July Mary Smith opened Smith Interior Decorating Service on July 1, 2022. During July, the company...
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July Mary Smith opened Smith Interior Decorating Service on July 1, 2022. During July, the company completed the following transactions 1 Invested $15,000 cash in the business. 1 3 ԼՈ 5 12 18 20 21 25 31 31 LN Purchased a used sewing machine for $10,000, paying $2,500 cash and the balance on account. Purchased supplies for $700 on account. Paid $1,440 on a 1-year insurance policy, effective July 1. Billed customers $3,500 for decorating services. Paid $1,000 of amount owed on sewing machine, and $200 of amount owed on supplies. Paid $1,500 for employee salaries. Collected $1,500 from customers billed on July 12. Billed customers $1,500 for decorating services. Paid utilities for the month, $200. Withdrew $500 cash for personal use. || (Ⓒ S Journalize the adjusting entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date July 31 July 31 Account Titles (To recognize depreciation expense for equipment) July 31 (To recognize insurance expiration) Search Debit 23 ... / 30 C Credit ||| SU 12 10/28 Jestion 1 of 1 July 31 July 31 July 31 < (To recognize insurance expiration) (To recognize supplies usage) (To accrue unpaid salaries and wages) Post the adjusting entries. (Post entries in the order of journal entries passed above.) O Search 23 C .../30 = l ps://education.wiley.com/was/ui/v2/assessment-player/index.html?launchId=7de38fbd-6cfd-4ffe-8... A prehensive Problem Question 1 of 1 ews E up Post the adjusting entries. (Post entries in the order of journal entries passed above.) Date < July 1 July 1 July 5 July 18 July 20 July 21 July 31 July 31 Explanation Ref J1 nnnn J1 J1 J1 J1 J1 J1 J1 O Search Cash Debit 15,000 1,500 DELL Credit 2,500 1,440 1,200 1,500 23 200 500 C 1 CO CO 2 .../30 13 Balance AL (+ No. 101 15,000 12,500 11,060 9,860 8,360 9,860 = : 9,660 9,160 ... Sign in SUPPORT 12:47 PM 10/28/2023 21 Question 1 of 1 Date July 12 July 21 July 25 Date July 3 Date July 5 < Explanation Explanation Adjusting entry Explanation Accounts Receivable Ref J1 J1 J1 Ref J1 J2 Ref J1 Debit Search Supplies Prepaid Insurance Debit Debit 3,500 1,500 700 1,440 Credit Credit Credit COL 23 1,500 C ... / 30 Balance Balance Balance No. 112 3,500 E : 2,000 3,500 No. 126 700 No. 130 1,440 SUPPORT 12:47 PM 10/28/2023 21 s VS up Date July 5 Date July 1 Date Explanation Ref J1 Prepaid Insurance Adjusting entry J2 Explanation Ref J1 Accumulated Explanation Ref Adjusting entry J2 Debit O Search Equipment Debit Debit Accounts Payable 1,440 Depreciation-Equipment 10,000 CO Credit Credit Credit 23 C Balance Balance Balance No. 130 1,440 No. 157 10,000 No. 158 No. 201 SUPPORT 12:48 PM 10/28/2023 21 Date July 1 July 3 July 18 Date Date July 1 Explanation Explanation Adjusting entry Explanation Ref J1 J1 Accounts Payable Debit J1 Salaries and Wages Payable Ref J2 Ref J1 Debit Owner's Capital O Search Debit Owner's Drawings 1,200 Credit Credit Credit 7,500 23 700 15,000 C Balance Balance Balance No. 201 7,500 8,200 7,000 No. 212 No. 301 15,000 No. 306 SUPPORT 12:48 PM 2 10/28/2023 on 1 of 1 stion Date July 1 Date July 31 Date July 12 July 25 Date < Explanation Ref Explanation Explanation J1 Ref J1 Owner's Drawings Ref J1 J1 Explanation Ref Adjusting entry J2 Debit Debit Service Revenue O Search Debit Supplies Expense Debit 500 Credit Credit Credit Credit 23 15,000 3,500 1,500 .../30 = Balance Balance Balance Balance No. 306 15,000 No. 400 5,000 500 3,500 No. 631 SUP 12:48 10/28/20 Date Date Date July 20 Explanation Ref Adjusting entry Depreciation Expense J2 Explanation Ref Adjusting entry J2 Adjusting entry Salaries and Wages Expense Explanation Ref Insurance Expense Debit J1 J2 Debit O Search Debit Utilities Expense 1,500 Credit Credit Credit 23 C Balance Balance Balance No. 711 No. 722 No. 726 1,500 No. 732 SUPPO 12:48 PM 10/28/2023 July 20 Date July 31 J1 Adjusting entry J2 Explanation Ref J1 Utilities Expense Debit 1,500 200 Credit Balance 1,500 No. 732 200 July Mary Smith opened Smith Interior Decorating Service on July 1, 2022. During July, the company completed the following transactions 1 Invested $15,000 cash in the business. 1 3 ԼՈ 5 12 18 20 21 25 31 31 LN Purchased a used sewing machine for $10,000, paying $2,500 cash and the balance on account. Purchased supplies for $700 on account. Paid $1,440 on a 1-year insurance policy, effective July 1. Billed customers $3,500 for decorating services. Paid $1,000 of amount owed on sewing machine, and $200 of amount owed on supplies. Paid $1,500 for employee salaries. Collected $1,500 from customers billed on July 12. Billed customers $1,500 for decorating services. Paid utilities for the month, $200. Withdrew $500 cash for personal use. || (Ⓒ S Journalize the adjusting entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date July 31 July 31 Account Titles (To recognize depreciation expense for equipment) July 31 (To recognize insurance expiration) Search Debit 23 ... / 30 C Credit ||| SU 12 10/28 Jestion 1 of 1 July 31 July 31 July 31 < (To recognize insurance expiration) (To recognize supplies usage) (To accrue unpaid salaries and wages) Post the adjusting entries. (Post entries in the order of journal entries passed above.) O Search 23 C .../30 = l ps://education.wiley.com/was/ui/v2/assessment-player/index.html?launchId=7de38fbd-6cfd-4ffe-8... A prehensive Problem Question 1 of 1 ews E up Post the adjusting entries. (Post entries in the order of journal entries passed above.) Date < July 1 July 1 July 5 July 18 July 20 July 21 July 31 July 31 Explanation Ref J1 nnnn J1 J1 J1 J1 J1 J1 J1 O Search Cash Debit 15,000 1,500 DELL Credit 2,500 1,440 1,200 1,500 23 200 500 C 1 CO CO 2 .../30 13 Balance AL (+ No. 101 15,000 12,500 11,060 9,860 8,360 9,860 = : 9,660 9,160 ... Sign in SUPPORT 12:47 PM 10/28/2023 21 Question 1 of 1 Date July 12 July 21 July 25 Date July 3 Date July 5 < Explanation Explanation Adjusting entry Explanation Accounts Receivable Ref J1 J1 J1 Ref J1 J2 Ref J1 Debit Search Supplies Prepaid Insurance Debit Debit 3,500 1,500 700 1,440 Credit Credit Credit COL 23 1,500 C ... / 30 Balance Balance Balance No. 112 3,500 E : 2,000 3,500 No. 126 700 No. 130 1,440 SUPPORT 12:47 PM 10/28/2023 21 s VS up Date July 5 Date July 1 Date Explanation Ref J1 Prepaid Insurance Adjusting entry J2 Explanation Ref J1 Accumulated Explanation Ref Adjusting entry J2 Debit O Search Equipment Debit Debit Accounts Payable 1,440 Depreciation-Equipment 10,000 CO Credit Credit Credit 23 C Balance Balance Balance No. 130 1,440 No. 157 10,000 No. 158 No. 201 SUPPORT 12:48 PM 10/28/2023 21 Date July 1 July 3 July 18 Date Date July 1 Explanation Explanation Adjusting entry Explanation Ref J1 J1 Accounts Payable Debit J1 Salaries and Wages Payable Ref J2 Ref J1 Debit Owner's Capital O Search Debit Owner's Drawings 1,200 Credit Credit Credit 7,500 23 700 15,000 C Balance Balance Balance No. 201 7,500 8,200 7,000 No. 212 No. 301 15,000 No. 306 SUPPORT 12:48 PM 2 10/28/2023 on 1 of 1 stion Date July 1 Date July 31 Date July 12 July 25 Date < Explanation Ref Explanation Explanation J1 Ref J1 Owner's Drawings Ref J1 J1 Explanation Ref Adjusting entry J2 Debit Debit Service Revenue O Search Debit Supplies Expense Debit 500 Credit Credit Credit Credit 23 15,000 3,500 1,500 .../30 = Balance Balance Balance Balance No. 306 15,000 No. 400 5,000 500 3,500 No. 631 SUP 12:48 10/28/20 Date Date Date July 20 Explanation Ref Adjusting entry Depreciation Expense J2 Explanation Ref Adjusting entry J2 Adjusting entry Salaries and Wages Expense Explanation Ref Insurance Expense Debit J1 J2 Debit O Search Debit Utilities Expense 1,500 Credit Credit Credit 23 C Balance Balance Balance No. 711 No. 722 No. 726 1,500 No. 732 SUPPO 12:48 PM 10/28/2023 July 20 Date July 31 J1 Adjusting entry J2 Explanation Ref J1 Utilities Expense Debit 1,500 200 Credit Balance 1,500 No. 732 200 July Mary Smith opened Smith Interior Decorating Service on July 1, 2022. During July, the company completed the following transactions 1 Invested $15,000 cash in the business. 1 3 ԼՈ 5 12 18 20 21 25 31 31 LN Purchased a used sewing machine for $10,000, paying $2,500 cash and the balance on account. Purchased supplies for $700 on account. Paid $1,440 on a 1-year insurance policy, effective July 1. Billed customers $3,500 for decorating services. Paid $1,000 of amount owed on sewing machine, and $200 of amount owed on supplies. Paid $1,500 for employee salaries. Collected $1,500 from customers billed on July 12. Billed customers $1,500 for decorating services. Paid utilities for the month, $200. Withdrew $500 cash for personal use. || (Ⓒ S Journalize the adjusting entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date July 31 July 31 Account Titles (To recognize depreciation expense for equipment) July 31 (To recognize insurance expiration) Search Debit 23 ... / 30 C Credit ||| SU 12 10/28 Jestion 1 of 1 July 31 July 31 July 31 < (To recognize insurance expiration) (To recognize supplies usage) (To accrue unpaid salaries and wages) Post the adjusting entries. (Post entries in the order of journal entries passed above.) O Search 23 C .../30 = l ps://education.wiley.com/was/ui/v2/assessment-player/index.html?launchId=7de38fbd-6cfd-4ffe-8... A prehensive Problem Question 1 of 1 ews E up Post the adjusting entries. (Post entries in the order of journal entries passed above.) Date < July 1 July 1 July 5 July 18 July 20 July 21 July 31 July 31 Explanation Ref J1 nnnn J1 J1 J1 J1 J1 J1 J1 O Search Cash Debit 15,000 1,500 DELL Credit 2,500 1,440 1,200 1,500 23 200 500 C 1 CO CO 2 .../30 13 Balance AL (+ No. 101 15,000 12,500 11,060 9,860 8,360 9,860 = : 9,660 9,160 ... Sign in SUPPORT 12:47 PM 10/28/2023 21 Question 1 of 1 Date July 12 July 21 July 25 Date July 3 Date July 5 < Explanation Explanation Adjusting entry Explanation Accounts Receivable Ref J1 J1 J1 Ref J1 J2 Ref J1 Debit Search Supplies Prepaid Insurance Debit Debit 3,500 1,500 700 1,440 Credit Credit Credit COL 23 1,500 C ... / 30 Balance Balance Balance No. 112 3,500 E : 2,000 3,500 No. 126 700 No. 130 1,440 SUPPORT 12:47 PM 10/28/2023 21 s VS up Date July 5 Date July 1 Date Explanation Ref J1 Prepaid Insurance Adjusting entry J2 Explanation Ref J1 Accumulated Explanation Ref Adjusting entry J2 Debit O Search Equipment Debit Debit Accounts Payable 1,440 Depreciation-Equipment 10,000 CO Credit Credit Credit 23 C Balance Balance Balance No. 130 1,440 No. 157 10,000 No. 158 No. 201 SUPPORT 12:48 PM 10/28/2023 21 Date July 1 July 3 July 18 Date Date July 1 Explanation Explanation Adjusting entry Explanation Ref J1 J1 Accounts Payable Debit J1 Salaries and Wages Payable Ref J2 Ref J1 Debit Owner's Capital O Search Debit Owner's Drawings 1,200 Credit Credit Credit 7,500 23 700 15,000 C Balance Balance Balance No. 201 7,500 8,200 7,000 No. 212 No. 301 15,000 No. 306 SUPPORT 12:48 PM 2 10/28/2023 on 1 of 1 stion Date July 1 Date July 31 Date July 12 July 25 Date < Explanation Ref Explanation Explanation J1 Ref J1 Owner's Drawings Ref J1 J1 Explanation Ref Adjusting entry J2 Debit Debit Service Revenue O Search Debit Supplies Expense Debit 500 Credit Credit Credit Credit 23 15,000 3,500 1,500 .../30 = Balance Balance Balance Balance No. 306 15,000 No. 400 5,000 500 3,500 No. 631 SUP 12:48 10/28/20 Date Date Date July 20 Explanation Ref Adjusting entry Depreciation Expense J2 Explanation Ref Adjusting entry J2 Adjusting entry Salaries and Wages Expense Explanation Ref Insurance Expense Debit J1 J2 Debit O Search Debit Utilities Expense 1,500 Credit Credit Credit 23 C Balance Balance Balance No. 711 No. 722 No. 726 1,500 No. 732 SUPPO 12:48 PM 10/28/2023 July 20 Date July 31 J1 Adjusting entry J2 Explanation Ref J1 Utilities Expense Debit 1,500 200 Credit Balance 1,500 No. 732 200 July Mary Smith opened Smith Interior Decorating Service on July 1, 2022. During July, the company completed the following transactions 1 Invested $15,000 cash in the business. 