Question: Manning Manufacturing Inc. had the following items that require adjustment at year end. a. Salaries of $5,320 that were earned in December are unrecorded and

Manning Manufacturing Inc. had the following items that require adjustment at year end.
a. Salaries of $5,320 that were earned in December are unrecorded and unpaid.
b. Used $1,970 of utilities in December, which are unrecorded and unpaid.
c. Interest of $925 on a note payable has not been recorded or paid.
Required:
1. Prepare the adjusting entries needed at December 31.
2. What is the effect on the if these adjusting entries are not made?

Step by Step Solution

★★★★★

3.45 Rating (168 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

1 Journal Date Account and Explanation Debit Credit Dec 31 Salary Expense 5320 ... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Document Format (1 attachment)

1375-B-C-A-I-C-A-C(2119).docx

120 KBs Word File

Students Have Also Explored These Related Cost Accounting Questions!

DeWalden Resources Inc. plans to issue $30,000,000 of 10-year debt in September, and the chief financial officer is concerned that interest rates will rise over the next 6 months until the debt is...

Best Company had the following items that require adjustment at year-end. a. Cash for equipment rental in the amount of $3,800 was paid in advance. The $3,800 was debited to prepaid rent when paid....

Olney Cleaning Company had the following items that require adjustment at year end. a. For one cleaning contract, $14,520 cash was received in advance. The cash was credited to Unearned Service...

Powers Rental Service had the following items that require adjustment at year-end. a. Earned $6,420 of revenue from the rental of equipment for which the customer had not yet paid. b. Interest of...

Accrued Expense Adjusting Entries Manning Manufacturing Inc. had the following items that require adjustment at year end. a. Salaries of $5,280 that were earned in December are unrecorded and unpaid....

Accrued Expense Adjusting Entries Manning Manufacturing Inc. had the following items that require adjustment at year end. a. Salaries of $4,380 that were earned in December are unrecorded and unpaid....

3.5 2. Fill in the blanks: recorded/unrecorded paid in cash/ not yet paid in cash overstated/understated overstated/understated overstated/understated overstated/understated Accrued Expense Adjusting...

Cornerstone Exercise 3-18 (Algorithmic) Accrued Expense Adjusting Entries Manning Manufacturing Inc. had the following items that require adjustment at year end a. Salaries of $4,680 that were earned...

Cornerstone Exercise 3-18 (Algorithmic) Accrued Expense Adjusting Entries Manning Manufacturing Inc. had the following items that require adjustment at year end. a. Salaries of $5,380 that were...

eBook Accrued Expense Adjusting Entries Manning Manufacturing Inc. had the following items that require adjustment at year end. a . Salaries of $ 4 , 5 8 0 that were earned in December are unrecorded...

Manning Manufacturing Inc. had the following items that require adjustment at year end. a. Salaries of $5,320 that were earned in December are unrecorded and unpaid. b. Used $1,970 of utilities in...

A meteorologist in Chicago recorded the number of days of rain during a 30-day period. If the random variable x is defined as the number of days of rain, does x have a binomial distribution? If not,...

Since your background is in AIS, you have been asked to provide training to the other accountants in your company about the new accounting system design. How would you explain to your colleagues...

True or False: The Owner s Equity is the total amount of obligations the business has for the period.

What is a conjunction?

On a highway curve with radius 50 m, the maximum force of static friction (centripetal force) that can act on a 1,000-kg car going around the curve is 8,000 N. What speed limit should be posted for...

Adventureland Amusement Park (AAP) in Pennsylvania announced in February 2021 that they would be expanding the park for the 2022 season. The expansion will include a new rollercoaster named Outlaw...

As a check of the basketball before the start of a game, the referee releases the ball from the overhead position shown, and the ball rebounds to about waist level. Determine the coefficient of...

Record the following transactions for Redeker Co. in the general journal. 2017 May 1 Received a $9,000, 12-month, 10% note in exchange for Mark Chambers outstanding accounts receivable. Dec. 31...

5. What is the impact on the price and quantity in a market if a price floor is set below the equilibrium price? Why?

Explain the cash flow implications of accounts receivable. - Companies can increase the speed of cash collection on receivables by factoring, or selling, their receivables. - The buyer of the...

Measure and report bad debt expense and the allowance for doubtful accounts. - The primary issues in accounting for accounts receivable are when and how to measure bad debts (i.e., accounts that will...

Explain the principal types of receivables. - Receivables are classified along four different dimensions: - accounts receivable (or trade receivables) and notes receivable - other receivables - trade...

Topic: Measures of position for ungrouped data Answer the following: Independent Activity 1 Direction. Given 50 multiple-choice items in their final test in Mathematics Grade 10, the scores of 30...

A dartboard has been partitioned into 12 sectors of various sizes. A dart will be thrown at the board at random, and you will be awarded a cash prize depending on the size of the sector where it...

Assume that Intel Corporation's $1,000 face value 9 percent coupon rate bond matures in 10 years and sells for S1.100. If you purchase the bond for $ 1.100 and hold it to maturity, what will be your...