2. Prepare the adjusting entry required for each transaction at December 31 of the current year....
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
2. Prepare the adjusting entry required for each transaction at December 31 of the current year. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your final answers to nearest whole dollar value) View transaction list Journal entry worksheet < 1 2 Transaction a. Note: Enter debits before credits. 3 Record entry 4 5 On January 1 of the current year, the company purchased a new hauling van at a cash cost of $24,700. Depreciation estimated at $3,400 for the year has not been recorded for the current year. General Journal 6 Clear entry 7 8 Debit Credit View general journal View transaction list 1 On January 1 of the current year, the company purchased a new hauling van at a cash cost of $24,700. Depreciation estimated at $3,400 for the year has not been recorded for the current year. 2 During the current year, office supplies amounting to $840 were purchased for cash and debited in full to Supplies. At the end of last year, the count of supplies remaining on hand was $310. The inventory of supplies counted on hand at the end of the current year was $420. 3 On December 31 of the current year, Lanie's Garage completed repairs on one of the company's trucks at a cost of $1,200; the amount is not yet recorded by Martin and by agreement will be paid during January of next Note : journal entry has been entered = Record entry Clear entry EX w ng var ear has Cre View ger View transaction list 4 On December 31 of the current year, property taxes on land owned during the current year were estimated at $1,400. The taxes have not been recorded and will be paid in the next year when billed. 5 6 7 On December 31 of the current year, the company completed towing service for an out-of-state company for $7,700 payable by the customer within 30 days. On July 1 of the current year, a three-year insurance premium on equipment in the amount of $1,080 was paid and debited in full to Prepaid Insurance on that date. Coverage began on July 1 of the current year. On October 1 of the current year, the company borrowed LAA Note : I = journal entry has been entered Record entry Clear entry X ng van ear has Credit View general 7 8 On October 1 of the current year, the company borrowed $7,200 from the local bank on a one-year, 12 percent note payable. The principal plus interest is payable at the end of 12 months. The income before any of the adjustments or income taxes was $32,000. The company's federal income tax rate is 30 percent. Note : = journal entry has been entered Crec 2. Prepare the adjusting entry required for each transaction at December 31 of the current year. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your final answers to nearest whole dollar value) View transaction list Journal entry worksheet < 1 2 Transaction a. Note: Enter debits before credits. 3 Record entry 4 5 On January 1 of the current year, the company purchased a new hauling van at a cash cost of $24,700. Depreciation estimated at $3,400 for the year has not been recorded for the current year. General Journal 6 Clear entry 7 8 Debit Credit View general journal View transaction list 1 On January 1 of the current year, the company purchased a new hauling van at a cash cost of $24,700. Depreciation estimated at $3,400 for the year has not been recorded for the current year. 2 During the current year, office supplies amounting to $840 were purchased for cash and debited in full to Supplies. At the end of last year, the count of supplies remaining on hand was $310. The inventory of supplies counted on hand at the end of the current year was $420. 3 On December 31 of the current year, Lanie's Garage completed repairs on one of the company's trucks at a cost of $1,200; the amount is not yet recorded by Martin and by agreement will be paid during January of next Note : journal entry has been entered = Record entry Clear entry EX w ng var ear has Cre View ger View transaction list 4 On December 31 of the current year, property taxes on land owned during the current year were estimated at $1,400. The taxes have not been recorded and will be paid in the next year when billed. 5 6 7 On December 31 of the current year, the company completed towing service for an out-of-state company for $7,700 payable by the customer within 30 days. On July 1 of the current year, a three-year insurance premium on equipment in the amount of $1,080 was paid and debited in full to Prepaid Insurance on that date. Coverage began on July 1 of the current year. On October 1 of the current year, the company borrowed LAA Note : I = journal entry has been entered Record entry Clear entry X ng van ear has Credit View general 7 8 On October 1 of the current year, the company borrowed $7,200 from the local bank on a one-year, 12 percent note payable. The principal plus interest is payable at the end of 12 months. The income before any of the adjustments or income taxes was $32,000. The company's federal income tax rate is 30 percent. Note : = journal entry has been entered Crec
Expert Answer:
Answer rating: 100% (QA)
SiNo Transaction 1 a 2 3 4 5 6 b C d e f General Journal Dep... View the full answer
Related Book For
Introduction to Accounting An Integrated Approach
ISBN: 978-0078136603
6th edition
Authors: Penne Ainsworth, Dan Deines
Posted Date:
Students also viewed these accounting questions
-
What is the length of a 200 ft. steel tape having a cross-sectional area of 0.006in2 and a modulus of elasticity of 30,000,000 lb/in2 that is standardized at a tension of 25 lb and a temperature of...
