The unadjusted trial balance of the Fashion First Company as of December 31, 2019 is found...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The unadjusted trial balance of the Fashion First Company as of December 31, 2019 is found on the trial balance tab. The following information is required to prepare the necessary adjusting entries for the Fashion First Company. 1 The balance in Prepaid insurance represents a 24-month policy that went into effect on December 1, 2019. Review the unadjusted balance in Prepaid insurance, and prepare the necessary adjusting entry, if any 2) Based on a physical count, supplies on hand total $4,500. Review the unadjusted balance in Supplies, and prepare the necessary adjusting entry, If any. 3) The equipment is expected to have a 5-year useful life, and be worth about $9,000 at the end of five years. Review the unadjusted balance in Accumulated depreciation, and prepare the necessary adjusting entry to record the monthly depreciation, if any 4) On December 26, the client paid a $8,400 60-day fee in advance, covering December 27 to February 24. Review the unadjusted balarce in Unearned Consulting Revenue, and prepare the necessary adjusting entry, if any. 5) Fashion First's employee earns $110 per day for a five-day workweek beginning on Monday and ending on Friday. The employee was last paid on Friday, December 26. Review the unadjusted balance in Salaries expense, and prepare the necessary adjusting entry, if any. 6) In the second week of December, Fashion First agreed to provide 30 days of consulting services to a local fitness club for a fxed fee of $3,660. The terms of the initial agreement call for Fashion First to provide services from December 12, 2019, through January 10. 2020, or 30 days of service. The club agrees to pay Fashion First $3,660 on January 10, 2020, when the service period is complete. Review the unadjusted balance in Consulting revenue, and prepare the necessary adjusting entry, if any. General Journal General Ledger Income Statement St Owner Reuirement Impect on Income Tral Balance Balance Sheet Equity For transactions 1-6, review the unadjusted balance from the Triel Balance and prepare the adjusting entry necessary to corectly report the revenue eamed or the expense incurred. After edjusting the accounts, review the financial statements for accuracy. Viww transaction list Journal entry worksheet The balance in Prepaid insurance represents a 24-month policy that went into ffect on December 1, 2019. Review the unadjusted balance in Prepaid Insurance, and prepare the necessary adjusting entry, if any Ne Eter n re re The unadjusted trial balance of the Fashion First Company as of December 31, 2019 is found on the trial balance tab. The following information is required to prepare the necessary adjusting entries for the Fashion First Company. 1 The balance in Prepaid insurance represents a 24-month policy that went into effect on December 1, 2019. Review the unadjusted balance in Prepaid insurance, and prepare the necessary adjusting entry, if any 2) Based on a physical count, supplies on hand total $4,500. Review the unadjusted balance in Supplies, and prepare the necessary adjusting entry, If any. 3) The equipment is expected to have a 5-year useful life, and be worth about $9,000 at the end of five years. Review the unadjusted balance in Accumulated depreciation, and prepare the necessary adjusting entry to record the monthly depreciation, if any 4) On December 26, the client paid a $8,400 60-day fee in advance, covering December 27 to February 24. Review the unadjusted balarce in Unearned Consulting Revenue, and prepare the necessary adjusting entry, if any. 5) Fashion First's employee earns $110 per day for a five-day workweek beginning on Monday and ending on Friday. The employee was last paid on Friday, December 26. Review the unadjusted balance in Salaries expense, and prepare the necessary adjusting entry, if any. 6) In the second week of December, Fashion First agreed to provide 30 days of consulting services to a local fitness club for a fxed fee of $3,660. The terms of the initial agreement call for Fashion First to provide services from December 12, 2019, through January 10. 2020, or 30 days of service. The club agrees to pay Fashion First $3,660 on January 10, 2020, when the service period is complete. Review the unadjusted balance in Consulting revenue, and prepare the necessary adjusting entry, if any. General Journal General Ledger Income Statement St Owner Reuirement Impect on Income Tral Balance Balance Sheet Equity For transactions 1-6, review the unadjusted balance from the Triel Balance and prepare the adjusting entry necessary to corectly report the revenue eamed or the expense incurred. After edjusting the accounts, review the financial statements for accuracy. Viww transaction list Journal entry worksheet The balance in Prepaid insurance represents a 24-month policy that went into ffect on December 1, 2019. Review the unadjusted balance in Prepaid Insurance, and prepare the necessary adjusting entry, if any Ne Eter n re re
Expert Answer:
Related Book For
Horngrens Financial and Managerial Accounting The Financial Chapters
ISBN: 978-0134486857
6th edition
Authors: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
Posted Date:
Students also viewed these accounting questions
-
The unadjusted trial balance of Flint Inc. at its year ended December 31, 2020 had the following investments that are held for trading: Carrying Fair Amount Value Kirkland Inc. $2 non-cumulative...
