Journalize the six entries that adjust the accounts at December 31. One of the accounts was affected
Question:
Transcribed Image Text:
Unadjusted Trial Balance Adjusted Trial Balance Cash 3,000 3,000 Accounts Receivable 30,000 1,700 2,000 9,000 30,500 Supplies Prepaid Insurance Equipment Accumulated Depreciation Wages Payable Unearned Fees 100 400 9,000 1,500 4,000 6,000 20,000 62,000 1,500 Ann Cole, Capital 20,000 Fees Earned 67,000 Wages Expense 42,300 46,300 42,300 Wages Expense Supplies Expense Insurance Expense Depreciation Expense Total 46,300 1,600 1,600 1,500 94,000 88,000 88,000 94,000
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 75% (8 reviews)
Date Particulars Debit Credit 31 Dec Supplies Expenses Ac Dr 1600 To Sup...View the full answer
Answered By
Asim farooq
I have done MS finance and expertise in the field of Accounting, finance, cost accounting, security analysis and portfolio management and management, MS office is at my fingertips, I want my client to take advantage of my practical knowledge. I have been mentoring my client on a freelancer website from last two years, Currently I am working in Telecom company as a financial analyst and before that working as an accountant with Pepsi for one year. I also join a nonprofit organization as a finance assistant to my job duties are making payment to client after tax calculation, I have started my professional career from teaching I was teaching to a master's level student for two years in the evening.
My Expert Service
Financial accounting, Financial management, Cost accounting, Human resource management, Business communication and report writing. Financial accounting : • Journal entries • Financial statements including balance sheet, Profit & Loss account, Cash flow statement • Adjustment entries • Ratio analysis • Accounting concepts • Single entry accounting • Double entry accounting • Bills of exchange • Bank reconciliation statements Cost accounting : • Budgeting • Job order costing • Process costing • Cost of goods sold Financial management : • Capital budgeting • Net Present Value (NPV) • Internal Rate of Return (IRR) • Payback period • Discounted cash flows • Financial analysis • Capital assets pricing model • Simple interest, Compound interest & annuities
4.40+
65+ Reviews
86+ Question Solved
Related Book For
Question Posted:
Students also viewed these Cost Accounting questions
-
Selected transactions completed by Gampfer Company during its first fiscal year ending December 31 were as follows: Jan. 2. Issued a check to establish a petty cash fund of $3,200. Mar. 14....
-
Selected transactions completed by Hirata Company during its first fiscal year ending December 31 were as follows: Jan. 2. Issued a check to establish a petty cash fund of $1,400. Mar. 1. Replenished...
-
The following transactions, adjusting entries, and closing entries were completed by Elko Contractors Co. during the year ended December 31, 2006: Mar. 15. Received 60% of the $18,500 balance owed by...
-
What other advice can you offer owners of seasonal businesses about coping with the effects of their companies highly irregular sales patterns? About managing cash flow in general?
-
Explain how the market multiples method is used to determine the value of a target firm to a potential acquirer. Give several examples of this procedure.
-
A sample of n = 500 (x, y) pairs was collected and a test of H0: ( = 0 versus Ha: ( 0 was carried out. The resulting P-value was computed to be .00032. a. What conclusion would be appropriate at...
-
Compute the value of the chi-square statistic. Exercises 1015 refer to the following data: Anthropologists can estimate the birthrate of an ancient society by studying the age distribution of...
-
Martha Jansa executed a will naming her two sons as executors and leaving all her property to them. The will was properly signed and attested to by witnesses. Thereafter, Martha died. When Marthas...
-
Nicole and Mohammad (married taxpayers filing jointly) are equal owners in an S corporation. The company reported sales revenue of $350,000 and expenses of $210,000. The corporation also earned...
-
Arrow Air is a regional East Coast airline that has collected data for the percentage available seats occupied on its flights for four quarters(1) JanuaryMarch, (2) AprilJune, (3) JulySeptember, and...
-
You are an HR specialist for a primary care facility. You have recently hired five new nurses to work at your facility. You have to develop a 30-minute employee orientation program for these new...
-
Comprehensive The following are Farell Corporation's balance sheets of as December 31, 2013, and 2012, and the statement of income and retained earnings for the year ended December 31, 2013:...
-
Display the sum along with the cumulative sum of the production of milk across the regions for the 2006-2010 period starting with January and ending the December?
-
Randy Hyland, unable to pay two promissory notes due September 19, 1981, negotiated with The First State Bank of Sinai for an extension. The Bank agreed on the condition that Randy's father, Mervin,...
-
What are the factors contributing to unemployment in retail banking? Can you make an Entity Relationship Diagram for Retail Banking.
-
Sid is a member of a pension plan with an NRA of 65. The plan has a qualifying factor of 75. Sid was hired by the company when he was 25 years old and he joined the company pension plan two years...
-
J d 7. Do the Average score of a mathematics aptitude test differ by school region? Data were collected from 3 schools from Newton Middle School, Lancaster Middle School, and Fitchburg Middle School....
-
10. A company's book value of equity is 200 million euro. This company has 100 million shares outstanding and shareholders require a return of 12%. This company operates in a mature industry and,...
-
Six men in 100 and 1 woman in 100 are colorblind. A person is selected at random and is found to be color-blind. What is the probability that this person is a man? (Assume that the total population...
-
Draw the appropriate control flow graph of the given pseudocode.Make sure to only use one number for blocks of code which are all sequential and when the first line is executed, all of those lines...
-
As the owner of Beanie Bob's Basement Brewery, you are interested in a construction project to increase production to offset competition from your cross-town rival, Bad Brad's Brewery and Pool hall....
-
Philippe Marie wants to race in the Tour de France ten years from now. He wants to know what the cost of a custom-built racing bicycle will be ten years from today. Calculate the cost given the...
-
Due to cost structures, trade policies and corporate changes the costs for three big automakers are estimated to vary over the next three-year period. These changes will be reflected in the purchase...
-
Novak Company has the following stockholders' equity accounts at December 31, 2025. Common Stock ($100 par value, authorized 7,600 shares) $459,100 Retained Earnings 266,700 (a) Your answer is...
-
After reviewing the speech on new computer software that he willmake to project managers, Ira decides that it is boring. Hesearches for jokes and funny stories that are somehow related toparts of his...
-
Two vectors, , and , are drawn on an coordinate system, as shown. Vector has a magnitude of 9.00 units, and vector has a magnitude of 5.00 units. Find the and of vectors and in the system. Compute...
Study smarter with the SolutionInn App