COLLEGE ACCOUNTING (LL)W/ACCESS>CUSTOM<
4th Edition
ISBN: 9781260255157
Author: Haddock
Publisher: MCG CUSTOM
expand_more
expand_more
format_list_bulleted
Concept explainers
Videos
Question
Chapter 5, Problem 1.4SRE
To determine
Determine the adjustment entered on the worksheet.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
Castile Incorporated had a beginning balance of $3,200 in its Accounts Receivable account. The ending balance of Accounts
Receivable was $3,600. During the period, Castile recognized $50,000 of revenue on account. Castile's Salaries Payable account has
a beginning balance of $2,300 and an ending balance of $900. During the period, the company recognized $39,500 of accrued salary
expense.
Required
a. Based on the information provided, determine the amount of net income.
b. Based on the information provided, determine the amount of net cash flow from operating activities.
a. Net income
b. Net cash flow from operating activities
Castile Inc. had a beginning balance of $2,300 in its Accounts Receivable account. The ending balance of Accounts Receivable was $3,000. During the period, Castile recognized $37,000 of revenue on account. Castile’s Salaries Payable account has a beginning balance of $1,800 and an ending balance of $1,200. During the period, the company recognized $33,800 of accrued salary expense. Required a. Based on the information provided, determine the amount of net income. b. Based on the information provided, determine the amount of net cash flow from operating activities.
balance of Pharoah Exposure Inc. had these balances for the following select accounts: Supplies $3,950,
Unearned Service Revenue $8,900, and Prepaid Rent $1,710. At the end of the period, a count showed $820 of supplies on hand.
Services of $3,750 had been performed related to the unearned revenue account, and one month's worth of rent, worth $570, had
been consumed by Pharoah Exposure. Record the required adjusting entries related to these events. (List all debit entries before credit
entries. 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 the amount is entered. Do not indent manually.)
No. Account Titles and Explanation
1.
2.
3.
(To record supplies used)
(To record revenue for services performed)
(To record rent expired)
Debit
Credit
Chapter 5 Solutions
COLLEGE ACCOUNTING (LL)W/ACCESS>CUSTOM<
Ch. 5 - What are adjustments?Ch. 5 - Prob. 1.2SRQCh. 5 - Prob. 1.3SRQCh. 5 - Prob. 1.4SRECh. 5 - Prob. 1.5SRECh. 5 - Prob. 1.6SRACh. 5 - Prob. 2.1SRQCh. 5 - Prob. 2.2SRQCh. 5 - Prob. 2.3SRQCh. 5 - Prob. 2.4SRE
Ch. 5 - On a worksheet, the adjusted balance of the...Ch. 5 - Prob. 2.6SRACh. 5 - Prob. 1CSRCh. 5 - Prob. 2CSRCh. 5 - Prob. 3CSRCh. 5 - Prob. 4CSRCh. 5 - The Supplies account has a debit balance of 9,000...Ch. 5 - Prob. 1DQCh. 5 - Prob. 2DQCh. 5 - Prob. 3DQCh. 5 - Prob. 4DQCh. 5 - Prob. 5DQCh. 5 - Prob. 6DQCh. 5 - Prob. 7DQCh. 5 - Prob. 8DQCh. 5 - What effect does each item in Question 8 have on...Ch. 5 - Why is it necessary to journalize and post...Ch. 5 - Prob. 11DQCh. 5 - Prob. 12DQCh. 5 - How does a contra asset account differ from a...Ch. 5 - Prob. 14DQCh. 5 - Prob. 1ECh. 5 - Prob. 2ECh. 5 - Prob. 3ECh. 5 - Prob. 4ECh. 5 - Journalizing and posting adjustments. Desoto...Ch. 5 - Prob. 1PACh. 5 - Prob. 2PACh. 5 - Prob. 3PACh. 5 - Prob. 4PACh. 5 - Prob. 1PBCh. 5 - Prob. 2PBCh. 5 - Prob. 3PBCh. 5 - Sam Nix owns Nix Estate Planning and Investments....Ch. 5 - The Effect of Adjustments Assume you are the...Ch. 5 - The account balances for the Patterson...Ch. 5 - Prob. 1MFCh. 5 - Prob. 2MFCh. 5 - Prob. 3MFCh. 5 - Prob. 4MFCh. 5 - Prob. 1ED
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- If a customer owed your company $100 on the first day of the month, then purchased $200 of goods on credit on the fifth and paid you $50 on fifteenth, the customers ending balance for the month would show a (debit or credit) of how much?arrow_forwardThe following accounts appear in the ledger of Celso and Company as of June 30, the end of this fiscal year. The data needed for the adjustments on June 30 are as follows: ab.Merchandise inventory, June 30, 54,600. c.Insurance expired for the year, 475. d.Depreciation for the year, 4,380. e.Accrued wages on June 30, 1,492. f.Supplies on hand at the end of the year, 100. Required 1. Prepare a work sheet for the fiscal year ended June 30. Ignore this step if using CLGL. 2. Prepare an income statement. 3. Prepare a statement of owners equity. No additional investments were made during the year. 4. Prepare a balance sheet. 5. Journalize the adjusting entries. 6. Journalize the closing entries. 7. Journalize the reversing entry as of July 1, for the wages that were accrued in the June adjusting entry. Check Figure Net income, 14,066arrow_forwardOn September 18, 20Y4, Carbon Company purchased $3,750 of supplies on account. In Carbon Company’s chart of accounts, the supplies account is No. 15, and the accounts payable account is No. 21. Required: Prepare a four-column account for Supplies. Enter a debit balance of $2,000 as of September 1, 20Y4. Record DATE, POST. REF., a debit or credit and a debit or credit under BALANCE on every line. In CNOW, Item descriptions are used for balances. Enter Balance for ITEM when recording beginning balances. Leave ITEM blank when recording all other entries. In CNOW, Journal pages do not begin with “J”. For example journal page 10 POST. REF. is simply 10. Use a ✓ for beginning balances. If the ending balance is $0, at least one balance amount should be $0. Prepare a four-column account for Accounts Payable. Enter a credit balance of $18,890 as of September 1, 20Y4. Record DATE, POST. REF., a debit or credit and a debit or credit under BALANCE on every line. In CNOW, Item descriptions are used…arrow_forward
