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The Adjusting Process

Financial Accounting: adjusting entries; practice exam

1. Adjusting entries. Present, in journal form, the adjustments that would be made on July 31, 2011, the end of the fiscal year, for each of the following. 1.The supplies inventory on August 1, 2010 was $7,350. Supplies costing $20,150 were acquired during the year and charged to the supplies inventory. A count on July 31

The answer to Financial Accounting: adjusting entries

1. A trial balance prepared after the closing entries have been journalized and posted is the: A. Unadjusted trial balance. B. Post-closing trial balance. C. General ledger. D. Adjusted trial balance. E. Work sheet. 2. How would the accounting equation of Austin Company be affec

Financial Accounting: adjusting entries; practice exam

1. If throughout an accounting period the fees for legal services paid in advance by clients are recorded in an account called Unearned Legal Fees, the end-of-period adjusting entry to record the portion of those fees that has been earned is: A. Debit Cash and credit Legal Fees Earned. B. Debit Cash and cred

Financial Accounting: adjusting entries; practice exam

Question 1 A company shows a $600 balance in Prepaid Insurance in the Unadjusted Trial Balance columns of the work sheet. The Adjustments columns show expired insurance of $200. This adjusting entry results in: A. $200 less in net income. B. $200 more in net income. C. $200 difference between

Financial Accounting: Two adjusting entries; practice exam

An NBA basketball team sells season tickets worth $48 million before the basketball season starts late in the year. Assume this $48 million is debited to Cash and credited to Unearned Ticket Revenue. By the end of the calendar year, which also happens to be the end of the team's accounting period, 25% of the games have been play

Estimating and reporting bad debts

At December 31, 2008, Aaliyah Company records show the following results for the calendar -year: cash sales $ 1,591, 700 credit sales 2,389,000 In addition, its unadjusted trial balance includes the following items: accounts receivable $ 1,630,846 debit allowance for

Smith Rental Agency: Prepare adjusting entries

The ledger of Smith Rental Agency of June 30 of the current year includes the following selected accounts before adjusting entries have been prepared: Debit Credit Prepaid Insurance $3,600 Supplies 2,800 Equipment 25,000 Accumulated Depreciation - Equipment $8,400 Notes Pa

Tennessee Performing Arts Theatre: Prepare adjusting entries

The account below appear in the December 31 trial balance of the Tennessee Performing Arts Theatre. Debit Credit Equipment $215,000 Accumulated Depreciation - Equipment $60,000 Notes Payable 120,000 Admissions Revenue 380,000 Advertising Expense

Preparing and Adjusting Journal Entries

Please help prepare journal entries/adjusting entries for the following data. Hormel Co. follows the practice of recording prepaid expenses and unearned revenues in balance sheet accounts. The company's annual accounting period ends on December 31, 2009. The following information concerns the adjusting entries to be recorded

Bank Reconciliation and Adjusting Entries - Kipling Company

I need help with this problem. Please put in excel. Thank you. -------------------------- Kipling Company deposits all receipts and makes all payments by check. The following information is available from the cash records. June 30 Bank Reconciliation Balance per bank $7,000 Add: Deposits in transit 1,

Adjusting entries and Financial statements

Please see the attached file. Mason Advertising Agency was founded in January 2006. Presented below are both the adjusted and unadjusted trial balances as of December 31, 2010. MASON ADVERTISING AGENCY TRIAL BALANCE DECEMBER 31, 2010 Unadjusted

Journal Entries - Receivables

Need assistance with these two problems. Please show your steps so I can understand the process. Please see ** ATTACHED ** file(s) for complete details!! 1: A company is preparing its year end adjusting entries and, before adjustments, shows the following account balances as of the beginning of the year: Account Debit

Prepare and analyze journal entries, closing entries

3-3 A county engages in basic transactions. Kilbourne County engaged in the following transactions in summary form during its fiscal year. All amounts are in millions. 1. Its commissioners approved a budget for the current fiscal year. It included total revenues of $860 and total appropriations of $850. 2. It ordered

