your answers in the tabs below. Required 11 Required 2 Post the beginning balances and adjusting entries to the following T-accounts. Accumulated Depreciation Beginning Balance Debit Ending Balance Credit Answer is not complete. 5,100 5,100 Beginning Balance Debit Ending Balance Creditarrow_forwardSuppose a customer rents a vehicle for three months from Franklin Rental on November 1, paying $3,750 ($1,250/month). Required: 1.&2. Record the necessary entries in the Journal Entry Worksheet below. 3. Calculate the year-end adjusted balances of Deferred Revenue and Service Revenue (assuming the balance of Deferred Revenue at the beginning of the year is $0).arrow_forward
- Consider the following situations for College Park Welding Services: i (Click the icon to view the situations.) Journalize the adjusting entry needed on December 31 for each situation. Use the letters to label the journal entries. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) More info 4 a. Depreciation for the current year includes equipment, $2,800. b. Each Monday, College Park pays employees for the previous week's work. The amount of weekly payroll is $7,700 for a seven-day workweek (Monday to Sunday). This year, December 31 falls on Thursday. c. The beginning balance of Office Supplies was $2,700. During the year, College Park purchased office supplies for $2,800, and at December 31 the office supplies on hand totaled $1,300. d. College Park prepaid a two full years' insurance on April 1 of the current year, $6,960. Record insurance expense for the year ended December 31. e. College Park had earned $2,900 of unearned…arrow_forwardCedar Valley is a national restoration contractor licensed in roofing, siding, gutters and windows. Cedar Valley's balance of Allowance for Uncollectible Accounts is $2,300 (debit before adjustment at the end of the year. The company estimates future uncollectible accounts to be $11,500. What is the adjustment Cedar Valley would 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.) View transaction list Journal entry worksheet 1 Record the adjusting entry for Allowance for Uncollectible Accounts. Note: Enter debits before credits. Transaction General Jounal Debit Credit Record entry Clear entry View general journalarrow_forwardYour calendar year company completes a $6,000 job, of which $1,000 has been received by year end and credited to Revenue. If you discover before the books are closed that no adjusting entry was made, your correcting entry will: debit Accounts Receivable for $6,000 credit Revenue for $5,000 credit Accounts Receivable for $5,000 debit Revenue for $5,000arrow_forward
- Marcellus Purse conduct cleaning business on the credit basis. He provides the collects the sccount receivable in 60 days. The Allowance October 2019 is $3,993. The following information is available Douchd D 1. The business uses aging of account receivable method to count the bad de 2. The accountant is required to update the balance of allowance of dosud des OURE at the end of each month 3. On 5 October 2019 a total of $1.997 ewed by Lucy Frone has been deemed w uncollectable and therefore written off 4. The total sales recorded during 1 October 2019 to 31 October 2019 is $812577 The balance in the Account receivable on 31 October 2019 is $198.300 5. 6. On 31 October 2019 the accountant estimates that 3% of the account receivable is estimated as doubtful. Q3 Required (a) Prepare the Accounting Entries for the transactions or events relating to bad debt for the month ended 31 October 2019, ignore GST ( (b) Prepare and balance the T-account for Allowance for Doubtful Debts accounts as…arrow_forwardSuppose a customer rents a vehicle for three months from Commodores Rental on November 1, paying $5,250 ($1,750/month). 1.&2. Record the necessary entries in the Journal Entry Worksheet below. 3. Calculate the year-end adjusted balances of the Deferred Revenue and Service Revenue accounts (assuming the balance of Deferred Revenue at the beginning of the year is $0). Deferred revenue ending balance:____________ Service revenue ending balance: _____________arrow_forwardThe ledger of Bourque Rental Agency on March 31, 2021, includes the following selected accounts before preparing quarterly adjusting entries: Debit Credit Supplies $ 13,600 Prepaid Insurance 3,440 Equipment 37,760 Accumulated Depreciation—Equipment $ 9,440 Unearned Revenue 9,200 Notes Payable 28,800 Rent Revenue 29,800 Salaries Expense 13,600 An analysis of the accounts shows the following: 1. The equipment has a four-year useful life. 2. One-quarter of the unearned rent is still unearned on March 31, 2021. 3. The note payable has an interest rate of 4%. Interest is paid every June 30 and December 31. 4. Supplies on hand at March 31 total $ 760. 5. The one-year insurance policy was purchased on January 1, 2021. 6. As at March 31, a tenant owed Bourque $ 600 for the month of March. Prepare the quarterly adjusting entries required at March 31, 2021arrow_forward
- ADJUSTMENTS AND WORK SHEET SHOWING NET INCOME The trial balance after one month of operation for Mason's Delivery Services as of september 30,20--, is shown below. Data to complete the adjustments are as follows: (a) Supplies inventory as of september 30 , $90. (b) Insurance expired (used), $650, (c) Depreciation on delivery equipment, $600. (d) Wages earned by employees but not paid as of september 30, $350 Required 1. Enter the adjustments in the Adjustments columns of the work sheet. 2. Complete the work sheet.arrow_forwardDuring the twelve months ended December 31, 2010, Shining Imagedid the following:a. Used supplies of $1,100b. Used up prepaid insurance of $590c. Used up $510 of the equipment through depreciation.d. Accrued salary expense of $270 that Shining Image has notpaid yet.e. Earned $370 of the unearned service revenue.1. Complete the adjusted trial balance above. 2.From the information presented prepare the Income statement, Statement of Owner’s Equity and Balance Sheet for Shining Image Company. 3.Prepare the accounting worksheet, classified balance sheet,closing entries, and post-closing trial balance based on the information provided.arrow_forwardPrepare adjusting journal entries, as needed, considering the account balances excerpted from the unadjusted trial balance and the adjustment data. amount due for employee salaries, $4,800 actual count of supplies inventory, $ 2,300 depreciation on equipment, $3,000arrow_forward
- Principles of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax College