College Accounting, Chapters 1-27
23rd Edition
ISBN: 9781337794756
Author: HEINTZ, James A.
Publisher: Cengage Learning,
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Chapter 5, Problem 6SEA
ANALYSIS OF
- 1. Ending inventory of supplies is $260.
- 2. Amount of supplies used is $230.
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On decmeber 31, the trial balance indicates that the supplies account has a balance, prior to the adjusting entry,pf $320. A physical count of the supplies inventory shows that $90 of supplies remain.
Analyze this adjustment for the supplies using T accounts and then formally enter this adjustment in the generaljournal.
Adjustment for Supplies
On December 31, the trial balance indicates that the supplies account has a balance, prior to the adjusting entry, of $320. A physical count of the supplies inventory shows that $90 of supplies remain.
Analyze this adjustment for supplies using T accounts, and then formally enter this adjustment in the general journal. (Trial balance is abbreviated as TB.)
(Balance Sheet)Supplies
TB
Adj.
Bal.
(Income Statement)Supplies Expense
Adj.
On December 31, the trial balance indicates that the supplies account has a balance, prior to the adjusting entry, of $276. A physical count of the supplies inventory shows that $106 of supplies remain.
Question Content Area
Analyze this adjustment for supplies using T accounts, and then formally enter this adjustment in the general journal. (Trial balance is abbreviated as TB.)
(Balance Sheet)Supplies
fill in the blank fffd0eff0fe6f82_2
fill in the blank fffd0eff0fe6f82_4
Bal.
fill in the blank fffd0eff0fe6f82_5
(Income Statement)Supplies Expense
Adj.
fill in the blank fffd0eff0fe6f82_6
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Page:
DATE
ACCOUNT TITLE
DOC.NO.
POST.REF.
DEBIT
CREDIT
1
20-- Dec. 31
Supplies Expense
Supplies Expense
1
2
Supplies
Supplies
2
Chapter 5 Solutions
College Accounting, Chapters 1-27
Ch. 5 - The matching principle in accounting requires the...Ch. 5 - Prob. 2TFCh. 5 - LO1 As part of the adjustment of supplies, an...Ch. 5 - LO1 Depreciable cost is the difference between the...Ch. 5 - LO1 The purpose of depreciation is to record the...Ch. 5 - LO1 The purpose of depreciation is to (a) spread...Ch. 5 - Prob. 2MCCh. 5 - Prob. 3MCCh. 5 - Prob. 4MCCh. 5 - The first step in preparing a work sheet is to (a)...
Ch. 5 - On December 31, the trial balance indicates that...Ch. 5 - LO2 When posting adjusting entries to the general...Ch. 5 - Prob. 3CECh. 5 - Prob. 4CECh. 5 - LO5 Using the following partial work sheet...Ch. 5 - Prob. 6CECh. 5 - Prob. 1RQCh. 5 - Prob. 2RQCh. 5 - Prob. 3RQCh. 5 - Prob. 4RQCh. 5 - Prob. 5RQCh. 5 - Prob. 6RQCh. 5 - Prob. 7RQCh. 5 - Prob. 8RQCh. 5 - What is an assets depreciable cost?Ch. 5 - Prob. 10RQCh. 5 - Prob. 11RQCh. 5 - Identify the five major column headings on a work...Ch. 5 - List the five steps taken in preparing a work...Ch. 5 - Prob. 14RQCh. 5 - Explain when revenues are recorded under the cash...Ch. 5 - Prob. 16RQCh. 5 - ADJUSTMENT FOR SUPPLIES On December 31, the trial...Ch. 5 - Prob. 2SEACh. 5 - ADJUSTMENT FOR WAGES On December 31, the trial...Ch. 5 - ADJUSTMENT FOR DEPRECIATION OF ASSET On December...Ch. 5 - CALCULATION OF BOOK VALUE On June 1, 20--, a...Ch. 5 - ANALYSIS OF ADJUSTING ENTRY FOR SUPPLIES Analyze...Ch. 5 - Prob. 7SEACh. 5 - POSTING ADJUSTING ENTRIES Two adjusting entries...Ch. 5 - WORK SHEET AND ADJUSTING ENTRIES A partial work...Ch. 5 - JOURNALIZING ADJUSTING ENTRIES From the...Ch. 5 - Prob. 11SEACh. 