The following information is available at year end on Dec 31, 2019. A. Unexpired insurance at...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The following information is available at year end on Dec 31, 2019. A. Unexpired insurance at Dec 31 B. Fees earned but unbilled on Dec 31 - Nike C. Supplies on hand at Dec 31 D. Revenue Unearned at Dec 31 E. Accrued salaries and wages at Dec 31 F. Prepaid Advertising G. Inventory H. Depreciation of truck for the S2,200 S3,470 $1,150 $4,650 $3,405 S800 S13,600 year I. Depreciation of machine for the year J. Depreciation of equipment for the усar K. Interest Owed to Under Amor Info to determine Depreciation & Interest: Truck: useful life of 6 years. Bought for $36,000 with a salvage value of $2,000 and a Machine: Bought for S48,000 with a salvage value of $4,000 and a useful life of 11 years. Equipment: Bought for $57,77 with a salvage value of $5,631 and a useful life of 6 years. Interest: Borrowed $18,000 from Under Amor with an 17% interest rate compounded monthly. Chanps Kinadjusted Tnal Balance Aprill, 2019 Cah SIK,700 AR- Adida SIKASO Prepsid Inure Propsid Adverining Inventory Supplies Land Bailing S7I00 Cat Machine Truk Equipemene Acciamulated Dep- Truck Acculated Eep- Machine Acculaned Eep Eqip SI3302 S2,2 AP $21,044 None Payable - Llader Amst SIK0 SI0,000 S14300 Uncarned Revenu Capital Stock Drawings Fees Eamed s2.725 Champs, Capital Salaries & Wagen Expene 53.103 Uitites Expee Advertising Expene Tetala S1241 Journalize the adjusting entries from above and include explanations for each. (11 transactions x 2 each) Please see above for proper date and ensure you skip a line between 22 transactions. Daic Account Title & Deseription Ref. Dehit Creda Prepare and complete an Adjusted Trial Balance based on the adjusted balances. /24 Deb/Cred Totals: /2 for totals /22 for changes Champs Unadjusted Trial Balance Aprill, 2019 Cash S18,700 A/R - Adidas S18,950 Prepaid Insurance Prepaid Advertising S6,300 S2,400 Inventory S21,000 Supplies $2,750 Land S8,025 Building S71,000 Car S19,503 Machine $48,000 Truck S36,000 Equipment Accumulated Dep - Truck Accumulated Dep - Machine Accumulated Dep - Equip $57,777 $8,630 S13,502 $26,492 A/P S23,044 Note Payable - Under Amor S18,000 Unearned Revenue s10,000 $14,300 Capital Stock Drawings S10,500 Fees Earned $202,725 Champs, Capital Salaries & Wages Expense $55,103 Utilities Expense Advertising Expense $125,857 $4,201 S12,341 Totals S442,550 S442,550 Journalize the adjusting entries from above and include explanations for each. (11 transactions x 2 each) Please see above for proper date and ensure you skip a line between transactions. /22 The following information is available at year end on Dec 31, 2019. $2,200 $3,470 $1,150 $4,650 $3,405 A. Unexpired insurance at Dec 31 B. Fees earned but unbilled on Dec 31 - Nike C. Supplies on hand at Dec 31 D. Revenue Unearned at Dec 31 E. Accrued salaries and wages at Dec 31 F. Prepaid Advertising G. Inventory H. Depreciation of truck for the $800 $13,600 year /1 I. Depreciation of machine for the year /1 J. Depreciation of equipment for the /1 year K. Interest Owed to Under Amor /1 Info to determine Depreciation & Interest: Truck: Bought for $36,000 with a salvage value of $2,000 and a useful life of 6 years. Machine: Bought for $48,000 with a salvage value of $4,000 and a useful life of 11 years. Equipment: Bought for $57,777 with a salvage value of $5,631 and a useful life of 6 years. Interest: Borrowed $18,000 from Under Amor with an 17% interest rate compounded monthly. In class Test- Adjusting Entries 1. April 1st I spent $5,200 on advertising services for the next year. Perform the adjustment for Dec 31. 2. May 1* you purchased $9,500 in supplies. Dec 31 shows that there are $2,200 in supplies on hand. Perform the adjustment. 3. June 1s you received $5,000 for landscaping services. Dec 31 shows that you only owe $1,200 left on your services. 4. You purchased a machine for $18,300 that has no salvage value and an estimated useful life of 1 dog year. (aka 7 years) 5. Oct 1* you borrowed $9,400 from a friend who gave you an 8% interest rate and 4 months to pay you back. Calculate interest owing. Perform adjustment for Dec 31. 6. You have not billed Goodlife Fitness for the 13 classes of Hot Yoga you taught where you charge $65/hour. Perform the adjustment. 7. Bought a new Tesla for $88,000 with a residual value of $4,900 and a estimated useful life of 11 years. 