Adjusting entries: Date Mar. 31 Mar. 31 Mar. 31 Mar. 31 Mar. 31 Mar. 31 Mar....
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Adjusting entries: Date Mar. 31 Mar. 31 Mar. 31 Mar. 31 Mar. 31 Mar. 31 Mar. 31 General Journal Computer supplies expense Computer supplies Insurance expense Prepaid insurance Wages expense Wages payable. Rent expense Prepaid rent Depreciation exp.-Comp.equip. Accum. dep.-Comp.equip. Depreciation exp.-Off.equip. Accum. dep.-Off.equip. Cost of goods sold Merchandise inventory Debit $1,465 $627 $1,505 $2,595 $1,190 $390 $2,064 Credit $1,465 $627 $1,505 $2,595 $1,190 $390 $2,064 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 January 26 January 31 February 01 February 03 February 05 February 11 February 15 February 23 February 23 February 26 February 27 March 08 March 09 March 11 March 16 March 19 Cost of goods sold Merchandise inventory Wages expense Cash Prepaid rent Cash Accounts payable Merchandise inventory Cash Advertising expense Cash Cash Accounts receivable-Alex's Engineering Company Santana Rey, Withdrawals Cash Accounts receivable-Delta Company Sales Cost of goods sold Merchandise inventory Wages expense Cash Mileage expense Cash Computer supplies Accounts payable Cash Accounts receivable-Delta Company Repairs expense-Computer Cash Cash Computer services revenue Accounts payable Cash 33 33 33 4,590 2,150 2,595 9,004 > 580 5,470 4,600 3,370 2,460 3 1,720 > 256 2,760 5,310 3,370 890 3 4,020 4,590 2,150 2,595 95 8,909 580 5,470 4,600 3,370 2,460 1,720 256 2,760 3,370 890 5,310 4,020 No 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Date January 04 January 05 January 07 January 09 January 11 January 13 January 13 January 15 January 16 January 17 January 20 January 22 January 24 January 26 January 26 Wages payable Wages expense Cash Cash Santana Rey, Capital Merchandise inventory Accounts payable Cash Accounts receivable-Gomez Company Unearned computer services revenue Accounts receivable-Alex's Engineering Company Computer services revenue Accounts receivable-Liu Corporation Sales Cost of goods sold Merchandise inventory Merchandise inventory Cash Cash Computer services revenue Accounts payable Merchandise inventory Cash General Journal Sales returns and allowances Accounts receivable-Liu Corporation Cash Sales discounts Accounts receivable-Liu Corporation Accounts payable Merchandise inventory Merchandise inventory Accounts payable Accounts receivable-KC, Incorporated Sales 33 33 33 Debit 860 215 24,800 7,100 2,718 lo 1,450 5,470 3,500 4,200 > 7,100 640 4,140 3,663 500 o 5,890 37 496 3 9,500 > Credit 1,075 24,800 7,100 2,718 6,920 4,200 3,500 640 4,140 71 7,029 500 > 3,700 496 9,500 5,890 32 33 34 35 36 37 March 24 March 25 March 25 March 30 March 30 March 31 Accounts receivable-Easy Leasing Computer services revenue Accounts receivable-Wildcat Services Sales Cost of goods sold Merchandise inventory Accounts receivable-IFM Company Sales Cost of goods sold Merchandise inventory Mileage expense Cash 9,167 2,870 2,072 2,290 1,248 96 9,167 2,870 2,072 2,290 1,248 96 2. Post the journal entries in part 1 to the accounts in the company's general ledger. Note: Begin with the ledger's post-closing adjusted balances as of December 31, 2021. Date December 31 101: Cash Date December 31 Debit Credit 106.2: Accounts Receivable-Wildcat Services Debit Balance Credit Balance 0 106.1: Accounts Receivable-Alex's Engineering Company Debit Date Credit Balance December 31 Date 106.3: Accounts Receivable-Easy Leasing Debit December 31 Credit Balance 0 0 106.4: Accounts Receivable-IFM Company Date December 31 Date December 31 Debit 106.6: Accounts Receivable-Gomez Company Date December 31 Date December 31 Debit Credit Debit Credit 106.8: Accounts Receivable-KC, Incorporated Balance Credit 119: Merchandise Inventory Debit Credit Balance Balance Balance 0 106.5: Accounts Receivable-Liu Corporation Date December 31 Date December 31 106.7: Accounts Receivable-Delta Company Debit Date 0 December 