This post is currently awaiting moderation.
Question
In: Accounting
Prepare the adjusting journal entries from the following items on the Pedersen Company worksheet
Prepare the adjusting journal entries from the following items on the Pedersen Company worksheet
Solutions
Expert Solution
| Account Titles and Explanation | Debit | Credit | |
| a | Interest receivable | $ 5 | |
| Interest income | $ 5 | ||
| [To record interest income accrued] | |||
| b | Supplies expense | $ 2 | |
| Supplies on hand | $ 2 | ||
| [To record supplies used] | |||
| c | Cost of goods sold | $ 4 | |
| Inventory | $ 4 | ||
| [To record cost of goods sold] | |||
| d | Unearned rental fees | $ 7 | |
| Rental fees earned | $ 7 | ||
| [To record rental fees earned] |
Junaid answered 1 year agoRelated Solutions
Use worksheet to complete the adjusting and closing process. Prepare adjusting journal entries using the following...
Use worksheet to complete the adjusting and closing
process.
Prepare adjusting journal entries using the following
information. Adjusting entries should be recorded in your general
journal and then posted to your general ledger.
One month of prepaid rent has expired.
Record appropriate insurance expense for the period ending May
31.
Depreciation expense for the two months ending May 31 totaled
$2,420 - Building $1,620, Computer Equipment $100, Kayaks $600,
Paddle Boards $100.
Katie worked 16 hours on May 30 and...
1. On the “AJE” worksheet, prepare the adjusting journal entries in good form for the following...
1. On the “AJE” worksheet, prepare the adjusting journal entries
in good form for the following items. Identify each entry by letter
in Column B. Round all answers to the nearest dollar. You may omit
explanations. Leave a blank row between each journal entry. All the
accounts you need are given on the worksheet. Use only these
accounts. Prepare journal entries and financial statements for the
year ended December 31, 2017. No adjusting entries have been made
since December 31,...
1. Prepare the necessary adjusting journal entries for items a through h. Assume that adjusting entries...
1. Prepare the necessary adjusting journal
entries for items a through h. Assume that
adjusting entries are made only at year-end.
[The following information applies to the questions
displayed below.]
Wells Technical Institute (WTI), a school owned by Tristana Wells,
provides training to individuals who pay tuition directly to the
school. WTI also offers training to groups in off-site locations.
Its unadjusted trial balance as of December 31, 2017, follows. WTI
initially records prepaid expenses and unearned revenues in balance...
On the designated worksheet, prepare in journal entry form all adjusting and correcting journal entries based...
On the designated worksheet, prepare in journal entry form all
adjusting and correcting journal entries based on the following
information (round all numbers to the nearest dollar). Letter
entries to correspond to the below information and present them in
alphabetical order. Add any new accounts as needed to the trial
balance. Each entry must be entirely correct to receive allocated
points. Before preparing entries, finish the story by filling in
the blanks.
Accounting Creations was authorized to issue 3,000,000
shares...
On the designated worksheet, prepare in journal entry form all adjusting and correcting journal entries based...
On the designated worksheet, prepare in journal entry form all
adjusting and correcting journal entries based on the following
information (round all numbers to the nearest dollar). Letter
entries to correspond to the below information and present them in
alphabetical order. Add any new accounts as needed to the trial
balance. Each entry must be entirely correct to receive allocated
points. Before preparing entries, finish the story by filling in
the blanks.
Accounting Creations was authorized to issue 3,000,000 shares...
1.) Prepare adjusting journal entries, as needed, for the following items. (a) The Supplies account shows...
1.)
Prepare adjusting journal entries, as needed, for the following
items.
(a) The Supplies account shows a beginning balance of $100. The
company purchases an additional $1,300 of office supplies for cash
but a count of supplies reveals only $600 on hand at year-end.
Debit
[
Select ]
["Accounts Receivable",
"Retained Earnings", "Supplies Revenue", "Inventory", "Supplies",
"Accounts Payable", "Cash", "Cost of Goods Sold", "Supplies
Expense"]...
Prepare a Bank Reconciliation Statement from the information provided and prepare adjusting Journal Entries.
Prepare a Bank Reconciliation Statement from the information provided and prepare adjusting Journal Entries.The information below relates to the Cash account in the ledger of Bramble Company.Balance September 1—$17,010; Cash deposited—$64,500.Balance September 30—$17,664; Checks written—$63,846.The September bank statement shows a balance of $16,682 on September 30 and the following memoranda.Credits DebitsCollection of $1,621 note plus interest $39 $1,660 NSF check: Richard Nance $555Interest earned on checking account $54 Safety deposit box rent $74At September 30, deposits in transit were $4,580,...
The following information relates to a company. Prepare the adjusting journal entries required on June 30,...
The following information relates to a company. Prepare the
adjusting journal entries required on June 30, 2020 for each of the
following situations:
A.
The company prepaid rent for the year on June 1, 2020. Rent
expired during the month of June,2020 is $4,700.
B.
On June 1, 2020 supplies were purchased for $2,900. Inventory of
supplies was $2,200 on June 30, 2020. Record the adjustment for the
amount of the supplies that were used during the month.
C.
A...
What is the purpose of adjusting entries? Given the following situation, please prepare the adjusting journal...
What is the purpose of adjusting entries? Given the following
situation, please prepare the adjusting journal entries for the end
of the period. Please also prepare the T-Accounts.
6/12/18 – Company X paid $3,500 for cleaning supplies.
6/30/18 – Company X has $2,000 of
cleaning supplies left.
6/1/18 – Company Y paid $2,400 for 12 months of insurance.
12/31/18 – Company Y needs to adjust
the amount of insurance (both expense and amount remaining as a
prepaid.
12/31/18 – Company...
Use the adjusting journal entry information to prepare the formal adjusting journal entries as of December...
Use the adjusting journal entry information to prepare the
formal adjusting journal entries as of December 31, 2020. Remember
to skip a line between each adjusting journal entry and use AJ1,
AJ2, AJ3, etc, instead of the actual date.
Information for Year End Adjusting Journal Entries December 31,
2020
1) The building(cost of $180,000)was purchased on January 1,
2019 and it is expected to have a useful life of 30 years with no
salvage value. Depreciation expense has been recorded...
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- You are interested in buying a house and renting it out. You expect to receive a...
- A C corporation earns $10 per share before taxes. After it has paid taxes, it will...
- Using Hirschi’s Social Bond theory as your frame of reference, discuss the major ideas behind this...
- A research center survey of 2 comma 375 adults found that 1 comma 942 had bought...
- Hello math expert... plz answer clearly. Is Virus Covid-19 (exponential function), or is it only (doubled...
- On January 1, 2021, the general ledger of Dynamite Fireworks includes the following account balances: Accounts...
- 1. Suppose that Lexi preferences are given by the utility function u(x1; x2) = x12x2, where...
ADVERTISEMENT