5 - ANALYSIS OF NET INCOME OR NET LOSS ON THE WORK...Ch. 5 - CASH, MODIFIED CASH, AND ACCRUAL BASES OF...Ch. 5 - ADJUSTMENTS AND WORK SHEET SHOWING NET INCOME The...Ch. 5 - ADJUSTMENTS AND WORK SHEET SHOWING A NET LOSS...Ch. 5 - JOURNALIZE AND POST ADJUSTING ENTRIES FROM THE...Ch. 5 - Prob. 17SPACh. 5 - ADJUSTMENT FOR SUPPLIES On July 31, the trial...Ch. 5 - ADJUSTMENT FOR INSURANCE On July 1, a six-month...Ch. 5 - ADJUSTMENT FOR WAGES On July 31, the trial balance...Ch. 5 - ADJUSTMENT FOR DEPRECIATION OF ASSET On July 1,...Ch. 5 - CALCULATION OF BOOK VALUE On January 1, 20--, a...Ch. 5 - ANALY SIS OF ADJUSTING ENTRY FOR SUPPLIES Analyze...Ch. 5 - ANALY SIS OF ADJUSTING ENTRY FOR INSURANCE Analyze...Ch. 5 - POSTING ADJUSTING ENTRIES Two adjusting entries...Ch. 5 - WORK SHEET AND ADJUSTING ENTRIES A partial work...Ch. 5 - JOURNALIZING ADJUSTING ENTRIES From the...Ch. 5 - EXTENDING ADJUSTED BALANCES TO THE INCOME...Ch. 5 - Prob. 12SEBCh. 5 - CASH, MODIFIED CASH, AND ACCRUAL BASES OF...Ch. 5 - Prob. 14SPBCh. 5 - Prob. 15SPBCh. 5 - JOURNALIZE AND POST ADJUSTING ENTRIES FROM THE...Ch. 5 - CORRECTING WORK SHEET WITH ERRORS A beginning...Ch. 5 - Delia Alvarez, owner of Delias Lawn Service, wants...Ch. 5 - Prob. 1MPCh. 5 - Prob. 1CP
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- Prepare an adjusted trial balance from the following account information, considering the adjustment data provided (assume accounts have normal balances). Adjustments needed: Physical count of supplies inventory remaining at end of period, $2,150 Taxes payable at end of period, $3,850arrow_forwardIf the Supplies account had an ending balance of $1,200 and the actual count for the remaining supplies was $400 at the end of the period, what adjustment would be needed?arrow_forwardAdjustment for Supplies On December 31, the trial balance indicates that the supplies account has a balance, prior to the adjusting entry, of $320. A physical count of the supplies inventory shows that $90 of supplies remain. Analyze this adjustment for supplies using T accounts, and then formally enter this adjustment in the general journal. (Trial balance is abbreviated as TB.) (Balance Sheet)Supplies fill in the blank d9cf920a902df9c_2 fill in the blank d9cf920a902df9c_4 Bal. fill in the blank d9cf920a902df9c_5 (Income Statement)Supplies Expense Adj. fill in the blank d9cf920a902df9c_6 Page: DATE ACCOUNT TITLE DOC.NO. POST.REF. DEBIT CREDIT 1 20--Dec. 31 fill in the blank 408d0d04ffc0fd3_2 fill in the blank 408d0d04ffc0fd3_3 1 2 fill in the blank 408d0d04ffc0fd3_5 fill in the blank 408d0d04ffc0fd3_6 2arrow_forward
- In the Adjustments columns of the work sheet, record the following adjusting entries: • For merchandise inventory: Debit Income Summary and credit Merchandise Inventory (to remove the beginning inventory); then debit Merchandise Inventory and credit Income Summary (to enter the ending inventory). • For unearned revenue: Debit the unearned revenue account and credit the revenue account (to record revenue earned) • For supplies used: Debit Supplies Expense and credit Supplies. • For expired insurance: Debit Insurance Expense and credit Prepaid Insurance. • For depreciation: Debit Depreciation Expense and credit Accumulated Depreciation. • For accrued wages or salaries: Debit Wages Expense or Salaries Expense and credit Wages Payable or Salaries Payable. Following are the adjustment data for Bruno Company: a-b. Merchandise inventory (ending), $1,045. c. Professional fees earned, $32,100. d. Supplies inventory (on hand), $1,415. e. Insurance expired, $750. f.