The following information applies to the questions displayed below.] a. Wages of $8,000 are earned by...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The following information applies to the questions displayed below.] a. Wages of $8,000 are earned by workers but not paid as of December 31. b. Depreciation on the company's equipment for the year is $18,000. c. The Supplies account had a $240 debit balance at the beginning of the year. During the year, $5,200 of supplies are purchased. A physical count of supplies at December 31 shows $440 of supplies available. d. The Prepaid Insurance account had a $4,000 balance at the beginning of the year. An analysis of insurance policies shows that $1,200 of unexpired insurance benefits remain at December 31. e. The company has earned (but not recorded) $1,050 of interest revenue for the year ended December 31. The interest payment will be received 10 days after the year-end on January 10. f. The company has a bank loan and has incurred (but not recorded) interest expense of $2,500 for the year ended December 31. The company will pay the interest five days after the year-end on January 5. For each of the above separate cases, prepare adjusting entries required of financial statements for the year ended December 31. The following information applies to the questions displayed below.] a. Wages of $8,000 are earned by workers but not paid as of December 31. b. Depreciation on the company's equipment for the year is $18,000. c. The Supplies account had a $240 debit balance at the beginning of the year. During the year, $5,200 of supplies are purchased. A physical count of supplies at December 31 shows $440 of supplies available. d. The Prepaid Insurance account had a $4,000 balance at the beginning of the year. An analysis of insurance policies shows that $1,200 of unexpired insurance benefits remain at December 31. e. The company has earned (but not recorded) $1,050 of interest revenue for the year ended December 31. The interest payment will be received 10 days after the year-end on January 10. f. The company has a bank loan and has incurred (but not recorded) interest expense of $2,500 for the year ended December 31. The company will pay the interest five days after the year-end on January 5. For each of the above separate cases, prepare adjusting entries required of financial statements for the year ended December 31.
Expert Answer:
Answer rating: 100% (QA)
Adjusting entries for year ending 31st december Amount ... View the full answer
Related Book For
Fundamental Managerial Accounting Concepts
ISBN: 978-0078025655
7th edition
Authors: Thomas Edmonds, Christopher Edmonds, Bor-Yi Tsay, Philip Old
Posted Date:
Students also viewed these finance questions
-
The following information applies to the questions displayed below Dower Corporation prepares its financial statements according to IFRS On March 31, 2021, the company purchased equipment for...
-
The following information applies to the questions displayed below Juan Diego began the year with a tax basis in his partnership interest of $50,000 During the year, he was allocated $20,000 of...
-
Sales COGS Beginning Inventory Ending Inventory Beginning Accounts Receivable Beginning Allowance for Bad Debts Ending Accounts Receivable Ending Allowance for Bad Debts Calculate Gross Profit...
-
Q5] A firm has reported a profit of Rs.1,47,000 for the year ended 31-3-2014 after taking into consideration the following items. (i) The cost of an asset Rs.23,000 has been taken as an expense (ii)...
-
Which is better: (1) Investing $10,000 in a guaranteed investment certificate (GIC) for one year at 8 percent when expected inflation is 4 percent (2) Investing $10,000 in a GIC at 6 percent when...
-
(a) Which amino acids in Table 24.1 have more than one chirality center? (b) Write Fischer projections for the isomers of each of these amino acids that would have the l configuration at the a...
-
Use the all-possible-regressions selection on the methanol oxidation data in Table B.20. Perform a thorough analysis of the best candidate models. Compare your results with stepwise regression....
-
Baker, CPA, was engaged to audit Mill Company's financial statements for the year ended September 30, 20X1. After obtaining an understanding of Mill's internal control structure, Baker decided to...
-
Starbucks (SBUX) Income Statement for 2018 contained the following financial data: Revenue Cost of Revenue Operating Expenses Interest Expense $22,387,000 $ 9,038,000 $ 9,452,000 $ 93,000 Using the...
-
Sally deposits $4,000 in a certificate of deposit that pays 2.12% simple interest. What is her balance after 1 year?
-
Write a general observation regarding the relationship between the size of a sound source and the pitch it produces. Use an example.
-
An organization is reviewing a report from a recent PenTest. Which section of the report will help the organization understand the relationship between the Pen Test findings and their implications to...
-
The US federal income tax is officially progressive, but why do wealthy people often pay far less than the top tax rate?
-
Discuss the implications of postcolonial theory on the portrayal of marginalized voices and narratives in contemporary theater.
-
Sarah is comparing the prices of different laptops before deciding which one to buy. She creates a spreadsheet to record the prices and specifications of each laptop. How is money acting as a unit of...
-
What type of firm should have the least amount of operating leverage ?
-
Coupling allows: Select one: a . . Instructions to be available to other modules b . . Data to be passed from one module to all other modules c . . Data to be unavailable to other modules. d . . Data...
-
(a) How far away can a human eye distinguish two ear headlights 2.0 m apart? Consider only diffraction effects and assume an eye pupil diameter of 5.0 mm and a wavelength of 550 nm. (b) What is the...
-
Lubbock Air is a large airline company that pays a customer relations representative $6,000 per month. The representative, who processed 1,000 customer complaints in January and 1,300 complaints in...
-
The following horizontal financial statements model shows the effects of recording the expiration of insurance in two different circumstances. One circumstance represents the expiration of insurance...
-
Victor Holt, the accounting manager of Sexton, Inc., gathered the following information for 2014. Some of it can be used to construct an income statement for 2014. Ignore items that do not appear on...
-
Based on the photographs in Figure 26.13, in which segment(s) is the Antp gene normally expressed? Figure 26.13: (a) Normal fly (b) Antennapedia mutant
-
The bush baby, a small African mammal, is a remarkable jumper. Although only about 8 inches long, it can jump, from a standing start, straight up to a height of over 7 feet! Use the particle model to...
-
Your friend Travis claims to have set the new world speed record for riding a unicycle. His top speed, he says, was 55 m/s. Do you believe him? Explain.
Study smarter with the SolutionInn App