I am trying to get a better understanding of this before I get to the end of the class and need help with this problem. see attached document. Adjusting entries and account classification. Selected amounts from Trent Company's trial balance of 12/31/05 appear below: 1. Accounts Payable
The following are selected 2007 transactions of Sean Astin Corporation. Sept 1 Purchased inventory from Encino Company on account for $50,000. Astin records purchases gross and uses a periodic inventory system. Oct 1 Issued a $50,000, 12-month. 8% note to Encion in payment of account. Oct. 1 Borrowed $50,000 from th
A. On December 31, the adjusted trial balance of Garg Employment Agency shows the following selected data. Accounts $24,000 Commission $92,000 Receivable Revenue Interest 7,800 Interest Payable 1,500 Expense Analysis shows that adjusting entries made to (1) accrue $4,200 of commission revenue and (2) acc
1. Why are revenue and expense accounts called temporary or nominal accounts? please explain. 2. Under a perpetual system, what is the purpose of the cost of goods sold account? 3. What are adjusting entries and why are they necessary?
Please see the attached file. 7. The following information is provided for the Lurkins Company as of December 31, 2006, before adjusting entries were made. Net credit sales $4,000,000 Allowance for Uncollectible Accounts (credit balance) 4,000
Prepare written answers to the following assignments Brief Exercise BE3-3 Prepare adjusting entry for supplies: Gleason Advertising Company's trial balance at December 31 shows Advertising supplies $6700 and Advertising Supplies Expense $0. On December 31, there is $1700 of supplies on hand. Prepare the adjusting entry a
See attached. Prepare adjusting entries for selected account data. The ledger of Welch Rental Agency Inc. on March 31 of the current year includes the following selected accounts before adjusting entries have been prepaid. Debit Credit Prepaid Insurance $3600 Supplies 2800 Equipment 25,000 Accu
Please see the attached files. The second file contains all 3 problems. Problem 2-35 (page 80-81) Adjusting Entries On December 31, Wright Company noted the following transactions that occurred during 2008, some or all of which might require adjustment to the books. (a) Payment of $3,100 to suppliers was made for pur
The accounts listed below appeared in the December 31 trial balance of the Jane Alexander Theater. Equipment DR $192,000 Accumulated Depreciation - Equipment CR $60,000 Notes Payable CR $90,000 Admissions Revenue CR $380,000 Advertising Expense DR $13,680 Salaries Expense DR $57,600 Interest Expense DR $1,400 Instruc
Please see attached. Angela Lansbury 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 $7000 Add: Deposit in transit 1540 Deduct: Outstanding Checks (2,000) Balance per books $6,540 Month o
At the beginning of the current season on April 1, the ledger of Fairway Pro Shop showed Cash $2,500; Merchandise Inventory $3,500; and Common Stock $6,000. The following transactions were completed during April 2007 Apr. 5 Purchased golf bags, clubs, and balls on account from Kokott Co. $1,800 terms 3/10
Attached is the work in Excel. The Duquesne Theater adjusts its accounts every month. Below is the company's unadjusted trial balance dated August 31, 2005. Additional information is provided for use in preparing the company's adjusting entries for the month of August. (Bear in mind that adjusting entries have already
See the attached Excel. Given info: The bank portion of the bank reconciliation for Money Money Company at October 31, 2006 was as follows. Money Money Company Bank Reconciliation October 31,2006 Cash balance per bank $12,444.70 Add: Deposits in transit 1,530.20
The following information is available for BlueStar Company for the month ending December 31, 2006: 1. Supplies used during the month totaled $1,596. 2. BlueStar paid the annual premium of $6,000 on their insurance on December 1. 3. BlueStar performed services valued at $14,000 during
Erickson Group provides computer network consulting services. The company initially debits assets in recording prepaid expenses and credits liabilities in recording unearned revenues. Give the appropriate entry that Erickson would use to record each of the following transactions on the date it occurred. Prepare the adjusting ent
(Correct Intangible Asset Account) Esplanade Co., organized in 2006, has set up a single account for all intangible assets. The following summary discloses the debit entries that have been recorded during 2006 and 2007. Intangible Assets 7/1/06 8-year franchise; expiration date 6/30/14 $ 42,000 10/1/06 Advance payment
