From the work sheet in Exercise 15-5B, identify the adjusting entry(ies) that should be reversed and prepare
Question:
From the work sheet in Exercise 15-5B, identify the adjusting entry(ies) that should be reversed and prepare the reversingentry(ies).
Transcribed Image Text:
Balloons and Baubbles Work Shoet For Year Ended Docember 31, 20-1 LSTO TR BRACS MCCME STANMERT RALARS ET TIRAL ALA ACCOUNT TIRE Dan CIEDT DEaT DEDT 2 8 00 00 4200 00 8600 00 780 00 6 20 00 2800 00 4200 00 대7|5|001001 (과 B 6이01001 7500001 500 00 500 00 30 이000 2800 00 4200 00 Cash Accounts Recelvable Mirchandse invontory Supples Prepald insurance Equipment Accum. Dept.-Equipment Accounts Payable Wages Payabie Sales Tax Puyatie L. Marlow, Capital L Marlow, Drawng 7500 00 500 00 (C 280 00 120 00 500 00 (0) 30 이000 3000 00 900 00 6 이01 001 1|8이0 001 300 00 200 00 1800 00 200 00 80 00 12 200 00 (e) 1 ৪ 0 0 00 200 00 200 00 미이100 12 2 00 00 12 200 00 2000 00 2000 00 2000 00 866이이1001 기50이001 86001001 히|6001001 b 75 00001 750000 31 000 00 Income Summary 31|0이0 001 Sales 31 이 0,01001 800 00 | 22이00100 800 00 22 o 0 0 00 800 00 22 0 00 00 Sales Retums and Allowancas Purchases 180미 001 1800 00 407 00 1800 00 407 00 Purchases Returns and ARowancas Purchases Discourits Freignt-in Wages Expenso Advertising Expense suppilas Expense Telaphone Expense Utities Expense 40기001 200 00 1| 20이1001 3이0001 200 00 14 00 00 300 00 200 00 1400 00 300 00 280 00 700 00 480 00 120 00 300,00 | 2|8이 001 2히이 00 (C) 700 00 기001001 4 80 00 480 00 120 00 30이 00 120 00 Insurance Expers0 Depr. Expense Equipment Miscellancous Expinse Interest Expense 3 이000 (e) 11000 110 00 110 00 97 00 47 887 00 47 887 00 97 00 97 00 1기|0100 001 17 000 00 55 887 00 55 887 00 35 3 87 00 40 707 00 20 500 00 15, 180 00 Not Income 5320 00 40 707 00 4070700 20 5 00 00 20 5 00 00 53 20 00
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 64% (17 reviews)
DATE 202 Jan 1 Wages Pay...View the full answer
Answered By
Ehsan Mahmood
I’ve earned Masters Degree in Business Studies and specialized in Accounts & Finance. Couple with this, I have earned BS Sociology from renowned institute of Pakistan. Moreover, I have humongous teaching experience at Graduate and Post-graduate level to Business and humanities students along with more than 7 years of teaching experience to my foreign students Online. I’m also professional writer and write for numerous academic journals pertaining to educational institutes periodically.
4.90+
248+ Reviews
287+ Question Solved
Related Book For
Question Posted:
Students also viewed these Accounting questions
-
The following information is from the work sheet for Pursley Company as of December 31, 2014. Using this information, determine the amount that should be reported for Alice Pursley, Capital on the...
-
The following information is from the work sheet for Hascal Company as of December 31, 2014. Using this information, determine the amount for Sam Hascal, Capital that should be reported on the...
-
The following selected information is taken from the work sheet for Wayman Company as of December 31, 2011. Using this information, determine the amount for K. Wayman, Capital, that should be...
-
Assume that a CPA has just received a new audit client. The client will be the firms largest audit client, and the firm will have to hire one new staff member to staff the engagement. The fees will...