Adjusting Entries for PP&E (Mandville Corporation)

NOTE: Please consider all elements as this problem has many details. ** See ATTACHED file(s) for complete details ** You are reviewing the pp&e working papers of Mandville Corporation, the lead schedule for the accounts is attached. The following are among the findings relating to changes in the account: 1.LAND: The ad

Cindy Corp & Slingo: Adjusting and Consolidating Journal Entries

Based on American Accounting Cindy Corp. owned all of the voting common stock of Slingo, inc. Both companies use the perpetual inventory method and Cindy decided to use the partial equity method to account for this investment. During 2009, Cindy made cash sales of $400,000 to Slingo. The gross profit rate was 30% of the sell

Principles of Accounting

30) Journalize the adjusting entries indicated by the following trial balance and adjusted trial balance. (5 points) Accounts Trial Balance Adjustments Adjusted Trial Balance Debit Credit Debit Credit Debit Credit Cash 2,000 2,000 Prepaid Insurance 4,000 2,000 Office Supplies 1,000 600 Office eq

Dave's Company Adjusting Entries

Adjusting Journals Selected general ledger information for Dave's Company's October 31 month end is presented below. Journalize the adjustment that caused the balance in each account to change. a) Unearned Fees 8,300 Unadjusted balance 2,300 Adjusted balance Date Acco

Multiple choice questions on basic accounting subjects

Section - I ? Multiple Choice (20 points) Circle the one best answer. 1. The primary accounting standard-setting body in the United States is the: a. Securities and Exchange Commission. b. Internal Revenue Service. c. Financial Accounting Standards Board. d. Corporate Board of Directors. 2. An increase in a revenu

Accounting: Ace Computer Services (Andy Roddick)

Andy Roddick is the new owner of Ace Computer Services. At the end of August 2007, his first month of ownership, Roddick is trying to prepare monthly financial statements. Below is some information related to unrecorded expenses that the business incurred during August. 1. At August 31, Roddick owed his employees $1,900 in wa

Jose Orozco Co: Bank reconciliation, adjusting entries

Bank Reconciliation and adjusting entries The cash account of Jose Orozco Co. showed ledger balance of $3,969,.85 on June 30, 2007. The bank statement as of that date showed a balance of $4,150. Upon coming the statement with the cash records, the following facts were determined. 1. There were bank service charges for Jun

Preparing a Bank reconciliation

On May 31, 2007, Galenti Company had a cash balance per books of $5,681.50. The bank statement from Community Bank on that date showed a balance of $7,964.60. A comparison of the statement with the cash account revealed the following facts. 1. The statement included a debit memo of $70 for the printing of additional company c

Adjusting entries

Please see attached excel for problem. E4-1 The adjusted trial balance columns of the work sheet for Cajon Company are as follows. CAJON COMPANY Work Sheet (partial) For the Month Ended April 30, 2006 Adjusted Trial Income Balance Balance Statem

Adjusting entry for uncollectible accounts

At the end of Year 2, the unadjusted trial balance of Alaska Company includes $1,500,000 of outstanding accounts receivable and an Allowance for Uncollectible Accounts of $14,600. Total sales for the year are $22,200,000 and 85% of the sales were on account. The company estimates that 1.8% of credit sales are uncollectible and n

Servo Corporation: journal entries and adjusting entries

Servo Corporation's balance sheet at December 31,2006, is presented below. Servo Corporation Balance Sheet Decemeber 31, 2006 Cash $24,600 Accounts Reveivable $25,600 Accounts Revievable 45,500 Common Stock($10 par) 80,000 Allowance for doubtful accounts (1500) Retained Earnings 127,400 Supplies

Assignments from Text: Accounting

Please answer the attached questions. Please answer the following questions in detailed responses. Assignments from the Text Fundamentals of Financial Accounting #3 Define accrual accounting and contrast it with cash basis accounting. #4 What four conditions must normally be met for revenue to be recognized under accr