Journalize and post the adjusting entries. a) One month of Insurance has expired. b) Supplies on...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Journalize and post the adjusting entries. a) One month of Insurance has expired. b) Supplies on hand on at the end of the month are $1,500. c) Accrued receptionist salary for the remainder of the month is $200. d) One month of rent was used. e) Unearned fees at the end of the month are $2,500. f) $3,500 of fees needs to be accrued g) Calculate the interest for one month on the Note Payable using a 4% interest rate. (Use the Note Payable account and round to nearest whole number.) h) Depreciation of office equipment for the month based on SL depreciation over 5 years. (Round to nearest whole number) i) Bad Debt is 1% of sales for the month. (Round to nearest whole number) (Hint: Use the revenue balance after other adjusting entries have been completed) Name Cash Elington Consulting Trial Balance Dec 31, 2022 Accounts Receivable Supplies Prepaid Rent Prepaid Insurance Office Equipment Accounts Payable Note Payable Unearned Fees AP EI, Capital AP E1, Drawing Fees Earned Salary Expense Expense Advertising Utilities Expense Meal Expense DR 826700 7000 9500 10,000 9000 13,000 5000 11400 200 300 100 94,200 CR #1200 10,000 4000 60,000 19,000 94,200 Journalize and post the adjusting entries. a) One month of Insurance has expired. b) Supplies on hand on at the end of the month are $1,500. c) Accrued receptionist salary for the remainder of the month is $200. d) One month of rent was used. e) Unearned fees at the end of the month are $2,500. f) $3,500 of fees needs to be accrued g) Calculate the interest for one month on the Note Payable using a 4% interest rate. (Use the Note Payable account and round to nearest whole number.) h) Depreciation of office equipment for the month based on SL depreciation over 5 years. (Round to nearest whole number) i) Bad Debt is 1% of sales for the month. (Round to nearest whole number) (Hint: Use the revenue balance after other adjusting entries have been completed) Name Cash Elington Consulting Trial Balance Dec 31, 2022 Accounts Receivable Supplies Prepaid Rent Prepaid Insurance Office Equipment Accounts Payable Note Payable Unearned Fees AP EI, Capital AP E1, Drawing Fees Earned Salary Expense Expense Advertising Utilities Expense Meal Expense DR 826700 7000 9500 10,000 9000 13,000 5000 11400 200 300 100 94,200 CR #1200 10,000 4000 60,000 19,000 94,200
Expert Answer:
Answer rating: 100% (QA)
1 Adjusting Entries Elington Consulting Adjusting Entries Date Accounts Title Debit Credit a Insurance Expense 750 Prepaid Insurance 750 To record insurance Expense incurred 9000 12 Months b Supplies ... View the full answer
Related Book For
Valuation The Art and Science of Corporate Investment Decisions
ISBN: 978-0133479522
3rd edition
Authors: Sheridan Titman, John D. Martin
Posted Date:
Students also viewed these accounting questions
-
An analyst at the Starr Corp. has estimated that the firms future cash flows for the next five years will equal $ 80 million per year. a. If the cost of capital for Starr is 12%, what is the value of...
-
The effect of a new antidepressant drug on reducing the severity of depression was studied in manic-depressive patients at two state mental hospitals. In each hospital all such patients were randomly...
-
A metallurgical engineer has estimated that the capital investment cost for recovering valuable metals (nickel, silver, platinum, gold, etc.) from the copper refinery's wastewater stream will be $12...
-
Coulson Company is in the process of refinancing some long-term debt. Its fiscal year ends on December 31, 2011, and its financial statements will be issued on March 15, 2012. Under current U.S....
-
Why is it important to learn about employee benefits?
-
Find y(t) = x(t)* h(t) for each paired x(t) and h(t) in Fig. 15.37. x(t) h(t 0 0 h(t) 2 x(t) 0 x(t) htt) . -1 0
-
Using the test the research hypothesis at the .05 level of significance that males raise their hands in class more often than females. Do this practice problem by hand using a calculator. What is...
-
Error Analysis and Correcting Entry You have been engaged to review the financial statements of Longfellow Corporation. In the course of your examination you conclude that the bookkeeper hired during...
-
Use the following information to create a budget for the Constantine family. The Constantine family recently had a budget deficit, something that they want to avoid because they understand that it...
-
Chase Manhattan Bank The workload in many areas of bank operations has the characteristics of a nonuniform distribution with respect to time of day. For example, at Chase Manhattan Bank, the number...
-
Consider the circuit shown in Fig. 1. Initially, the switch S is open for a long time. At time t, S closes. The switch then remains closed for a long time. At t, the switch opens. Assume that the...
-
show how to get the adjusting entries in the general ledger. please explain why the answer is wrong on the blank spaces
-
Show how to complete the trial balance Interest expense Date June 30 Bank loan Details Debit Date Details 104 Postage and stationery expense Date June 5 Cash at bank Details Superannuation expense...
-
QUESTION 3 A furniture company produces tables and chairs. The production process for each product is similar in that both require a certain number of labor hours that include carpentry work and...
-
(Enter accounts in ascending account order.) Revenue Sales revenue Less: Net sales revenue 70 Less: Gross profit Other revenue: Expenses Total expenses Net profit/(loss) List of Accounts Save for...
-
The state of plane stresses at a point in a member is shown on the element in Figure Q5. 70 MPa 15 MPa T Figure Q5 50 MPa i) Sketch a Mohr's circle for the plane stresses. ii) Determine the principal...
-
Mapping out your financial plan means forecasting your salary and then subtracting what you will need for life's essentials. A. True B. False
-
Pearl Medavoy will invest $10,240 a year for 20 years in a fund that will earn 10% annual interest. . If the first payment into the fund occurs today, what amount will be in the fund in 20 years? If...
-
Newport Mining has a lease, with two years remaining, in which it can extract copper ore on a remote island in Indonesia. The company has completed the exploration phase and estimates that the mine...
-
Opex Capital is a small investment advisory firm located in Portland, Oregon, that has been hired by Winston Winery to estimate the value of Hilco Wines. Hilco is a small winery that is being...
-
Sarah Fluggel is considering the purchase of a home located at 2121 Tarter Circle in Frisco, Texas. The home has 3,000 square feet of heated and cooled living area, and the current owners are asking...
-
If item Y is the parent of Z and item X is the parent of Y, which item is the finished good?
-
If a shipment is needed in week 8 and the lead time on its arrival is always 3 weeks, when should the shipment be ordered?
-
Maynard Associates has 62 units of a certain product on hand currently. The demand forecast for the next two planning periods is 25 units each period. Maynard Associ- ates has no plans for production...
Study smarter with the SolutionInn App