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 31, 2016: and $2680 of office supplies were purchased during the year. The December 31, 2017, physical count showed $354 of supplies available

Expert Solution

sno	accounts	debit	credit
a.	depreciation expense a/c	17,000
	................To accumulated depreciation -equipment		17,000

b	insurance expense a/c	3,220
	.............To prepaid insurance a/c		3,220
	(amount of expense=5000-1780 =>3,220)
c	supplies expense a/c	2,626
	...........To supplies a/c		2,626
	(supplies expense = opening stock +purchases -closing stock)=>(300+2680-354=>2,626)

ekkarill92 answered 1 year ago

Prepare any necessary adjusting entries on December 31, 2017, for Piper Company’s year-end financial statements for each of the following separate transactions and events

Question: Prepare any necessary adjusting entries on December 31, 2017, for Piper Company’s year-end financial statements for each of the following separate transactions and events. 1. Piper Company records a year-end entry for $10,000 of previously unrecorded cash sales (costing $5,000) and its sales taxes at a rate of 4%. 2. The company earned $50,000 of $125,000 previously received in advance and originally recorded as unearned services revenue

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...

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...

Prepare the necessary adjusting journal entries on December 31, 2020. Also prepare an adjusted trial balance dated December 31, 2020

GoodJob Inc. Unadjusted Trial Balance December 31,2020 Account Debit Credit Cash 304,150 Accounts Receivable 99,000 Office supplies 880 Prepaid rent. 3,960 Unexpired insurance 1,650 Office equipment 79,200 Accumulated depreciation: office equipment 26,400 Accounts payable 4,400 Notes payable (due 3/1/12) 66,000 Interest payable 660 Income taxes payable 9,900 Dividends payable 3,500 Unearned consulting fees 24,200 Capital stock 220,000 Retained earnings 44,000 Dividends 3,500 Consulting fees earned 550,000 Rent expense 16,170 Insurance expense 2,420 Office supplies expense 4,950 Depreciation expense: office equipment ...

Prepare the necessary adjusting entries at December 31, 2018, for the Microchip Company for each of...

Prepare the necessary adjusting entries at December 31, 2018, for the Microchip Company for each of the following situations. Assume that no financial statements were prepared during the year and no adjusting entries were recorded. 1.On October 1, 2018, Microchip lent $90,000 to another company. A note was signed with principal and 6% interest to be paid on September 30, 2019. 2.On November 1, 2018, the company paid its landlord $9,300 representing rent for the months of November through January....

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

A+T Williamson Company is making adjusting entries for the year ended December 31 of the current...

A+T Williamson Company is making adjusting entries for the year ended December 31 of the current year. In developing information for the adjusting entries, the accountant learned the following: A two-year insurance premium of $5,280 was paid on October 1 of the current year for coverage beginning on that date. The bookkeeper debited the full amount to Prepaid Insurance on October 1. At December 31 of the current year, the following data relating to Shipping Supplies were obtained from the...

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...

The following three separate situations require adjusting journal entries to prepare financial statements as

Question: The following three separate situations require adjusting journal entries to prepare financial statements asof April 30. For each situation, present both:∙ The April 30 adjusting entry.∙ The subsequent entry during May to record payment of the accrued expenses.Entries can draw from the following partial chart of accounts: Cash; Accounts Receivable; PrepaidInterest; Salaries Payable; Interest Payable; Legal Services Payable; Unearned Revenue; Revenue; SalariesExpense; Interest Expense; Legal Services Expense; Depreciation Expense.a. On April 1, the company retained an attorney for a...

Aubrae Company is making adjusting entries for the year ended December 31, 2014. In developing information...

Aubrae Company is making adjusting entries for the year ended December 31, 2014. In developing information for the adjusting entries, the accountant learned the following: a. A two-year insurance premium of $7,200 was paid on October 1, 2014, for coverage beginning on that date. b. At December 31, 2014, the following data relating to Shipping Supplies were obtained from the records and supporting documents. Shipping supplies on hand, January 1, 2014 $ 15,500 Purchases of shipping supplies during...

Question