College Accounting, Chapters 1-27
23rd Edition
ISBN: 9781337794756
Author: HEINTZ, James A.
Publisher: Cengage Learning,
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Chapter 5, Problem 8SEA
POSTING
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POSTING ADJUSTING ENTRIES Two adjusting entries are in the following general journal. Post these adjusting entries to the four general ledger accounts. The following account numbers were taken from the chart of accounts: 141, Supplies; 219, Wages Payable; 511, Wages Expense; and 523, Supplies Expense. If you are not using the working papers that accompany this text, enter the following balances before posting the entries: Supplies, $200 Debit; and Wages Expense, $1,200 Debit.
POSTING ADJUSTING ENTRIES Two adjusting entries are shown in the following general journal. Post these adjusting entries to the four general ledger accounts. The following account numbers were taken from the chart of accounts: 145, Prepaid Insurance; 183.1, Accumulated Depreciation—Cleaning Equipment; 541, Depreciation Expense—Cleaning Equipment; and 535, Insurance Expense. If you are not using the working papers that accompany this text, enter the following balances before posting the entries: Prepaid Insurance, $960 Debit; Accumulated Depreciation—Cleaning Equipment, $870 Credit.
Posting Adjusting Entries
Two adjusting entries are in the following general journal. Post these adjusting entries to the
four general ledger accounts.
DATE
20--
Dec. 31
31
GENERAL JOURNAL
DESCRIPTION
Supplies Expense
Supplies
Wages Expense
Wages Payable
POST. REF.
III
DEBIT
85.00
220.00
PAGE 9
CREDIT
85.00
220.00
7
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 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_forwardPOSTING ADJUSTING ENTRIES Two adjusting entries are shown in the following general journal. Post these adjusting entries to the four general ledger accounts. The following account numbers were taken from the chart of accounts: 145, Prepaid Insurance; 183.1, Accumulated DepreciationCleaning Equipment; 541, Depreciation ExpenseCleaning Equipment; and 535, Insurance Expense. If you are not using the working papers that accompany this text, enter the following balances before posting the entries: Prepaid Insurance, 960 Debit; Accumulated DepreciationCleaning Equipment, 870 Credit.arrow_forwardJournalize the six December 31 adjusting entries for Cole Designs that adjusted the accounts to arrive at the financial statements in the Adjusted Financial Statements panel. Refer to the Chart of Accounts for exact wording of account titles. Journalize each adjustment as a separate entry. JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 Adjusting Entries 2 3 4 5 6 7 8 9 10 11 12 13 Adjusted financial statement Cole Designs Income…arrow_forward
- Journalize the following adjusting entries on December 31: A. The Supplies Account balance as of December 31 is $1,200. Actual supplies on hand equals $800. B. The company uses the allowance method for accounts receivable. A review of the accounts receivable aging report indicates that $50,000 of the accounts receivable will not be collectible. The allowance account has a current balance of $30,000. C. The trial balance indicates unearned revenue of $9,000. The company has determined that $3,000 of service has still not yet been provided. D. The company paid an annual insurance premium of $12,000 during the year. Six months of the insurance has expired. E. On January 1, the company purchased a delivery truck for 36,000. The company expects to use the truck for 3 years.arrow_forwardAdjusting entry for supplies Instructions Chart of Accounts Journal Instructions The balance in the supplies account, before adjustment at the end of the year, is $5,710. Journalize the adjusting entry required if the amount of supplies on hand at the end of the year is $1,335. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. Chart of Accounts CHART OF ACCOUNTS General Ledger ASSETS 11 Cash 12 Accounts Receivable 13 Supplies 14 Prepaid Insurance 15 Land 16 Equipment 17 Accumulated Depreciation-Equipment LIABILITIES 21 Accounts Payable 22 Unearned Fees 23 Salaries Payable 24 Taxes Payable EQUITY 31 Common Stock 32 Retained…arrow_forwardOn December 31, journalize the write-offs and the year-end adjusting entry under the allowance method, assuming that the allowance account had a beginning balance of $89,000 and the company uses the analysis of receivables method. If no entry is required, simply skip to the next transaction. Refer to the Chart of Accounts for exact wording of account titles.arrow_forward
