Selected accounts of Callahan Company are shown here. Instructions After analyzing the accounts, journalize (a) The July
Question:
Instructions
After analyzing the accounts, journalize
(a) The July transactions and
(b) The adjusting entries that were made on July31.
Supplies Expense Salaries Payable July 31 750 July 31 1,200 Salaries Expense Accounts Receivable July 15 31 July 31 500 1,200 1,200 Service Revenue Unearned Service Revenue July 14 4,100 July 31 900JulyB 1,500 20 31 31 900 500 600 Supplies July Bal. 1,100 July 31 10 200
Step by Step Answer:
a July 10 Supplies 200 Cash 200 14 Cash 4100 Service Revenue 4100 15 Salaries Ex...View the full answer
Financial Accounting Tools for Business Decision Making
ISBN: 978-0470239803
5th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Related Video
Unearned revenue is money received by an individual or company for a service or product that has yet to be provided or delivered. It can be thought of as a \"prepayment\" for goods or services that a person or company is expected to supply to the purchaser at a later date. As a result of this prepayment, the seller has a liability equal to the revenue earned until the good or service is delivered. This liability is noted under current liabilities, as it is expected to be settled within a year.
Students also viewed these Accounting questions
-
Journalize the following adjusting entries that were included on the work sheet for the month ended December 31. Dec. 31 Salaries for three days are unpaid at December 31, $ 2,700. Salaries are $...
-
Selected accounts of Tabor Company are shown below. InstructionsAfter analyzing the accounts, journalize (a) The July transactions and (b) The adjusting entries that were made on July31. Supplies...
-
Transactions made by Callahan and Co., a law firm, for the month of March are shown below. Prepare a tabular analysis which shows the effects of these transactions on the accounting equation, similar...
-
On January 1, 2012, Push Company purchased an 80% interest in the capital stock of Way-Down Company for $820,000. At that time, WayDown Company had capital stock of $500,000 and retained earnings of...
-
On January 1, 2013, an investor bought 200 shares of Gottahavit, Inc., for $50 per share. On January 3, 2014, the investor sold the stock for $55 per share. The stock paid a quarterly dividend of...
-
What must be the tension applied to a \(12-\mathrm{m}\) plastic string weighing \(43.5 \mathrm{~N}\) to produce a wave that propagates at a speed of \(25 \mathrm{~m} / \mathrm{s}\) ?
-
Test for cross-section dependence for the Gasoline example (as in problem 13.4). Do the same for the Public Capital example. What do you conclude? Data From Problem 13.4: For the Grunfeld example,...
-
You are considering investing in a company that cultivates abalone for sale to local restaurants. Use the following information: Sales price per abalone ............. = $ 35 Variable costs per...
-
State the reasons why you believe unemployment among high school graduates vs unemployment amongst college graduates (bachelor's or higher) represents a challenge for the economy?
-
Belmont Pipeline Company purchased 200 barrels of oil from Jadson Oil Company. The gross value of the oil was $20,000. The severance tax rate was 4%. Give the entry to record revenue for Jadson,...
-
A partial adjusted trial balance for Orlando Company is given in E4-13. Instructions Prepare the closing entries at January 31, 2010.
-
The trial balances shown on below are before and after adjustment for Ivy Company at the end of its fiscal year. Instructions Prepare the adjusting entries that weremade. IVY COMPANY Trial Balance...
-
If $2,000 is invested now, $3,000 two years from now, and $4,000 four years from now at an interest rate of 8% compounded annually, what will be the total amount in 10 years?
-
(b) "If you change the way you look at things, the things you look at change. - Wayne Dyer In the context of your learning in this unit, this can be paraphrased as 'If you change the way you look at...
-
Scenario: Dutch Bros releases a new holiday drink menu that includes the highly popular Candy Cane Cold Brew iced coffee. Using the 5-Step market analysis process, please draw the market for Dutch...
-
Pottery Barns in house team of economists has estimated the following U.S. market demand function for Pottery Barns iconic apothecary table (which is given below). Let good X be the apothecary table...
-
Cards APR A real Bank/Credit Card A real Store Credit Card Student Cash Back Credit Card DISCOVER it Intro purchase APR is 0% for 6 months from date of account opening then the standard purchase APR...
-
Daniel owns preference shares of a company that has earned great profits this year. What can Daniel expect to receive from the company this year?
-
What is the effect on the price and quantity of smartphones if 1. The price of a music-streaming subscription falls or the price of a wireless plan rises? 2. More firms produce smartphones or...
-
DEPARTMENT DATA EMPLOYEE DATA EmployeeNumber FirstName Mary Rosalie Richard George Alan 3 4 5 7 8 9 855555ES 12 13 14 15 16 17 Create the database tables in SQL or ACCESS: 18 19 20 PROJECT DATA Ken...
-
Represent the beta of security terms of the correlation coefficient =Corr{X,Y}.
-
Describe the direct method for determining net cash provided by operating activities.
-
Give the formulas under the direct method for computing (a) Cash receipts from customers and (b) Cash payments to suppliers.
-
Give the formulas under the direct method for computing (a) Cash receipts from customers and (b) Cash payments to suppliers.
-
Consider the following information: State Probability ABC Inc.'s Return Boom 0.25 15% Normal 0.50 8% Slowdown 0.15 4% Recession 0.10 -3% i. 11. iii. What is the expected return? What is the variance?...
-
The mythical country of Quitar has just established a policy to give very generous in-kind benefits to the nation's poor, currently defined as those earning less than $10,000 a year. Several years...
-
Question 1 The external loadings imposed on a horizontal beam is shown in Figure Q1(a). The beam is pivoted at Point A. (a) (b) 100 N/m 50 N/m 20 N 40 cm 50 cm Figure Q1 70 cm Apply the principle of...
Study smarter with the SolutionInn App