Selected account balances before adjustment for Atlantic Coast Realty at July 31, the end of the...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Selected account balances before adjustment for Atlantic Coast Realty at July 31, the end of the current year, are as follows: Accounts Receivable Equipment Accumulated Depreciation-Equipment Prepaid Rent Supplies Wages Payable Unearned Fees Fees Earned Wages Expense Rent Expense Depreciation Expense Supplies Expense Debits $ 75,000 345,700 Data needed for year-end adjustments are as follows: • Unbilled fees at July 31, $11,150. • Supplies on hand at July 31, $900. • Rent expired, $6,000. • Depreciation of equipment during year, $8,950. • Unearned fees at July 31, $2,000. • Wages accrued but not paid at July 31, $4,840. 9,000 3,350 325,000 Credits $112,500 12,000 660,000 Instructions 1. Journalize the six adjusting entries required at July 31, based on the data presented. Selected account balances before adjustment for Atlantic Coast Realty at July 31, the end of the current year, are as follows: Accounts Receivable Equipment Accumulated Depreciation-Equipment Prepaid Rent Supplies Wages Payable Unearned Fees Fees Earned Wages Expense Rent Expense Depreciation Expense Supplies Expense Debits $ 75,000 345,700 Data needed for year-end adjustments are as follows: • Unbilled fees at July 31, $11,150. • Supplies on hand at July 31, $900. • Rent expired, $6,000. • Depreciation of equipment during year, $8,950. • Unearned fees at July 31, $2,000. • Wages accrued but not paid at July 31, $4,840. 9,000 3,350 325,000 Credits $112,500 12,000 660,000 Instructions 1. Journalize the six adjusting entries required at July 31, based on the data presented.
Expert Answer:
Answer rating: 100% (QA)
Atlantic Coast Realty Adjusting Journal entries Date Account 1 Accounts Recei... View the full answer
Related Book For
Accounting What the Numbers Mean
ISBN: 978-0078025297
10th edition
Authors: David H. Marshall, Wayne W. McManus, Daniel F. Viele
Posted Date:
Students also viewed these accounting questions
-
In an effort to differentiate the DASANI brand and respond to increasing environmental concerns, the ad agency employed which type of informational advertising appeal for the PlantBottle? Multiple...
-
Consider the following regression output. Intercept Density Coefficients -21.53382961 3.540540183 Standard Error 4.73545449 0.29215907 Select one: O a. The correlation coefficient is significantly...
-
Problem 23-7A Your answer is partially correct. Try again. Rogen Corporation manufactures a single product. The standard cost per unit of product is shown below. Direct materials-3 pound plastic at...
-
Apply normalization (1NF, 2NF and 3NF) of the system description given below and justify why relation needs 1NF, 2NF, and 3NF or not. At the end shift normalized data into Un-Normalized Data. S ystem...
-
In its 2011 annual report, Qantas refers to 'underlying profit'. Compare the underlying profit of the Qantas Group with its statutory profit after tax and explain the differences. Debate the merits...
-
The ammonia molecule (NH3) has a dipole moment of 5.0 X 10-30 C m. Ammonia molecules in the gas phase are placed in a uniform electric field E with magnitude 1.6 X 106 N/c. (a) What is the change in...
-
Defendant Kenneth Blake was married to Charlene Hinton-Blake, who died in 2012. Three of Hinton-Blakes sisters, including Yvonne Hinton, assisted her with day-to-day care during a four-year period of...
-
Revenue and production budgets. (CPA, adapted) The Scarborough Corporation manufactures and sells two products: Thingone and Thingtwo. In July 2009, Scarboroughs budget department gathered the...
-
5. Consider uniform, inviscid, supersonic flow exhausting from a rocket engine nozzle. For fixed back pressure p (i.e., the ambient pressure outside the nozzle), qualitatively draw the first few wave...
-
A process stream is heated using a shell and tube heat exchanger. The exit temperature is controlled by adjusting the steam control valve shown in figure. During an open-loop experimental test, the...
-
A 40%mol solution of heptane in a heptane/decane mixture is heated to 150 C at 1 atm. a) Create a Txy plot, using the Antoine equation for vapor pressure as a function of T. b) Create an xy plot...
-
How do you show the sequence of messages on a communication diagram?
-
How does the formal system differ from the informal system? How does document analysis help you understand both?
-
Describe the main building blocks for the communication diagram and how they are represented on the model.
-
What kinds of events can lead to state transitions on a behavioral state machine?
-
How do you show that a temporary object is to go out of existence on a sequence diagram?
-
using python create this Use textblob methods to find a word's o Definitions o Synonyms o Antonyms Write 2 sentences as a single string (text) and Get a list of the words from the text that are not...
-
Determine whether the lines are parallel, perpendicular, or neither. 2x + 3y = -12, 2y - 3x = 8
-
a. Firm D has net income of $66,640, sales of $2,380,000, and average total assets of $680,000. Calculate the firm's margin, turnover, and ROI. b. Firm E has net income of $300,000, sales of...
-
Transaction analysisvarious accounts. Enter the following column headings across the top of a sheet of paper: Enter the transaction/adjustment letter in the first column and show the effect, if any,...
-
Campbell Soup Company provides access to its annual reports online at www.campbellsoup.com. The annual reports are found in the "Our Company/Investor Center/Financial Information/Annual Reports" area...
-
In the section of his 2007 letter to the shareholders of Berkshire Hathaway titled Fanciful FiguresHow Public Companies Juice Earnings, Warren Buffett referred to the investment return assumption...
-
Based on 2012 revenues, the six largest providers of oilfield services are: 1. Schlumberger Ltd. (NYSE: SLB) Revenues: $42.1 billion Net income: $5.5 billion 2. Halliburton (NYSE: HAL) Revenues:...
-
On 21 September 2000, Intel Corporation (NASDAQ -GS: INTC)3 issued a press release containing information about its expected revenue growth for the third quarter of 2000. The announced growth fell...
Study smarter with the SolutionInn App