Homework Answers
Effect
| Effect on income statement | Effect on balance sheet | ||
| 1. | Not recording depreciation expense | Overstated net income | Overstated asset |
| 2 | Not adjusting unearned revenue when revenue is earned | understated net income | Overstated liabilities |
| 3 | Not adjusting prepaid rent when rent is used | Overstated net income | Overstated assets |
| 4 | Not adjusting accrued interest on investment | Under stated net income | Understated assets |
| 5 | Not recording accrued interest on loans | Overstated net income | Understated liabilities |
| 6 | Not recording services rendered but not yet billed | Understated net income | Understated assets |
| 7 | Not recording accrued wages | Overstated net income | Understated liabilities |
| 8 | Not recording the electric expense used but not yet paid for | overstated net income | Understated liabilities |
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Problem 13 State (1) whether the following failures to record...
I need the answer to this chart. thank you. The ledger of Claudell Company includes the...
I need the answer to this
chart. thank you.
The ledger of Claudell Company includes the following unadjusted normal balances: Prepaid Rent $3,000, Services Revenue $75,600, and Wages Expense $7,000. Adjusting entries are required for (a) prepaid rent expired $1,200; (b) accrued services revenue $2,900; and (c) accrued wages expense $1,700. Prepare a 10-column worksheet with six rows for the following accounts: Prepaid Rent, Services Revenue, Wages Expense, Accounts Receivable, Wages Payable, and Rent Expense. Enter the necessary adjustments on...
thank you very much for your help. I am getting better at remembering to give a...
thank you very much for your help. I am getting better at
remembering to give a thumbs up.
Exercise 3-06 Lei Company accumulates the following adjustment data at December 31. 1. Services performed but unbilled total $1,000. 2. Supplies of $300 have been used. 3. Utility expenses of $225 are unpaid. 4. Services performed of $260 collected in advance. 5. Salaries of $800 are unpaid. 6. Prepaid insurance totaling $350 has expired. For each of the above items indicate the...
The Malaise Company is recording adjusting journal entries. Which of the following adjusting entries will result...
The Malaise Company is recording adjusting journal entries. Which of the following adjusting entries will result in a decrease in assets and equity? The entry to record the earned portion of rent received in advance The entry to record accrued wages payable The entry to record a revenue earned but not yet received The entry to record the used portion of prepaid insurance The entry to record the payment of a dividend which was previously declared Lincoln Comnany
Tujuuli LILIS PUI ed or the following unrelated situations, prepare the necessary adjusting entry in gene...
Tujuuli LILIS PUI ed or the following unrelated situations, prepare the necessary adjusting entry in gene a. Unrecorded depreciation on equipment is $1,310. b. The Supplies account has a balance of $3,690, Supplies on hand at the end of the period totaled $1,800. c. On the date for preparing financial statements, an estimated utilities expense of $1,090 has been incurred, bu d. On the first day of the current month, rent for four months was paid and recorded as a...
Trial Balance and Adjusting Entries Photomake, Inc., a commercial photography studio, has just completed its first...
Trial Balance and Adjusting Entries Photomake, Inc., a commercial photography studio, has just completed its first full year of operations on December 31. The general ledger account balances before year-end adjustments follow. No adjusting entries have been made to the accounts at any time during the year. Assume that all balances are normal. Cash $2,365 Accounts Payable Accounts Receivable 4180 Unearned Photography Fees 2.860 26.400 Prepaid insurance 3.267 Photography Fees Eamed 37,928 Supplies 4,675 Wages Expense 12,100 Equipment 25.080 Utilities...
thank you On July 1, 2020, Dobbs Co. pays $14,400 to Kalter Insurance Co. for a...
thank you
On July 1, 2020, Dobbs Co. pays $14,400 to Kalter Insurance Co. for a 3-year insurance contract. Both companies have fiscal years ending December 31. Journalize and post the entry on July 1 and the adjusting entry on December 31 for Kalter Insurance Co. Kalter uses the accounts Unearned Service Revenue and Service Revenue. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the...
Problem 3-1A Identifying adjusting entries with explanations LO P1, P2, P3, P4 For journal entries 1...
Problem 3-1A Identifying adjusting entries with explanations LO P1, P2, P3, P4 For journal entries 1 through 12, select the letter of the explanation that most closely describes it in the space beside each entry. You can use letters more than once. A. To record receipt of unearned revenue. B. To record this period's earning of prior unearned revenue. C. To record payment of an accrued expense. D. To record receipt of an accrued revenue. E. To record an accrued...
Which of the accounts listed in part b represent defende 1-7, Ken Hensley Enterprises, Inc. is...
Which of the accounts listed in part b represent defende 1-7, Ken Hensley Enterprises, Inc. is a small recording studio in St. Louis, Rock bands use the studio to mix high-quality demo recordings distributed to talent agents. Now clients are required to pay in advance for studio services. Bands with established credit are billed for studio services at the end of each month. Adjusting entries are performed on a monthly basis. An adjusted trial balance dated December 31, 2015, follows....
