Question: Present the adjusting entries that would be made on the December 31, 2023, the end of the fiscal year. (1) Supplies on December 31, 2022

Present the adjusting entries that would be made on the December 31, 2023, the end of the fiscal year.

(1) Supplies on December 31, 2022 was $9000. Supplies costing 15,000 purchased in cash on Sep 30th 2023. Account on December 31, 2023 indicated that supplies on hand up 8000. there was no order transaction related to supplies during the fiscal year ending December 31, 2023. Provide adjusting entry for supply on Dec 31 2023

(2) on May 1, 2023, $18,000 of cash was collected as rent for one year (up to April 30, 2024), and the same amount was credited as unearned rent revenue. Provide the Adjusting entry for December 31, 2023.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Problem #12: Planning and Control Don't-Cha-Wanna-a-Coffee, a large-scale coffee company that has a chain of 125 retail coffee stores throughout New England, was embroiled in an ethics scandal 3...

I need two answers to get this question right. Please be careful. What is the Cash receipts from customers for year 2 and What is the cash payment for expense for year 2. the question is below. I...

Could anyone help me out with these adjusting journal entries? The check figure given is 1,125,463. I just want to make sure I did them correctly. I will provide the trial balance, journal entries,...

Can you please solve the whole question which is 5 parts. Alcorn Service Company was formed on January 1, Year 1. Events Affecting the Year 1 Accounting Period Acquired $70,000 cash from the issue of...

Alcorn Service Company was formed on January 1, Year 1. Events Affecting the Year 1 Accounting Period Acquired $74,000 cash from the issue of common stock. Purchased $4,000 of supplies on account....

Utilizing the Excel Spreadsheet provided , complete the Horizontal Financial Statement and verify the accuracy of the Financial Statements. There is a tab for each year on the spreadsheet. Each tab...

Alcorn Service Company was formed on January 1, Year 1. Events Affecting the Year 1 Accounting Period Acquired $20,000 cash from the issue of common stock. Purchased $800 of supplies on account....

1\ Part 1 of 2\ 20\ points\ eBook\ References\ requirea inrormation\ [The following information applies to the questions displayed below.]\ Alcorn Service Company was formed on January 1, Year 1.\...

Events Affecting the Year 1 Accounting Period Acquired $61,000 cash from the issue of common stock. Purchased $1,400 of supplies on account. Purchased land that cost $20,000 cash. Paid $1,400 cash to...

Alcorn Service Company was formed on January 1, Year 1. Events Affecting the Year 1 Accounting Period Acquired $60,000 cash from the issue of common stock. Purchased $1,200 of supplies on account....

Required information Problem 2 - 3 8 A ( Algo ) Events for two complete accounting cycles LO 2 - 1 , 2 - 2 , 2 - 3 , 2 - 4 , 2 - 5 , 2 - 6 , 2 - 7 , 2 - 8 , 2 - 9 [ The following information applies...

Find the POI depth and the H , and the sigma V. The foundation depth is 110 and the basement depth is 0. Type 1 Example: end bearing piles with basement. V gravel silt clay gravel silt Sand Type 2...

You should be able to identify the business causes and implications of key items on the profit and loss account. Exercise 2 1513 Shown next are summary profit and loss accounts for three companies...

5 0 1 point A put option premium has a lower bound that is equal to the greater of zero and the difference between the underlying premium is the price. prices. The upper bound of a put option spot...

P-1) (100 Pts.) A chemical manufacturing company (CMC) has a contract for the procurement of the neccssaly chemicals from four suppliers. The chemicals purchased from Supplier A are priced at $20...

Mitzi Johnson worked for XYZ Company, which had a code of ethics for employees. In the training session, employees received a card that included these tests to determine ethical behavior: Is it...

Explain the concept of viral advertising, and give an example of an advertisement that might fit this concept. (Objective 1)

Explain why you agree or disagree with this statement: Only a small percentage of business and professional people behave in unethical ways. (Objective 4)