1 3 ԼՈ 5 12 18 20 21 25 31 31 LN Purchased a used sewing machine for $10,000, paying $2,500 cash and the balance on account. Purchased supplies for $700 on account. Paid $1,440 on a 1-year insurance policy, effective July 1. Billed customers $3,500 for decorating services. Paid $1,000 of amount owed on sewing machine, and $200 of amount owed on supplies. Paid $1,500 for employee salaries. Collected $1,500 from customers billed on July 12. Billed customers $1,500 for decorating services. Paid utilities for the month, $200. Withdrew $500 cash for personal use. || (Ⓒ S Journalize the adjusting entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date July 31 July 31 Account Titles (To recognize depreciation expense for equipment) July 31 (To recognize insurance expiration) Search Debit 23 ... / 30 C Credit ||| SU 12 10/28 Jestion 1 of 1 July 31 July 31 July 31 < (To recognize insurance expiration) (To recognize supplies usage) (To accrue unpaid salaries and wages) Post the adjusting entries. (Post entries in the order of journal entries passed above.) O Search 23 C .../30 = l ps://education.wiley.com/was/ui/v2/assessment-player/index.html?launchId=7de38fbd-6cfd-4ffe-8... A prehensive Problem Question 1 of 1 ews E up Post the adjusting entries. (Post entries in the order of journal entries passed above.) Date < July 1 July 1 July 5 July 18 July 20 July 21 July 31 July 31 Explanation Ref J1 nnnn J1 J1 J1 J1 J1 J1 J1 O Search Cash Debit 15,000 1,500 DELL Credit 2,500 1,440 1,200 1,500 23 200 500 C 1 CO CO 2 .../30 13 Balance AL (+ No. 101 15,000 12,500 11,060 9,860 8,360 9,860 = : 9,660 9,160 ... Sign in SUPPORT 12:47 PM 10/28/2023 21 Question 1 of 1 Date July 12 July 21 July 25 Date July 3 Date July 5 < Explanation Explanation Adjusting entry Explanation Accounts Receivable Ref J1 J1 J1 Ref J1 J2 Ref J1 Debit Search Supplies Prepaid Insurance Debit Debit 3,500 1,500 700 1,440 Credit Credit Credit COL 23 1,500 C ... / 30 Balance Balance Balance No. 112 3,500 E : 2,000 3,500 No. 126 700 No. 130 1,440 SUPPORT 12:47 PM 10/28/2023 21 s VS up Date July 5 Date July 1 Date Explanation Ref J1 Prepaid Insurance Adjusting entry J2 Explanation Ref J1 Accumulated Explanation Ref Adjusting entry J2 Debit O Search Equipment Debit Debit Accounts Payable 1,440 Depreciation-Equipment 10,000 CO Credit Credit Credit 23 C Balance Balance Balance No. 130 1,440 No. 157 10,000 No. 158 No. 201 SUPPORT 12:48 PM 10/28/2023 21 Date July 1 July 3 July 18 Date Date July 1 Explanation Explanation Adjusting entry Explanation Ref J1 J1 Accounts Payable Debit J1 Salaries and Wages Payable Ref J2 Ref J1 Debit Owner's Capital O Search Debit Owner's Drawings 1,200 Credit Credit Credit 7,500 23 700 15,000 C Balance Balance Balance No. 201 7,500 8,200 7,000 No. 212 No. 301 15,000 No. 306 SUPPORT 12:48 PM 2 10/28/2023 on 1 of 1 stion Date July 1 Date July 31 Date July 12 July 25 Date < Explanation Ref Explanation Explanation J1 Ref J1 Owner's Drawings Ref J1 J1 Explanation Ref Adjusting entry J2 Debit Debit Service Revenue O Search Debit Supplies Expense Debit 500 Credit Credit Credit Credit 23 15,000 3,500 1,500 .../30 = Balance Balance Balance Balance No. 306 15,000 No. 400 5,000 500 3,500 No. 631 SUP 12:48 10/28/20 Date Date Date July 20 Explanation Ref Adjusting entry Depreciation Expense J2 Explanation Ref Adjusting entry J2 Adjusting entry Salaries and Wages Expense Explanation Ref Insurance Expense Debit J1 J2 Debit O Search Debit Utilities Expense 1,500 Credit Credit Credit 23 C Balance Balance Balance No. 711 No. 722 No. 726 1,500 No. 732 SUPPO 12:48 PM 10/28/2023 July 20 Date July 31 J1 Adjusting entry J2 Explanation Ref J1 Utilities Expense Debit 1,500 200 Credit Balance 1,500 No. 732 200
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Income Tax Fundamentals 2013
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31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
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