Question
In: Accounting
Prepare adjusting entries for the following items on December 31, the end of the fiscal year...
Prepare adjusting entries for the following items on December 31, the end of the fiscal year for Carson Carpets. The company initially records cash received in advance of performing the service as a liability, and prepaid expenses as current assets.
a) Amortization on equipment, $2,500
b) Services performed but unbilled, $3,500
c) Salaries owed to employees at year end, $2,500
d) Unearned service revenue earned, $5,500
e) Supplies used during the year, $3,200
Solutions
ekkarill92 answered 1 year agoRelated Solutions
Prepare the Adjusting Journal Entries (AJEs) that should be made on December 31, 2018, the end...
Prepare the Adjusting Journal Entries (AJEs) that should be
made on December 31, 2018, the end of the accounting year, for each
of the following independent situations. If no AJE is required,
indicate “none.” Assume the firm only makes AJEs at the end
of the accounting year.
On March 31, 2018, the firm collected $12,000 of rent for 12
months in advance. The journal entry to record the receipt included
a credit to a temporary account.
Revenue
(3*1,000) 3,000
Unearned 3,000
On...
Journalize the attached adjusting entries Prepare the necessary adjusting entries at December 31 for Staples, Inc....
Journalize the attached adjusting
entries
Prepare the necessary adjusting entries at December 31 for
Staples, Inc. based on the information from problem 1 and the
following information:
1. On November 1, 2013 the company borrowed 65,000 from a bank.
The note requires principal and interest at 10% to be paid on April
30, 2014.
2. On December 1, 2013 the company received $3,000 in cash from
another company that is renting office space in Staples’ building.
The payment, representing rent...
Prepare the December 31 adjusting entries and correcting entries based on the following information. Omit explanations....
Prepare the December 31 adjusting entries and correcting entries
based on the following information. Omit explanations.
Adjusting Entries:
1. Rent expired during year, $10,000.
2. Fees accrued but unbilled total $20,000.
3. The supplies account balance on December 31 is $3,100.
Supplies on hand are $1,150.
Correcting Entries:
4. A receipt of $15,000 for services performed was erroneously
recorded and posted as a debit to Fees Earned and a credit to
Cash.
5. A purchase of Equipment with cash for...
Prepare adjusting journal entries for the year ended December 31, 2017 for each of these separate...
Prepare adjusting journal entries for the year ended December
31, 2017 for each of these separate situation
a) Depreciation on the company's equipment for 2017 is computed
to be $17,000
b) The Prepaid Insurance account had a $5000 debit balance at
December 31, 2017, before adjusting for the costs of any expired
coverage. An analysis of the company's insurance policies showed
that $1780 of unexpired insurance coverage remains.
c) The office supplies account had a $300 debit balance on
December...
The Highland Cove Resort has a May 31 fiscal year end and prepares adjusting entries on...
The Highland Cove Resort has a May 31 fiscal year end and
prepares adjusting entries on a monthly basis. The following trial
balance was prepared before recording the May 31 month-end
adjustments:
Prepare and post adjusting entries, and prepare adjusted
trial balance and financial statements.
HIGHLAND COVE RESORT
Trial Balance
May 31, 2021
Debit
Credit
Cash
$ 17,520
Prepaid insurance
1,590
Supplies
995
Land
35,000
Building
150,000
Accumulated depreciation—building
$ 47,750
Furniture
33,000
Accumulated depreciation—furniture
12,925
Accounts payable
8,500
Unearned revenue
15,000...
The Highland Cove Resort has a May 31 fiscal year end and prepares adjusting entries on...
The Highland Cove Resort has a May 31 fiscal year end and
prepares adjusting entries on a monthly basis. The following trial
balance was prepared before recording the May 31 month-end
adjustments:
Prepare and post adjusting entries, and prepare adjusted
trial balance and financial statements.
HIGHLAND COVE RESORT
Trial Balance
May 31, 2021
Debit
Credit
Cash
$ 17,520
Prepaid insurance
1,590
Supplies
995
Land
35,000
Building
150,000
Accumulated depreciation—building
$ 47,750
Furniture
33,000
Accumulated depreciation—furniture
12,925
Accounts payable
8,500
Unearned revenue
15,000...
Scenario for adjusting entries: Year end is December 31, 2017. Peyton Baking Company uses the following...
Scenario for adjusting entries: Year end is December 31, 2017.
Peyton Baking Company uses the following accounting practices:
Inventory: Periodic, FIFO for both baking and merchandise
Baking supplies: $27,850 ending inventory
Equipment: Straight line method used for equipment
Mixing machine: $5,000 initial cost, $500 salvage value, 3rd
year of use of 7 total ($642.86 per year)
Ovens: $8,000 initial cost, $1,000 salvage value, 3rd year of
use of 7 total ($1,000 per year)
Other depreciable equipment: $4,000 initial cost, $0...
Scenario for adjusting entries: Year end is December 31, 2017. Peyton Baking Company uses the following...
Scenario for adjusting entries: Year end is December 31, 2017.
Peyton Baking Company uses the following accounting practices:
Inventory: Periodic, FIFO for both baking and merchandise
Baking supplies: $27,850 ending inventory
Equipment: Straight line method used for equipment
Mixing machine: $5,000 initial cost, $500 salvage value, 3rd
year of use of 7 total ($642.86 per year)
Ovens: $8,000 initial cost, $1,000 salvage value, 3rd year of
use of 7 total ($1,000 per year)
Other depreciable equipment: $4,000 initial cost, $0...
Scenario for adjusting entries: Year end is December 31, 2017. Peyton Baking Company uses the following...
Scenario for adjusting entries: Year end is December 31, 2017.
Peyton Baking Company uses the following accounting practices:
Inventory: Periodic, FIFO for both baking and merchandise
Baking supplies: $27,850 ending inventory
Equipment: Straight line method used for equipment
Mixing machine: $5,000 initial cost, $500 salvage value, 3rd
year of use of 7 total ($642.86 per year)
Ovens: $8,000 initial cost, $1,000 salvage value, 3rd year of
use of 7 total ($1,000 per year)
Other depreciable equipment: $4,000 initial cost, $0...
Flagg records adjusting entries at its December 31 year-end. At December 31, employees had earned $12,000...
Flagg records adjusting entries at its December 31 year-end. At
December 31, employees had earned $12,000 of unpaid and unrecorded
salaries. The next payday is January 3, at which time $30,000 will
be paid. Prepare the journal entry on January 3 to record payment
assuming the adjusting and reversing entries were made on December
31 and January 1.
a. debit salaries expense $12000; debit salaries payable $18000;
credit cash $30000
b. debit salaries expense $30000; credit cash $30000
c. debits...
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