Prepare journal entries to record the following transactions. Create a T-account for Supplies, post any entries that
Question:
Prepare journal entries to record the following transactions. Create a T-account for Supplies, post any entries that affect the account, and tally ending balance for the account (assume Supplies beginning balance of $6,550).
A. January 26, purchased additional supplies for cash, $9,500
B. December 31, actual count of supplies, $8,500
Step by Step Answer:
Adjusted trial balance Accounts title Debit Credit Cash 28900 ...View the full answer
Principles Of Accounting Volume 1 Financial Accounting
ISBN: 9781593995942
1st Edition
Authors: Mitchell Franklin, Patty Graybeal, Dixon Cooper, OpenStax
Related Video
A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit
Students also viewed these Business questions
-
Prepare journal entries to record the following transactions involving both the short-term and long-term investments of Sophia Corp., all of which occurred during calendar year 2011. Use the account...
-
Prepare journal entries to record the following transactions involving both the short-term and long-term investments of Cancun Corp., all of which occurred during calendar year 2013. Use the account...
-
Prepare journal entries to record the following transactions of an Internal Service Fund: 1. Paid salaries of $10,000. Additional salaries accrued but not paid totaled $300. 2. Purchased equipment...
-
Diagonalize the matrices, if possible. The eigenvalues are as follows: (11) = 1, 2, 3; (12) = 1, 4; (13) = 5, 1; (14) = 3, 4; (15) = 3, 1; (16) = 2, 1. 3 4 6 1
-
How can investors go about valuing the market?
-
Which attributes do you think you need to further develop?
-
The triangular blocks are glued along each side of the joint. A C-clamp placed between two of the blocks is used to draw the joint tight. If the glue can withstand a maximum average shear stress of...
-
In November 2011, Wehav Funds, a profitable engineering firm, signed a loan guarantee as a third party for No Certainty Company, a newly formed organization focused on pharmaceutical research and...
-
Demonstrate your understanding of both classical and operant conditioning. Think about your current behaviors such as, studying, driving, playing sports, exercise, or eating patterns. Then, select...
-
The fraud triangle identifies conditions or circumstances that are often precursors to financial fraud. 1)Define the three categories of fraud risk factors that are included in the fraud triangle and...
-
Prepare journal entries to record the following transactions. Create a T-account for Interest Payable, post any entries that affect the account, and tally the ending balance for the account (assume...
-
What adjusting journal entry is needed to record depreciation expense for the period? A. A debit to Depreciation Expense; a credit to Cash B. A debit to Accumulated Depreciation; a credit to...
-
Let {S1, S2,..., Sn} be a collection of nonempty (possibly non convex) subsets of an m-dimensional linear space, and let Then 1. 2. where 3. with bij ¥ 0 and bij > 0 for at most m + n components....
-
For the balance due on the purchase of a tractor, Henry Brown executed and delivered to Jane Jones his promissory note containing the following language: January 1, 2016, I promise to pay to the...
-
Margaret contracted to buy a particular model Rolls-Royce from Paragon Motors, Inc. Only one hundred of these models are built each year. She paid a $30,000 deposit on the car, but Paragon sold the...
-
On December 15, Judy wrote a letter to David stating that she would sell to David all of the mine-run coal that David might need to buy during the next calendar year for use at Davids factory,...
-
Henry Hughes, who operates a department store, executed the following instrument: $2,600 Chicago, March 5, 2016 On July 1, 2016, I promise to pay Daniel Dalziel, or order, the sum of Twenty-Six...
-
Chevron Phillips (CP) has put into place new laboratory equipment for the production of chemicals; the cost is \($1,800,000\) installed. CP borrows 45 percent of all capital needed, and the borrowing...
-
Progress in machine tool technology over the last 100 years has led to the continual redefinition of precision as shown in Figure CS-10, developed by Taniguchi. The trend here is very clear-that...
-
What are technical skills At what level are they most important and why?
-
What are the strengths and weaknesses of NPV?
-
Cinemar Productions bought a piece of equipment for $55,898 that will last for 5 years. The equipment will generate net operating cash flows of $14,000 per year and will have no salvage value at the...
-
Taos Productions bought a piece of equipment for $79,860 that will last for 5 years. The equipment will generate net operating cash flows of $20,000 per year and will have no salvage value at the end...
-
If you were to enter the banking industry, you might find yourself approving or not approving loans. The following is a good example of a common event you could encounter. Company X is looking for...
-
You see a two year bond with annual coupon rate of 8% that has these flows. Years ahead Cashflows 0 ?? 0.25 0 0.5 0 0.75 1 1.25 1.5 1.75 2 8 0 0 0 108 You will be asked to calculate its price at...
-
Use synthetic division and the Remainder Theorem to evaluate P(c). P(x) = 6x + 5x +9, c = 11/1 P(1) =
Study smarter with the SolutionInn App