31 Debit Credit Debit Credit 106.9: Accounts Receivable-Dream, Incorporated Date December 31 Balance Credit 126: Computer Supplies Debit Credit Balance Balance Balance 0 0 0 Date December 31 Date December 31 Date December 31 Date December 31 128: Prepaid Insurance Debit Credit 163: Office Equipment Debit Credit 167: Computer Equipment Debit Credit 201: Accounts Payable Debit Credit Balance Balance Balance Balance Date December 31 131: Prepaid Rent Debit Date 164: Accumulated Depreciation Office Equipment Date Credit December 31 December 31 January 04 March 31 Debit Credit 168: Accumulated Depreciation-Computer Equipment Date Balance December 31 Debit Credit 210: Wages Payable Debit Balance Credit 1,075 1,505 Balance Balance 1,075 2,580 Date December 31 Date Date Date 236: Unearned Computer Services Revenue Credit Date Debit 302: S. Rey, Withdrawals Debit 413: Sales Debit Credit Credit 415: Sales Discounts Debit Debit Credit Balance Credit Balance 612: Depreciation Expense-Office Equipment Balance Balance Balance Date December 31 Date Date Date 301: S. Rey, Capital Debit 403: Computer Services Revenue Debit Credit Credit 414: Sales Returns and Allowances Credit Debit 502: Cost of Goods Sold Debit Credit Debit Balance Credit Balance Balance 613: Depreciation Expense-Computer Equipment Date Balance Balance Date Date Date Date 623: Wages Expense Debit Credit 640: Rent Expense Debit Debit Credit 655: Advertising Expense Credit 677: Miscellaneous Expenses Debit Credit Balance Balance Balance Balance Date Date Date Date 637: Insurance Expense Debit Credit 652: Computer Supplies Expense Debit Credit 676: Mileage Expense Debit Credit 684: Repairs Expense-Computer Debit Credit Balance Balance Balance Balance Adjusting entries: Date Mar. 31 Mar. 31 Mar. 31 Mar. 31 Mar. 31 Mar. 31 Mar. 31 General Journal Computer supplies expense Computer supplies Insurance expense Prepaid insurance Wages expense Wages payable. Rent expense Prepaid rent Depreciation exp.-Comp.equip. Accum. dep.-Comp.equip. Depreciation exp.-Off.equip. Accum. dep.-Off.equip. Cost of goods sold Merchandise inventory Debit $1,465 $627 $1,505 $2,595 $1,190 $390 $2,064 Credit $1,465 $627 $1,505 $2,595 $1,190 $390 $2,064 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 January 26 January 31 February 01 February 03 February 05 February 11 February 15 February 23 February 23 February 26 February 27 March 08 March 09 March 11 March 16 March 19 Cost of goods sold Merchandise inventory Wages expense Cash Prepaid rent Cash Accounts payable Merchandise inventory Cash Advertising expense Cash Cash Accounts receivable-Alex's Engineering Company Santana Rey, Withdrawals Cash Accounts receivable-Delta Company Sales Cost of goods sold Merchandise inventory Wages expense Cash Mileage expense Cash Computer supplies Accounts payable Cash Accounts receivable-Delta Company Repairs expense-Computer Cash Cash Computer services revenue Accounts payable Cash 33 33 33 4,590 2,150 2,595 9,004 > 580 5,470 4,600 3,370 2,460 3 1,720 > 256 2,760 5,310 3,370 890 3 4,020 4,590 2,150 2,595 95 8,909 580 5,470 4,600 3,370 2,460 1,720 256 2,760 3,370 890 5,310 4,020 No 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Date January 04 January 05 January 07 January 09 January 11 January 13 January 13 January 15 January 16 January 17 January 20 January 22 January 24 January 26 January 26 Wages payable Wages expense Cash Cash Santana Rey, Capital Merchandise inventory Accounts payable Cash Accounts receivable-Gomez Company Unearned computer services revenue Accounts receivable-Alex's Engineering Company Computer services revenue Accounts receivable-Liu Corporation Sales Cost of goods sold Merchandise inventory Merchandise inventory Cash Cash Computer services revenue Accounts payable Merchandise inventory Cash General Journal Sales returns and allowances Accounts receivable-Liu Corporation Cash Sales discounts Accounts receivable-Liu Corporation Accounts payable Merchandise inventory Merchandise