Assume the following information for company SDA on 31st December 2018, before the preparation of the...
Assume the following information for company SDA on 31st December 2018, before the preparation of the adjusted trial-balance: Machinery (€) 38,000 Wages payable 1,300 Accumulated depreciation: machinery 6,000 Bank deposits 12,000 Unearned revenue 2,100 Prepaid insurance 3,600 Accounts receivable 6,500 Advances from customers 1,800 Revenue 13,000 Inventory 3,000 Long-term loans 16,000 Accounts payable 4,500 Retained earnings 13,000 Rent expense 9,600 Share Capital 15,000 Required Prepare adjusting entries by taking into consideration the following information: a. The accrued interest on long-term...
Assume the following information for company SDA on 31st December 2018, before the preparation of the...
Assume the following information for company SDA on 31st December 2018, before the preparation of the adjusted trial-balance: Machinery (€) 38,000 Wages payable 1,300 Accumulated depreciation: machinery 6,000 Bank deposits 12,000 Unearned revenue 2,100 Prepaid insurance 3,600 Accounts receivable 6,500 Advances from customers 1,800 Revenue 13,000 Inventory 3,000 Long-term loans 16,000 Accounts payable 4,500 Retained earnings 13,000 Rent expense 9,600 Share Capital 15,000 Required Prepare adjusting entries by taking into consideration the following information: a. The accrued interest on long-term...
I need the answer to this
chart. thank you.
The ledger of Claudell Company includes the following unadjusted normal balances: Prepaid Rent $3,000, Services Revenue $75,600, and Wages Expense $7,000. Adjusting entries are required for (a) prepaid rent expired $1,200; (b) accrued services revenue $2,900; and (c) accrued wages expense $1,700. Prepare a 10-column worksheet with six rows for the following accounts: Prepaid Rent, Services Revenue, Wages Expense, Accounts Receivable, Wages Payable, and Rent Expense. Enter the necessary adjustments on...
thank you very much for your help. I am getting better at
remembering to give a thumbs up.
Exercise 3-06 Lei Company accumulates the following adjustment data at December 31. 1. Services performed but unbilled total $1,000. 2. Supplies of $300 have been used. 3. Utility expenses of $225 are unpaid. 4. Services performed of $260 collected in advance. 5. Salaries of $800 are unpaid. 6. Prepaid insurance totaling $350 has expired. For each of the above items indicate the...
The Malaise Company is recording adjusting journal entries. Which of the following adjusting entries will result in a decrease in assets and equity? The entry to record the earned portion of rent received in advance The entry to record accrued wages payable The entry to record a revenue earned but not yet received The entry to record the used portion of prepaid insurance The entry to record the payment of a dividend which was previously declared Lincoln Comnany
Tujuuli LILIS PUI ed or the following unrelated situations, prepare the necessary adjusting entry in gene a. Unrecorded depreciation on equipment is $1,310. b. The Supplies account has a balance of $3,690, Supplies on hand at the end of the period totaled $1,800. c. On the date for preparing financial statements, an estimated utilities expense of $1,090 has been incurred, bu d. On the first day of the current month, rent for four months was paid and recorded as a...
Trial Balance and Adjusting Entries Photomake, Inc., a commercial photography studio, has just completed its first full year of operations on December 31. The general ledger account balances before year-end adjustments follow. No adjusting entries have been made to the accounts at any time during the year. Assume that all balances are normal. Cash $2,365 Accounts Payable Accounts Receivable 4180 Unearned Photography Fees 2.860 26.400 Prepaid insurance 3.267 Photography Fees Eamed 37,928 Supplies 4,675 Wages Expense 12,100 Equipment 25.080 Utilities...
thank you
On July 1, 2020, Dobbs Co. pays $14,400 to Kalter Insurance Co. for a 3-year insurance contract. Both companies have fiscal years ending December 31. Journalize and post the entry on July 1 and the adjusting entry on December 31 for Kalter Insurance Co. Kalter uses the accounts Unearned Service Revenue and Service Revenue. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the...
Problem 3-1A Identifying adjusting entries with explanations LO P1, P2, P3, P4 For journal entries 1 through 12, select the letter of the explanation that most closely describes it in the space beside each entry. You can use letters more than once. A. To record receipt of unearned revenue. B. To record this period's earning of prior unearned revenue. C. To record payment of an accrued expense. D. To record receipt of an accrued revenue. E. To record an accrued...
Which of the accounts listed in part b represent defende 1-7, Ken Hensley Enterprises, Inc. is a small recording studio in St. Louis, Rock bands use the studio to mix high-quality demo recordings distributed to talent agents. Now clients are required to pay in advance for studio services. Bands with established credit are billed for studio services at the end of each month. Adjusting entries are performed on a monthly basis. An adjusted trial balance dated December 31, 2015, follows....
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