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The Adjusting Process

Prepare journal entries to record these transactions and events

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

Adjusting Entries for Nelsen Company

The following information for Nelsen Company is available on June 30, 2005, the end of a monthly accounting period. You are to prepare the necessary adjusting journal entries for Nelsen Company for the month of June for each situation given. Appropriate adjusting entries had been recorded in previous months. You may omit journa

Managerial Accounting - Journalize entries

Turner Manufacturing purchases $60,170 of raw materials on account, and it incurs $40,160 of factory labour costs. Supporting records show that (a) the Assembly Department used $24,150 of raw materials and $29,860 of the factory labour, and (b) the Finishing Department used the remainder. Journalize the assignment of the costs t

Adjusting and Reversing Entries

Problem II ? Adjusting and Reversing Entries. The following list of accounts and their balances represents the unadjusted trial balance of Alt Company at December 31, 2004: Cash $ 32,690 Short-term Investment 70,000 Accounts Receivable 69,000 Allowance for Doubtful Accounts $ 500 Merchandise Inventory 54,720 Pre

Journalize Entries

At December 31, 2005, Walton Company reported the following as plant assets. Land $ 3,000,000 Buildings $26,500,000 Less: Accumulated depreciation-buildings 12,100,000 14,400,000 Equipment 40,000,000 Less: Accumulated depreciation-equipment 5,000,000 35,000,000 Total plant assets $52,400,000

Elburn Company - Adjusting Entries

Bad Debts Expenses. See attached file for full problem description. E9-2 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.

Error Analysis, Correcting Entries for Julie Hartsack Corporation for 2008.

This problem tests the ability to make proper adjusting entries which may effect a prior year or the current year. A partial trial balance is provided and then there are additional adjusting information given. The instructions are to determine what adjusting entries need to be made. E22-19 is attached in Xcl.

Adjusting Entries and Closing Entries

The following trial balance was taken from the books of Fisk Corporation on December 31, 2004. Account Debit Credit Cash $ 12,000 Accounts Receivable 40,0

Company's accounting records

Company's accounting records carried the following accounts.(amounts in millions) inventory $5,489 interest earned $ 37 accounts payable $ 1,993 cost of goods sold $27,023 other expenses $ 1, 597 owner withdrawals $ 255 selling expenses $ 6,832 sales reve

Applying fair value method

This is a practice problem that will not be graded. I have been working on it for two days. This problem makes no sense to me at all. There is going to be a problem like this on a test, (not this problem.) I would like a step by step break down on how to solve for both parts A and B. I know that on part A the Securities fair

3 Problems

#7) Swan Company produces computer software that is sold by Celestial Systems Company. Swan receives a royalty of 15 % of sales. Royalties are paid by Celestial Systems and received by Swan semiannually on May 1 for sales made July through December of the previous year and on November 1 for sales made January through June of the

Adjusting Entries

Prepare year-end adjusting entries for each of the following: 1. Office Supplies had a balance of $168 on January 1. Purchases debited to Office Supplies during the year amount to $830. A year-end inventory reveals supplies of $570. 2. Depreciation of office equipment is estimated to be $4,260 for the year. 3. Property taxe

Orlow Co. Pizner Insurance Co. - adjusting entries

(See attached file for full problem description) On July 1, 2006, Orlow Co. pays $12,000 to Pizner Insurance Co. for a 3-year insurance contract. Both companies have fiscal years ending December 31. For Orlow Co., journalize and post the entry on July 1 and the adjusting entry on December 31. Prepar

Important information about Adjusting Entries

(Adjusting Entries) The ledger of Duggan 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 Depreciation?Equipment $ 8,400 Notes Paya

Preparing adjusting entries

Who determines how long buildings and the furniture and equipment are to last? What if asset depreciation would change from 5% and 10% to 4% and 8%? What would the effect on net income? Who determines the dollar amount for allowance for bad debts? What if Allowance for Bad Debts was reduced to $1000. What would the effect

Analyzing General Journal Entries

1. Analyzing General Journal Entries. The following general journal entries (presented in a simplified format) were made recently by the bookkeeper of Chandlers' Hilltop Texaco: General Journal Account Debit Credit Supplies 400 Cash 400 Interest Expense 270 Cash 270 Equipment 4,000

Prepare Journal/Adjusting Entries Questions

Karen Tong, D.D.S., opened a dental practice on January 1, 2002. During the first month of operations the following transactions occurred. 1. Performed services for patients who had dental plan insurance. At January 31, $875 of such services was earned but not yet billed to the insurance companies. 2. Utility expenses incurr

Journalize Entries

Finn Manufacturing Company uses a job order cost accounting system and keeps perpetual inventory records. Prepare journal entries to record the following transactions during the month of June. June 1 Purchased raw materials for $25,000 on account. 8 Raw materials requisitioned by production: Direct materials $6,0

Ramsey Company: Prepare adjusting entries and bank reconciliation

ADJUSTING ENTRIES The trial balance of Ramsey Company shows the following balances for selected accounts on November 30, 2003: Prepaid Insurance $10,000 Unearned Revenue $ 2,400 Equipment 60,000 Notes Payable 20,000 Accumulated Depreciation 6,600 Interest Payable 4

Journal entries

Assistance needed in answering the following... The following are selected transactions of a Detroit Company... 71. The current portion of long-term debt should a. be paid immediately. b. be reclassified as a current liability. c. be classified as a long-term liability. d. not be separated from the long-term portion of

Accounting questions

2. State two generally accepted accounting principles that relate to adjusting the accounts. 18. For each of the following items before adjustment, indicate the type of adjusting entry (prepaid expense, unearned revenue, accrued revenue, and accrued expense) that is needed to correct the misstatement. If an item could resul

Mountain Home Health: Posting T accounts, adjusting entries, financial statements

On the spreadsheet, it is the Integrative I problem. Amounts billed are recorded in the Billings Receivable account. Insurance companies, states, and federal government do not fully fund all procedures. Mountain Home Health has already removed the uncollectible amounts from the Billings Receivable account and reports it and M

P2-4A - Greenberg Company adjusting entries

Please see attachment for tables and full question. P2-4A - A review of the ledger of Greenberg Company at December 31, 2002, produces the following data pertaining to the preparation of annual adjusting entries. 1. Salaries Payable $0. There are eight salaried employees. Salaries are paid every Friday for the current week

Journalize transactions and adjusting entries.

The following items were selected from among the transactions completed by Pride Polymers during the current year... 1. Journalize the transactions. 2. Journalize the adjusting entry for each of the following accrued expenses at the end of the current year: (a) Product warranty cost, $11,200 (b) Interest of the six remaining