On December 31, 2013, Mason Company made the following proper year-end adjusting entries: Required: 1. Prepare journal
Question:
On December 31, 2013, Mason Company made the following proper year-end adjusting entries:
Required:
1. Prepare journal entries to record whatever reversing entries you think are appropriate.
2. Explain your reasoning for each reversing entry.
Transcribed Image Text:
Date Account Titles Debit Credit Dec. 31 Bad Debts Expense 530 530 940 1,230 220 310 5,100 312 225 100 300 4,300 Allowance for Doubtful Accounts 31 Salaries Expense 940 Salaries Payable 31 Unearned Rent 1,230 220 310 5,100 312 Rent Revenue 31 Interest Expense Interest Payable (due July 1, 2014) 31 Rent Receivable Rent Revenue 31 Depreciation Expense Insurance Expense Interest Receivable (due February 1, 2015) Office Supplies Advances to Salespersons Accumulated Depreciation 31 31 31 Prepaid Insurance 225 Interest Revenue 100 Office Supplies Expense Salaries Expense Income Taxes Payable 31 300 31 Income Tax Expense 4,300
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 73% (15 reviews)
2014 Jan 1 Salaries Payable 940 Salaries Expense 940 When salaries are actually paid the total ...View the full answer
Answered By
Benish Ahmad
I'm a professional software engineer. I'm lectutrer at GCUF and I have 3 years of teaching experience. I'm looking forward to getting mostly computer science work including:
Programming fundamentals
Object oriented programming
Data structures
object oriented design and analysis
Database system
Computer networks
Discrete mathematics
Web application
I am expert in different computer languages such as C++, java, JavaScript, Sql, CSS, Python and C#. I'm also have excellent knowledge of essay writing and research. I have worked in other Freelancing website such as Fiverr and Upwork. Now I have finally decided to join the SolutionInn platform to continue with my explicit work of helping dear clients and students to achieve their academic dreams. I deliver plagiarism free work and exceptional projects on time. I am capable of working under high pressure.
5.00+
2+ Reviews
10+ Question Solved
Related Book For
Intermediate Accounting Reporting and Analysis
ISBN: 978-1111822361
1st edition
Authors: James M. Wahlen, Jefferson P. Jones, Donald Pagach
Question Posted:
Students also viewed these Cost Accounting questions
-
On December 31, 2007 Cochran Company made the following proper year-end adjusting entries: Required 1. Prepare journal entries to record whatever reversing entries you think are appropriate. 2....
-
On December 31, 2010, Cochran Company made the following proper year-end adjusting entries: Required 1. Prepare journal entries to record whatever reversing entries you think are appropriate. 2....
-
On December 31, 2016, Mason Company made the following proper year-end adjusting entries: Required: 1. Prepare journal entries to record whatever reversing entries you think are appropriate. 2....
-
Which of the following do ergonomics most directly address? Physical wellbeing Mental wellbeing Emotional wellbeing Social wellbeing
-
From the following list, identify the accounts that should be closed to Income Summary at the end of the fiscal year under a perpetual inventory system: (a) Accounts Payable, (b) Advertising Expense,...
-
What is an industry-level strategy? What tools can companies use to develop successful industry-level strategies?
-
What are the three parts of a make rule?
-
Inventoriable Costs Presented below is a list of items that may or may not be reported as inventory in a companys December 31 balance sheet. 1. Goods sold on an installment basis (bad debts can be...
-
Direct Materials Conversion Percent Percent Units Complete Beginning work in process inventory 2,800 100% Complete 25% Units started this period 6,800 Completed and transferred out 7,800 Ending work...
-
Following is the unadjusted trial balance for Alonzo Institute as of December 31, 2015, which initially records prepaid expenses and unearned revenues in balance sheet accounts. The Institute...
-
During 2013, Thomas Company entered into two transactions involving promissory notes and properly recorded each transaction. 1. On November 1, 2013, it purchased land at a cost of $8,000. It made a...
-
At the end of 2013, Richards Company prepared a trial balance, recorded and posted its adjusting entries, and then prepared an adjusted trial balance. Selected accounts and account balances from the...
-
The body of the spacecraft weighs 322 lb on earth and has a radius of gyration about its z-axis of 1.5 ft. Each of the two solar panels may be treated as a uniform flat plate weighing 16.1 lb. If the...
-
What are the two types of modes the VI text editor in the UNIX operating system?
-
Discuss the culinary terms and trade names for ingredients used in standard recipes for vegetable, fruit, egg and farinaceous dishes. Choose at least 4 ingredients and explain each one. 2. What is...
-
Base on a relevant news story about Hurricane Matthew, what is the after-action review of the incident event, addressing the following: What could have been done better to prevent it?; How well did...
-
ears, ater- ned the the ves om ay. The al to T Waith Manufacturing Company's data-processing department was preparing to implement a new computerized production information system at its new Madison...
-
Globally Optimized Operations Importing and exporting have become a necessity and COVID showed us just how important an effective flow is. As you mention general cargo, it is essential to note the...
-
Addition and subtraction. Simplify. 3y + 2.81y - 1.76y
-
What are some of the various ways to implement an awareness program?
-
What is recognition in accounting?
-
Describe accrual accounting. What are the objectives of accrual accounting?
-
What drives the timing of revenue recognition? When should revenue be recognized?
-
Jen and Barry's ice cream shop charges $1.65 for a cone. Variable expenses are $0.31 per cone, and fixed costs total $2,000 per month. A Valentine's Day promotion is being planned for the second week...
-
a. The future value of a $1,050 savings deposit after five years at an annual interest rate of 4 percent. (Round FV factor to 3 decimal places and final answer to 2 decimal places.) Future value b....
-
QuestromT Not complete Marked out of 2.00 ring question Homework - Week 6 - Module 23 Determining Unit Costs, Variance Analysis, and Interpretation Big Dog Company, a manufacturer of dog food,...
Study smarter with the SolutionInn App