Adjusting journal entries at December 31, 2022: 1. Depreciation expense on the equipment for December has...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Adjusting journal entries at December 31, 2022: 1. Depreciation expense on the equipment for December has been correctly calculated to be $145. 2. Based on a year-end count, there was $155 worth of office supplies remaining on December 31", 3. 31 days of interest expense has accrued on the note payable and must be recorded. The annual interest rate is 6%. Round the interest amount to the nearest full dollar. 4. All of the unearned revenue previously recorded has now been fully earned. 5. The casual employee worked two days prior to year-end (December 30 and 31) and will be paid $105 on January 5. 6. Your final adjusting journal entry will be to record the reconciling items from the December 31¹ bank reconciliation. Before recording this adjusting journal entry, you need to complete the bank reconciliation using the information below. Information Required for the December 31, 2022 Bank Reconciliation: Cash balance per Bank Statement as of December 31, 2022 Cash balance per General Ledger (before bank reconciliation adjustments) Reconciling Items: Deposit in transit Outstanding cheque #322 Outstanding cheque # 320 $ 1,880.00 $ 85.00 $ 105.00 Monthly bank service charge $ 10.00 Bank service charge (cheque printing) $ 65.00 $ 2,875 $ 4,640 Instructions - Using the same Excel file you used in Part 5 (corrected, if necessary): a. Record the adjusting journal entries for December. Continue using the same General Journal from Part 5. b. Prepare the December 31" Bank Reconciliation. c. Record the final adjusting journal entries resulting from the bank reconciliation from part b. d. Post all adjusting journal entries to the General Ledger. Conjunthe sake Senteral by S e. Prepare the Adjusted Trial Balance as of December 31, 2022. f. Prepare the financial statements for the year ending December 31, 2022: . Income Statement Statement of Owner's Equity Balance Sheet Assume owner investment in 2022 is $7,316. Adjusting journal entries at December 31, 2022: 1. Depreciation expense on the equipment for December has been correctly calculated to be $145. 2. Based on a year-end count, there was $155 worth of office supplies remaining on December 31", 3. 31 days of interest expense has accrued on the note payable and must be recorded. The annual interest rate is 6%. Round the interest amount to the nearest full dollar. 4. All of the unearned revenue previously recorded has now been fully earned. 5. The casual employee worked two days prior to year-end (December 30 and 31) and will be paid $105 on January 5. 6. Your final adjusting journal entry will be to record the reconciling items from the December 31¹ bank reconciliation. Before recording this adjusting journal entry, you need to complete the bank reconciliation using the information below. Information Required for the December 31, 2022 Bank Reconciliation: Cash balance per Bank Statement as of December 31, 2022 Cash balance per General Ledger (before bank reconciliation adjustments) Reconciling Items: Deposit in transit Outstanding cheque #322 Outstanding cheque # 320 $ 1,880.00 $ 85.00 $ 105.00 Monthly bank service charge $ 10.00 Bank service charge (cheque printing) $ 65.00 $ 2,875 $ 4,640 Instructions - Using the same Excel file you used in Part 5 (corrected, if necessary): a. Record the adjusting journal entries for December. Continue using the same General Journal from Part 5. b. Prepare the December 31" Bank Reconciliation. c. Record the final adjusting journal entries resulting from the bank reconciliation from part b. d. Post all adjusting journal entries to the General Ledger. Conjunthe sake Senteral by S e. Prepare the Adjusted Trial Balance as of December 31, 2022. f. Prepare the financial statements for the year ending December 31, 2022: . Income Statement Statement of Owner's Equity Balance Sheet Assume owner investment in 2022 is $7,316.
Expert Answer:
Answer rating: 100% (QA)
ANSWER a Adjusting journal entries for December 31 2022 Depreciation expense Depreciation expense 145 Accumulated depreciation Equipment 145 Office su... View the full answer
Related Book For
Cost Management A Strategic Emphasis
ISBN: 978-0078025532
6th edition
Authors: Edward Blocher, David Stout, Paul Juras, Gary Cokins
Posted Date:
Students also viewed these accounting questions
-
Work in Process Inventory Cost of finished goods manufactured Conversion costs Cost of Goods Sold Period costs Management accounting Product costs Manufacturing overhead Each of the following...
