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. Using the following accounts titles: Service
The trial balance for Pioneer Advertising Agency Inc., is shown: PIONEER ADVERTISING AGENCY INC. Trial Balance October 31, 2006 Debit Credit Cash $15,200 Advertising Supplies 2,500 Prepaid Insurance 600 Office Equipment 5,000 N
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
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
Below are transactions at Thomas Co. for 2006. Jan.1 Retired a piece of machinery that was purchased on Jan. 1 1996. The machine cost $62,000 on that date. It had a useful life of 10 years with no salvage value. June 30 Sold a computer that was purchased on Jan 1, 2003. The computer cost $35,000. It had a useful life of 5
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
Smith Brothers: 1. Compute total expenses: 2. Compute net income: 3. Compute total revenue for 2006: 4. Comparative financial statements Anna Regina Lee Company See attached file for full problem description.
Payroll accounts and year end entries. Accounting 11-6A only. See attached file for full problem description.
On December 31, the adjusted trial balance of Garg Employment Agency shows the following selected data. Accounts Receivable $24,000 Commission Revenue $92,000 Interest Expense 7,800 Interest Payable 1,500 Analysis shows that adjusting entries were made to (1) accrue $4,200 of commission revenue and (2) accrue $1,500 int
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 indicate the a
If services have been rendered to customers during the current accounting period but no revenue has been recorded and no bill has been sent to the customers, why is an adjusting entry needed? What types of accounts should be debited and credited by this entry?
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) A partial trial balance of Julie Hartsack Corporation is as follows on December 31, 2008. Dr. Cr. Supplies on hand $2,700 Accrued salaries and wages $1,500 Interest receivable on investments 5,100 Prepaid insurance 90,000 Unearned rent 0 Acc
(Error Analysis; Correcting Entries) A partial trial balance of Julie Hartsack Corporation is as follows on December 31, 2008. Dr. Cr. Supplies on hand $2,700 Accrued salaries and wages $1,500 Interest recei
A partial trial balance of Julie Hartsack Corporation is as follows on December 31, 2006. DR CR Supplies on hand 2,700 Accrued salaries and wages
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.
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 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
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
Accounts ending on december 31st: a) depreciation on equipment, $2,500 b) services performed but unbilled,$3,500 c) salaries owed to employees at year end, $2,500 d) unearned service earned,$ 5,500 e) supplies used during the year,$3,200 f) pre paid rent expired during the year $7,500
#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
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
An examination of the Prepaid Insurance account shows a balance of $4,000 at the end of an accounting period, before adjustment. Prepare entries in journal form to record the insurance expense for the period under the following independent assumptions: 1. An examination of the insurance policies shows that insurance that cost
Can you help me with the following assignment? Journal Entries The following transactions are for the Burdette Construction Company: a. The firm bought equipment for $49,000 on credit. b. The firm purchased land for $500,000, $190,000 of which was paid in cash and a note payable signed for the balance. c. The firm pa
** Please see the attached file for the full problem description ** On December 31, the adjusted trial balance of Garg Employment Agency shows the following selected data. Accounts Receivable 24,000 Commission Revenue 92,000 Interest Expense 7,800 Interest Payable 1,500 Analysis shows tha
(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
Gleason Advertising Company (See attached file for full problem description)
Present entries to record the following: (a) Issued 1,000 shares of $15 par common stock at $52 for cash. (b) Issued 1,400 shares of common stock in exchange for equipment with a fair market price of $21,000. (c) Purchased 100 shares of treasury stock at $25. (d) Sold 100 shares of treasury stock at $28.
(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
What is the main purpose of adjusting entries ?