Sheridan Paintball records adjusting entries on an annual basis. The company has the following information available...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Sheridan Paintball records adjusting entries on an annual basis. The company has the following information available on accruals that must be recorded for the year ended June 30, 2021. 1. Sheridan Paintball has a 3% note payable with its bank for $38,400. Interest is payable on a monthly basis on the first of the month. Sheridan Paintball is open seven days a week'and employees are paid a total of $2,800 every Monday for a seven-day (Monday-Sunday) workweek. June 30, 2021, is a Wednesday so employees will have worked three days (Monday- Wednesday) before the year end that they have not been paid for as at June 30. Employees will be paid next on Monday July 5, 2021. Sheridan Paintball receives a commission from Pizza Shop next door for all pizzas sold to customers using the Sheridan Paintball facility. The amount owing for June is $490, which Pizza Shop will pay on July 7, 2021. The June utility bill for $430 was unrecorded on June 30. Sheridan Paintball paid the bill on July 9, 2021. Sheridan Paintball sold some equipment on June 1. 2021. in exchange for a $9600, 4% note receivable. The principal and interest are due on September 1, 2021. 2. 4, 5. 3, For each of the above items, prepare the adjusting entry required at June 30, 2021. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) No. Date Account Titles and Explanation Debit Credit June 1. Interest Expense 30 240 Interest Payable 240 Juns Salaries Expense 1800 30 Salaries Payable 1800 June 3. Accounts Receivable 30 600 Commission Revenue 600 June Utilities Expense 385 30 Accounts Payable 385 June 5. Interest Receivable 36 30 Interest Revenue 36 2. 4. For each of the above items, prepare the journal entry to record the related cash transaction in the 2022 fiscal year. Assume all payments and receipts are made as indicated. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit July 5 Sheridan Paintball records adjusting entries on an annual basis. The company has the following information available on accruals that must be recorded for the year ended June 30, 2021. 1. Sheridan Paintball has a 3% note payable with its bank for $38,400. Interest is payable on a monthly basis on the first of the month. Sheridan Paintball is open seven days a week'and employees are paid a total of $2,800 every Monday for a seven-day (Monday-Sunday) workweek. June 30, 2021, is a Wednesday so employees will have worked three days (Monday- Wednesday) before the year end that they have not been paid for as at June 30. Employees will be paid next on Monday July 5, 2021. Sheridan Paintball receives a commission from Pizza Shop next door for all pizzas sold to customers using the Sheridan Paintball facility. The amount owing for June is $490, which Pizza Shop will pay on July 7, 2021. The June utility bill for $430 was unrecorded on June 30. Sheridan Paintball paid the bill on July 9, 2021. Sheridan Paintball sold some equipment on June 1. 2021. in exchange for a $9600, 4% note receivable. The principal and interest are due on September 1, 2021. 2. 4, 5. 3, For each of the above items, prepare the adjusting entry required at June 30, 2021. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) No. Date Account Titles and Explanation Debit Credit June 1. Interest Expense 30 240 Interest Payable 240 Juns Salaries Expense 1800 30 Salaries Payable 1800 June 3. Accounts Receivable 30 600 Commission Revenue 600 June Utilities Expense 385 30 Accounts Payable 385 June 5. Interest Receivable 36 30 Interest Revenue 36 2. 4. For each of the above items, prepare the journal entry to record the related cash transaction in the 2022 fiscal year. Assume all payments and receipts are made as indicated. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit July 5
Expert Answer:
Answer rating: 100% (QA)
Jurnl entry Dte unt nd exlntin Debit redit Jun30 Interest exe... View the full answer
Related Book For
Posted Date:
Students also viewed these accounting questions
-
Prepare the journal entry to record income taxes on December 31, 2011, assuming that Turner Corporations income tax expense is $35,000 and that it owes $30,000 in income taxes to the government....
-
Prepare the journal entry to record Channel One Companys issuance of 100,000 shares of $0.50 par value common stock assuming the shares sell for: a. $0.50 cash per share. b. $2 cash per share.
-
Prepare the journal entry to record Selectist Companys issuance of 104,000 shares of no-par value common stock assuming the shares: a. Sell for $15 cash per share. b. Are exchanged for land valued at...
-
Jontil Co. began the current period with a $14,000 balance in the Peter Jontil, Capital account. At the end of the period, the company's adjusted account balances include the following temporary...
-
Product C is assembled from components D and E. Item D is made from item F and Item G. Item F is made from item J and item K. Item E is made from item H and item I. Item H is made from Item J. All...
-
A manufacturer of television sets is interested in the effect on tube conductivity of four different types of coating for color picture tubes. The following conductivity data are obtained: (a) Is...
-
What we do if there are too many steps in a normal flow?
-
On January 1, the company issued 10-year bonds with a face value of $200,000. The bonds carry a coupon rate of 10%, and interest is paid semiannually. On the issue date, the market interest rate for...
-
Stroud Corporation is an 80%-owned subsidiary of Pennie, Inc., acquired by Pennie several years ago. On January 1, 2017, Pennie sold land with a book value of $60,000 to Stroud for $90,000. Stroud...
-
The sector rotates with the indicated angular quantities about a fixed axis through point B. Simultaneously, the particle A moves in the curved slot with constant speed u relative to the sector....
-
Write a function getDifference that does the following - a: Write a function get Values that takes two values from the user, r and c, and construct a two dimensional list using those values. The...
-
Using Newton-Busemann theory obtain the surface pressure distribution of a circular cylinder at free stream speed of \(\mathrm{M}=8\), and compare the results with Newton and improved Newton method.
-
Comment on the aerodynamic mechanisms causing the wing rock of the round leading edged non-slender wings.
-
Express the components of stress tensor in generalized coordinates in terms ofvelocity gradients.
-
Financial ratios are only as good as the accounting information from which they are calculated. Discuss.
-
We do not need to define perturbation potential for the acceleration potential. Why?
-
In a market defined by the inverse demand function P = 200-2Q, two firms simultaneously decide the amount of production. The firms' total cost functions are symmetric and defined as TC = 20 qi. In...
-
In a system with light damping (c < cc), the period of vibration is commonly defined as the time interval d = 2/d corresponding to two successive points where the displacement-time curve touches one...
-
The simplified balance sheet and income statement for a corporation appear below. Income Statement For the Year Ended December 31, 2011 Net sales .. $830,000 Cost of goods sold .. 500,000 Gross...
-
Jolantas, Inc., has a $700,000, 8 percent bond issue that was issued a number of years ago at face value. There are now 10 years left on the bond issue, and the market interest rate is 16 percent....
-
Nelin Corporation has the following portfolio of long-term available-for-sale securities at year-end, December 31, 2011: Both the Unrealized Loss on Long-Term Investments account and the Allowance to...
-
Make an energy diagram for gas B in Figure 20.4. Figure 20.4 When gases of different temperatures are placed in thermal contact, energy is transferred thermally from the hotter to the cooler gas...
-
Suppose you were to play the two film clips shown in Figure 20.7 backward. Would the resulting processes be possible? Figure 20.7 Quasistatic versus non-quasistatic expansion of a cylin- der...
-
(a) What are the SI units of \(Q\) ? (b) For the process depicted in Figure 20.2a, make an energy diagram for each of these systems: (i) water, pot, and flame; (ii) pot and flame; (iii) pot. Figure...
Study smarter with the SolutionInn App