Information for adjustments at 30 June 2019.
Information for adjustments at 30 June 2019.
a) The used up 'prepaid insurance' has not been recognised
b) The used up 'prepaid rent has not been recognised.
c) Office supplies account shows the balance of $450 as at 30 Jun 2019.
d) Depreciation expenses for computers, office furniture and car are yet to be recorded.
e) Interest on the loan is paid annually and therefore due on 30 March 2020. So, interest expenses for the first 3 months remain outstanding.
f) Staff salaries for the Apr to Jun 2019 quarter of $14,500 is due on 3 Jul 2019
g) Utlities expenses for the Apr to Jun 2019 quarter of $1,200 is due on 5 Jul 2019 h) The outstanding service for which the cash was received on 1 Jun 2019 remains outstanding as at 30 June 2019.
Homework Answers
Utility expenses for the April to June 2019 quarter of $1200 is due on 5th July 2019.
Journal Entry as on 30th June 2019:
Utilities Expenses A/c Dr $1200
To Accrued liability ( Utility Expenses) $1200.
Utility Expenses will appear in P& L Account and Accrued Liability will appear in Balance Sheet as on 30.6.2019.
Ket CHAPTER 4: THE ADJUSTING PROCESS RECORD THE FOLLOWING ADJUSTMENTS AS OF JUNE 30, 2012.: A...
Ket CHAPTER 4: THE ADJUSTING PROCESS RECORD THE FOLLOWING ADJUSTMENTS AS OF JUNE 30, 2012.: A One month of insurance has expired. The initial purchase was for a 12 month policy B. Depreciation expense on the furniture is $50. C. Weekly payroll is $500, June 30, 2012 is a Thursday. D. Interest on the bank loan (rate of 10%) has accrued for one month E. A count of supplies shows $175 on hand at June 30, 2012 F. The retainer...
Journalize the June 30 adjusting entries. Explainations optional (do not post) (17 points) Check Figure $...
Journalize the June 30 adjusting entries. Explainations
optional (do not post) (17 points)
Check Figure $ 231,600
Adjusting entries for the month of June: Jun 30 Accrued interest on Bank Loan in the amount of $300 Jun 30 Record monthly depreciation in the amount of $2,800 Jun 30 Accrued salaries expense in the amount of $4,300 Jun 30 Used one month's worth of insurance (see June 10th's transaction) ) Jun 30 A physical count of office supplies showed $3,200 Jun...
BARCELONA INC. Comparative Balance Sheets June 30, 2019 and 2018 2019 2018 Assets Cash $ 86,300...
BARCELONA INC.
Comparative Balance Sheets
June 30, 2019 and 2018
2019
2018
Assets
Cash
$
86,300
$
41,700
Accounts receivable, net
78,000
61,000
Inventory
66,000
92,000
Prepaid expenses
5,000
6,300
Total current assets
235,300
201,000
Equipment
153,000
142,000
Accum. depreciation—Equipment
(39,000
)
(13,000
)
Total assets
$
349,300
$
330,000
Liabilities and Equity
Accounts payable
$
30,000
$
36,000
Wages payable
8,000
19,000
Income taxes payable
3,600
4,000
Total current liabilities
41,600
59,000
Notes payable (long term)
38,000
75,000
Total...
Arrow Hospitality prepares adjustments monthly and showed the following at September 30, 2020: Adjustments Dr. cr....
Arrow Hospitality prepares adjustments monthly and showed the following at September 30, 2020: Adjustments Dr. cr. Adjusted Trial Balance Dr. Cr. Account Cash Accounts receivable Repair supplies Prepaid rent Office furniture Accounts payable Notes payable Eli Arrow, capital Eli Arrow, withdrawals Hospitality revenues Salaries expense Wages expense Totals ARROW HOSPITALITY Trial Balances September 30, 2020 Unadjusted Trial Balance Dr. Cr. $ 5,400 10,600 1,900 13,400 22,520 $ 7,400 19,200 66,978 4,400 122,000 141,000 16,358 $ 215,578 $ 215,578 Additional information...
GENERAL LEDGER IN LAST 3 PHOTOS Post the transactions for June 1 - 30 to the...
GENERAL LEDGER IN LAST 3 PHOTOS
Post the transactions for June 1 - 30 to the General
Ledger. Opening balances have been provided above. Be sure to keep
running balance in each account.
