Purchase Solution

ADJUSTING AND RECLASSIFYING ENTIRES

Not what you're looking for?

Ask Custom Question

1. Office supplies have a balance of $2,400. An inventory at 12/31 shows $1,700 of supplies on hand.
2. There are two insurance accounts in the trial balance, prepaid insurance-$9,200 and Insurance Expense $2,800. Unexpired insurance at the statement date is $3,000.
3. All rent receipts ($25,000) were credited to rent income. At the end of the year, $5,000 of rentals are unearned.
4. The allowance for uncollectibles has a credit balance of $6,000. An aging schedule shows estimated uncollectibles of $14,000.
5. The balance in A/P is $122,400. Included in this amount is $10,400 of advance deposits made by Brian Co. on future purchases.
6. The ledger shows interest receivable of $3,200 at the beginning of the year. All interest collections have been credited to interest revenue. At December 31 of the current year, accrued interest receivable totals $3,800.
7. A/R has a balance of $118,400. This balance is net of customers with credit balances of $15,000.
8. Bonds payable has a balance of $550,000. Bonds maturing within the next year total $50,000.

Required: Journalize the adjusting and reclassifying entries. Identify the adjustments by number and the reclassifications by letter.

Purchase this Solution

Solution Summary

The attached MS Excel spreadsheet contains detailed examples and instructions on the adjustment and reclassification of various journal entries.

Purchase this Solution


Free BrainMass Quizzes
Managing the Older Worker

This quiz will let you know some of the basics of dealing with older workers. This is increasingly important for managers and human resource workers as many countries are facing an increase in older people in the workforce

Production and cost theory

Understanding production and cost phenomena will permit firms to make wise decisions concerning output volume.

Employee Orientation

Test your knowledge of employee orientation with this fun and informative quiz. This quiz is meant for beginner and advanced students as well as professionals already working in the HR field.

Motivation

This tests some key elements of major motivation theories.

Income Streams

In our ever changing world, developing secondary income streams is becoming more important. This quiz provides a brief overview of income sources.