8. Records show that you owe your part time employees 213 hours at $13.75/hour. 9. Jan 1 2020 you prepaid your insurance for 24 months for $11,360. Perform the adjustment for Dec 31, 2020. Bonus: Dec 1 records show an inventory balance of $17,000. Dec 31 records show an inventory balance of $18,000. Perform the adjustment. Prepare and complete an Adjusted Trial Balance based on the adjusted balances. /24 Deb/Cred Totals: /2 for totals /22 for changes The following information is available at year end on Dec 31, 2019. A. Unexpired insurance at Dec 31 B. Fees earned but unbilled on Dec 31 - Nike C. Supplies on hand at Dec 31 D. Revenue Unearned at Dec 31 E. Accrued salaries and wages at Dec 31 F. Prepaid Advertising G. Inventory H. Depreciation of truck for the S2,200 S3,470 $1,150 $4,650 $3,405 S800 S13,600 year I. Depreciation of machine for the year J. Depreciation of equipment for the усar K. Interest Owed to Under Amor Info to determine Depreciation & Interest: Truck: useful life of 6 years. Bought for $36,000 with a salvage value of $2,000 and a Machine: Bought for S48,000 with a salvage value of $4,000 and a useful life of 11 years. Equipment: Bought for $57,77 with a salvage value of $5,631 and a useful life of 6 years. Interest: Borrowed $18,000 from Under Amor with an 17% interest rate compounded monthly. Chanps Kinadjusted Tnal Balance Aprill, 2019 Cah SIK,700 AR- Adida SIKASO Prepsid Inure Propsid Adverining Inventory Supplies Land Bailing S7I00 Cat Machine Truk Equipemene Acciamulated Dep- Truck Acculated Eep- Machine Acculaned Eep Eqip SI3302 S2,2 AP $21,044 None Payable - Llader Amst SIK0 SI0,000 S14300 Uncarned Revenu Capital Stock Drawings Fees Eamed s2.725 Champs, Capital Salaries & Wagen Expene 53.103 Uitites Expee Advertising Expene Tetala S1241 Journalize the adjusting entries from above and include explanations for each. (11 transactions x 2 each) Please see above for proper date and ensure you skip a line between 22 transactions. Daic Account Title & Deseription Ref. Dehit Creda Prepare and complete an Adjusted Trial Balance based on the adjusted balances. /24 Deb/Cred Totals: /2 for totals /22 for changes Champs Unadjusted Trial Balance Aprill, 2019 Cash S18,700 A/R - Adidas S18,950 Prepaid Insurance Prepaid Advertising S6,300 S2,400 Inventory S21,000 Supplies $2,750 Land S8,025 Building S71,000 Car S19,503 Machine $48,000 Truck S36,000 Equipment Accumulated Dep - Truck Accumulated Dep - Machine Accumulated Dep - Equip $57,777 $8,630 S13,502 $26,492 A/P S23,044 Note Payable - Under Amor S18,000 Unearned Revenue s10,000 $14,300 Capital Stock Drawings S10,500 Fees Earned $202,725 Champs, Capital Salaries & Wages Expense $55,103 Utilities Expense Advertising Expense $125,857 $4,201 S12,341 Totals S442,550 S442,550 Journalize the adjusting entries from above and include explanations for each. (11 transactions x 2 each) Please see above for proper date and ensure you skip a line between transactions. /22 The following information is available at year end on Dec 31, 2019. $2,200 $3,470 $1,150 $4,650 $3,405 A. Unexpired insurance at Dec 31 B. Fees earned but unbilled on Dec 31 - Nike C. Supplies on hand at Dec 31 D. Revenue Unearned at Dec 31 E. Accrued salaries and wages at Dec 31 F. Prepaid Advertising G. Inventory H. Depreciation of truck for the $800 $13,600 year /1 I. Depreciation of machine for the year /1 J. Depreciation of equipment for the /1 year K. Interest Owed to Under Amor /1 Info to determine Depreciation & Interest: Truck: Bought for $36,000 with a salvage value of $2,000 and a useful life of 6 years. Machine: Bought for $48,000 with a salvage value of $4,000 and a useful life of 11 years. Equipment: Bought for $57,777 with a salvage value of $5,631 and a useful life of 6 years. Interest: Borrowed $18,000 from Under Amor with an 17% interest rate compounded monthly. In class Test- Adjusting Entries 1. April 1st I spent $5,200 on advertising services for the next year. Perform the adjustment for Dec 31. 2. May 1* you purchased $9,500 in supplies. Dec 31 shows that there are $2,200 in supplies on hand. Perform the adjustment. 3. June 1s you received $5,000 for landscaping services. Dec 31 shows that you only owe $1,200 left on your services. 4. You purchased a machine for $18,300 that has no salvage value and an estimated useful life of 1 dog year. (aka 7 years) 5. Oct 1* you borrowed $9,400 from a friend who gave you an 8% interest rate and 4 months to pay you back. Calculate interest owing. Perform adjustment for Dec 31. 6. You have not billed Goodlife Fitness for the 13 classes of Hot Yoga you taught where you charge $65/hour. Perform the adjustment. 7. Bought a new Tesla for $88,000 with a residual value of $4,900 and a estimated useful life of 11 years. 8. Records show that you owe your part time employees 213 hours at $13.75/hour. 9. Jan 1 2020 you prepaid your insurance for 24 months for $11,360. Perform the adjustment for Dec 31, 2020. Bonus: Dec 1 records show an inventory balance of $17,000. Dec 31 records show an inventory balance of $18,000. Perform the adjustment. Prepare and complete an Adjusted Trial Balance based on the adjusted balances. /24 Deb/Cred Totals: /2 for totals /22 for changes
