Question
In: Accounting
Carla Vista Company has a September 30 fiscal year end and prepares adjusting entries on an...
Carla Vista Company has a September 30 fiscal year end and
prepares adjusting entries on an annual basis. The trial balance
included the following selected accounts:
| Accumulated depreciation | $4,650 | |
| Depreciation expense | 0 | |
| Interest expense | 3,400 | |
| Interest payable | 0 | |
| Interest receivable | 0 | |
| Interest revenue | 0 | |
| Salaries expense | 155,000 | |
| Salaries payable | 0 |
Additional information for its September 30, 2021, year-end
adjustments:
| 1. | Carla Vista has a two-year, 3.5% note receivable for $4,800 that was issued on April 1, 2021. Interest is payable every six months, on October 1 and April 1. Principal is payable at maturity. Carla Vista collected the correct amount on October 1, 2021. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2. | Accrued salaries as at September 30, 2021, were $2,300. Payroll totalling $2,830 was paid on October 2, 2021. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 3. | Carla Vista has a five-year, 5% note payable for $81,600 issued in 2019. Interest is payable quarterly on January 31, April 30, July 31, and October 31 each year. Carla Vista paid the correct amounts in 2021. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 4. |
Depreciation expense for the year ended September 30, 2021, was $4,650. Post adjusting journal entries for items 1 to 4 above.
(Post entries in the order of journal entries presented
above. Round answers to 0 decimal places, e.g.
5,275.)
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Solutions
Expert Solution
| Account Titles | Debit | Credit | |
| Interest Receivable | $ 84 | =4800*3.5%*6/12 | |
| Interest Revenue | $ 84 | ||
| Salaries Expense | $ 2,300 | ||
| Salaries Payable | $ 2,300 | ||
| Interest Expense | $ 680 | =81600*5%*2/12 | |
| Interest Payable | $ 680 | ||
| Depreciation Expense | $ 4,650 | ||
| Accumulated Depreciation | $ 4,650 |
| Interest Receivable | |||
| 1 | 84 | ||
| 84 | |||
| Interest Revenue | |||
| 84 | 1 | ||
| 84 | Bal | ||
| Salaries Payable | |||
| 2300 | 2 | ||
| 2300 | Bal | ||
| Salaries Expense | |||
| Sept. 30 Bal. | 155,000 | ||
| 2 | 2300 | ||
| Bal | 157,300 | ||
| Interest Payable | |||
| 680 | 3 | ||
| 680 | Bal | ||
| Interest Expense | |||
| Sept. 30 Bal. | 3,400 | ||
| 3 | 680 | ||
| Bal | 4,080 | ||
| Accumulated Depreciation | |||
| 4,650 | Sept. 30 Bal. | ||
| 4650 | 4 | ||
| 9,300 | Bal | ||
| Depreciation Expense | |||
| 4 | 4650 | ||
| Bal | 4650 |
If you have any query, kindly comment with your query and mark thumbs up.
ekkarill92 answered 2 years agoRelated Solutions
Bugatti Company has a September 30 fiscal year end and prepares adjusting entries on an annual...
Bugatti Company has a September 30 fiscal year end and prepares
adjusting entries on an annual basis. The trial balance included
the following selected accounts:
Prepare and post adjusting, closing, reversing, and cash
transaction entries.
Accumulated depreciation
$ 4,250
Depreciation expense
0
Interest expense
3,333
Interest payable
0
Interest receivable
0
Interest revenue
0
Salaries expense
153,000
Salaries payable
0
Additional information for its September 30, 2021, year-end
adjustments:
Bugatti has a two-year, 3.5% note receivable for $50,000 that
was...
Carla Vista Company has a December 31 fiscal year end. Selected information follows for Carla Vista...
Carla Vista Company has a December 31 fiscal year end. Selected
information follows for Carla Vista Company for two independent
situations as at December 31, 2021:
1. Carla Vista purchased a patent from Tamarisk Inc. for
$411,000 on January 1, 2018. The patent expires on January 1, 2026.
Carla Vista has been amortizing it over its legal life. During
2021, Carla Vista determined that the patent’s economic benefits
would not last longer than six years from the date of
acquisition....
The Yankel Corporation’s controller prepares adjusting entries only at the end of the fiscal year. The...
The Yankel Corporation’s controller prepares adjusting entries
only at the end of the fiscal year. The following adjusting entries
were prepared on December 31, 2018:
Debit
Credit
Interest
expense
2,760
Interest payable
2,760
Insurance expense
92,000
Prepaid insurance
92,000
Interest receivable
5,520
Interest revenue
5,520
Additional information:
The company borrowed $46,000 on June 30, 2018. Principal and
interest are due on June 30, 2019. This note is the company’s only
interest-bearing debt.
Insurance for the year on the company’s office...
The Eldorado Corporation's controller prepares adjusting entries only at the end of the fiscal year. The...