-
The unadjusted trial balance of Whispering Winds Inc. at its year ended December 31, 2020 had the following investments that are held for trading Carrying Amount Fair Value Kirkland Inc. $2...
-
The unadjusted trial balance of LeBrun Company at its year end, July 31, 2014, is as follows: Adjustment information: 1. The July 31 bank statement reported debit memos for service charges of $50 and...
-
A 0.500-kg block, attached to a spring with length 0.60 m and force constant 40.0 N/m, is at rest with the back of the block at point A on a frictionless, horizontal air table (Fig. 7.44). The mass...
-
A researcher wishes to perform a three-group multiple discriminant analysis and is interested in using information from the three variables that she collected during the study. How many discriminant...
-
Use EES to solve Problem 9.19. Find the cycle efficiency for at least six values of the boiler pressure, so as to create a smooth plot. Problem 9.19 Consider a 100-MW Rankine-cycle steam power plant....
-
Use a scatter plot to display the data shown in the table at the left. The data represent the numbers of coaching hours and the hourly fees (in dollars) of 12 cricket coaches. Organize the data using...
-
RL Photography reported net income of $100,000 for 2014. Included in the income statement were depreciation expense of $6,300, patent amortization expense of $4,000, and a gain on disposal of plant...
-
What are some of the factors that make it difficult for unions to coordinate their efforts across national borders? What is a great personal branding statement for a cyber-security human resources...
-
Tuckered Outfitters plans to market a custom brand of packaged trail mix. The ingredients for the trail mix will include Raisins, Grain, Chocolate Chips, Peanuts, and Almonds costing, respectively,...
-
7 . A small moon of a giant planet has an orbital period of 1 . 3 1 days and an orbital radius of 4 . 4 6 x 1 0 ^ 5 km . From these data, determine the mass of the planet. Kg 6 . A satellite moves in...
-
What are the main challenges that entrepreneurs and investors face at the four steps of the funding cycle, as described in the FIRE framework?
-
What are the most important differences between VCs and angel investors?
-
Entrepreneurship involves resource gathering, uncertainty, and experimentation. How does this affect the investors?
-
An aquarium light bulb has a long, straight glowing filament surrounded by a tubular, clear glass bulb. This lighted bulb, with its filament oriented vertically, is placed \(1.0 \mathrm{~m}\) from a...
-
Why does the identity of investors matter to the entrepreneurs?
-
Vernon Chairs, Incorporated makes two types of chairs. Model Diamond is a high-end product designed for professional offices. Model Gold is an economical product designed for family use. Jane Silva,...
-
How does health insurance risk differ from other types of insurance risk (e.g., automobile or homeowners insurance)? What is the difference between cost sharing and cost shifting? Is retiree health...
-
Greavy Theater Production Company's partially completed worksheet as of December 31, 2018, follows. Adjustment data at December 31 follow: a. As of December 31, Greavy had performed $500 of service...
-
What are the three relevant dates involving cash dividends? Describe each.
-
Under the matching principle, when are expenses recorded?
-
Dynamic Industries Ltd have recently purchased new premises in order to expand their warehouse space. The cost of the premises was \($1\)500000 and on 1 November they financed the purchase with a...
-
The following information relates to a debentures issue of White Noise Ltd dated 1 January 2024. Required (a) Prepare general journal entries to record the: (i) issue of the debentures (ii) 30 June...
-
At 30 June 2023, Huang Sun Electronics adjusted its Provision for Warranties so that it would be equal to 4% of sales for the year ended on that date. Sales for the year ended 30 June 2023 were...
Computer Science Discovering Gods Glory In Ones And Zeros 1st Edition - ISBN: 1596389907 - Free Book
Study smarter with the SolutionInn App