DECEMBER 31, 20, ACCORDING TO THE TRIAL BALANCE, THE OFFICE SUPPLIES ACCOUNT HAS A BALANCE OF 2,100.00. ADJUSTMENT DATA REVEALS THAT 960.00 OF OFFICE SUPPLIES ARE ON HAND AT THE END OF THE PERIOD. JOURNALIZE THE ADJUSTING ENTRY.
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- The following accounts appear in the ledger of Celso and Company as of June 30, the end of this fiscal year. The data needed for the adjustments on June 30 are as follows: ab.Merchandise inventory, June 30, 54,600. c.Insurance expired for the year, 475. d.Depreciation for the year, 4,380. e.Accrued wages on June 30, 1,492. f.Supplies on hand at the end of the year, 100. Required 1. Prepare a work sheet for the fiscal year ended June 30. Ignore this step if using CLGL. 2. Prepare an income statement. 3. Prepare a statement of owners equity. No additional investments were made during the year. 4. Prepare a balance sheet. 5. Journalize the adjusting entries. 6. Journalize the closing entries. 7. Journalize the reversing entry as of July 1, for the wages that were accrued in the June adjusting entry. Check Figure Net income, 14,066UNCOLLECTIBLE ACCOUNTSALLOWANCE METHOD Pyle Nurseries used the allowance method to record the following transactions, adjusting entries, and closing entries during the year ended December 31, 20--. REQUIRED 1. Open the three selected general ledger accounts. 2. Enter the transactions and the adjusting and closing entries in a general journal (page 6). After each entry, post to the appropriate selected accounts. 3. Determine the net realizable value as of December 31.UNCOLLECTIBLE ACCOUNTSALLOWANCE METHOD Lewis Warehouse used the allowance method to record the following transactions, adjusting entries, and closing entries during the year ended December 31, 20--: Selected accounts and beginning balances on January 1, 20--, are as follows: REQUIRED 1. Open the three selected general ledger accounts. 2. Enter the transactions and the adjusting and closing entries in a general journal (page 6). After each entry, post to the appropriate selected accounts. 3. Determine the net realizable value as of December 31, 20--.
- The company determines that the interest expense on a note payable for the period ending December 31 is $630. This amount is payable on January 1. Prepare the journal entries required on December 31 and January 1. If an amount box does not require an entry, leave it blank. Dec. 31 Jan. 1DECEMBER 31, 20, ACCORDING TO THE TRIAL BALANCE, THE OFFICE SUPPLIES ACCOUNT HAS A BALANCE OF 2,100.00. ADJUSTMENT DATA REVEALS THAT 960.00 OF OFFICE SUPPLIES ARE ON HAND AT THE END OF THE PERIOD. JOURNALIZE THE ADJUSTING ENTRY.December 31, 20XX, according to the Trial Balance, the Office Supplies account has a balance of 2,100.00.Adjustment data reveals that 960.00 of office supplies are on hand at the end of the period.Journalize the adjusting entry.
- Record journal entries for the following transactions. a. On December 1, $14,000 was received for a service contract to be performed from December 1 through April 30. If an amount box does not require an entry, leave it blank. Dec. 1 Accounts Receivable 14,000 Fees Earned 14,000 b. Assuming the work is performed evenly throughout the contract period, prepare the adjusting journal entry on December 31. If an amount box does not reguire an entry, leave it blank. Dec. 31 dropdown NextOn December 31, the trial balance indicates that the supplies account has a balance, prior to the adjusting entry, of $320. A physical count of the supplies inventory shows that $90 of supplies remain. Analyze this adjustment for supplies using T accounts, and then formally enter this adjustment in the general journal.The company determines that the interest expense on a note payable for the period ending December 31 is $700. This amount is payable on January 1. Journalize these transactions for December 31 and January 1. If an amount box does not require an entry, leave it blank. Dec. 31 Jan. 1
- December 31, 20, according to the Trial Balance, the Store Supplies account has a balance of 3,000.00.Adjustment data reveals that 2,000.00 of store supplies have been used at the end of the period. Journalize the adjusting entry.On December 31, journalize the write-offs and the year-end adjusting entry under the allowance method, assuming that the allowance account had a beginning balance of $89,000 and the company uses the analysis of receivables method. If no entry is required, simply skip to the next transaction. Refer to the Chart of Accounts for exact wording of account titles.Prepare a worksheet for Brown’s Plumbing and Heating. Write the heading for the worksheet for the fiscal period ending December 31, 20xx. Record the trial balance using the accounts and their balances from the Ledger tab. Some are done for you. Calculate and record the Supplies adjustment. There is $5,600.00 in supplies on hand at the end of the fiscal year. Calculate and record the Insurance adjustment. There is $900.00 of insurance coverage left at the end of the fiscal year. Prove the Adjustments columns. Extend all balance sheet account balances. Extend all income statement account balances. Calculate and record the net income or loss. Total and rule the Income Statement and Balance Sheet columns.
