Homework Answers
Answers
- #26
Correct Answer = Option ‘a’ Cash collected = $ 10,000 - #27
Correct Answer = Option ‘C’ $ 3000. Revenue earned = $ 10000 x 30% completed = 3000 - #28
Correct Answer = Option ‘C’
[Debit] Revenue by $ 7000 [because it was credited by $ 10000], and
[Credit] Unearned Revenue by $ 7000 - #29
Correct Answer = Option ‘B’ Unearned revenue = Deferred Revenue, that is revenue received BUT NOT YET RECOGNISED as revenue. - #30
TRUE.
No adjustment is made to Cash Ledger.
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stering Adjusting Entries The following information relates to questions 26, 27, and 28: Rehabilitation, Inc. uses...
Mastering Adjusting Entries The following information relates to questions 31 and 32: CBA Co. uses accrual...
Mastering Adjusting Entries The following information relates to questions 31 and 32: CBA Co. uses accrual basis accounting. It collects $20,000 in December for a job and credits unearned revenue. By the end of December, its year end. CBA has completed 40% of the work. 31. How much revenue has CBA earned in December? a. $20,000 b. $12,000 c. $8,000 d. $0 32. Which accounts does CBA debit and credit in the adjusting journal entry on December 31? a. Unearned...
Information to prepare adjusting journal entries The following information relates to Gatsby, Inc. as of Decembe...
Information to prepare adjusting journal entries The following information relates to Gatsby, Inc. as of December 31 of the current year. The company uses the calendar year as its annual reporting period and the Accrual Method of Accounting. Prepaid and unearned items are recorded as assets and liabilities, respectively. Prepare all necessary adjusting journal entries and post to the T-accounts. A. The company's weekly payroll is $3,000 and is paid each Friday for a five-day work week. Assume December 31st...
CV 3.1 Chapter 3 Canvas Homework: What happens when you don't record Adjusting Journal Entries? Idle...
CV 3.1 Chapter 3 Canvas Homework: What happens when you don't record Adjusting Journal Entries? Idle Bay, Inc forgot to record the following adjusting entries for the year 1) They didn't recognize $10,000 in earned revenue that had been paid in was correctly recorded as Unearned Revenue when the cash was received. 2) They didn't adjust for $2,000 in office supplies used during the year. 3) They didn't accrue $7,000 in unpaid salary expense that had been incurred as of...
Allentown Services Inc. is preparing adjusting entries for the year ending December 31, 2019. The following...
Allentown Services Inc. is preparing adjusting entries for the year ending December 31, 2019. The following data are available: a. Interest is owed at December 31, 2019, on a 6-month, 8% note. Allentown borrowed $106,800 from NBD on September 1, 2019 b. Allentown provides daily building maintenance services to Mack Trucks for a quarterly fee of $2,900, payable on the fifteenth of the month following the end of each quarter. No entries have been made for the services provided to...
P4-2 LO4-1 Recording Adjusting Entries (AP4-2) All of the current year's entries for Zimmerman Company have...
P4-2 LO4-1 Recording Adjusting Entries (AP4-2) All of the current year's entries for Zimmerman Company have been made, except the following adjusting entries. The company's annual accounting year ends on December 31. a. On September 1 of the current year, Zimmerman collected six months' rent of $9,600 on storage space. Al that date, Zimmerman debited Cash and credited Unearned Rent Revenue for $9,600. b. On October 1 of the current year, the company borrowed $18,000 from a local bank and...
28 Journalizing adjusting entries and analyzing their effect on the income statement The following data at...
28 Journalizing adjusting entries and analyzing their effect on the income statement The following data at July 31, 2018, are given for RCO: a. Depreciation, $600. b. Prepaid rent expires, $200. c. Interest expense accrued, $700. d. Employee salaries owed for Monday through Thursday of a five-day workweek; weekly payroll, $8,000. The Adju e. Unearned revenue earned, $1,000. f. Office supplies used, $150. Requirements 1. Journalize the adjusting entries needed on July 31, 2018. 2. Suppose the adjustments made in...
P4-2 (Algo) Recording Adjusting Entries L04-1 [The following information applies to the questions displayed below. All...
P4-2 (Algo) Recording Adjusting Entries L04-1 [The following information applies to the questions displayed below. All of the current year's entries for Zimmerman Company have been made, except the following adjusting entries. The company's annual accounting year ends on December 31. a. On September 1 of the current year, Zimmerman collected six months' rent of $8,640 on storage space. At that date, Zimmerman debited Cash and credited Unearned Rent Revenue for $8,640. b. On October 1 of the current year,...
Transaction Entries and Adjusting Entries Deluxe Building Services offers janitorial collected $21,200 in advance on a...
Transaction Entries and Adjusting Entries Deluxe Building Services offers janitorial collected $21,200 in advance on a six-month contract for work to be performed evenl a. Provide the general journal entry on January 1 to record the receipt of $21,200 for b. Provide the adjusting entry to be made on January 31, for the contract work done d c. At January 31, a total of 25 hours of hourly rate janitor work was unbilled. The billing (Note: The firm uses the...
How to do the adjusting entries. Accounts Cash Accounts Receivable Prepaid Insurance Supplies Land Building Accumulated...
How to do the adjusting entries.