inventory Accounts payable Accounts receivable-KC, Incorporated Sales 33 33 33 Debit 860 215 24,800 7,100 2,718 lo 1,450 5,470 3,500 4,200 > 7,100 640 4,140 3,663 500 o 5,890 37 496 3 9,500 > Credit 1,075 24,800 7,100 2,718 6,920 4,200 3,500 640 4,140 71 7,029 500 > 3,700 496 9,500 5,890 32 33 34 35 36 37 March 24 March 25 March 25 March 30 March 30 March 31 Accounts receivable-Easy Leasing Computer services revenue Accounts receivable-Wildcat Services Sales Cost of goods sold Merchandise inventory Accounts receivable-IFM Company Sales Cost of goods sold Merchandise inventory Mileage expense Cash 9,167 2,870 2,072 2,290 1,248 96 9,167 2,870 2,072 2,290 1,248 96 2. Post the journal entries in part 1 to the accounts in the company's general ledger. Note: Begin with the ledger's post-closing adjusted balances as of December 31, 2021. Date December 31 101: Cash Date December 31 Debit Credit 106.2: Accounts Receivable-Wildcat Services Debit Balance Credit Balance 0 106.1: Accounts Receivable-Alex's Engineering Company Debit Date Credit Balance December 31 Date 106.3: Accounts Receivable-Easy Leasing Debit December 31 Credit Balance 0 0 106.4: Accounts Receivable-IFM Company Date December 31 Date December 31 Debit 106.6: Accounts Receivable-Gomez Company Date December 31 Date December 31 Debit Credit Debit Credit 106.8: Accounts Receivable-KC, Incorporated Balance Credit 119: Merchandise Inventory Debit Credit Balance Balance Balance 0 106.5: Accounts Receivable-Liu Corporation Date December 31 Date December 31 106.7: Accounts Receivable-Delta Company Debit Date 0 December 31 Debit Credit Debit Credit 106.9: Accounts Receivable-Dream, Incorporated Date December 31 Balance Credit 126: Computer Supplies Debit Credit Balance Balance Balance 0 0 0 Date December 31 Date December 31 Date December 31 Date December 31 128: Prepaid Insurance Debit Credit 163: Office Equipment Debit Credit 167: Computer Equipment Debit Credit 201: Accounts Payable Debit Credit Balance Balance Balance Balance Date December 31 131: Prepaid Rent Debit Date 164: Accumulated Depreciation Office Equipment Date Credit December 31 December 31 January 04 March 31 Debit Credit 168: Accumulated Depreciation-Computer Equipment Date Balance December 31 Debit Credit 210: Wages Payable Debit Balance Credit 1,075 1,505 Balance Balance 1,075 2,580 Date December 31 Date Date Date 236: Unearned Computer Services Revenue Credit Date Debit 302: S. Rey, Withdrawals Debit 413: Sales Debit Credit Credit 415: Sales Discounts Debit Debit Credit Balance Credit Balance 612: Depreciation Expense-Office Equipment Balance Balance Balance Date December 31 Date Date Date 301: S. Rey, Capital Debit 403: Computer Services Revenue Debit Credit Credit 414: Sales Returns and Allowances Credit Debit 502: Cost of Goods Sold Debit Credit Debit Balance Credit Balance Balance 613: Depreciation Expense-Computer Equipment Date Balance Balance Date Date Date Date 623: Wages Expense Debit Credit 640: Rent Expense Debit Debit Credit 655: Advertising Expense Credit 677: Miscellaneous Expenses Debit Credit Balance Balance Balance Balance Date Date Date Date 637: Insurance Expense Debit Credit 652: Computer Supplies Expense Debit Credit 676: Mileage Expense Debit Credit 684: Repairs Expense-Computer Debit Credit Balance Balance Balance Balance
Expert Answer:
Answer rating: 100% (QA)
LEDGER ACCOUNTS Cash Account Date Description Debit Credit Balance Dec 31 Beginning Balance 0 0 0 Jan 04 Wages Payable 1075 0 1075 Jan 05 Capital Account 0 7100 6025 Jan 09 Accounts Receivable 0 2718 ... View the full answer
Related Book For
Interpreting and Analyzing Financial Statements
ISBN: 978-0132746243
6th edition
Authors: Karen P. Schoenebeck, Mark P. Holtzman
Posted Date:
Students also viewed these accounting questions
-
QUESTION 19 Which one of the following statements is NOT TRUE regarding pseudocode? 1. Pseudocode is an English-like representation of an algorithm. 2. A syntax like Pascal is often used in...
-
Santana Rey created Business Solutions on October 1, 2021. The company has been successful, and its list of customers has grown. To accommodate the growth, the accounting system is modified to set up...
-
The regression of the X and Y equation is Y = 48.32 -2.105X, What is the slope of the data.
-
Would you rather pay $10,000 for a 5-year $2,500 annuity or a 10-year $1,250 annuity? Why?
-
Will widespread labor-management cooperation lead to a loss of union power?
-
In August 2014, Superior Structures of Ohio, LLC, and its president, Ryan Villhauer, applied for credit with Willoughby Supply Company, Inc. The application contained a section providing for a...
-
Kansas Company uses a standard cost accounting system. In 2014, the company produced 28,000 units. Each unit took several pounds of direct materials and 1.6 standard hours of direct labor at a...
-
Explain an existing healthcare initiative that address the disparities veterans face with access to mental health. Explain specific goals of the specific initiative to address the gap veterans face...
-
Summarizes current non-GAAP reporting practices in the industry; TOYOTA VS HONDA Include tables or other appropriate visualizations that reflect information about your companies, including...
-
In figure, if AB || DE, ?BAC = 35 and ?CDE = 53 o , find ?DCE. A 35 53 B E
-
The reaction of H2 and O2 to produce water vapor releases 285.4 kJ of energy to the surroundings. Write four different ways that can be used to communicate this information.
-
The sales forecast for Hudson Limited for the month of January 2023 was 33,000 units. If the company intends on having 8,000 units as of the end of December 2022 and has a desired inventory of 9,000...
-
Discussions with Client: ASA 230 also requires the documentation of significant matters discussed with the client. This includes the nature of the significant matters, when and with whom the...
-
our team of supervisors is preparing to conduct performance appraisals, as the HR Manager: (a) Outline FIVE actions you will take to help reduce errors and biases in the performance appraisal...
-
Forensic accountants usually come in after an alleged financial crime has been discovered. They use a wide variety of skills like investigative skills within the financial data to find the...
-
You will engage in the development of the following professional competency: Interact with others in a professional manner using appropriate communication and presentation skills. Create a quarter...
-
Why can wastewater treatment requirements in Hawaii be less stringent than those in most locations on the U.S. mainland?
-
Q1. For American Eagle Outfitters, compute account receivable days ________ and inventory days ________. Enter these amounts in the appropriate location in the ratio chart on the previous page....
-
Q1. Complete the trend indexes for Total expenses and Net income using the amounts listed below. To compute, divide each amount by the amount of the base year and multiply by 100. Record the...
-
Q1. Prepare general journal entries to record the adjustments below as of December 31 for the Perry Corporation. Q2. Review the adjusting journal entries (AJEs) above. Identify each journal entry...
-
Describe the transactions demand and the portfolio demand for money.
-
If velocity were constant at 1.5 while M2 rose from $11 trillion to $12 trillion in a single year, what would happen to nominal GDP? If real GDP rose 2.09 percent, what would be the level of...
-
Explain why key central banks have shifted away from targeting money growth.
Study smarter with the SolutionInn App