1.
Introduction:
Financial Statements: The financial statements of a company are prepared at the end of an accounting year to calculate the total liabilities, total assets, net profit or loss, and increase or decrease in cash during the year. The financial statements are used by various external and internal parties.
To prepare: The
2.
Introduction:
Financial Statements: The financial statements of a company are prepared at the end of an accounting year to calculate the total liabilities, total assets, net profit or loss, and increase or decrease in cash during the year. The financial statements are used by various external and internal parties.
To prepare: The T-account and show the adjusted balance.
3.
Introduction:
Financial Statements: The financial statements of a company are prepared at the end of an accounting year to calculate the total liabilities, total assets, net profit or loss, and increase or decrease in cash during the year. The financial statements are used by various external and internal parties.
To prepare: The adjusted
4.
Introduction:
Financial Statements: The financial statements of a company are prepared at the end of an accounting year to calculate the total liabilities, total assets, net profit or loss, and increase or decrease in cash during the year. The financial statements are used by various external and internal parties.
Whether the adjusting entries are correctly recorded if the total of debit and credit of the adjusted trial matches.
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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_forwardIt journals the transactions for the month of January in the general journal. Makes (post) the entries in the ledger. Prepares the trial balance without adjustments as of January 31, 2020. Make the following adjustments: The depreciation of the equipment for one month is $205. One month of prepaid insurance expired. The inventory balance of cleaning supplies at the end of the month is $200. Accrued, but unpaid employee salary, is $600. Prepare the following reports in their corresponding spreadsheet: Income statement Statement of owner equity Balance sheetarrow_forwardThe Mazzanti Wholesale Food Company’s fiscal year-end is June 30. The company issues quarterly financialstatements requiring the company to prepare adjusting entries at the end of each quarter. Assuming all quarterlyadjusting entries were properly recorded, prepare the necessary year-end adjusting entries at the end of June 30,2018, for the following situations. 4. Depreciation on the office building is $20,000 for the fiscal yeararrow_forward
- FAITH Company presented the following information pertaining to accounts that will need adjustments forits November 30, 2020 year-end financial statements:a. On Oct. 1, 2020, Faith Company paid $10,800 for 6-months’ insurance premiums. Debited InsuranceExpense for the amount paid.b. The balance in the ledger account Office Supplies amounted to $32,000. A count of the officesupplies on hand as of Nov. 30, 2020 totaled $12,800.c. Faith Company received $22,800 on Nov. 1, 2020 from a customer for future services to be renderedduring the months of November, December, January, and February.d. Faith acquired Office Equipment costing $355,000 on April 1, 2020. The equipment is expected to last5 years after which it will have a salvage value of $2,200.e. Assume that Nov. 30, 2020 is a Thursday and that Faith pays its employees a total of $87,500 everyFridays for a 5-day working week.Required: Prepare the necessary adjusting entries for Faith Company at November 30, 2020arrow_forwardPrepare the journal entries for the following transactions provided by MPM as at January 31, 2011 and post them to their respective general ledger accounts. a. Depreciation $100 b. Prepaid rent expired $400 c. Interest expense accrued $900 d. Employee salaries owed for Monday to Thursday for a five day workweek: weekly payroll $14,000 e. Unearned service revenue $800arrow_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 January 25th, 2021, Muscat Company Paid R.O 1, 900 on the balance owed for Utilities incurred last month. Which of the ?following journal entries is recorded correctly Select the correct answer onearrow_forwardJournalizing 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_forwardConsider 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_forward
- Cedar 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_forwardJournalizing adjusting entries Consider the following situations for Betterton Welding Services: Depreciation for the current year includes equipment, $2,100. Each Monday, Betterton pays employees for the previous week’s work. The amount of weekly payroll is $1,400 for a seven-day workweek (Monday to Sunday). This year, December 31 falls on Thursday. The beginning balance of Office Supplies was $2,300. During the year, Betterton purchased office supplies for $3,000, and at December 31 the office supplies on hand totaled $1,000. Betterton prepaid a two full years’ insurance on July 1 of the current year, $6,000. Record insurance expense for the year ended December 31. Betterton had earned $2,800 of unearned revenue. Betterton had incurred (but not recorded) $200 of interest expense on a note payable. The interest will not be paid until February 28. Betterton billed customers $3,000 for welding services performed. Journalize the adjusting entry needed on December 31 for each situation.…arrow_forwardPrepare the journal entries to record the following adjustment informationof September 30, 2019 and at the same time the Adjusted Trial Balance. Writeyour answer in a two-column journal and in an 8-column worksheet. a. One month of scheduled advertising appeared in the school newspaperin the amount of P150.b. An inventory of Ironing supplies revealed approximately P50 onhand.c. Depreciation was taken on equipment with a useful life of 5 years. Ironingequipment costs P600.d. On Thursday, October 1, Linda would pay her first employee, who workedTuesday and Thursdays, P120 for the week.e. Ironing services for one of the two students who had paid in advance hadbeen performed as of 9/30/2019.f. On Tuesday, September 29, services had been finished for 2 students whopromised to pay P50 each on 10/5/2019arrow_forward
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