1.
Introduction: Financial statements are written records of the financial transaction of a company to the
The amounts in the worksheet.
2.
Introduction: Financial statements are written records of the financial transaction of a company to the profit earned or loss suffered and the position of assets and liabilities at a particular date is known as financial statements. An income statement refers to a statement that a company prepares to ascertain the income and expenditure that occurred during the given financial year.
The amounts in adjusted accounts balances in the Adjusted
3.
Introduction: Adjustment
The
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HORNGREN'S FINANCIAL & MANGERIAL ACCOUNT
- Prepare adjusting journal entries, as needed, considering the account balances excerpted from the unadjusted trial balance and the adjustment data. A. supplies actual count at year end, $6,500 B. remaining unexpired insurance, $6,000 C. remaining unearned service revenue, $1,200 D. salaries owed to employees, $2,400 E. depreciation on property plant and equipment, $18,000arrow_forwardAssume 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 returnsarrow_forwardAssume the following data for Oshkosh Company before its year-end adjustments: Journalize the adjusting entries for the following: a. Estimated customer refunds and allowances b. Estimated customer returnsarrow_forward
- Customer allowances and returnsAssume the following data for Lusk Inc. before its year-end adjustments: Journalize the adjusting entries for the following:a. Estimated customer allowancesb. Estimated customer returnsarrow_forwardComprehensive On November 30, 2019. Davis Company had the following account balance. During the month of December, Davis entered into the following transactions: Required: a.Prepare generaljournal entries to record the preceding transactions. b.Post to general ledger T accoun c.Prepare a year-end trial balance on a worksheet and complete theworksheet using the following information: (a) accrued salaries at year-end total s1,200; (b) for simplicity, the building and equipment are being depreciated using the straight-line method over an estimated life of 20 yean with no residual value;(c) supplies on hand at the end of the year total $630; (d) bad debts expense for the year totals $830; and (e)the income tax rate is 30%; income taxes are payable in the first quarter of d.Prepare the companis financial statements for 2019. e.Prepare the 2019 (a) adjusting and (b) closing entries in the general journal.arrow_forwardRecord the following in the adjustment journal template then post it to the T-accounts. additional information for adjustments for December 31, 2021. a. Unexpired prepaid rent is $1,000. b. The annual prepaid insurance was paid Nov. 1 $2,500. Record the expired portion. c. Cleaning supplies on hand, $3,200. d. Depreciation expense office equipment, $110. e. Cleaning Equipment original cost $12,000 with a residual value $800, useful life is 5 years. Record the annual depreciation expense. f. Record the vehicle depreciation expense $280. g. Accrued wages $ 950.arrow_forward
- On November 30, 2019, Davis Company and the following account balances: 1. Prepare general journal entries to record preceding transactions. 2. Post to general ledger T-accou11ts. 3. Prepare a year-end trial balance on a worksheet and complete the worksheet using the following information: (a) accrued salaries at year-end total $1,200; (b ) for simplicity, the building and equipment are being depreciated using the stright-line method over an estimated life of 20 years with no residual all c) supplies on hand at the end of the year total $630; (d ) bad debts expense for the year totals $830; and (e ) the income tax rate is 30%; income taxes are payable in the first quarter of 2020. 4. Prepare company's financial statements for 2019 . 5. Prepare 2019 (a) adjusting and (b) closing entries in the general journal.arrow_forwardRequired: Prepare an income statement for the month of June and a balance sheet in account format for Safety Hire as at 30 June 2019. (10 marks)arrow_forwardThe unadjusted trial balance as of December 31, 2024, the end of the annual accounting period for Super Employment Services, follows:Requirements: 1. Journalize Super's adjusting entries at December 31, 2024. Use the letter (a, b, and so on) as the date. 2. The accounts listed in the unadjusted trial balance, together with their unadjusted balances as of December 31, 2024, have been opened for you in T-account form. Post the adjusting entries to T-accounts. Determine the ending balances in the T-accounts on December 31, 2024. 3. Prepare an adjusted trial balance. 4. Prepare a partial worksheet including the account names, unadjusted trial balance, adjustments, and adjusted trial balance. More info a. Office Supplies on hand at year-end, $200. b. Depreciation on furniture, $2,000. c. Depreciation on building, $1,000. d. Salaries owed but not yet paid, $500. e. Accrued service revenue, $1,300.…arrow_forward
- Journalizing adjusting entries and analyzing their effect on the income statement The following data at July 31, 2018, are given for RCO: Depreciation, $600. Prepaid rent expires, $200. Interest expense accrued, $700. Employee salaries owed for Monday through Thursday of a five-day workweek; weekly payroll, $8,000. Unearned revenue earned $1,000. Office supplies used $150. Requirements Journalize the adjusting entries needed on July 31, 2018. Suppose the adjustments made in Requirement 1 were not made. Compute the overall overstatement or understatement of net income as a result of the omission of these adjustments.arrow_forwardJournalize the entry to record the division of net income for the year 2022 under each of the following independent assumptions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) 1. Net income is $24,600. Income is shared 6:3:1. 2. Net income is $32,800. Niensted and Bolen are given salary allowances of $12,300 and $8,200, respectively. The remainder is shared equally. 3. Net income is $15,580. Each partner is allowed interest of 10% on beginning capital balances. Niensted is given a $12,300 salary allowance. The remainder is shared equally. Prepare a schedule showing the division of net income under assumption (3) above Prepare a partners’ capital statement for the year under assumption (3) above.arrow_forwardDevlin Company has prepared following partially completed worksheet for the year ended December 31, 2019: 1. Complete the worksheet. (Round to the nearest dollar.) 2. Prepar company's financial statements. 3. Prepare (a) adjusting and (b ) closing entries in the general journal.arrow_forward
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