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The Adjusting Process

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

Language of business, purpose of GAAP, adjusting entries, closing entries

1. Why is accounting often referred to as the "language of business"? 2. What are generally accepted accounting principles (GAAP)? Who currently develops and issues GAAP? What is the purpose of GAAP? 3. Why are adjusting entries necessary? 4. The analysis process for preparing adjusting entries involves two basic steps.

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

Supplies Expense, Insurance Expense, and Unearned Revenues

Instructions: Answer the following questions, assuming the year begins January 1. *See attached file for data (a) If the amount in Supplies Expense is the January 31 adjusting entry, and $500 of supplies was purchased in January, what was the balance in Supplies on January 1? (b) If the amount in Insurance

Adjusting Entries

The accounts listed on the next page appeared in the December 31 trial balance of the Jane Alexander Theater. Debit Credit Equipment $192,000 Accumulated Depreciation-Equipment $ 60,000 Notes Payable

Necessity for Adjusting Entries

Joe is pleased that his business transactions for the first three months have been completed. He recently sent you a text message asking "What comes next?" Compose an e-mail to Joe in response to his question. In your e-mail, explain the necessity for adjusting entries. Be sure to explain accrual accounting in your e-mail. What

Adjusting Entries Types

What are the four different adjusting entries? What accounting assumptions necessitate the use of adjusting entries? What accounts are subject to adjusting journal entries? What are the advantages and disadvantages of using automated accounting systems to do adjusting entries? What are your thoughts on making adjusting entries;

Adjusting journal entries

E3-7 The ledger of Piper Rental Agency on March 31 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 Deprecia

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

Adjusting Entries: Retained earnings

Adjusting Entries: Retained earnings at 1/1/06 was $150,000 and at 12/31/06 it was $200,000. During 2006, cash dividends of $50,000 were paid and a stock dividend of $40,000 was issued. Both dividends were properly charged to retained earnings. You are to provide the missing closing entry. For each journal entry write Dr for de

Adjusting Entries: Prepaid Rent

Adjusting Entries: Prepaid rent at 1/1/06 was $30,000. During 2006 rent payments of $100,000 were made and charged to "rent expense." The 2006 income statement shows as a general expense the item "rent expense" in the amount of $125,000. You are to prepare the missing adjusting entry that must have been made, assuming reversing

Adjusting Entries: Allowance for doubtful accounts

Adjusting Entries: Allowance for doubtful accounts on 1/1/06 was $60,000. The balance in the allowance account on 12/31/06 after making the annual adjusting entry was $70,000 and during 2006 bad debts written off amounted to $40,000. You are to provide the missing adjusting entry. For each journal entry write Dr for debit and Cr

Adjusting Entries: Accumulated Depreciation

Adjusting Entries: Accumulated depreciation equipment at 1/1/06 was $230,000. At 12/31/06 the balance of the account was $280,000. During 2006, one piece of equipment was sold. The equipment had an original cost of $40,000 and was 3/4 depreciated when sold. You are to prepare the missing adjusting entry. For each journal entry

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

Welch Rental Agency: Prepare Adjusting Entries

The ledger of Welch Rental Agency Inc. on March 31 of the current year includes the following selected accounts before adjusting entries have been prepared. Debit Credit Prepaid Insurance $ 3,600 Supplies

Wooster Company adjusting entries: interest, revenue, salaries

The bookkeeper for Wooster Company asks you to prepare the following accrued adjusting entries at December 31. 1. Interest on notes payable of $400 is accrued. 2. Services provided but not recorded total $1,250. 3. Salaries earned by employees of $900 have not been recorded. Use the following account titles: Service Reve