Journalize and post the following adjusting entries for March: 1. 1/12th of the insurance policy expired....

Journalize and post the following adjusting entries for March:

1. 1/12th of the insurance policy expired.

2. Equipment is depreciated at 1/10th of cost with no salvage value.

3. 36 coupon books were redeemed by customers during the month.

4. Accrued salaries are $2,230

Solutions

Expert Solution

ekkarill92 answered 1 year ago

Next > < Previous

Related Solutions

Why is it necessary to journalize and post adjusting entries?

Complete adjusting journal entries 1 On March 1, ABC purchased a one-year liability insurance policy for...

Complete adjusting journal entries 1 On March 1, ABC purchased a one-year liability insurance policy for $98,400. Upon purchase, the following journal entry was made: Dr Prepaid insurance 98,400 Cr Cash 98,400 The expired portion of insurance must be recorded as of 12/31/14. Notice that the expired portion from March through November has been recorded already. Make sure that the Prepaid Insurance balance after the adjusting entry is correct. 2 Depreciation expense must be recorded for the month of December....

Problem 12-1: Journalize adjusting entries for prepaid (deferred) expenses. Journalize the adjusting entries for Rolando Associates...

Problem 12-1: Journalize adjusting entries for prepaid (deferred) expenses. Journalize the adjusting entries for Rolando Associates for the following: On May 31, Rolando Associates' Trial Balance shows a debit balance in the Office Supplies account of $375. An inventory on May 31 shows that $75 worth of supplies are on hand. The Prepaid Insurance account has a debit balance of $1,000. The insurance was purchased on March 1 for $1,200 and represents one year's coverage. Insurance expense has not been...

Requirements: 1. Journalize and Post the adjusting entries using the T-accounts 2. Prepare an adjusted trial...

Requirements: 1. Journalize and Post the adjusting entries using the T-accounts 2. Prepare an adjusted trial balance as of December 31, 2018 November 3: Purchased Canoes for $4,800 on account. December 2: Purchased Canoes signing a notes payable for $7,200. At December 31, the business gathers the following information for the adjusting entries: a. Office supplies on hand, $165 b. Rent of one month has been used (1000.00). c. Determine the depreciation on the building using straight-line depreciation. Assume the...

Directions: Journalize the adjusting entries. Adjustment for Prepaid Insurance The Prepaid Insurance account began the year...

Directions: Journalize the adjusting entries. Adjustment for Prepaid Insurance The Prepaid Insurance account began the year with a balance of $460. During the year, insurance in the amount of $1,040 was purchased. At the end of the year (December 31), the amount of insurance still unexpired was $700. Prepare the year-end entry in journal form to record the adjustment for insurance expense for the year. Adjustment for Supplies The Supplies account began the year with a balance of $380. During...

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...

Required: 1. Journalize the adjusting entries using the following additional accounts: Salaries and Wages Payable; Rent...

Required: 1. Journalize the adjusting entries using the following additional accounts: Salaries and Wages Payable; Rent Revenue; Insurance Expense; Depreciation Expense—Building; Depreciation Expense—Equipment; and Supplies Expense. Refer to the Chart of Accounts for exact wording of account titles. 2. Determine the balances of the accounts affected by the adjusting entries, and prepare an adjusted trial balance. Sears Editing Company is a small editorial services company owned and operated by Deloris Sears. On January 31, 20Y1, the end of the current...

1. Journalize the adjusting entries using the following additional accounts: Salaries and Wages Payable, Rent Revenue,...

1. Journalize the adjusting entries using the following additional accounts: Salaries and Wages Payable, Rent Revenue, Insurance Expense, Depreciation Expense—Building, Depreciation Expense—Equipment and Supplies Expense. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. CHART OF ACCOUNTSEmerson CompanyGeneral Ledger...

Adjusting entries Hahn Flooring Company uses a perpetual inventory system. Journalize the December 31 adjusting entries...

Adjusting entries Hahn Flooring Company uses a perpetual inventory system. Journalize the December 31 adjusting entries based upon the following: a. Sales returns of $125,000 and merchandise returns of $80,000 are estimated for the current year's sales. B. The inventory account has a balance of $1,333,150, while physical inventory indicates that $1,309,900 of merchandise is on hand. Assume any shrinkage is a normal amount.

Prepare the adjusting entries and post to the T-accounts for the following transaction transactions: Dec. 1...

Prepare the adjusting entries and post to the T-accounts for the following transaction transactions: Dec. 1 Family members contributed $50,000 cash to the business in exchange for capital. Dec. 2 Purchased $10,800 of equipment for the store paying cash. Dec. 3 Paid $4,500 for a 9-month insurance policy starting on December 1. Dec. 4 Paid $18,000 cash to purchase land to be used in operations. Dec. 5 Purchased office supplies on account, $3,000. Dec. 6 Borrowed $28,000 from the bank...

Subjects