Case Study Full Accounting Cycle Melissa Days and Kelly Harbor formed the Corporation Sports R Us. They sell sporting goods and give lessons. They have hired you to update their transactions for the business. They have provided you with the opening balances and a list of transactions...
adjustments made at the end of the accounting period songs by See What's Hot Requirement PTM cleats BMX Videos -...
adjustments made at the end of the accounting period
songs by See What's Hot Requirement PTM cleats BMX Videos - Vital. Bike list 527.87 XBL Free Action games on St Saved Help Sa Read the description of the following adjustments that are required at the end of the accounting period for Riley Furniture Restoration Determine the account and amount to be debited and the account and amount to be credited. A. Purchased supplies for $1,000 on June 1, 2019. Inventory...
Provided below is the unadjusted trial balance of Khan Autos followed by adjustments information; KHAN AUTOS...
Provided below is the unadjusted trial balance of Khan Autos followed by adjustments information; KHAN AUTOS Trial Balance as at December 31, 2019 . Dr. Cr. Bank/Cash .......................... 15,450 Debtors ...................... 25,600 Spare parts ..............… 30,000 Office supplies ........... 13,200 Prepaid rent ................ 12,000 Prepaid insurance ....... 2,400 Workshop supplies expense 17,100 Creditors .............. 15,680 Service revenue 210,580 Unearned Revenue 45,000 Wages ......................... 33,000 Store rent .................... 4,500 Utilities ....................... 8,400 Office equipment ........ 8,700 Land ............................ 20,000 Loose tools...
Question 3 20 pts . The following is the ending balances of accounts at June 30,...
Question 3 20 pts . The following is the ending balances of accounts at June 30, 2019 for Excel Company. Account Title Debits Credits Cash $ 99,000 Short-term investments 81,000 Accounts receivable 296,000 Prepaid expenses 48,000 Land 91,000 Buildings 336,000 Accumulated depreciation-buildings $ 168,000 Equipment 273,000 Accumulated depreciation- equipment 128,000 Accounts payable 181,000 Accrued expenses 53,000 Notes payable 116,000 Mortgage payable 270,000 Common stock 180,000 Retained earnings 128,000 Totals $ 1,224,000 $ 1,224,000 Additional information: 1. The short-term investments account...
The following is the ending balances of accounts at June 30, 2018 for Excell Company. Account...
The following is the ending balances of accounts at June 30,
2018 for Excell Company.
Account Title
Debits
Credits
Cash
$
93,000
Short-term investments
75,000
Accounts receivable
290,000
Prepaid expenses
42,000
Land
85,000
Buildings
330,000
Accumulated depreciation—buildings
$
165,000
Equipment
270,000
Accumulated depreciation—equipment
125,000
Accounts payable
178,000
Accrued expenses
50,000
Notes payable
110,000
Mortgage payable
240,000
Common stock
150,000
Retained earnings
167,000
Totals
$
1,185,000
$
1,185,000
Additional information:
The short-term investments account includes $23,000 in U.S.
treasury bills purchased...
You have been provided with the Unadjusted Trial Balance for Whiteley Ltd. as at June 30,...
You have been provided with the Unadjusted Trial Balance for Whiteley Ltd. as at June 30, 2019. The company uses the periodic system for inventory management. All sales revenue is recorded on credit, no cash sales are made by the company. There are four (4) parts to this question including PART A: General Journal entries, PART B: Classified Income Statement, PART C: Equity ledger account closing balance calculation and PART D: Classified Balance sheet. WHITELEY LTD Unadjusted Trial Balance as...
Ket CHAPTER 4: THE ADJUSTING PROCESS RECORD THE FOLLOWING ADJUSTMENTS AS OF JUNE 30, 2012.: A One month of insurance has expired. The initial purchase was for a 12 month policy B. Depreciation expense on the furniture is $50. C. Weekly payroll is $500, June 30, 2012 is a Thursday. D. Interest on the bank loan (rate of 10%) has accrued for one month E. A count of supplies shows $175 on hand at June 30, 2012 F. The retainer...