The Eldorado Corporation's controller prepares adjusting entries
only at the end of the fiscal year. The following adjusting entries
were prepared on December 31, 2016: Debit Credit Interest expense
7,200 Interest payable 7,200 Rent expense 35,000 Prepaid rent
35,000 Interest receivable 500 Interest revenue 500 Additional
information: The company borrowed $120,000 on March 31, 2016.
Principal and interest are due on March 31, 2017. This note is the
company's only interest-bearing debt. Rent for the year on the
company's office...
The Highland Cove Resort has a May 31 fiscal year end and prepares adjusting entries on...
The Highland Cove Resort has a May 31 fiscal year end and
prepares adjusting entries on a monthly basis. The following trial
balance was prepared before recording the May 31 month-end
adjustments:
Prepare and post adjusting entries, and prepare adjusted
trial balance and financial statements.
HIGHLAND COVE RESORT
Trial Balance
May 31, 2021
Debit
Credit
Cash
$ 17,520
Prepaid insurance
1,590
Supplies
995
Land
35,000
Building
150,000
Accumulated depreciation—building
$ 47,750
Furniture
33,000
Accumulated depreciation—furniture
12,925
Accounts payable
8,500
Unearned revenue
15,000...
The Highland Cove Resort has a May 31 fiscal year end and prepares adjusting entries on...
The Highland Cove Resort has a May 31 fiscal year end and
prepares adjusting entries on a monthly basis. The following trial
balance was prepared before recording the May 31 month-end
adjustments:
Prepare and post adjusting entries, and prepare adjusted
trial balance and financial statements.
HIGHLAND COVE RESORT
Trial Balance
May 31, 2021
Debit
Credit
Cash
$ 17,520
Prepaid insurance
1,590
Supplies
995
Land
35,000
Building
150,000
Accumulated depreciation—building
$ 47,750
Furniture
33,000
Accumulated depreciation—furniture
12,925
Accounts payable
8,500
Unearned revenue
15,000...
At the end of its fiscal year, the adjusted trial balance of Carla Vista Company is...
At the end of its fiscal year, the adjusted trial balance of
Carla Vista Company is as follows: CARLA VISTA COMPANY Adjusted
Trial Balance July 31, 2017 Debit Credit Cash $4,560 Accounts
receivable 11,420 Prepaid rent 500 Supplies750 Debt
investments8,000 Equipment19,950 Accumulated depreciation—equipment
$5,700 Patents 18,300 Accounts payable 4,275 Interest payable 750
Unearned revenue 2,050 Notes payable (due on July 1, 2019) 45,900
B. Carla Vista, capital 28,285 B. Carla Vista, drawings 16,800
Service revenue74,900 Interest revenue320 Depreciation expense2,850
Interest...
The Eldorado Corporation's controller prepares adjusting entries only at the end of the reporting year. The...
The Eldorado Corporation's controller prepares adjusting entries only at the end of the reporting year. The following adjusting entries were prepared on December 31, 2021: Additional information: 1. The company borrowed $684,000 on March 31, 2021. Principal and interest are due on March 31, 2022. This note is the company's only interest-bearing debt. 2. Rent for the year on the company's office space is $48,000. The rent is paid in advance. 3. On October 31, 2021, Eldorado lent money to a customer. The customer...
Question 14 Carla Vista Automotive’s balance sheet at the end of its most recent fiscal year...
Question 14
Carla Vista Automotive’s balance sheet at the end of its most
recent fiscal year shows the following information:
Carla Vista Automotive
Balance Sheet as of March 31, 2017
Assets:
Liabilities and Equity:
Cash and marketable sec.
$20,000
Accounts payable and accruals
$164,000
Accounts receivable
151,000
Notes payable
29,000
Inventory
235,000
Total current assets
$406,000
Total current liabilities
$193,000
Long-term debt
166,000
Total liabilities
$359,000
Net plant and equipment
770,000
Common stock
312,000
Goodwill and other assets
100,000
Retained...
Woodcomb Ltd. has a March 31 year end and prepares adjusting journal entries annually. For each of...
Woodcomb Ltd. has a March 31 year end
and prepares adjusting journal entries annually. For
each of the following situations prepare the necessary
adjusting journal entries for
March 31, 2020. If no entry is
required, clearly indicate by saying “No
Entry”.
Show all calculations clearly
and round to the dollar. Do not show entries that are
not adjusting journal entries.
The unadjusted trial balance at March 31, 2020 has a balance of
$7,320 in the supplies account. A physical count on
March 31...
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- A shrink-fit process has been used to enhance the pressure carrying capacity of a cylinder. During...
- Ten-year zero coupon bonds issued by the U.S. Treasury have a face value of $1,000 and...
- The Blossom Department of Transportation has issued 25-year bonds that make semiannual coupon payments at a...
- Please answer all 4 parts of this question John Johnson just received a cash gift from...
- Question #1 C4H10O with a butanol combustion cycle (formation enthalpy-332,000 kJ / kmol) 25 per cent...
- Suppose a survey revealed that 19% of 494 respondents said they had in the past sold...
- Topic: Choose a company which are you are starting, and a main product or service that...
ADVERTISEMENT