1. What accounts does a company debit and credit in a prepaid expense adjusting entry? 2. What accounts are debited and credited in an unearned revenue adjusting entry.
Analysis of Journal Entries The following journal entries are from the books of Kara Elizabeth Company: a. Buildings 90,000 cash 35,000 Mortgage Payable 55,000 b. Cash 25,000 Capital Stock 25,000 c. Cash 40,000 Loan Payable 40,000 D. Sala
Mary Stuart Company determined its ending inventory at cost and at lower of cost or market at December 31, 2007 and December 31, 2008 as shown below: Cost Lower-of-cost-or-market 12/31/2006 $650,000 $650,000 12/31/2007 $780,000 $722,000 12/31/2008 $900,000 $830,000 Instructions: (A) Prepare the journal en
The following transactions involve intangible assets of Penner Co occurring on or near Dec 31, 2004. Write journal entries needed at the date to record the transaction and at December 31, 2005 to record any resultant amortization. Write NA if no entry is required at a particular date. 1. Penner paid Grand Co $200,000 for exc
See attached file. PART V ? BANK RECONCILIATION A review of the November 30 bank statement and other data of Jones Company reveals the following: 1. Balance per bank statement on November 30 $20,200 2. Balance per books on November 30 $14,388 3. NSF Check from J. Smith in payment of account $220 4. Collection
PART IV ? CLOSING ENTRIES The end of the period account balances after adjustments of the Falcon Cleaners and Laundry are as follows: Account Balances (After Adjustments) Cash $ 10,000 Cleaning Supplies 3,500 Prepaid Rent 3,600 Equipment 128,000 Accumulated Depreciation?Equipment 20,000 Accounts Payable 8,500 C
On December 1, Showcase Interiors purchased a shipment of furniture from Colonial House by paying $10,500 cash and issuing an installment note payable in the face amount of $28,800. The note is to be paid in 24 monthly installments of $1,200 each. Although the note makes no mention of an interest charge, the rate of interest u
The trial balance before adjustment of Reba McIntyre Inc. shows the following balances. Dr. Cr. Accounts Receivable $90,000 Allowance for Doubtful Accounts 1,750 Sales (all on credit) $680,000 Instructions Give the entry
Identifying Outstanding Checks and Deposits in Transit and Preparing a Bank Reconciliation and Journal Entries
Prepare responses to the following assignments from the e-text, Fundamentals of Financial Accounting 1st ed., by Phillips, Libby, and Libby b. Chapter 6: Coach Problems CP 6-2 CP 6-2 Identifying Outstanding Checks and Deposits in Transit and Preparing a Bank Reconciliation and Journal Entries: L02 The August 2006 bank statem
In November 2006 after having incorporated Cookie Creations Inc., Natalie begins operations. She has decided to not pursue the offer to supply cookies to Biscuits. Instead she will focus on offering cooking classes. The following events occur. Nov. 8 Natalie cashes in her U.S. Savings Bonds and receives $520, which she depos
Presented below are two independent situations. (a) On March 3, Hinckley Appliances sells $580,000 of its receivables to Marsh Factors Inc. Marsh Factors assesses a finance charge of 3% of the amount of receivables sold. Prepare the entry on Hinckley Appliances' books to record the sale of the receivables. (b) On May 10, C
8-14 (Evaluating the significance of misstatements) You are concluding the audit of Sun Island Apparel, Inc. as of December 31, 20x1. You believe that you can tolerate $675,000 in misstatements to pretax income. You have noted only three issues that may affect the financial statements based on evidence found during the audit.
Dakota Company must make three adjusng entries on December 31, 2007. a. Supplies used, $2,500; (supplies totaling $4,000 were purchased on December 1, 2007, and debited to the supplies account). b. Expird insurance, $1,800 on December 1, 2007; the fir paid $10,800 for six months' insurance coveage in advance and debited Pr
The ledger of Elburn Company at the end of the current year shows Accounts Receivable $110,000, Sales $840,000, and Sales Returns and Allowances $28,000. Instructions (a) If Elburn uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Elburn determ
I do not understand the concept of this section (stock holder's equity) at all. please help. It is mostly multiple choice, short math of how you got each answer would be great so I can compare my answer to yours. Thank you Use the following data set to answer the first four questions. On January 1, 2007 The Def Co. issued
Totals for the month of March from payrol register of XYZ company salaries expense $13,000 S.S and madicare texes withheld 975 Income taxes withheld 2,600 retirement savings 500 The entry to record the payment of net pay would include a a)
The journal entry to record the conversion of a $150 accounts payable to a notes payable would be? These were my two guesses: Cash $150 Notes payable $150 or Accounts payable $150 notes payable $150
Wall Inc. uses the allowance method to estimate uncollectible accounts receivable. The company produced the following aging of the accounts receivable at year end.
Wall Inc. uses the allowance method to estimate uncollectible accounts receivable. The company produced the following aging of the accounts receivable at year end. Number of Days Outstanding Total 0-30 31-60 61-90 91-120 Over 120 Accounts receivable $375,000 $220,000 $90,000 $40,000 $10,000 $15,000 % uncollectible 1% 4% 5% 8
I am having the hardest time with these various Accounting problems. Attached are the problems. To look at the attachment will help out more so with the full description.The problems consist of preparing journal entries, cash flows using the indirect method, job order cost accounting system, units of merchandise, and computing
Please see the attached file. Mike Palmer, a former professional golf star, operates Mike's Pro Shop at Bay Golf Course. At the beginning of the current season on April 1, the ledger of Mike's Pro Shop showed Cash $2,500, Merchandise Inventory $3,500, and M. Palmer, Capital $6,000. The following transactions were completed
Norris Corporation was organized on January 1, 2007. It is authorized to issue 20,000 shares of 6%, $50 par value preferred stock and 500,000 shares of no-par common stock with a stated value of $1 per share. The following stock transactions were completed during the first year. Jan. 10 Issued 60,000 shares of common stock for
Prepare journal entries for the following transactions: a. On November 1, Year 1, Kuhner Co. received a $1,000 note receivable with a 90-day maturity and a 12% interest rate in exchange for an outstanding account receivable of the same face amount. b. Assume Kuhner Co. closes its books on a monthly basis. Prepare any adj
Walter Company Ltd. publishes a monthly sports magazine, Fishing Preview. Subscriptions to the magazine cost $22 per year. During, November 2007, Walter sells 6,000 subscriptions for cash, beginning with the December issue. Walter prepares financial statements quarterly and recognizes subscription revenue earned at the end of th
During the month of March, Prouncer Company's employees earned wages of $70,000. Withholdings related to these wages were $5,355 for Social Security, $7,500 for federal income tax, $3,100 for state income tax, and $400 for union dues. The company incurred no cost related to these earnings for federal unemployment tax, but incurr
Chapter 1 5. Why is accounting often referred to as the "language of business"? 7. What are generally accepted accounting principles (GAAP)? Who currently develops and issues GAAP? What is the purpose of GAAP? Chapter 3 Practice Exercises For 3-1 and 3-2 do the following transactions: a. list the accounts impa
9-3 Internal service funds are accounted for similarly to businesses. William County opted to account for its duplication service center in an internal service fund. Previously the center had been accounted for in the county's general fund. During the first month in which it was accounted for as an internal service fund the ce
This formatted MS Excel spreadsheet contains examples and illustrations of journal entries involving investment problems.
This formatted MS Excel spreadsheet contains illustrations on the classification of assets, liabilities, and the preparation of payroll entries.
I am unable to find a solution to the attached problem. Please use excel for your solution. Instructions: Present the journal entries specified below; show supporting calculations. The trial balance of Friendly Company at December 31, 2003 includes the following: Debits Credits Accounts Receivable 100,000 Allow
P2-3A Journalize transactions, post, and prepare a trial balance and financial statements. (SO 2, 4, 6, 7) Chambers Brokerage Services Inc. was formed on May 1, 2006. The following transactions took place during the first month. Transactions on May 1: 1. Stockholders invested $120,000 cash in the company in exchange for sto