The unadjusted and adjusted trial balances for American Leaf Company on October 31, 20Y2, follow: Journalize the
Question:
The unadjusted and adjusted trial balances for American Leaf Company on October 31, 20Y2, follow:
Journalize the five entries that adjusted the accounts at October 31, 20Y2. None of the accounts were affected by more than one adjusting entry.
Transcribed Image Text:
American Leaf Company Trial Balances October 31, 20Y2 Unadjusted Adjusted Credit Balances Debit Balances Debit Balances Credit Balances Cash 16 16 Accounts Receivable.. 38 44 Supplies..... Prepaid Insurance . Land ..... 12 10 20 8 26 26 Equipment.... Accumulated Depreciation-Equipment . Accounts Payable ... Wages Payable. 40 40 8 12 26 26 Common Stock.. 20 20 Retained Earnings 72 72 Dividends .... 8 Fees Earned... 74 80 24 Wages Expense Rent Expense 26 8 8 Insurance Expense Utilities Expense 12 4 4 Depreciation Expense Supplies Expense.. Miscellaneous Expense 4 2 4 4 200 212 212 200
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 84% (13 reviews)
1 Accounts Receivable 6 Fees Earned 6 Accrued fees earned 2 ...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
Forensic And Investigative Accounting
ISBN: 9780808056300
10th Edition
Authors: G. Stevenson Smith D. Larry Crumbley, Edmund D. Fenton
Question Posted:
Students also viewed these Business questions
-
The accountant for Evas Laundry prepared the following unadjusted and adjusted trial balances. Assume that all balances in the unadjusted trial balance and the amounts of the adjustments are correct....
-
Alert Security Services Co. offers security services to business clients. Complete the following end-of-period spreadsheet for Alert Security Services Co.: A B D E 1 Alert Security Services Co....
-
The unadjusted trial balance of La Mesa Laundry at August 31, 20Y5, the end of the fiscal year, follows: The data needed to determine year-end adjustments are as follows: (a) Wages accrued but not...
-
The core problem of a command-and-control approach to environmental policy is its inherent bias or tendency to standard-setting practice that is uniformly applicable to all situations. For example,...
-
If Q1 and Q1 are the amounts of a radioactively decaying substance at time t1 and t2 respectively, where t1 (tz-)In 2
-
A computer with a printer is required for Problems 17 through 24. In these initial value problems, use the improved Euler method with step sizes h = 0.1, 0.02, 0.004, and 0.0008 to approximate to...
-
In a contract dispute between a US company and a Canadian company, the contract itself referred to provisions of the Uniform Commercial Code. Do these references alone preempt the contract from being...
-
The bank portion of the bank reconciliation for LaRoche Company at October 31, 2014, is shown below. The adjusted cash balance per bank agreed with the cash balance per books at October 31. The...
-
Nina has been with Elora Enterprises for 5 years and is a Customer Service Representative. She earns $2000.00 bi-weekly working 35 hours per week. She does not work any overtime. She has not reached...
-
The ZooZoo company has decided to do some cost-cutting in the company due to some losses in the past year. To go ahead with the process they decided to find the replacements of employees with higher...
-
Indicate with a Yes or No whether or not each of the following accounts normally requires an adjusting entry: a. Building b. Cash c. Wages Expense d. Miscellaneous Expense e. Common Stock f. Prepaid...
-
Good Note Company specializes in the repair of music equipment and is owned and operated by Robin Stahl. On June 30, 20Y6, the end of the current year, the accountant for Good Note prepared the...
-
Activity slack (also known as float) can be calculated through which of the following means? a. Early finish (EF) late finish (LF) b. Early finish (EF) early start (ES) c. Late finish (LF) late...
-
Contemporary issues being faced by pleass global and kontiki finance in modern era of business
-
Write/Read the file 4A.Write to file Write the code to do the following: -Display message to ask then read input from the keyboard about the following information: * accountNumber (string) *...
-
Consider this 5 number summary for a 22point quiz given to a class. 5, 12, 14, 17, 21 What percentage of students earned 17points or more on the quiz? Answer: Pregnancies from contraception to birth...
-
The average of five distinct positive integers is 60. If the average of two numbers out of these five numbers is 40, then what can be the greatest number among the remaining?
-
What is the internal rate of return for this project? Year Cash Flows 0 -1,000,000 1 300,000 2 400,000 3 300,000 4 700,000 a. 18.02% b. 21.80% c. 19.56% d. 16.23% e. 18.59%
-
Clint Stillmore operates a private investigating agency called Stillmore Investigations. Some clients pay in advance for services; others are billed after services have been performed. Advance...
-
Explain the operation of the dividends received deduction.
-
During 2009, Gabriellas Fashion had beginning inventory of $960,000, ending inventory of $1,120,000, and cost of goods sold of $4,400,000. Compute the inventory turnover and days inventory on hand.
-
Just a Buck Discount Stores is assessing its levels of inventory for 2009 and 2010 and has gathered the following data: Compute the inventory turnover and days inventory on hand for 2009 and 2010 and...
-
Condensed income statements for Ken-Du Company for two years are shown below. After the end of 2010, the company discovered that an error had resulted in a $36,000 understatement of the 2009 ending...
-
1. What is an ORACLE database? 2. What is it used for? 3. Characteristics of an Oracle database. 4. What is an RDBMS? 5. What is it used for?
-
1. Describe how risk is incorporated in capital budgeting projects . 2. What tools are used to analyze risk and what information does each provide? 3. How the use of options can reduce risk. 4. How...
-
(1) Best performance and poor performance - the conditions under which this occurs in Oracle Database Management System and Microsoft Access Management System. (2) What system the Oracle Database...
Study smarter with the SolutionInn App