Q2. Both the unadjusted trial balance and adjusted trial balance for Smith Corporation on December 31,...

Q2. Both the unadjusted trial balance and adjusted trial balance for Smith Corporation on December 31, 2013, are listed below:

Smith Corporation Trial Balance December 31, 2013
	Unadjusted		Adjusted
	Debit	Credit	Debit	Credit
Cash Accounts Receivables Supplies Prepaid Insurance Land Vehicles Accumulated Depreciation-Vehicles Notes Payable Wages Payable Common Stock Dividends Revenue Wages Expense Utilities Expense Insurance Expense Rent Expense Depreciation Expense Supplies Expense	8,000 19,000 6,000 10,000 13,000 20,000 4,000 12,000 4,000 0 4,000 0 0	4,000 13,000 0 46,000 37,000	8,000 21,000 5,000 6,000 13,000 20,000 4,000 13,000 4,000 4,000 4,000 1,000 1,000	5,000 13,000 1,000 46,000 39,000
	100,000	100,000	104,000	104,000

Required: Prepare the five adjusting entries required at December 31, 2013.

Expert Solution

Books of Smith Corporation
Journal (for adjusting entries)
Date	Particulars	Debit	Credit
December 31, 2013	Accounts Receivables	Dr	2,000
	To	Sales Revenue			2,000
	(Being sales made on account)

December 31, 2013	Supplies expense	Dr	1,000
	To	Supplies Account			1,000

December 31, 2013	Insurance expense	Dr	4,000
	To	Prepaid insurance			4,000
	(Being insurance expense accrued adjusted to
	prepaid insurance account)

December 31, 2013	Depreciation expense	Dr	1,000
	To	Accumulated Depreciation-Vehicles		1,000
	(Being depreciation on vehicles recorded)

December 31, 2013	Wages expense	Dr	1,000
	To	Wages Payable			1,000
	(Being wages expense charged and made due)

ekkarill92 answered 2 years ago

JC’s Company’s unadjusted and adjusted trial balances at December 31, 2017, follow. Unadjusted trial Balance DR...

JC’s Company’s unadjusted and adjusted trial balances at December 31, 2017, follow. Unadjusted trial Balance DR CR Cash 105,000 Prepaid Rent 60,000 Supplies 38,000 Office furniture 460,000 Accumulated dep office furniture 92,000 Accounts payable 102,500 Salaries payable Unearned service revenue 15,900 SWT, Capital 453,000 SWT, Drawing 15,400 Service revenue 205,000 Salaries expense 110,000 Depreciation expense Supplies Expense Rent Expense 80,000 868,400 868,400 Adjusted Trial Balance DR CR Cash 105,000 Prepaid Rent 20,000 Supplies 19,500 Office furniture 460,000 Accumulated dep office...

Adjustments needed ABC Corporation Unadjusted Trial Balance December 31, 2014 ...

Adjustments needed ABC Corporation Unadjusted Trial Balance December 31, 2014 Debit Credit Cash $975,232 Short term investments 167,000 Fair value adjustment (Trading) - Accounts receivable 190,300 Allowance for doubtful accounts $- Inventory - Purchases 350,000 Prepaid insurance 24,600 LT (Debt) investments (HTM) 177,824 Land 75,000 Building 150,000 Accumulated depreciation: building 4,000 Equipment 60,000 Accumulated depreciation: equipment 20,000 Patent 37,500 ...

Accounts for Smith Corp. from the adjusted trial balance for the year ended December 31, 2018...

Accounts for Smith Corp. from the adjusted trial balance for the year ended December 31, 2018 are presented below in no particular order. Common Stock was $10,000 and Retained Earnings was $50,000 on January 1, the beginning of the current year. During the year, shareholders purchased an additional $7,000 in stock. Depreciation expense—equipment $4,600 Cash $85,000 Depreciation expense—building 2,000 Accounts payable 5,500 Office supplies 3,000 Land 150,000 Fees earned 328,000 Accounts receivable 26,000 Salaries expense ...

The adjusted trial balance of Monona Inc. as of December 31, 2020, follows. Adjusted Trial Balance...

