Instruction The balance in the unearned fees account, before adjustment at the end of the year,...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Instruction The balance in the unearned fees account, before adjustment at the end of the year, is $14,310. Required: Journalize the adjusting entry required if the amount of unearned fees at the end of the year is $7,560. Refer to the Chart of Accounts for exact wording of account titles. Chart of Accounts ASSETS 11 Cash 12 Accounts Receivable 13 Supplies 14 Prepaid Insurance 16 Office Building 17 Accumulated Depreciation-Office Building LIABILITIES 21 Accounts Payable 22 Notes Payable 23 Unearned Fees 24 Wages Payable. REVENUE 41 Fees Earned EXPENSES 51 Advertising Expense 52 Insurance Expense 53 Interest Expense 54 Wages Expense 55 Supplies Expense 56 Utilities Expense 57 Depreciation Expense 59 Miscellaneous Expense LIABILITIES 21 Accounts Payable 22 Notes Payable 23 Unearned Fees 24 Wages Payable 25 Interest Payable EQUITY 31 Common Stock 32 Retained Earnings 33 Dividends 54 Wages Expense 55 Supplies Expense 56 Utilities Expense 57 Depreciation Expense 59 Miscellaneous Expense Journalize the adjusting entry required if the amount of unearned fees on December 31 is $7,560. Refer to the Chart of Accounts for exact wording of account titles. 1 2 DATE DESCRIPTION JOURNAL POST. REF. DEBIT CREDIT PAGE 1 ACCOUNTING EQUATION ASSETS LIABILITIES EQUITY Instruction The balance in the unearned fees account, before adjustment at the end of the year, is $14,310. Required: Journalize the adjusting entry required if the amount of unearned fees at the end of the year is $7,560. Refer to the Chart of Accounts for exact wording of account titles. Chart of Accounts ASSETS 11 Cash 12 Accounts Receivable 13 Supplies 14 Prepaid Insurance 16 Office Building 17 Accumulated Depreciation-Office Building LIABILITIES 21 Accounts Payable 22 Notes Payable 23 Unearned Fees 24 Wages Payable. REVENUE 41 Fees Earned EXPENSES 51 Advertising Expense 52 Insurance Expense 53 Interest Expense 54 Wages Expense 55 Supplies Expense 56 Utilities Expense 57 Depreciation Expense 59 Miscellaneous Expense LIABILITIES 21 Accounts Payable 22 Notes Payable 23 Unearned Fees 24 Wages Payable 25 Interest Payable EQUITY 31 Common Stock 32 Retained Earnings 33 Dividends 54 Wages Expense 55 Supplies Expense 56 Utilities Expense 57 Depreciation Expense 59 Miscellaneous Expense Journalize the adjusting entry required if the amount of unearned fees on December 31 is $7,560. Refer to the Chart of Accounts for exact wording of account titles. 1 2 DATE DESCRIPTION JOURNAL POST. REF. DEBIT CREDIT PAGE 1 ACCOUNTING EQUATION ASSETS LIABILITIES EQUITY
Expert Answer:
Answer rating: 100% (QA)
JOURANL ACCOUNTING EQUATION DATE DESCRIPTION POSTREF DEB... View the full answer
Related Book For
Accounting
ISBN: 978-0176509743
Volume 1, 2nd canadian Edition
Authors: Carl warren, James Reeve, Jonathen Duchac, Sheila Elworthy,
Posted Date:
Students also viewed these accounting questions
-
On November 10, JumpStart Co provides $2,010 in services to clients. At the time of service, the clients paid $650 in cash and put the balance on account. Required: a. Journalize this event. b. On...
-
The prepaid insurance account had a beginning balance of $3,565 and was debited for $6,960 of premiums paid during the year. Journalize the adjusting entry required at the end of the year, assuming...
-
The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-5. Ivan's grandfather died and left a portfolio of municipal bonds. In 2012, they pay Ivan...