-
than E (d) E 17.A shunt generator running at 1000 r.p.m. has generated e.m.f. as 200 V. If the speed increases to 1200 r.p.m., the generated e.m.f. will be nearly (a) 150 V (b) 175 V (c) 240 V...
-
Work in process inventory for Carston Inc. at the beginning of the year was a single job, Job T114: The company's budgeted costs for the year are as follows: Budgeted overhead Variable Indirect...
-
JinsAppliances has a return-on-assets (investment) ratio of 8 percent. a. If the debt-to-total-assets ratio is 40 percent, what is the return on equity? b. If the firm had no debt, what would the...
-
As an auditor, discuss how you might evaluate a company's property, plant, and equipment to decide whether the value of these assets were impaired and should be written down.
-
The following information is available for two different types of businesses for the 2016 accounting year. Hopkins CPAs is a service business that provides accounting services to small businesses....
-
IndiGo is a low-cost airline headquartered at Gurgaon, India. It is the largest airline in India in terms of passengers carried, with a 42.6% market share as of October 2016. The airline was founded...
-
The payroll register for Robinson Company for the week ended November 18 indicated the following: Salaries .......... $1,300,000 Social security tax withheld ... 61,100 Medicare tax withheld .........
-
List FIVE (5) principles of learning applicable to training and development in organizations with a brief description.?
-
Joy Wu, a PA, is planning her first audit of a closely held small business. In prior years, Wu compiled the financial statements of the company. She also helped to set up its accounting system and...
-
Graph each inequality on the number line and write in interval notation. Enter your answer using interval notation. Example: [2.1,5.6172) Use U for union to combine intervals and oo for Infinity....
-
On Dec. 1 5 , Sheffield Company discounted at Sunshine Bank a $ 8 , 7 0 0 ( maturity value ) , 1 3 2 - day note dated Sept. 1 0 . Sunshine s discount rate was 1 0 % . ( Use Days in a year table. )...
-
Ineza 7 Natete makes and sells two types of shoes, Plain and Fancy. Data concerning these products are as follows: Plain Fancy Unit selling price $ 2 0 . 0 0 $ 3 0 . 0 0 Variable cost per unit 1 2 ....
-
Engine Builders Motor Company exports and rebuilds automobile engines that have been damaged or are in need of extensive repair. The rebuilt engine is purchased by auto shops, large motor pools in...
-
Discuss how a firm can use the concept of elasticity to set its prices so as to achieve the highest revenue possible.
-
Montoure Company uses a perpetual inventory system. It entered into the following calendar - year purchases and sales transactions. Date Activities Units Acquired at Cost Units Sold at Retail January...
-
A loan was taken out on January 1, 2018 in the amount of $20,000. During the year payments were made to pay back the loan. The payments included $2,000 in interest and $1,230 in principal. What is...
-
Pedro Bourbone is the founder and owner of a highly successful small business and, over the past several years, has accumulated a significant amount of personal wealth. His portfolio of stocks and...
-
Security Technology Inc. (STI) is a manufacturer of an electronic control system used in the manufacture of certain special-duty auto transmissions used primarily for police and military...
-
The Maple Creek Amphitheater is an outdoor pavilion that presents musical performers throughout a six-month season, from late spring to early fall. Maple Creek presents a diverse venue of artists in...
-
The manager of Zentronics Corp. must decide whether to initiate an advertising campaign for the firm's newest multimedia computer chip. There has been some discussion among division managers about...
-
The property of a system depends upon its state. State True (T) or False (F)
-
In a control volume, mass, momentum and energy may flow. State True (T) or False (F)
-
Temperature is an intensive property. State True (T) or False (F)
Study smarter with the SolutionInn App