A portion of Johnsons Farm Supply work sheet for the year ended December 31 follows: Required 1.
Question:
Required
1. Determine the entries that appeared in the Adjustments columns and prepare the general journal entries for the adjustments in the general journal, page 19.
2. Determine the net income for the year.
3. What is the amount of the endingcapital?
Transcribed Image Text:
INCOME STATEMENT DEBIT BALANCE SHEET DEBIT 5 ACCOUNT NAME 6 Cash CREDIT CREDIT 7 Accounts Receivable 8Suppliee 9Merchandise Inventory 10 Prepaid Insuranoe 95,000.00 75,250.00 750.00 75,262.00 400.00 11Equipment 12Accumulated Dspreciation, Equipment 13 Accounts Payable 14 Uneaned Revenues 38,550.00 12446.00 3,600.00 268,933.75 15 V. Johnson, Capital 27,250.00 16 V. ohnson, Drawing 17 Sales 325,024.00 1 Sales Returns and Alowances 19 Purchases 7,526.20 205,576.00 20Purchases Retums and Allowances 38,026.00 2,500.00 21 Purchases Discounts 22 Freight In 10,83640 62,185.00 1 1400.00 23 Salaries Expense Rent Expense 25 26Income Summary 27 Depreciation Expense, Equipment 28 Insurance Expense 74,852.0075,282.00 19,275.00 3,600.00 29Salaries Payable 30 1,195.85 395,250.60 440,812.00 370,28700 324725.60 31 > KI Sheet1、Sheet2 〈 Sheet3
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 66% (15 reviews)
1 GENERAL JOURNAL PAGE 19 POST DATE DESCRIPTION REF DEBIT CREDIT 20 Ad...View the full answer
Answered By
JUDY VERZOSA
I am a Civil Engineer by profession, and teaching is one of my way in developing such skills. I don't have any certificates of being a tutor but to my experience, I teach my co-students before by imparting the knowledge I have through studying and researching about the the topics related to our field. I also applied to be a tutor before online and help a lot of students with the subjects they're having a hard time on. It lasts for months because I became busy with my work. And now, I like to take the opportunity to be part of this platform to help in reaching out to more students!
0.00
0 Reviews
10+ Question Solved
Related Book For
College Accounting
ISBN: 978-1111528126
11th edition
Authors: Tracie Nobles, Cathy Scott, Douglas McQuaig, Patricia Bille
Question Posted:
Students also viewed these Accounting questions
-
The income statement for Delta-tec Inc. for the year ended December 31, 2016, was as follows: Delta-tec Inc. Income Statement (selected items) For the Year Ended December 31, 2016 1 Income from...
-
For the year ended December 31, 2013, Ebanks, Inc., earned an ROI of 12%. Sales for the year were $150 million, and average asset turnover was 2.5. Average stockholders equity was $50 million....
-
X = {a,b,c,d. e, f} olmak zere (X.) ksmi sral kmesinin grafii aada verilmitir. (a) (X.) ksmi sral kmesinin maksimal, minimal, minimum ve maksimum elemanlarn belirtiniz. (b) (X.) kismi sral kmesinin Y...
-
The cost reduction must be significantly lower than the current direct operating costs in order for an outsourcing proposal to be attractive. What are the generic strategic benefits of outsourcing?...
-
Livestock that are transported long distances for slaughter or market often lose weight due to stress. The Animal Science Journal (May 2014) investigated the use of ascorbic acid (AA) to reduce the...
-
In a study designed to determine the number of turns required for an artillery-shell fuse to arm, 80 fuses, rotated on a turntable, average 45.6 turns with a standard deviation of 5.5 turns....
-
Rooney Small Engine Repair charges $42 per hour of labor. It has a material loading percentage of 40%. On a recent job replacing the engine of a riding lawnmower, Rooney worked 10.5 hours and used...
-
Why would someone choose Business as a program of study? Explain, What would be the pros and cons of studying Business Administration? What are some future plans a graduate can do once their degree...
-
1. Based on the information presented in this case, how would you describe Shake Shacks retail image? 2. How would you describe the store atmosphere that Shake Shack seeks to maintain? 3. The...
-
The accounts in the ledger of Markeys Mountain Shop with the balances as of December 31, the end of its fiscal year, are as follows: Cash ........................ $ 12,840 Accounts Receivable...
-
Burts Bees describes itself as an Earth Friendly, Natural Personal Care Company that produces products for health, beauty, and personal hygiene. The company manufactures over 150 products...
-
Suppose study of the human brain (science) leads to the development of a device (technology) that allows a user to both download information from another persons brain (mind-reading) and upload...
-
Considering the following relationships, how would you explain that economic theory postulates exact relationships between the economic variables? How can these be transformed into econometrics...
-
Differentiate between economic model and econometric model. Describe the methodology involved in an econometric model.
-
The graph shows the market for peanuts. What is the equilibrium price of peanuts? What is the equilibrium quantity of peanuts? Is the market for peanuts efficient or inefficient? Why?
-
Identify and distinguish between the three types of social mobility.
-
What causes the aging population to consume more alcohol and what can be done to control alcohol consumption?
-
From the structural formula of cholesterol, determine (a) The composition and (b) The number of chiral centers.
-
Drainee purchases direct materials each month. Its payment history shows that 65% is paid in the month of purchase with the remaining balance paid the month after purchase. Prepare a cash payment...
-
The dean of a management school wants to check the knowledge of the students at his school about day to day international affairs. The dean arranged a quiz with 50 participants. Assume that the...
-
On January 1, the first day of the fiscal year, a company issues a $800,000, 4%, 10-year bond that pays semiannual interest of $16,000 ($800,000 4% year), receiving cash of $800,000. Journalize...
-
On the first day of the fiscal year, a company issues $65,000, 6%, five-year installment notes that have annual payments of $15,431. The first note payment consists of $3,900 of interest and $11,531...
-
On the first day of the fiscal year, a company issues $65,000, 6%, five-year installment notes that have annual payments of $15,431. The first note payment consists of $3,900 of interest and $11,531...
-
Design a power transmission system to connect a DC motor to its load. The motor is given in the motor catalogue as a BM1400 motor. You must create a transmission which will connect to this motor and...
-
SDJ, Incorporated, has net working capital of $3,320, current liabilities of $4,550, and inventory of $4,600. a. What is the current ratio? b. What is the quick ratio?
-
Calculate the final selling price to the nearest cent and markdown percent to the nearest hundredth percent: Original selling price $4,900 First markdown 20% Second markdown 10% Markup 12% Final...
Study smarter with the SolutionInn App