The following six-column table for Hawkeye Ranges includes the unadjusted trial balance as of December 31....
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The following six-column table for Hawkeye Ranges includes the unadjusted trial balance as of December 31. Required Account Title Cash Unadjusted Trial Balance Dr. $14,000 Adjustments Cr. Dr. Cr. Adjusted Trial Balance Dr. Cr. Accounts receivable 0 Supplies 6,500 Equipment 135,000 Accumulated depreciation-Equipment $ 30,000 Interest payable 0 Salaries payable 0 Unearned revenue 15,000 Notes payable 75,000 P. Hawkeye, Capital 50,250 P. Hawkeye, Withdrawals 21,125 Services revenue 42,000 Depreciation expense-Equipment 0 Salaries expense 30,000 Interest expense 5,625 Supplies expense Totals $212,250 $212,250 1. Complete the six-column table by entering adjustments that reflect the following information. a. As of December 31, employees had earned $1,200 of unpaid and unrecorded salaries. The next payday is January 4, at which time $1,500 of salaries will be paid. b. Cost of supplies still available at December 31 total $3,000. c. An interest payment is made every three months. The amount of unrecorded accrued interest at December 31 is $1,875. The next interest payment, at an amount of $2,250, is due on January 15. d. Analysis of Unearned Revenue shows $5,800 remaining unearned at December 31. e. Revenue of $9,300 is accrued for services provided. Payment will be collected on January 31. f. Depreciation expense is $15,000. 2. Prepare journal entries for adjustments entered in the six-column table for part 1. 3. Prepare journal entries to reverse the effects of the adjusting entries that involve accruals. 4. Prepare journal entries to record cash payments and cash collections described in part 1 for January. Check (1) Adjusted trial balance totals, $239,625 C The following six-column table for Hawkeye Ranges includes the unadjusted trial balance as of December 31. Required Account Title Cash Unadjusted Trial Balance Dr. $14,000 Adjustments Cr. Dr. Cr. Adjusted Trial Balance Dr. Cr. Accounts receivable 0 Supplies 6,500 Equipment 135,000 Accumulated depreciation-Equipment $ 30,000 Interest payable 0 Salaries payable 0 Unearned revenue 15,000 Notes payable 75,000 P. Hawkeye, Capital 50,250 P. Hawkeye, Withdrawals 21,125 Services revenue 42,000 Depreciation expense-Equipment 0 Salaries expense 30,000 Interest expense 5,625 Supplies expense Totals $212,250 $212,250 1. Complete the six-column table by entering adjustments that reflect the following information. a. As of December 31, employees had earned $1,200 of unpaid and unrecorded salaries. The next payday is January 4, at which time $1,500 of salaries will be paid. b. Cost of supplies still available at December 31 total $3,000. c. An interest payment is made every three months. The amount of unrecorded accrued interest at December 31 is $1,875. The next interest payment, at an amount of $2,250, is due on January 15. d. Analysis of Unearned Revenue shows $5,800 remaining unearned at December 31. e. Revenue of $9,300 is accrued for services provided. Payment will be collected on January 31. f. Depreciation expense is $15,000. 2. Prepare journal entries for adjustments entered in the six-column table for part 1. 3. Prepare journal entries to reverse the effects of the adjusting entries that involve accruals. 4. Prepare journal entries to record cash payments and cash collections described in part 1 for January. Check (1) Adjusted trial balance totals, $239,625 C
Expert Answer:
Answer rating: 100% (QA)
Heres the completed table with adjustments Account Title Unadjusted Trial Balance Adjustments Trial ... View the full answer
Related Book For
Fundamental accounting principle
ISBN: 978-0078025587
21st edition
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
Posted Date:
Students also viewed these accounting questions
-
The following six-column table for Hawkeye Ranges includes the unadjusted trial balance as of December 31, 2017. Required 1. Complete the six-column table by entering adjustments that reflect the...
-
The following six-column table for Hawkeye Ranges includes the unadjusted trial balance as of December 31, 2013. Required 1. Complete the six-column table by entering adjustments that reflect the...
-
General Ledger (GL) Assignments expose students to general ledger software similar to that in practice. GL is part of Connect, and GL assignments are auto-gradable and have algorithmic options. For...
-
The following inventory information is available for Ricci Manufacturing Corporation for the year ended December 31, 2017: Beginning Ending Inventories: Raw materials Work in process Finished goods...
-
Explain why writing off a bad debt against the allowance account does not reduce the estimated realizable value of a company's accounts receivable.
-
Use the May 31 fiscal year-end information from the following ledger accounts (assume that all accounts have normal balances). General Ledger Retained Earnings Date May 31 PR Debit Account Number 318...
-
Incomplete information concerning the financial performance of two manufacturing companies is presented below. Required Determine the answers to (a) to(f) for the two companies. Work in process,...
-
Refer to the information in Exercise. Using the direct method, prepare the statement of cash flows for the year ended June 30, 2015. In Exercise Additional Information a. A $30,000 note payable is...
-
From the reading Welcome to Psychology 2e , an OpenStax in what ways do you have a better understanding of psychology? give examples and cite from the text
-
Which type of HMO is defined when a HMO contracts with a multispecialty group practice to care for its enrollees? a. Closed panel HMO b. Group model HMO c. Open panel HMO d. Staff model HMO e....
-
Analyze the Dangote Cement factory, using all of the concepts covered below. You may recall in summary the concepts you use, but do not spend long describing the concept, you need to apply it to the...
-
The following account balances at the beginning of January were selected from the general ledger of Superior Juice Manufacturing Company: Work in process inventory Raw materials inventory Finished...
-
Fickel Company has two manufacturing departments-Assembly and Testing & Packaging. The predetermined overhead rates in Assembly and Testing & Packaging are $22.00 per direct labor-hour and $18.00 per...
-
"""A BARD DAY'S NIGHTa.k.a. BARD ROCK CAFEa.k.a. THE SCHOOL OF BARD KNOCKSa.k.a. A BARD RAIN'S A-GONNA FALL""" # Imports from typing import Optional, TextIO, Dict, Set, List,Tuple # Specific...
-
. . . . . . . . . . . . . . . . is the mental ability to analyze and diagnose complex situations. A . Decision Skills B . People Skills C . Conceptual Skills D . Technical Skills
-
Write a research on Ethics in Freddie Mac Accounting Scandal. Analyze the ethical dilemma from the perspective of one of the fraud perpetrators. The research addressed the following: 1. Evaluate the...
-
A consultant is beginning work on three projects. The expected profits from these projects are $50,000, $72,000, and $40,000. The associated standard deviations are $10,000, $12,000, and $9,000....
-
Has the U.S. economy experienced inflation or deflation during recent recessions? Explain.
-
Inflation is soaring and employment is beginning to show sustained improvement. The unemployment rate is 6 percent, compared to its 3.5 percent rate prepandemic. The CPI grew 5.4 percent in June, and...
-
How do you think recessions influence elections?
Study smarter with the SolutionInn App