D. Presented below is the Trial Balance and Adjusted Trial Balance for Morning Jacket Company on...
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D. Presented below is the Trial Balance and Adjusted Trial Balance for Morning Jacket Company on December 31. (7 POINTS) MORNING JACKET Trial Balance December 31 Before Adjustment After Adjustment Dr. Cr. Dr. Cr. $ 2,000 2,800 2,100 1,200 18,000 $ 2,000 3,800 Cash Accounts Receivable Prepaid Rent Supplies Equipment Accumulated depreciation- 1,400 650 18,000 $ 1,300 2,700 $ 1,550 Equipment Accounts Payable Notes Payable Interest Payable Salaries and Wages Payable Unearned Service Revenue 2,700 10,000 10,000 140 1,270 4,460 3,960 7,200 Common Stock 7,200 Dividends 3,200 3,200 Service Revenue ৪,000 9,500 Salaries and Wages Expense Rent Expense 3,860 5,130 500 1,200 Supplies Expense 550 Depreciation Expense- Equipment Interest Expense Totals 250 140 $33,660 $33,660 $36,320 $36,320 Instructions Prepare in journal form, with explanations, the adjusting entries that explain the changes in the balances from the trial balance to the adjusted trial balance. The balance in the supplies account on June I was $5,200, supplies purchased during June were $3,500, and the supplies on hand at June 30 were $3,000. The amount to be used for the appropriate adjusting entry is (Journal entry form): (1 POINT) F. Lake of Fire Company purchased supplies costing $7,000 and debited Supplies for the full amount. At the end of the accounting period, a physical count of supplies revealed $1,900 still on hand. The appropriate adjusting journal entry to be made at the end of the period would be (Journal entry form): (1 POINT) G. Fugazi City College sold season tickets for the 2015 football season for $240,000. A total of 8 games will be played during September, October and November. In September, two games were played, In October, three games were played. The balance in Unearned Ticket Revenue at October 31 is: (1 POINT) L. NWA Air Charter signed a four-month note payable in the amount of $20,000 on September 1. The note requires interest at an annual rate of 9%. The amount of interest to be accrued at the end of September is: (1 POINT) 1. Match the basic step in the recording process described by each of the following statements. (3 POINTS) A. Analyze each transaction B. Enter each transaction in a journal C. Transfer journal information to ledger accounts 1. This step is called posting 2. Business documents are examined to determine the effects of transactions on the accounts. 3. This step is called journalizing. D. Presented below is the Trial Balance and Adjusted Trial Balance for Morning Jacket Company on December 31. (7 POINTS) MORNING JACKET Trial Balance December 31 Before Adjustment After Adjustment Dr. Cr. Dr. Cr. $ 2,000 2,800 2,100 1,200 18,000 $ 2,000 3,800 Cash Accounts Receivable Prepaid Rent Supplies Equipment Accumulated depreciation- 1,400 650 18,000 $ 1,300 2,700 $ 1,550 Equipment Accounts Payable Notes Payable Interest Payable Salaries and Wages Payable Unearned Service Revenue 2,700 10,000 10,000 140 1,270 4,460 3,960 7,200 Common Stock 7,200 Dividends 3,200 3,200 Service Revenue ৪,000 9,500 Salaries and Wages Expense Rent Expense 3,860 5,130 500 1,200 Supplies Expense 550 Depreciation Expense- Equipment Interest Expense Totals 250 140 $33,660 $33,660 $36,320 $36,320 Instructions Prepare in journal form, with explanations, the adjusting entries that explain the changes in the balances from the trial balance to the adjusted trial balance. The balance in the supplies account on June I was $5,200, supplies purchased during June were $3,500, and the supplies on hand at June 30 were $3,000. The amount to be used for the appropriate adjusting entry is (Journal entry form): (1 POINT) F. Lake of Fire Company purchased supplies costing $7,000 and debited Supplies for the full amount. At the end of the accounting period, a physical count of supplies revealed $1,900 still on hand. The appropriate adjusting journal entry to be made at the end of the period would be (Journal entry form): (1 POINT) G. Fugazi City College sold season tickets for the 2015 football season for $240,000. A total of 8 games will be played during September, October and November. In September, two games were played, In October, three games were played. The balance in Unearned Ticket Revenue at October 31 is: (1 POINT) L. NWA Air Charter signed a four-month note payable in the amount of $20,000 on September 1. The note requires interest at an annual rate of 9%. The amount of interest to be accrued at the end of September is: (1 POINT) 1. Match the basic step in the recording process described by each of the following statements. (3 POINTS) A. Analyze each transaction B. Enter each transaction in a journal C. Transfer journal information to ledger accounts 1. This step is called posting 2. Business documents are examined to determine the effects of transactions on the accounts. 3. This step is called journalizing.
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