Financial Accounting: prepare year end entries for Thomas Company
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26) As of the end of the current calendar year, prepare the entry for each of the following situations. If NO entry is necessary, please explain why.
A) Thomas Company's most recent pay information shows that employees worked last week and earned $10,800, but they will not receive this pay until the regular day, which is in next year.
B) Dewey, Cheatham and Howe have a balance in the supplies account of $10,500. A count on Dec. 31, year-end, determined that $1,100 of supplies was still on hand.
C) Bigger-Is-Better Airlines has $15,000 in their Unearned Ticket Revenue account at Dec. 31. One-third of these flights have been provided to the customers.
D) Depreciation of $2,000 has been estimated for the year.
E) Your company has received $6,000 for contracts that will be completed next year. This money was recorded when received in Unearned Contract Deposits.
Account Cash + Other Assets = Liabilities + Equity + Revenue - Expense
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Solution Summary
The solution presents the entries in the format of the effects to the components of the accounting equation.
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26) As of the end of the current calendar year, prepare the entry for each of the following situations. If NO entry is necessary, please explain why.
A) Thomas Company's most recent pay information shows that employees worked last week and earned $10,800, but they will not receive this pay until the regular day, which is in next year.
B) Dewey, Cheatham and Howe have a balance in the ...
Purchase this Solution
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