-
Hitachi, Ltd., reports total revenues of 10,.034.305 million for its current fiscal year, and its current fiscal ye. balance reports a debit balance for trade recelvables (gross) of 2.992.770 millon....
-
What does a SWOT analysis reveal about the overall attractiveness of lululemon's situation?
-
What is the energy (in joules) evolved when 1 mol of helium-4 nuclei is produced from protons and neutrons? How many liters of ethane, C2H6(g), at 25°C and 725 mmHg are needed to evolve the same...
-
MicroProducts, Incorporated (MPI) manufactures printed circuit boards for a major PC manufacturer. Before a board is sent to the customer, three key components must be tested. These components can be...
-
The Nielsen family formed their corporation, N. Robert Nielsen, Inc., to conduct farming operations. Morre, Grider & Co. is a certified public accounting firm that has provided accounting, tax, and...
-
Comprehensive Accounting Change and Error Analysis Problem Botticelli Inc. were organized in late 2008 to manufacture and sell hosiery. At the end of its fourth year of operation, the company has...
-
2) Rolf throws a small bouncy ball of mass 52.0 g with speed 15.1 m/s. The ball bounces off a wall, rebounding at 13.8 m/s. The ball is in contact with the wall for 2.25 milliseconds (2.25 ms). Find...
-
Figure 4-32 shows a class list for Millennium College. Convert this user view to a set of 3NF relations using an enterprise key. Assume the following: ¢ An instructor has a unique location....
-
4.100 (a) If the child and swing together weigh 200 N, find the force in each of the two ropes. (See Fig- ure P4.100(a).) (b) If the child's father uses a horizontal force to pull the swing back 30...
-
From the following transactions in September 2022 prepare the general journal for P Barrack; the periodic inventory system applies. 1 September: Commenced business with bank $2000, and other assets...
-
Refer back to the general journals prepared in answering question 4.6 for P Barrack where perpetual inventory applies. You are required to post these general journals to the general ledger in T...
-
Refer back to the general journals prepared in answering question 4.7 for P Barrack, using the periodic inventory. You are required to post these general journals to the general ledger in T and/or...
-
From the following September 2022 transactions for K Pullen, you are required to: process the transactions in the accounting equation format enter next to each amount whether it is a debit or a...
-
You are required to process the following transactions for January made by D Brad in the accounting equation format. Note next to each transaction the alphabetical prefix and next to each amount...
-
A production function describes a.how a firm maximizes profits. b. the minimal cost of producing a given level of output. c.how a firm turns inputs into output. d. the relationship between cost and...
-
Use of the contraceptive Depo Provera appears to triple women's risk of infection with chlamydia and gonorrhea , a study reports today. An estimated 20 million to 30 million women worldwide use Depo...
-
Tara Storey can afford car payments of $ 500 per month for five years. The interest rate on car loans is 6 percent. A. How much can she spend for a car? B. How much can she spend for a car if she...
-
The following list of events occurred in the first month of business at a local auto parts supplier. Indicate which of the events are accounting events and provide a short justification for your...
-
The board of directors of Newton Industries is contemplating a dividend of $ 500,000. The corporation had 60,000 shares of 10 percent, $ 40 par value cumulative preferred stock outstanding. There...
-
Show that the group \(D_{3}\) has two 1D irreps in addition to the 2D irrep found in Problem 5.6 , and construct the character table. Derive the two-dimensional matrix representation Data from...
-
Show that the groups \(C_{3 v}\) and \(D_{3}\) have equivalent characters, but the basis functions corresponding to their irreps are different.
-
The matrix representation of \(\mathrm{C}_{3 \mathrm{v}}\) given in Eq. (5.14) was constructed with respect to the particular coordinate system defined by the unit vectors \(\boldsymbol{e}_{1}\) and...
Study smarter with the SolutionInn App