Selected accounts for Roth Salon - see attachment. a. Prepare the closing entries that were made. b. Post the closing entries to Income Summary
Consider the following two independent situations: 1. On June 1, Brown Company received $4,800 cash for a two-year subscription to its monthly magazine. The term of the subscription begins on June 1. Make the entry to record the receipt of the subscription on June 1. Also make the necessary adjusting entry at December 31. The c
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
The Sloop Petting Zoo operates a drive-through tourist attraction in Colorado. 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 Fencin
This formatted MS Excel spreadsheet (see attachment) contains example of adjusting entries.
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
BE4-4 The ledger of Rowen Company contains the following balances: Common Stock $30,000; Dividends $2,000; Service Revenue $50,000; Salaries Expense $23,000; and Supplies Expense $4,000. Prepare the closing entries at December 31. BE4-9 At Rafeul Huda Company, the following errors were discovered after the transactions had
BE3-3 Gleason Advertising Company's trial balance at December 31 shows Advertising Supplies $6,700 and Advertising Supplies Expense $0. On December 31, there are $1,700 of supplies on hand. Prepare the adjusting entry at December 31, and using T accounts, enter the balances in the accounts, post the adjusting entry, and indic
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
File contains balance sheet and income statement adjustments for problem E4-4 - The adjustments columns of the work sheet for the Munoz Company.
Greg Mabasa,D.D.S., opened a dental practice on January 1, 2006. 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 recorded. 2. Utility expenses incurred but not paid prior
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
1. At December 31 of current year, a company reported the following: Total sales for the current year: $780,000 includes $160,000 in cash sales. Accounts receivable balance at Dec. 31, current year: $190,000. Bad debts written off during he current year: $6,800. Balance of Allowance for Doubtful Accounts at January 1, curre
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
Calculating cost of truck purchase, calculate depreciation expenses, prepare journal entries and adjusting entries
HeFlin Company incurs these expenditures in purchasing a truck: cash price $18,100; accident insurance (during use) $2,210; sales taxes $1,730; motor vehicle license $220; and painting and lettering $1,170. What is the cost of the truck? $ Apex Chemicals Company acquires a delivery truck at a cost of $26,600 on January 1,
1. Congo Corporation uses a periodic inventory system and the gross method of accounting for purchase discounts. On July 1, Congo purchased $40,000 of inventory, terms 2/10, n/30, FOB shipping point. Congo paid freight costs of $1,200. On July 3, Congo returned damaged goods and received credit of $6,000. On July 10, Congo pai
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
The following information pertains to Worthy Video Company. 1. Cash balance per bank, July 31, $7,263. 2. July bank service charge not recorded by the depositor $28. 3. Cash balance per books, July 31, $7,284. 4. Deposits in transit, July 31, $1,500. 5. Bank collected $800 note for Worthy in July, plus interest $36, less co
Bank Reconciliation & Adjusting Entries. Name: Date: Instructor: Course: Financial Accounting, 5th Edition, by Weygandt, Kieso, and Kimmel Solving Financial Accounting Problems Using Microsoft Excel for Windows by Rex A Schildhouse Problem P8-3A, Agricultural Genetics Company of Lawrence, K