Bank Rec, Dec 31, 2004 Balance per ledger Dec.31, 2004 $17,174.86 Add: Cash receipts received on the last day of December and charged to "cash in bank" on books but no deposited 2,662.25 Debit memo for customer's cheque returned unpaid (cheque is on hand but no entry has be
I did the problem but coming out wrong. Key figure in text states retained earnings should be $53,790. I don't get this number. *P3-9 (Adjusting and Closing) Presented below is the December 31 trial balance of Nancy Drew Boutique. NANCY DREW BOUTIQUE TRIAL BALANCE DECEMBER 31
Diana Mark is the president of ServicePro, Inc., a company that provides temporary employees for not-for-profit companies. ServicePro has been operating for five years; its revenues are increasing with each passing year. You have been hired to help Diana in analyzing the following transactions for the first two weeks of April:
1. Prepare the adjusting entry that would be made on December 31, 2009, the end of the year for the following: (Be sure and indicate what accounts you are debiting and crediting in your answer). The supplies asset on January 1, 2008 was $9,100. Supplies costing $18,150 were acquired during the year and charged to the suppli
For the attachment: (a) Journalize the adjusting entries. (b) Prepare an adjusted trial balance. (c) Prepare a multiple-step income statement and retained earnings statement for the year and a classified balance sheet as of November 30, 2007. (d) Journalize the closing entries. (e) Prepare a post-closing trial balance.
This MS Excel formatted file contains examples of adjusting entries, along with their associated t-accounts. I have also attached research sources which can prove very useful in gaining a better understanding of the accrual method of accounting.
I have attached a formatted MS Excell spreadsheet which contains information on the subject matter that you requested, including T-Accounts and Adjusting Entries. I have also listed sources, which will provide use with additional information on the subject.
Presented below is information related to Rollins Company 1) The company is granted a charter that authorizes issuance of 15,000 shares of $100 par value preferred stock and 40,000 shares of no par stock. 2) 8,000 shares of common stock are issued to the founders of the corporation for land valued by the board of directo
E4-9 Kogan Company has an inexperienced accountant. During the first 2 weeks on the job, the accountant made the following errors in journalizing transactions. All entries were posted as made. 1. A payment on account of $830 to a creditor was debited to Accounts Payable $380 and credited to Cash $380. 2. The purchase of s
A review of the ledger of Khan Company at December 31, 2006, produces the following data pertaining to the preparation of annual adjusting entries. 1. Prepaid Insurance $9,800. The company has separate insurance policies on its buildings and its motor vehicles. Policy B4564 on the building was purchased on July 1, 2005, for
See attached Adjusting and closing entries problem. (Adjusting journal entries, adjusted trial balance, income statement, statement of retained earnings, balance sheet, year-end closing entries, and after-closing trial balance) Brushstroke Art Studio, Inc. provides quality instruction to aspiring artists. The busines
AC557 Excel Problem #5 Accounting Error Analysis and Correcting Entries Chapter 22 (Kieso 12th Edition) You have been asked by a client to review the records of XYZ Co., which was formed on Jan 1, 2004. Your client is interested in buying the business and arrangements have been made for you to review the accounting record
The Anderson Petting Zoo operates a drive-through tourist attraction in Arizona. The company adjusts its accounts at the end of each month. The selected accounts appearing below reflect balances after adjusting entries were prepared on April 30. The adjusted trial balance shows the following: Prepaid Rent $ 12,000 Fenc
Julie Hartsack Corporation, Week 5 E 22-19 - a problem of accounting errors and prior period corrections. See attached file for full problem description.
Field Instruments completed the following transactions and events involving its machinery: 2004 Jan. 1 Paid $106,600 cash plus $6,400 in sales tax for a new machine. The machine is estimated to have a six-year life and a $9,800 salvage value. Dec. 31 Recorded annual straight-line depreciation on the machinery. 2005 Dec