Note: You must complete parts 1, 2, and 3 before completing part 4 of this comprehensive...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Note: You must complete parts 1, 2, and 3 before completing part 4 of this comprehensive problem. Based on the following selected data, journaize the adjusting entries as of December 31 of the current year: tar a timpound oransaction, if an amount box does not require an entry, leave it blank. If no entry is required, select "No entry required" from the dropdown and leave the amount boxes blank. a. Estimated uncollectible accounts at December 31. $16.00o0, hased on an aging of accounts mcejvahle The balance of Allowance for Doubtful Accounts at December 31 was $2,000 (debit). Description Debit Credit b. The physical inventory on December 31 indicated an inventory shrinkage of $3,100. Description Debit Credit e Prepaid insuarance expired during the year $22,820. Description Debit Credit d. Ofice supples used during the year $3,92o. Description Debit Credit e. Depreciation is computed as follows: Residual Acquisition Useful Life Depreciation Asset Cost Value Date in Years Method Used Buildings $900,000 $0 January 2 50 Double-declining-balance Office Equip. 246,000 26,000 January 3 Straight-line Store Equip. 112,000 12,000 July 1 10 Straight-line Description Debit Credit 1. A patent costing $48,000 when acquired on January 2 has a remaining legal afe of 10 years and is expected to have value for eight years. Description Debit Credit a. The cost of mineral rights was $546,000. of the estimated deposit of 910,000 tons of ore, 50,000 tons were mined and sold during the year Debit Credit Description h. Vacation pay expense for December, $10,500. Description Debit Credit LA product warranty was granted beginning December 1 and covering a one-year period. The estimated cost is 4% of sales, which totaled $1,900,000 in December. Description Debit Credit 3- Interest was accrued on the note receivable received on October 17. Assume 360 days per year Description Debit Credit Note: You must complete parts 1, 2, and 3 before completing part 4 of this comprehensive problem. Based on the following selected data, journaize the adjusting entries as of December 31 of the current year: tar a timpound oransaction, if an amount box does not require an entry, leave it blank. If no entry is required, select "No entry required" from the dropdown and leave the amount boxes blank. a. Estimated uncollectible accounts at December 31. $16.00o0, hased on an aging of accounts mcejvahle The balance of Allowance for Doubtful Accounts at December 31 was $2,000 (debit). Description Debit Credit b. The physical inventory on December 31 indicated an inventory shrinkage of $3,100. Description Debit Credit e Prepaid insuarance expired during the year $22,820. Description Debit Credit d. Ofice supples used during the year $3,92o. Description Debit Credit e. Depreciation is computed as follows: Residual Acquisition Useful Life Depreciation Asset Cost Value Date in Years Method Used Buildings $900,000 $0 January 2 50 Double-declining-balance Office Equip. 246,000 26,000 January 3 Straight-line Store Equip. 112,000 12,000 July 1 10 Straight-line Description Debit Credit 1. A patent costing $48,000 when acquired on January 2 has a remaining legal afe of 10 years and is expected to have value for eight years. Description Debit Credit a. The cost of mineral rights was $546,000. of the estimated deposit of 910,000 tons of ore, 50,000 tons were mined and sold during the year Debit Credit Description h. Vacation pay expense for December, $10,500. Description Debit Credit LA product warranty was granted beginning December 1 and covering a one-year period. The estimated cost is 4% of sales, which totaled $1,900,000 in December. Description Debit Credit 3- Interest was accrued on the note receivable received on October 17. Assume 360 days per year Description Debit Credit
Expert Answer:
Related Book For
Posted Date:
Students also viewed these accounting questions
-
3. Suppose instead of depositing the necessary money needed today your aunt and uncle decide to wait until her birthday to make the deposit into the savings account. How much must th ey deposit at...
-
Comprehensive Problem 2 Part 4 and 6 Note You must complete parts 1 2 and 3 before attempting to complete part 4 and part 6 Part 5 is an optional work sheet 4 At the end of May the following...