Expert Answer:
Related Book For
Fundamental Financial Accounting Concepts
ISBN: 978-0078025907
9th edition
Authors: Thomas Edmonds, Christopher Edmonds
Posted Date:
Students also viewed these accounting questions
-
The following information is available for Gerard Corporation (a) Compute earnings per share for 2012 and 2011 for Gerard, and comment on the change. Gerard??s primary competitor, Thorpe Corporation,...
-
The following information is available for Sanchez Manufacturing Company. Prepare the cost of goods manufactured schedule for the month ofApril. April 1 April 31 $14,000 3,500 Raw material inventory...
-
The following information is available for Xotchil Company. Instructions(a) Compute cost of goods manufactured.(b) Prepare an income statement through gross profit.(c) Show the presentation of the...
-
Dalmo Bhd is an investment holding company and currently it has 3 subsidiaries as stated below. Dalmo Bhd group of companies financial year end is 31st March. The shareholding structure of Dalmo...
-
The price of an American call on a non-dividend-paying stock is $4. The stock price is $31, the strike price is $30, and the expiration date is in three months. The risk-free interest rate is 8%....
-
A hypothetical AX type of ceramic material is known to have a density of 2.65 g/cm3 and a unit cell of cubic symmetry with a cell edge length of 0.43 nm. The atomic weights of the A and X elements...
-
James Lewis, a resident of Kentucky, sustained an injury while operating a Caterpillar bulldozer. He filed suit against Caterpillar, a company incorporated in Delaware but with its principal place of...
-
(Transaction AnalysisService Company) Beverly Crusher is a licensed CPA. During the first month of operations of her business (a sole proprietorship), the following events and transactions occurred....
-
5. Let v = [1,0], w = [1,1]. Find the projector P that projects R onto (v) along (u). What are range(P) and null(P)?
-
How would the right squares on the board be painted the color of the tetromino and the tetromino gets hidden? Java Language and located in the gray-out comment section in the image. /** * Starts...
-
Compute the price-earnings ratio for each of these four separate companies. Which stock might an analyst likely investigate as being potentially undervalued by the market? Explain. A B C 1 Earnings...
-
Define e-business.
-
Is the market for all stocks equally efficient? Explain.
-
Provide in your own words a good description of the concepts of pollution-control (abatement) cost. Provide two examples.
-
Differentiate between private and public markets.
-
What is COSO?
-
"post-millennial" Search Terms: "Generation Z" "Technology" "Work" "E-Recruitment Technology Adoption Among Generation Z Job Seekers," Special Education "Exploring the Relationship Between the...
-
Chapter 9 Stock Valuation at Ragan Engines Input area: Shares owned by each sibling Ragan EPS Dividend to each sibling Ragan ROE Ragan required return Blue Ribband Motors Corp. Bon Voyage Marine,...
-
Generally accepted accounting principles ( GAAP ) and International Financial Reporting Standards (IFRS) treat the LIFO inventory cost flow method differently. Required a. Briefly describe the...
-
The Pet Store experienced the following events for the 2016 accounting period: 1. Acquired $60,000 cash from the issue of common stock. 2. Purchased $65,000 of inventory on account. 3. Received goods...
-
What is the difference between the flow of costs and the physical flow of goods?
-
The following demonstration problem illustrates the use of the general journal, the four special journals introduced here, and the general ledger with two subsidiary ledgers. Sidney Carton began...
-
Tymonns Traders Ltd uses sales and purchases journals in its accounting system. The following transactions occurred during April 2019. Required (a) Complete the requirements below, assuming the...
-
On 30 June 2019 the following information appeared in the accounting records of Ndung and Mkoka. Balance of Accounts Receivable Control account, $3725 Total of schedule of accounts receivable,...
Study smarter with the SolutionInn App