Question

In: Accounting

Journalize the following adjustments. 1. Services performed but unbilled and uncollected at March 31 was $200....

Journalize the following adjustments.

1. Services performed but unbilled and uncollected at March 31 was $200.

2. Depreciation on equipment for the month was $250.

3. One-sixth of the insurance expired.

4. An inventory count shows $280 of cleaning supplies on hand at March 31.

5. Accrued but unpaid employee salaries were $1,080.

6. One month of the prepaid rent has expired.

7. One month of interest expense related to the note payable has accrued and will be paid April 1.

Mar.?1

Issued 10,000 shares of common stock for $15,000 cash.

1

Borrowed $6,000 cash by signing a 6-month, 6%, $6,000 note payable. Interest will be paid the first day of each subsequent month.

1

Purchased used truck for $8,000 cash.

2

Paid $1,500 cash to cover rent from March 1 through May 31.

3

Paid $2,400 cash on a 6-month insurance policy effective March 1.

6

Purchased cleaning supplies for $2,000 on account.

14

Billed customers $3,700 for cleaning services performed.

18

Paid $500 on amount owed on cleaning supplies.

20

Paid $1,750 cash for employee salaries.

21

Collected $1,600 cash from customers billed on March 14.

28

Billed customers $4,200 for cleaning services performed.

31

Paid $350 for gas and oil used in truck during month (use Maintenance and Repairs Expense).

31

Declared and paid a $900 cash dividend.

Solutions

Expert Solution

1 Accrued income $     200
Service revenue $     200
(To record service performed but unbilled at March 31)
2 Depreciation expenses $     250
Accumulated depreciation - Equipment $     250
(To record depreciation expense for the month)
3 Insurance expense ($2,400/6) $     400
Prepaid insurance $     400
(To record insurance expense for the month)
4 Supplies expenses ($2,000-$280) $ 1,720
Supplies $ 1,720
5 Salaries and wages expense $ 1,080
Salaries and wages payable $ 1,080
(To record accrued but unpaid salaries)
6 Rent expenses ($1,500/3) $     500
Prepaid rent $     500
7 Interest expenses ($6,000*6%/12) $        30
Interest payable $        30

Related Solutions

Journalize the following adjustments. (1) Services performed for customers through February 27, 2017, but unbilled and...
Journalize the following adjustments. (1) Services performed for customers through February 27, 2017, but unbilled and uncollected were $4,330. (2) Received notice that a customer who was billed $230 for services performed February 10 has filed for bankruptcy. Teal Mountain does not expect to collect any portion of this outstanding receivable. (3) Teal Mountain uses the allowance method to estimate bad debts. Teal Mountain estimates that 3% of its month-end receivables will not be collected. (4) Record 1 month of...
On March 1, Jefferson Company collected a $750 deposit for services to be performed on March...
On March 1, Jefferson Company collected a $750 deposit for services to be performed on March 15. Jefferson completed the project on March 15, as agreed. What adjusting entry would Jefferson make on March 15, related to this transaction? a.Debit Cash: $750, credit Revenue: $750 b.Debit Unearned Revenue: $750, credit Revenue: $750. c. Debit Revenue: $750, credit Cash: $750. d. Debit Revenue: $750, credit Unearned Revenue: $750.
The balances in the ledger of Landscape Services as of December 31, 2016 before adjustments are...
The balances in the ledger of Landscape Services as of December 31, 2016 before adjustments are as follows: Cash -debit $  14,500 Tim Welch, Capital - credit $33,050 Supplies - debit 4,150 Tim Welch, Drawing - debit 2,900 Prepaid Insurance - debit 8,700 Service Revenue - credit 52,500 Equipment - debit 42,000 Salary Expense – debit Supplies Expense Depreciation Expense Insurance Expense 26,600 0 0 0 Accumulated Rent Expense - debit 5,000 Depreciation – credit Salaries Payable 20,200 0 Miscellaneous Expense...
The balances in the ledger of Good Landscape Services as of January 31 before adjustments are...
The balances in the ledger of Good Landscape Services as of January 31 before adjustments are as follows: Cash $ 6,750 Dalton Good, Capital $29,775 Supplies 3,900 Dalton Good, Drawing 3,425 Prepaid Insurance 8,400 Service Revenue 56,300 Equipment 41,750 Salary Expense 24,300 Accumulated Depreciation 9,950 Rent Expense 6,000 Miscellaneous Expense 1,500 Adjustment data are as follows: supplies on hand, January 31, $900; insurance expired for January, $1,100; depreciation on equipment for January, $1,600; salaries accrued, January 31, $1,650. a. Prepare...
March Transactions   1-thg 3   Performed car repair services and received cash at the time of sale,...
March Transactions   1-thg 3   Performed car repair services and received cash at the time of sale, $4,510. 4-thg 3   Paid wages and salaries for $2,230, part of which was accrued in February. 10-thg 3   Issued stock to new investors, $12,500. 15-thg 3   Made the interest payment on all notes, all is accrued in interest payable. 15-thg 3   Paid annual income taxes that was accrued in income taxes payable. 20-thg 3   Made a monthly payment on the equipment note, $65. 22-thg...
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
Question 1 (a) Analyse and discuss the importance of the following two major services performed by...
Question 1 (a) Analyse and discuss the importance of the following two major services performed by financial intermediaries: (i) Maturity intermediation (ii) Denomination intermediation (b) Analyse and discuss whether each of the two functions in part (a) is likely to be disrupted by Fintech.
Sanchez Mechanic Services prepared the following work sheet for the year ended March 31, 20--. Required:...
Sanchez Mechanic Services prepared the following work sheet for the year ended March 31, 20--. Required: 1. Complete the work sheet. If no amount is required, leave the entry box blank. Sanchez Mechanic Services Work Sheet For Year Ended March 31, 20-- TRIAL BALANCE ADJUSTMENTS ADJUSTED TRIAL BALANCE INCOME STATEMENT BALANCE SHEET ACCOUNT NAME DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT 1 Cash 7,300.00 7,300.00 1 2 Accounts Receivable 1,520.00 1,520.00 2 3 Supplies 855.00 (e) 445.00...
Other data: 1.  Accrued but unrecorded and uncollected consulting fees earned at December 31 amount to: $27500....
Other data: 1.  Accrued but unrecorded and uncollected consulting fees earned at December 31 amount to: $27500. 2. The company determined that $16500 of previously unearned consulting fees had been earned at December 31. 3.  Office supplies on hand at December 31 total $330 4.  The company purchased all of its equipment when it first began business. At that time, the estimated useful life of the equipment was six years. 5. The company prepaid its nine-month rent agreement on June 1, 2020. 6....
Other data: 1.  Accrued but unrecorded and uncollected consulting fees earned at December 31 amount to: $27500....
Other data: 1.  Accrued but unrecorded and uncollected consulting fees earned at December 31 amount to: $27500. 2. The company determined that $16500 of previously unearned consulting fees had been earned at December 31. 3.  Office supplies on hand at December 31 total $330 4.  The company purchased all of its equipment when it first began business. At that time, the estimated useful life of the equipment was six years. 5. The company prepaid its nine-month rent agreement on June 1, 2020. 6....
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT