Alpha company closes its books every year on December 31. On analysis of accounts reveals the...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Alpha company closes its books every year on December 31. On analysis of accounts reveals the following: 1- On physical count on December 31, reveals that the office supplies in hand is $1,100 2- Company paid $300 for 12-month insurance on July 1, 2021 3- Company purchased furniture on January 1, 2021, for $12,600. Company policy to amortize furniture in 5 years using straight line method with zero salvage value 4- Company purchased computer equipment for $6,300 on July 1, 2021. Company uses straight line method for amortization of computer equipment. The estimated life for the computer equipment is 3 years with no salvage value 5- Unearned consulting revenue as of December 31, 2021, is $6,000 6- Salary expenses for new staff joined on December 1, 2021, not recorded amounting to $500 7- December utility bill amounting to $100 received on January 3, 2022, not recorded in books. Required: 1- Post adjustments in work sheet provided with entry reference. 2- Prepare adjusted trial balance in the work sheet provided. Alpha company closes its books every year on December 31. On analysis of accounts reveals the following: 1- On physical count on December 31, reveals that the office supplies in hand is $1,100 2- Company paid $300 for 12-month insurance on July 1, 2021 3- Company purchased furniture on January 1, 2021, for $12,600. Company policy to amortize furniture in 5 years using straight line method with zero salvage value 4- Company purchased computer equipment for $6,300 on July 1, 2021. Company uses straight line method for amortization of computer equipment. The estimated life for the computer equipment is 3 years with no salvage value 5- Unearned consulting revenue as of December 31, 2021, is $6,000 6- Salary expenses for new staff joined on December 1, 2021, not recorded amounting to $500 7- December utility bill amounting to $100 received on January 3, 2022, not recorded in books. Required: 1- Post adjustments in work sheet provided with entry reference. 2- Prepare adjusted trial balance in the work sheet provided.
Expert Answer:
Answer rating: 100% (QA)
1 Closing supplies cash in hand 1100 Date Account Dr Cr 20210701 Insurance Expenses 300 Cash 300 Bei... View the full answer
Related Book For
Accounting Tools for Business Decision Making
ISBN: 978-1118128169
5th edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
Posted Date:
Students also viewed these accounting questions
-
1) Please complete a technical analysis for the currency: Canadian Dollar (CAD) In your analysis, please include the following study. Please explain what it means. Daily candle chart for the past one...
-
28. The Antarctica Company closes its books annually on December 31, while the city in which it is located has a fiscal year beginning on April I and ending on March 31. Taxes on property are...
-
Kolton Company closes its books on its July 31 year-end. The company does not make entries to accrue for interest except at its year-end. On June 30, the Notes Receivable account balance is $23,800....
-
The following information is available for Dylan Inc., a company whose shares are traded on the Toronto Stock Exchange: Other information: 1. For all of the fiscal year 2020, $100,000 of 6%...
-
Blackjack is a popular casino game in which the objective is to reach a card count greater than the dealer's without exceeding 21. One version of the game is referred to as the "hole card" version....
-
Bunkhouse Electronics is a recently incorporated firm that makes electronic entertainment systems. Its earnings and dividends have been growing at a rate of 30%, and the current dividend yield is 2%....
-
What statistics are available for determining the strength of association in cross-tabulation?
-
A company sells a building with a cost of $350,000 and accumulated depreciation of $270,000 and records the entry for the sale as follows: Required a. Did the company prepare the entry correctly? If...
-
Evaluate the definite integral (11 sin a) da exactly, using the Fundamental Theorem, then evaluate the same integral approximately. NOTE: Round the approximate value to three decimal places. Example:...
-
The following is the post-closing trial balance for Kennesaw Company, Inc (KCI), a merchandising company, at December 31, 2024. Account Title Cash Accounts Receivable Allowance for Uncollectible...
-
What is the balance of accounts payable on August 31, given the following information? Accounts payable, July 31 30,000 August invoices received 27,000 Payments made in August 22,000
-
You were hired as a consultant to Giambono Company, whose target capital structure is 55% debt, 15% preferred, and 30% common equity. The after-tax cost of debt is 6.00 %, the cost of preferred is...
-
The nominal interest rate in the U.S. is 5% and the nominal interest rate in Canada is 3%. The spot value of the U.S. dollar is 1 ($/Canadian dollar) and the forward rate is 1.2 ($/Canadian dollar)....
-
Explain and discuss the relationship between cash balances, marketable securities and short term credit from the optimum liquidity level perspective?
-
How does emotional intelligence contribute to effective conflict resolution and negotiation strategies, enabling individuals to manage interpersonal conflicts constructively and navigate complex...
-
Yousef owns and manages a taco restaurant in Mexico whose annual revenue is $ 5 , 0 0 0 . Annual expenses are as follows: Labor $ 2 , 0 0 0 Food and water 5 0 0 Electricity 1 0 0 Vehicle lease 1 5 0...
-
During periods of high unemployment and low economic growth the following combinations of policies should be implemented Select one: a. Lower cash rates, Lower government spending and Lower taxes O...
-
Write the binomial probability in words. Then, use a continuity correction to convert the binomial probability to a normal distribution probability. P(x 110)
-
Use the basic accounting equation to answer these questions. (a) The liabilities of Jantz Company are $90,000 and the stockholders equity is $230,000. What is the amount of Jantz Companys total...
-
Selected accounts of Castle Company are shown here. Instructions After analyzing the accounts, journalize (a) The July transactions and (b) The adjusting entries that were made on July 31. Salaries...
-
Early in 2014, Defoor Company switched to a just-in-time inventory system. Its sales and inventory amounts for 2013 and 2014 are shown below. Determine the inventory turnover and days in inventory...
-
We may use Eq. (11.16) to generate sample paths of the generalized Wiener process by Monte Carlo sampling. We rewrite the equation for a small time step , and express the increment of the Wiener...
-
Consider a set of \(m\) assets, whose prices are modeled by stochastic processes , described by stochastic differential equations like (11.18). Let us assume that we pursue a portfolio strategy...
-
In order to apply It's lemma to the computation of the stochastic integral Data From Eq. (11.32) Data From Eq. (11.30) T W+dWt,
Study smarter with the SolutionInn App