- Chabon Corp. had a beginning "Supplies" account balance of $500 on December 1, 20X1. It had the following occur during 20X1: On December 4, supplies costing $4,000 were purchased on account. On December 15, the company paid $4,000 for the supplies previously purchased on account. On December 31, 20X1, a physical count shows $900 of supplies to still be on hand (unused) Where should the "Supplies" account balance be reported on the financial statements?arrow_forwardThe supplies account had a balance of $1,011 at the beginning of the year and was debited during the year for $3,868, representing the total of supplies purchased during the year. If $3,275 of supplies are on hand at the end of the year, the supplies expense to be reported on the income statement for the year is Oa. $3,275 Ob. $1,604 Oc. $7,143 Od. $4,879arrow_forwardThe Unadjusted Trial Balance columns of a company's work sheet shows the Store Supplies account with a balance of $415. The Adjustments columns show a credit of $230 for supplies used during the period. The amount shown as Store Supplies in the Balance Sheet columns of the work sheet is: A. $185 debit. B. $185 credit. C. $230 debit. D. $415 debit. E. $415 credit.arrow_forward
- On October 1st, the accounts receivable account balance was $51,400. During october, 447,200 was collected the customer's on account assuming that the October 31st balance was $59,100, determine the fees Bill to customers on account during October.arrow_forwardDuring February, $98,100 was paid to creditors on account, and purchases on account were $125,570. Assuming that the February 28 balance of Accounts Payable was $42,180, determine the account balance on February 1. b. On October 1, the accounts receivable account balance was $44,700. During October, $388,900 was collected from customers on account. Assuming that the October 31 balance was $51,400, determine the fees billed to customers on account during October.$ c. On April 1, the cash account balance was $23,340. During April, cash receipts totaled $354,770 and the April 30 balance was $16,800. Determine the cash payments made during April.$arrow_forwardDuring February, $186,500 was paid to creditors on account, and purchases on account were $201,400. Assuming that the February 28 balance of Accounts Payable was $59,900, determine the account balance on February 1.b. On October 1, the accounts receivable account balance was $115,800. During October, $449,600 was collected from customers on account. Assuming that the October 31 balance was $130,770, determine the fees billed to customers on account during October.c. On April 1, the cash account balance was $46,220. During April, cash receipts totaled $248,600 and the April 30 balance was $56,770. Determine the cash payments made during April.arrow_forward
- A company reports ending accounts payable of $2,055 and cost of goods sold of $18,300. Compute days’ payable outstanding. Round the answer to the nearest whole day.arrow_forwardThe ledger of Claudell Company includes the following unadjusted normal balances: Prepaid Rent $1,000, Services Revenue $55,600, and Wages Expense $5,000. Adjustments are required for (a) prepaid rent expired $200; (b) accrued services revenue $900; and (c) accrued wages expense $700. Prepare a 10-column worksheet with six rows for the following accounts: Prepaid Rent, Services Revenue, Wages Expense, Accounts Receivable, Wages Payable, and Rent Expense. Enter the unadjusted balances and the necessary adjustments on the work sheet and complete the work sheet for these accounts.arrow_forwardan invoice for kitchen appliances is dated December 23 and is paid on January 14 of the following year. credit terms are 2/15,n/45 EOM. The total amount, $497.48 includes a charge for freight and insurance of $62.43. A. What amount should be paid? B.How much is credited to the buyer's account? C. Is any money still owed after the payment?arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
College Accounting (Book Only): A Career ApproachAccountingISBN:9781337280570Author:Scott, Cathy J.Publisher:South-Western College Pub
Principles of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax College
College Accounting (Book Only): A Career Approach
Accounting
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:South-Western College Pub
Principles of Accounting Volume 1
Accounting
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax College
ACCOUNTING BASICS: Debits and Credits Explained; Author: Accounting Stuff;https://www.youtube.com/watch?v=VhwZ9t2b3Zk;License: Standard Youtube License