From the following information journalize the adjusting entries for Evan's Food Sales on October 31, 2010 Use
Fantastic news! We've Found the answer you've been seeking!
Question:
From the following information journalize the adjusting entries for Evan's Food Sales on October 31, 2010 Use the form provided Use the Chart of Accounts given after the transactions.
Transcribed Image Text:
A) On October 1, we purchased a four-month insurance policy for $800. B) We have one Notes Payable. It is a $18,000, 90-day note that has a 12% interest rate. The note was signed on October 1. (Use a 360-day year.) C) The office supply account shows a balance of $700; we have $300 worth of supplies in the cabinet. D) Our employees (all salaried) can $7,500 per week. The work week is from Monday to Friday. October 31 is a Thursday. The prior weeks in October have already been journalized. E) Depreciation on our truck was $700 this month. Contra EVAN'S FOOD SALES CHART OF ACCOUNTS Cash Buy a frack g85,0oD thetonical Cost Accounts Receivable Office Supplies Prepaid Insurance Truck Accum. Depr.Truck Accounts Payable Accrued Interest Payable Accrued Wages Payable Notes Payable E. Barshack, Capital E. Barshack, Drawing Acumulated Depr CH I 84,000 buok value . Accumulate Depr Book value Sales Depreciation Expense Insurance Expense う DR Interest Expense Supplies Expense Wages Expense A) On October 1, we purchased a four-month insurance policy for $800. B) We have one Notes Payable. It is a $18,000, 90-day note that has a 12% interest rate. The note was signed on October 1. (Use a 360-day year.) C) The office supply account shows a balance of $700; we have $300 worth of supplies in the cabinet. D) Our employees (all salaried) can $7,500 per week. The work week is from Monday to Friday. October 31 is a Thursday. The prior weeks in October have already been journalized. E) Depreciation on our truck was $700 this month. Contra EVAN'S FOOD SALES CHART OF ACCOUNTS Cash Buy a frack g85,0oD thetonical Cost Accounts Receivable Office Supplies Prepaid Insurance Truck Accum. Depr.Truck Accounts Payable Accrued Interest Payable Accrued Wages Payable Notes Payable E. Barshack, Capital E. Barshack, Drawing Acumulated Depr CH I 84,000 buok value . Accumulate Depr Book value Sales Depreciation Expense Insurance Expense う DR Interest Expense Supplies Expense Wages Expense
Expert Answer:
Related Book For
Posted Date:
Students also viewed these accounting questions
-
From the following information for Russo Merchandising Co., calculate merchandise turnover for 2015 and 2014 and days' sales in inventory at December 31, 2015 and 2014. Round answers to one decimal...
-
From the following information for sole trader M Spratt, software designer, draw up a balance sheet at the end of the financial year (30 June 2013). You are also required to determine the amount of...
-
From the following information for Russo Merchandising Co., calculate inventory turnover for 2021 and 2020 and days? sales in inventory at December 31, 2021 and 2020. Round answers to one decimal...
-
Write short note on context switch
-
1. Do you believe the Wall Street banking industry operates by different ethical rules from those practiced by your hometown bankers? Explain. 2. Does the extraordinary size of the big banks (the...
-
Which of the following is an inappropriate reaction to a material fraud detected in a publicly traded company? a. Report the matter to the SEC. b. Discuss the matter with at least one level of...
-
Use the coefficients of the multiple regression equation in Figure 13.5 to predict the lung capacity for a 10-year-old who is 57 inches tall and weighs 90 pounds, at a pressure of 30.2 inches and a...
-
Comparative financial statement data of Rourke Optical Mart follow: Other information: 1. Market price of Rourke common stock: $78.12 at December 31, 2010, and $59.10 at December 31, 2009. 2. Common...
-
Repeat parts (a) through (d) assuming that Sweet Acacia prepares its financial statements using ASPE. The original estimate of the physical life of the building was 44 years, with a salvage value of...
-
Planning is one of the most important management functions in any business. A front office managers first step in planning should involve determine the departments goals. Planning also includes...
-
Michael Jackson, owners of Benefit Tennis Coaching [BTC], commenced business in February 2022 and the following transactions occurred in March 2022. March 2 4 7 10 14 15 19 22 25 31 Explanation...
-
Each resistor in this circuit has a resistance of R = 120 2. Calculate the equivalent resistance of the entire circuit. Show your work
-
On January 31st 2018, you bought 200 shares of the ABC Corp. for $205 a share and on January 31st you sold them for $250 a share. In January 2021, you also received a cash dividend of $54 per share....
-
Question 1/10 What would be the best name for a folder containing these files? Administrative Assistant Roster.xlsx Executive Assistant Contact Info.pdf Admin Food Preferences.doc Receptionist HR...
-
1. Write down (in atomic units) the Hamiltonian for H+ including all electronic and nuclear terms. You may leave out the nuclear kinetic energy. 2. Write down (in atomic units) the Hamiltonian for H2...
-
You are considering an investment of $10,000 in a mutual fund with a 2% front load and an annual expense ratio of 0.5%. You are also considering an investment in a bank CD paying 2% interest per...
-
Analyzing and Interpreting the Financial Performance of Competitors Abercrombie & Fitch Co. (ANF) and Nordstrom, Inc. (JWN), are major retailers that concentrate in the higher-end clothing lines....
-
Trade credit from suppliers is a very costly source of funds when discounts are lost. Explain why many firms rely on this source of funds to finance their temporary working capital.
-
The following information from Tiny Company's first year of operations is to be used in testing the accuracy of Accounts Receivable. The December 31, 2013, balance is $21,300. (a) Collections from...
-
Fibertek, Inc., computed a pretax financial income of $40,000 for the first year of its operations ended December 31, 2013. Included in financial income was $25,000 of nondeductible expenses, $22,000...
-
The Martin Company reported income before taxes of $370,000 for 2012 and $526,000 for 2013. A later audit produced the following information: (a) The ending inventory for 2012 included 2,000 units...
-
Why are provisions a problem?
-
Who are the main users of financial accounting information, and what are their information needs?
-
Why do we not have pure historic cost accounting?
Study smarter with the SolutionInn App