The adjusted trial balance of Monona Inc. as of December 31, 2020, follows. Adjusted Trial Balance December 31, 2020 Acct. No. Account Debit Credit 100 Cash $18,000 $ 104 Accounts receivable 35,000 105 Allowance for doubtful accounts 1,775 106 Inventory 40,000 108 Prepaid insurance 2,400 150 Land 5,725 155 Building 100,000 156 Equipment 30,000 162 Accumulated depreciation 6,250 202 Accounts payable 37,500 204 Salaries payable 2,250 208 Deferred service revenue 1,000 210 Interest payable 250 240 Note payable 75,000 302...

The adjusted trial balance of Pacific Scientific Corporation on December 31, 2021, the end of the...

The adjusted trial balance of Pacific Scientific Corporation on December 31, 2021, the end of the company's fiscal year, contained the following income statement items ($ in millions): sales revenue, $2,105; cost of goods sold, $1,250; selling expense, $120; general and administrative expense, $110; interest expense, $35; and gain on sale of investments, $50. Income tax expense has not yet been recorded. The income tax rate is 25%. Prepare a multiple-step income statement for 2021. (Amounts to be deducted should...

The adjusted trial balance of Pacific Scientific Corporation on December 31, 2016, the end of the...

The adjusted trial balance of Pacific Scientific Corporation on December 31, 2016, the end of the company’s fiscal year, contained the following income statement items ($ in millions): sales revenue, $2,150; cost of goods sold, $1,340; selling expenses, $165; general and administrative expenses, $155; interest expense, $30; and gain on sale of investments, $70. Income tax expense has not yet been accrued. The income tax rate is 30%. Assume the company’s accountant prepared a multiple-step income statement. a. What amount...

The adjusted trial balance of Pacific Scientific Corporation on December 31, 2017, the end of the...

The adjusted trial balance of Pacific Scientific Corporation on December 31, 2017, the end of the company's fiscal year, contained the following income statement items ($ in millions): sales revenue, $2284; cost of goods sold, $1328; selling expenses, $160; general and administrative expenses, $299; interest expense, $60; and gain on sale of investments, $68. Income tax expense has not yet been accrued. The income tax rate is 40%. Determine the amount would appear in a multi-step income statement for net...

The adjusted trial balance of AltaAlta Corporation at December 31 shows that sales revenue for the...

The adjusted trial balance of AltaAlta Corporation at December 31 shows that sales revenue for the year was $ 550 comma 000$550,000 and other revenue was $ 49 comma 000$49,000. Cost of goods sold for that same period was $ 305 comma 000$305,000, while other expenses totaled $ 210 comma 000$210,000. The corporation declared and paid dividends of $ 20 comma 000$20,000 during the year. The balance of retained earnings before closing entries was $ 460 comma 000$460,000. Read the...

Question B1 Below is the unadjusted trial balance of Johnson Corporation as at 31 December 2019:...

Question B1 Below is the unadjusted trial balance of Johnson Corporation as at 31 December 2019: Johnson Corporation Unadjusted Trial Balance 31 December 2019 Debit $ Credit $ Cash 966,525 Office supplies 10,500 Accounts receivable 477,750 Prepaid rent 67,725 Equipment 131,250 Accumulated depreciation: Equipment 13,650 Land and building 2,586,150 Accounts payable 68,250 Dividend payable 57,750 Ordinary share capital (par value $5 per share) 3,000,000 Share premium 75,000 Treasury shares (acquired at $11 each) 404,250 Retained earnings 378,000 Dividends 57,750 Service...

is the adjusted trial balance for Dulcinea Corporation at December 31, 2017. Dulcinea CorporationTrial BalanceDecember 31,...

is the adjusted trial balance for Dulcinea Corporation at December 31, 2017. Dulcinea CorporationTrial BalanceDecember 31, 2017DebitCreditCash$26,300 Accounts receivable19,000 Inventory23,000Office supplies700 Prepaid insurance2,400 Land75,000 Building, net153,000 Trademark7,000 Accounts payable46,875 Wages payable12,000 Interest payable 1,250Note payable (due in 4 years) 100,500 Capital stock45,000 Retained earnings66,000 Dividends 4,000 Sales Revenue233,000 Cost of goods sold93,200Selling expenses37,000 Administrative expenses42,400 Interest expense5,025 Income tax expense16,600 $504,625$504,625 Required (15 points):a. Prepare the financial statements for Dulcinea Corporation, including a multiple step income statement, Statement of Stockholders’...

Question