Journalize the June 30 adjusting entries. Explainations
optional (do not post) (17 points)
Check Figure $ 231,600
Adjusting entries for the month of June: Jun 30 Accrued interest on Bank Loan in the amount of $300 Jun 30 Record monthly depreciation in the amount of $2,800 Jun 30 Accrued salaries expense in the amount of $4,300 Jun 30 Used one month's worth of insurance (see June 10th's transaction) ) Jun 30 A physical count of office supplies showed $3,200 Jun...
BARCELONA INC.
Comparative Balance Sheets
June 30, 2019 and 2018
2019
2018
Assets
Cash
$
86,300
$
41,700
Accounts receivable, net
78,000
61,000
Inventory
66,000
92,000
Prepaid expenses
5,000
6,300
Total current assets
235,300
201,000
Equipment
153,000
142,000
Accum. depreciation—Equipment
(39,000
)
(13,000
)
Total assets
$
349,300
$
330,000
Liabilities and Equity
Accounts payable
$
30,000
$
36,000
Wages payable
8,000
19,000
Income taxes payable
3,600
4,000
Total current liabilities
41,600
59,000
Notes payable (long term)
38,000
75,000
Total...
Arrow Hospitality prepares adjustments monthly and showed the following at September 30, 2020: Adjustments Dr. cr. Adjusted Trial Balance Dr. Cr. Account Cash Accounts receivable Repair supplies Prepaid rent Office furniture Accounts payable Notes payable Eli Arrow, capital Eli Arrow, withdrawals Hospitality revenues Salaries expense Wages expense Totals ARROW HOSPITALITY Trial Balances September 30, 2020 Unadjusted Trial Balance Dr. Cr. $ 5,400 10,600 1,900 13,400 22,520 $ 7,400 19,200 66,978 4,400 122,000 141,000 16,358 $ 215,578 $ 215,578 Additional information...
GENERAL LEDGER IN LAST 3 PHOTOS
Post the transactions for June 1 - 30 to the General
Ledger. Opening balances have been provided above. Be sure to keep
running balance in each account.
Case Study Full Accounting Cycle Melissa Days and Kelly Harbor formed the Corporation Sports R Us. They sell sporting goods and give lessons. They have hired you to update their transactions for the business. They have provided you with the opening balances and a list of transactions...
adjustments made at the end of the accounting period
songs by See What's Hot Requirement PTM cleats BMX Videos - Vital. Bike list 527.87 XBL Free Action games on St Saved Help Sa Read the description of the following adjustments that are required at the end of the accounting period for Riley Furniture Restoration Determine the account and amount to be debited and the account and amount to be credited. A. Purchased supplies for $1,000 on June 1, 2019. Inventory...
Question 3 20 pts . The following is the ending balances of accounts at June 30, 2019 for Excel Company. Account Title Debits Credits Cash $ 99,000 Short-term investments 81,000 Accounts receivable 296,000 Prepaid expenses 48,000 Land 91,000 Buildings 336,000 Accumulated depreciation-buildings $ 168,000 Equipment 273,000 Accumulated depreciation- equipment 128,000 Accounts payable 181,000 Accrued expenses 53,000 Notes payable 116,000 Mortgage payable 270,000 Common stock 180,000 Retained earnings 128,000 Totals $ 1,224,000 $ 1,224,000 Additional information: 1. The short-term investments account...
The following is the ending balances of accounts at June 30,
2018 for Excell Company.
Account Title
Debits
Credits
Cash
$
93,000
Short-term investments
75,000
Accounts receivable
290,000
Prepaid expenses
42,000
Land
85,000
Buildings
330,000
Accumulated depreciation—buildings
$
165,000
Equipment
270,000
Accumulated depreciation—equipment
125,000
Accounts payable
178,000
Accrued expenses
50,000
Notes payable
110,000
Mortgage payable
240,000
Common stock
150,000
Retained earnings
167,000
Totals
$
1,185,000
$
1,185,000
Additional information:
The short-term investments account includes $23,000 in U.S.
treasury bills purchased...
You have been provided with the Unadjusted Trial Balance for Whiteley Ltd. as at June 30, 2019. The company uses the periodic system for inventory management. All sales revenue is recorded on credit, no cash sales are made by the company. There are four (4) parts to this question including PART A: General Journal entries, PART B: Classified Income Statement, PART C: Equity ledger account closing balance calculation and PART D: Classified Balance sheet. WHITELEY LTD Unadjusted Trial Balance as...
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