…arrow_forwardOn December 31, the trial balance indicates that the supplies account has a balance, prior to the adjusting entry, of $276. A physical count of the supplies inventory shows that $106 of supplies remain. Question Content Area Analyze this adjustment for supplies using T accounts, and then formally enter this adjustment in the general journal. (Trial balance is abbreviated as TB.) Balance Sheet Supplies TB = adj= balance= Income Sheet Supplies Expense Adj= Page: DATE ACCOUNT TITLE DOC.NO. POST.REF. DEBIT CREDIT 1 20-- Dec. 31 Supplies Expense 2 Suppliesarrow_forwardMultiple Choice Quiz: Prior to recording adjusting entries, the Supplies account has a $450 debit balance. A physical count of supplies shows $125 of unused supplies still available. The required adjusting entry is: a. Debit Supplies $125; credit Supplies Expense $125. b. Debit Supplies $325; credit Supplies Expense $325. c. Debit Supplies Expense $325; credit Supplies $325. d. Debit Supplies Expense $325; credit Supplies $125. e. Debit Supplies Expense $125; credit Supplies $125.arrow_forward
- Prior to recording adjusting entries, the Supplies account has a $450 debit balance. A physical count of supplies shows $125 of unused supplies still available. The required adjusting entry is a. Debit Supplies $125; credit Supplies Expense $125. b. Debit Supplies $325; credit Supplies Expense $325. c. Debit Supplies Expense $325; credit Supplies $325. d. Debit Supplies Expense $325; credit Supplies $125. e. Debit Supplies Expense $125; credit Supplies $125.arrow_forwardCorrect Answer Prior to recording adjusting entries, the Supplies account has a $450 debit balance. A physicalcount of supplies shows $125 of unused supplies still available. The required adjusting entry is:a. Debit Supplies $125; Credit Supplies Expense $125.b. Debit Supplies $325; Credit Supplies Expense $325.c. Debit Supplies Expense $325; Credit Supplies $325.d. Debit Supplies Expense $325; Credit Supplies $125.e. Debit Supplies Expense $125; Credit Supplies $125arrow_forwardPrepare adjusting journal entries, as needed, considering the account balances excerpted from the unadjusted trial balance and the adjustment data. A. amount due for employee salaries, $4,800 B. actual count of supplies inventory, $ 2,300 C. depreciation on equipment, $3,000arrow_forward
- The Supplies account has a 1,400 balance. A physical inventory is taken at the end of the fiscal year, and the amount on hand is determined to be 300. What adjusting entry is required to record the supplies used? a. Supplies 300 DR, Cash 300 CR b. Supplies Expense 1,400 DR, Supplies 1,400 CR c. Supplies 1,100 DR, Supplies Expense 1,100 CR d. Supplies Expense 1,100 DR, Supplies 1,100 CR e. None of the abovearrow_forwardFollowing is the adjusted trial balance data for Garage Parts Unlimited as of December 31, 2019. A. Use the data provided to compute net sales for 2019. B. Compute the gross margin or 2019. C. Compute the gross profit margin ratio (rounded to nearest hundredth) D. Prepare a simple income statement for the year ended December 31, 2019. E. Prepare a multi-step income statement for the year ended December 31, 2019.arrow_forwardThe following is the adjusted trial balance data for Elm Connections as of December 31, 2019. A. Use the data provided to compute net sales for 2019. B. Compute the gross margin for 2019. C. Compute the gross profit margin ratio (rounded to nearest hundredth) D. Prepare a simple income statement for the year ended December 31, 2019. E. Prepare a multi-step income statement for the year ended December 31, 2019.arrow_forward
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