-
This exercise is based on the following data set. a. Compute the ordinary least squares regression of Y on a constant, X1, and X2. Be sure to compute the conventional estimator of the asymptotic...
-
When a company's bookkeeper started to prepare the monthly bank reconciliation, the cash account showed a balance of P528.600. At the end of the month, the following information was available from...
-
At the district spelling bee, the 60 girls have a mean score of 71 points with a standard deviation of 6, while the 50 boys have a mean score of 66 points with a standard deviation of 5 points. Those...
-
EAR versus APR Two banks in the area offer 30-year, $220,000 mortgages at 7.2 percent and charge a $1,500 loan application fee, however, the application fee charged by Insecurity Bank and Trust is...
-
Cloud Tech Ltd produces four types of drones, which are sold to local retail stores. The marketing department expects the following sales performance for the next year. Required Prepare a monthly...
-
1. You be the judge. Who is right in this case, the company or the two employees? 2. You be the manager. What should the managers at Houstons have done when they learned about the negative comments...
-
Convert functions to logic circuits: 3.1) f=(B+C+D) (A+C+D') (C'+D) 3.2) f=(CD)+(CD)+(ABD) 3.3) f=(A'C)+(A'D)+(B C') + (BD)
-
Information related to Monty Corp. is presented below. 1. On April 5, purchased merchandise on account from Marigold Company for $39,000, terms 3/10, net/30, FOB shipping point. 2. On April 6, paid...
-
5) (20 Pts.) A piece of fruit is wrapped with cellophane and a secondary polyethylene layer to maintain its moisture at a temperature of 10C. The cellophane has a thickness of 0.5 mm, the...
-
Write a SQL query that finds all employees earning more than the average salary in a company
-
B Matthew, Incorporated, owns 30 percent of the outstanding stock of Lindman Company and has the ability to significantly Influence the Investee's operations and decision making. On January 1, 2024,...
-
Lakeshore Manufacturing provided the following information for the month ended March 31: Sales Revenue Beginning Finished Goods Inventory Ending Finished Goods Inventory Cost of Goods Manufactured...
-
Determine the tax liability for tax year 2 0 2 3 in each of the following instances. In each case, assume the taxpayer can take only the standard deduction. Use the Tax Tables for taxpayers with...
-
How do you track the distribution and acknowledgment of memos within an organization? Discuss the importance of documenting memo circulation and responses.
-
3. Consider the following partial output from a regression of the average brain and body weights for 62 species of mammals (variables are transformed on the log-scale). 1m (formula = brain body)...
-
TRUE-FALSE QUESTIONS 1. In terms of preliminary analytical procedures, assume that the company has introduced a new product with a low price point and significant customer demand. The auditor would...
-
Linear Transformations of the data, consider the least squares regression of y on K variables (with a constant) X. Consider an alternative set of regressors Z = XP, where P is a nonsingular matrix....
-
Assume that the distribution of x is f (x) = 1/, 0 x . In random sampling from this distribution, prove that the sample maximum is a consistent estimator of . Note: You can prove that the maximum...
-
Change in the sum of squares. Suppose that b is the least squares coefficient vector in the regression of y on X and that c is any other K 1 vector. Prove that the difference in the two sums of...
-
Natasha Kingery is 30 years old and has a Bachelor of Science degree in computer science. She is currently employed as a Tier 2 field service representative for a telephony corporation located in...
-
This is your second interview with a prestigious brokerage firm for a job as an equity analyst. You survived the morning interviews with the department manager and the vice president of equity....
-
On 1 January 2023, Blue Jay Ltd revalued land from \(\$ 300000\) to \(\$ 500000\). On 1 January 2024, the company subsequently revalued the land to \(\$ 420000\). And on 1 January 2025 , the company...
Study smarter with the SolutionInn App