Prepare an adjusted trial balance from the following account information, considering the adjustment data provided (assume accounts have normal balances). Accounts Payable 11,700$ Accounts receivable 17,100$ Adminstrative expense 54,800$ Cash 44,800$ Common Stock 30,000$ Prepaid insuracne 16,000$ service revenue 91,000$ Adjustments needed: Salaries due to administrative employees, but unpaid at period end, $2,000 Insurance still unexpired at end of the period, $12,000

Prepare an adjusted trial balance from the following account information, considering the adjustment data provided (assume accounts have normal balances). Accounts Payable 11,700$ Accounts receivable 17,100$ Adminstrative expense 54,800$ Cash 44,800$ Common Stock 30,000$ Prepaid insuracne 16,000$ service revenue 91,000$ Adjustments needed: Salaries due to administrative employees, but unpaid at period end, $2,000 Insurance still unexpired at end of the period, $12,000

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter4: The Adjustment Process

Section: Chapter Questions

Problem 11EB: Prepare adjusting journal entries, as needed, considering the account balances excerpted from the...

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Determine the amount to be added to Allowance for Doubtful Accounts in each of the following cases and indicate the ending balance in each case. a. Credit balance of $400 in Allowance for Doubtful Accounts just prior to adjustment. Using the aging method, the balance of Allowance for Doubtful Accounts is estimated as $8,710. Line Item Description Amount Amount added $fill in the blank 1 Ending balance $fill in the blank 2 b. Credit balance of $400 in Allowance for Doubtful Accounts just prior to adjustment. Bad debt expense is estimated at 2% of credit sales, which totaled $973,000 for the year. Line Item Description Amount Amount added $fill in the blank 3 Ending balance $fill in the blank 4
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Journalize the following adjusting entries on December 31: A. The Supplies Account balance as of December 31 is $1,200. Actual supplies on hand equals $800. B. The company uses the allowance method for accounts receivable. A review of the accounts receivable aging report indicates that $50,000 of the accounts receivable will not be collectible. The allowance account has a current balance of $30,000. C. The trial balance indicates unearned revenue of $9,000. The company has determined that $3,000 of service has still not yet been provided. D. The company paid an annual insurance premium of $12,000 during the year. Six months of the insurance has expired. E. On January 1, the company purchased a delivery truck for 36,000. The company expects to use the truck for 3 years.
Allowance for Doubtful Accounts has a credit balance of $670 at the end of the year (before adjustment), and an analysis of accounts in the customer ledger indicates the estimated amount of uncollectible accounts should be $16,220. Based on this estimate, which of the following adjusting entries should be made? Select the correct answer. debit Allowance for Doubtful Accounts, $670; credit Bad Debt Expense, $670 debit Bad Debt Expense, $670; credit Allowance for Doubtful Accounts, $670 debit Bad Debt Expense, $15,550; credit Allowance for Doubtful Accounts, $15,550 debit Allowance for Doubtful Accounts, $16,890; credit Bad Debt Expense, $16,890
Allowance for Doubtful Accounts has a credit balance of $800 at the end of the year (before adjustment), and an analysis of accounts in the customers ledger indicates that the estimated amount of uncollectible accounts is $16,000. Based on the estimate, which of the following adjusting entries should be made? a.debit Allowance for Doubtful Accounts, $800; credit Bad Debt Expense, $800 b.debit Bad Debt Expense, $16,800; credit Allowance for Doubtful Accounts, $16,800 c.debit Bad Debt Expense, $800; credit Allowance for Doubtful Accounts, $800 d.debit Bad Debt Expense, $15,200; credit Allowance for Doubtful Accounts, $15,200
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Prepare an adjusted trial balance from the following account information, considering the adjustment data provided (assume accounts have normal balances). If an amount box does not require an entry, leave it blank. Accounts Payable $11,500 Accounts Receivable 17,400 Administrative Expense 60,000 Cash 44,000 Common Stock 32,000 Prepaid Insurance 15,500 Service Revenue 93,400 Adjustments needed: • Salaries due to administrative employees, but unpaid at period end, $2,100. • Insurance still unexpired at end of the period, $12,200. Adjusted Trial Balance Debit Credit %$4 Accounts Payable Administrative Expense Common Stock Salaries Payable Service Revenue
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The following summarizes the aging of accounts receivable for Johnston Supplies, Incorporated as of July 31, 2022: Historical & Uncollectible Number of Days Unpaid Q Not yet due 1 to 30 days past due 31 to 60 days past due Over 60 days past due Required: a. The unadjusted balance of the Allowance for Doubtful Accounts of Johnston Supplies, Incorporated is a credit balance in the amount of $29,307 on July 31, 2022. Prepare the required adjusting entry to record Bad Debt Expense for the year. b. Johnston Supplies, Incorporated writes off $3,201 of uncollectible accounts on August 15, 2022. Prepare the required adjusting entry to record the write-off. c. Use a T-account to determine the account balance in the Allowance for Doubtful Accounts on August 15, 2022. Complete this question by entering your answers in the tabs below. Required A Beginning Balance Ending Balance Use a T-account to determine the account balance in the Allowance for Doubtful Accounts on August 15, 2022. 2 Required B…
Prepare an adjusted trial balance from the following account information, considering the adjustment data provided (assume accounts have normal balances). If an amount box does not require an entry, leave it blank. Accounts Payable $11,100 Accounts Receivable 17,600 Administrative Expense 59,000 Cash 46,000 Common Stock 33,000 Prepaid Insurance 16,300 Service Revenue 94,800 Adjustments needed: • Salaries due to administrative employees, but unpaid at period end, $2,300. • Insurance still unexpired at end of the period, $12,200.
Determine the amount to be added to Allowance for Doubtful Accounts in each of the following cases and indicate the ending balance in each case. a. Credit balance of $390 in Allowance for Doubtful Accounts just prior to adjustment. Analysis of Accounts Receivable indicates uncollectible receivables of $7,010. Amount added $fill in the blank 1 Ending balance $fill in the blank 2 b. Credit balance of $390 in Allowance for Doubtful Accounts just prior to adjustment. Uncollectible receivables are estimated at 3% of credit sales, which totaled $841,000 for the year. Amount added fill in the blank Ending balance
Prepare an adjusted trial balance from the following account information, and also considering the adjustment data provided (assume accounts have normal balances). Adjustments needed:Accrued interest revenue on investments at period end, $2,200Insurance still unexpired at end of the period, $12,000