-
(a) Employing the intercept technique, determine the average grain size for the steel specimen whose microstructure is shown in Figure (a); use at least seven straight-line segments. (b) Estimate the...
-
Abolition was arguably the most important reform of the era. It would become an explosive issue that tore the nation apart. Discuss the objectives of the movement and describe the methods the leaders...
-
Why are the EUP calculations made for standard process costing the same as the EUP calculations for FIFO process costing?
-
Using information from the preceding question, suppose Copies R Us sold the machine for $5,000. What is the result of this disposal transaction? a. Gain of $2,000 b. Loss of $2,000 C. Gain of $3,000...
-
Presented hem are the comparative balance sheets of Flames. Inc., at December 31, 2017 and 2016. Sales for the year ended December 31, 2017, totaled $1,700,000. Required: a. Calculate ROI for 2017....
-
1. Are you strongest in Prework, Conversation, or Follow up? Using concepts and terminology from the Difficult Conversation module, explain why you are strongest and weakest in these categories. 2....
-
1. Consider the problem of returning change to a customer requiring the smallest number of coins. a. Show that the greedy algorithm given below returns the smallest number of coins for the coin set...
-
4. (40 pts) The fiber orientation in a CFRP lamina is 0 = 45. The CFRP properties are E = 138 GPa, E2 = E3 = 10 GPa, V12 V13 =0.34, V23 =0.45, and G12=7 GPa. Assuming the composite is in the state of...
-
Requirement 1. What is the expected net cash inflow per year from purchasing a second shrink-wrap machine (i.e., how much cost could be saved each year by ell The expected net cash inflow (cost...
-
The exchange rate between euros and dollars is currently 0.83 euros per dollar. Inflation is expected to be 1% in Europe and 2% in the US. If relative purchasing power parity holds, what is the...
-
Given f(x)=g(x)h(x), g(2)=-1 g ' (x)=3 h(2)=-2 h ' (2)=4 Find f'(2)
-
A small electrical motor inside a toy truck moves 4 wheels each 0.20 kg at a speed of 3.3 m/s for 2.1. What is the power put out by the motor? 0.032W 0.11 W 0.017 W 2.1 W
-
1. 2. The lessee makes a lease payment of $67,200 to the lessor for equipment in an operating lease transaction. Pharoah Company leases equipment from Noble Construction Inc. The present value of the...
-
1 . What is the primary focus of Operations Management? a ) Marketing products b ) Managing human resources c ) Overseeing financial investment d ) Planning, organizing, and supervising in the...
-
Write an essay describing the differing approaches of nursing leaders and managers to issues in practice. To complete this assignment, do the following: 1. Select an issue from the following list:...
-
In the Income Statement columns of the end-of-period spreadsheet (work sheet) for Hayward Consulting Co. for the current year, the Debit column total is $556,400 and the Credit column total is...
-
Based on the data presented in Exercise 5-24 for Arbutus Furnishings Company, journalize the closing entries. In exercise On December 31, 2015, the balances of the accounts appearing in the ledger of...
-
The accountant for Jerico Co. has provided you with the following information for the month of March 2015. Cash Account Transactions for March: GL ACCOUNT: 1020 Cash Account For the period of March...
-
Calculate the change in entropy for the conversion of \(1 \mathrm{~mol}\) of ice to liquid at \(273 \mathrm{~K}\) and \(1 \mathrm{~atm}\). The latent heat of fusion is \(6500 \mathrm{~J} /...
-
Calculate the change in entropy when 5 moles of an ideal gas expands from a volume of \(5 \mathrm{~L}\) to \(50 \mathrm{~L}\) at \(27^{\circ} \mathrm{C}\).
-
Calculate the entropy change when \(96 \mathrm{~g}\) of methane is heated from \(35^{\circ} \mathrm{C}\) to \(200^{\circ} \mathrm{C}\) at constant volume. Assume \(C_{V}=1.735 \mathrm{~kJ} /...
Study smarter with the SolutionInn App