Accounts Cash Accounts Receivable Prepaid Insurance Supplies Land Building Accumulated Depreciation Accounts Payable Deferred Revenue Common Stock Retained Earnings Dividends Service Revenue Debits Credits S 53,200 15,400 7,000 4,000 48,000 136,000 $ 8,000 6,700 13,800 150,000 72,500 2.800 38,960 12,360 Salaries Expense Depreciation Expense Insurance Expense 2,700 5,000 Property Tax Expense Totals 294,960 $294.960 The following is a summary of the transactions for the year: a. December 12 c. December 18 d. December 28...
P4-2 (Algo) Recording Adjusting Entries LO4-1 [The following information applies to the questions displayed below.] All...
P4-2 (Algo) Recording Adjusting Entries LO4-1 [The following information applies to the questions displayed below.] All of the current year's entries for Zimmerman Company have been made, except the following adjusting entries. The company's annual accounting year ends on December 31. On September 1 of the current year, Zimmerman collected six months' rent of $8,460 on storage space. At that date, Zimmerman debited Cash and credited Unearned Rent Revenue for $8,460. On October 1 of the current year, the company...
Mastering Adjusting Entries The following information relates to questions 31 and 32: CBA Co. uses accrual basis accounting. It collects $20,000 in December for a job and credits unearned revenue. By the end of December, its year end. CBA has completed 40% of the work. 31. How much revenue has CBA earned in December? a. $20,000 b. $12,000 c. $8,000 d. $0 32. Which accounts does CBA debit and credit in the adjusting journal entry on December 31? a. Unearned...
Information to prepare adjusting journal entries The following information relates to Gatsby, Inc. as of December 31 of the current year. The company uses the calendar year as its annual reporting period and the Accrual Method of Accounting. Prepaid and unearned items are recorded as assets and liabilities, respectively. Prepare all necessary adjusting journal entries and post to the T-accounts. A. The company's weekly payroll is $3,000 and is paid each Friday for a five-day work week. Assume December 31st...
CV 3.1 Chapter 3 Canvas Homework: What happens when you don't record Adjusting Journal Entries? Idle Bay, Inc forgot to record the following adjusting entries for the year 1) They didn't recognize $10,000 in earned revenue that had been paid in was correctly recorded as Unearned Revenue when the cash was received. 2) They didn't adjust for $2,000 in office supplies used during the year. 3) They didn't accrue $7,000 in unpaid salary expense that had been incurred as of...
Allentown Services Inc. is preparing adjusting entries for the year ending December 31, 2019. The following data are available: a. Interest is owed at December 31, 2019, on a 6-month, 8% note. Allentown borrowed $106,800 from NBD on September 1, 2019 b. Allentown provides daily building maintenance services to Mack Trucks for a quarterly fee of $2,900, payable on the fifteenth of the month following the end of each quarter. No entries have been made for the services provided to...
P4-2 LO4-1 Recording Adjusting Entries (AP4-2) All of the current year's entries for Zimmerman Company have been made, except the following adjusting entries. The company's annual accounting year ends on December 31. a. On September 1 of the current year, Zimmerman collected six months' rent of $9,600 on storage space. Al that date, Zimmerman debited Cash and credited Unearned Rent Revenue for $9,600. b. On October 1 of the current year, the company borrowed $18,000 from a local bank and...
28 Journalizing adjusting entries and analyzing their effect on the income statement The following data at July 31, 2018, are given for RCO: a. Depreciation, $600. b. Prepaid rent expires, $200. c. Interest expense accrued, $700. d. Employee salaries owed for Monday through Thursday of a five-day workweek; weekly payroll, $8,000. The Adju e. Unearned revenue earned, $1,000. f. Office supplies used, $150. Requirements 1. Journalize the adjusting entries needed on July 31, 2018. 2. Suppose the adjustments made in...
P4-2 (Algo) Recording Adjusting Entries L04-1 [The following information applies to the questions displayed below. All of the current year's entries for Zimmerman Company have been made, except the following adjusting entries. The company's annual accounting year ends on December 31. a. On September 1 of the current year, Zimmerman collected six months' rent of $8,640 on storage space. At that date, Zimmerman debited Cash and credited Unearned Rent Revenue for $8,640. b. On October 1 of the current year,...
Transaction Entries and Adjusting Entries Deluxe Building Services offers janitorial collected $21,200 in advance on a six-month contract for work to be performed evenl a. Provide the general journal entry on January 1 to record the receipt of $21,200 for b. Provide the adjusting entry to be made on January 31, for the contract work done d c. At January 31, a total of 25 hours of hourly rate janitor work was unbilled. The billing (Note: The firm uses the...
How to do the adjusting entries.
Accounts Cash Accounts Receivable Prepaid Insurance Supplies Land Building Accumulated Depreciation Accounts Payable Deferred Revenue Common Stock Retained Earnings Dividends Service Revenue Debits Credits S 53,200 15,400 7,000 4,000 48,000 136,000 $ 8,000 6,700 13,800 150,000 72,500 2.800 38,960 12,360 Salaries Expense Depreciation Expense Insurance Expense 2,700 5,000 Property Tax Expense Totals 294,960 $294.960 The following is a summary of the transactions for the year: a. December 12 c. December 18 d. December 28...
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