-
Sylvestor Systems borrows $110,000 cash on May 15, 2017, by signing a 60-day, 12% note. 1. On what date does this note mature? 2. Suppose the face value of the note equals $110,000, the principal of...
-
Write a program to display all possible solutions for the Eight Queens puzzle in a scroll pane, as shown in Figure 22.16. For each solution, put a label to denote the solution number. Solution 1...
-
The probability density function, \(p(\widetilde{x})\), denotes a. \(P(x \leq \tilde{x})\) b. \(P(x>\tilde{x})\) c. \(P(\tilde{x} \leq x \leq \tilde{x}+\Delta x)\)
-
On July 1, 2010, Atwater Corporation issued $2,000,000 face value, 10%, 10-year bonds at $2,271,813.This price resulted in an effective-interest rate of 8% on the bonds. Atwater uses the...
-
From a strategic design lens, Political design lens, and Cultural design lens perspective, Explain why Scotiabank should hire interns that are skilled in different departments, and explain how this...
-
Let (1, (2 be two spaces and let A, Ai ( (1, B, Bi ( (2, i = 1, 2. Then show that. (i) (A1 B1) (A2 B2) = [(A1 ( A2] (B1 - B2) + [(A1 - A2)] B1]. (ii) A B = (, if and if at least one of A, B is...
-
From the work sheet on page 605 prepare the following: 1. Closing entries for Balloons and Baubbles in a general journal. 2. A post-closing trialbalance. Balloons and Baubbles Work Sheet For Year...
-
Prepare entries for (a), (b), and (c) listed below using two methods. First, prepare the entries without making a reversing entry. Second, prepare the entries with the use of a reversing entry. Use...
-
What is the long-term consequence to U.S. economic growth of having an education system that lags behind that of other countries?
-
Briefly explain whether each of the following represents a public good. a. The Monaco Grand Prix (formerly the Formula One auto race) held at the Circuit de Monaco b. The samba street parade held...
-
Each instance that follows is an example of one of the four types of market failure discussed in this chapter. In each case, identify the type of market failure and defend your choice briefly. a....
-
New PhDs in economics entering the job market find that academic jobs (jobs teaching at colleges and universities) pay about 30 percent less than nonacademic jobs such as working at a bank or a...
-
In a significant decision regarding patent eligibility, Alice Corp. v. CLS Bank International, the U.S Supreme Court in June 2004 effectively raised the bar for software patents by declining a patent...
-
Assume you are a student in a university town with a population of 200,000. Your parents will be visiting soon and you want to take them out for dinner. Name some of the local and chain restaurants...
-
How does sexual assault compare to rape?
-
For a Poisson process of rate , the Bernoulli arrival approximation assumes that in any very small interval of length , there is either 0 arrivals with probability 1- or 1 arrival with probability ....
-
Determine whether the series converges absolutely. If it does not, determine whether it converges conditionally. 00 n=1 (-1)" n1.1 In(n + 1)
-
Explain under which method the balance in the Allowance account is ignored. Give an example.
-
Given that the balance in the Allowance for Doubtful Accounts is $300 credit, prepare adjusting entries for bad debts based on the following assumptions: a. Bad debts are to be 5% of net credit...
-
Journalize entries for the following situations (assume direct write-off method). Situation 1: Wrote off Mia Kaminsky as a bad debt two years after the sale of $100. Situation 2: Reinstated Mia...
-
Elaborate on "The Value of Learning of Applied Research Methods in Sports Management or Kinesiology" as another section of your Applied Research Methods in Sports Management. source:...
-
1. A entered into a contract with B, who is a minor. Can A later asks for the invalidation of the contract by reason of the minority of B? 10 points 2. A, the seller, and B, the buyer, agreed for the...
-
Prepare journal entries to record transactions a through h. a. Raw materials purchased on credit, $108,000. b. Direct materials used, $44,000. Indirect materials used, $19,800. c. Direct labor used,...
Study smarter with the SolutionInn App