- Journalizing Adjusting Entries Journalize the following adjusting entries in the general journal below.1. The supplies expense for the month is $570.2. The insurance expense for the month is $520.3. The depreciation expense for delivery equipment is $200.4. At the end of the month $100 of wages is payable.If an amount box does not require an entry, leave it blank. Page: DATE ACCOUNT TITLE DOC.NO. POST.REF. DEBIT CREDIT 1 20-- Dec. 31 fill in the blank 2 fill in the blank 3 1 2 fill in the blank 5 fill in the blank 6 2 3 3 4 31 fill in the blank 8 fill in the blank 9 4 5 fill in the blank 11 fill in the blank 12 5 6 6 7 31 fill in the blank 14 fill in the blank 15 7 8 fill in the blank 17 fill in the blank 18 8 9 9 10 31 fill in the blank 20 fill in the blank 21 10 11 fill in the blank 23 fill in the blank 24 11 12 12arrow_forwardFrom the adjusting entries below, prepare the reversing entry(ies) that would be needed for January 1. GENERAL JOURNALPage 1 DateDescriptionPostRef. DebitCreditAdjusting EntriesDec.31Work in Process Inventory17,333.00Factory Overhead17,333.0031Interest Receivable2,367.00Interest Revenue2,367.0031Office Supplies Expense6,319.00Office Supplies6,319.0031Factory Overhead15,841.00Factory Supplies15,841.0031Bad Debt Expense4,320.00Allowance for Bad Debts4,320.0031Factory Overhead1,927.00Prepaid Insurance1,927.0031Factory Overhead6,210.00Accumulated Depreciation—FactoryBuilding6,210.0031Factory Overhead14,253.00Accumulated Depreciation—FactoryEquipment14,253.00arrow_forwardEntry for Uncollectible Accounts Performance Bike Co. has determined that the proper balance for the Allowance for Doubtful Accounts at December 31 is $23,727. Assume that the allowance for doubtful accounts for Performance Bike Co. had a debit balance of $4,270 as of December 31. Journalize the adjusting entry for uncollectible accounts as of December 31.arrow_forward
- On June 30 of the current year, Rosemount Copy Center has completed the Trial Balance columns of the work sheet. Analyze the adjustment information given here into debit and credit parts. Record the adjustments on the work sheet. Total the Adjustments columns. Adjustment Information June 30 Supplies on hand $188.00 Value of prepaid insurance 540.00 WORK SHEET For Month Ended June 30, 20-- ACCOUNT TITLE TRIAL BALANCE ADJUSTMENTS INCOME STATEMENT BALANCE SHEET DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT 1 Cash 8,715.00 1 2 Petty Cash 75.00 2 3 Accounts Receivable-Raymond O’Neil 642.00 3 4 Supplies 518.00 4 5 Prepaid Insurance 675.00 5 6 Accounts Payable-Western Supply 268.00 6 7 Akbar…arrow_forwardPerformance Bike.co has determined that the proper balance for the allowance for doubtful account at December is $372000. Assume that the allowance doubtful account for the performance Bike.CO had a debit balance of $28400 as of December 31. Journalize the adjusting entry for uncollectible accounts of December 31.arrow_forwardAmong the ledger accounts used by Glenwood Speedway are the following: Prepaid Rent, RentExpense, Unearned Admissions Revenue, Admissions Revenue, Prepaid Printing, PrintingExpense, Concessions Receivable, and Concessions Revenue. For each of the following items, provide the journal entry (if one is needed) to record the initial transaction and provide the adjust-ing entry, if any, required on May 31, the end of the fiscal year. a. On May 1, borrowed $300,000 cash from National Bank by issuing a 12 percent note payabledue in three months.b. On May 1, paid rent for six months beginning May 1 at $30,000 per month.c. On May 2, sold season tickets for a total of $910,000 cash. The season includes 70 racingdays: 20 in May, 25 in June, and 25 in July.d. On May 4, an agreement was reached with Snack-Bars, Inc., allowing that company to sellrefreshments at the track in return for 10 percent of the gross receipts from refreshment sales.arrow_forward
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