HomeworkLib
Question


Question 5 of 5 - / 100 View Policies Current Attempt in Progress The following trial balance before adjustments is for Snowc
ork Assignment Question 5 of 5 - / 100 Data for adjusting entries: 1. As at December 31, 2020, 80% of the wages that had been

Question 5 of 5 - / 100 2. Supplies 1500 Supplies Expense 1500 3. Depreciation Expense 1000 1000 4. 4600 Accumulated Deprecia
Please use the correct accounts

List of Accounts :
Accounts Payable
Accounts Receivable
Accumulated Depreciation-Buildings
Accumulated Depreciation-Equipment
Accumulated Depreciation-Trucks
Accumulated Depreciation-Vehicles
Advertising Expense
Buildings
Cash
Common Shares
Cost of Goods Sold
Depreciation Expense
Dividends Payable
Equipment
Income Tax Payable
Interest Expense
Interest Payable
Inventory
Land
Miscellaneous Expense
Notes Payable
Operating Expense
Other Expenses
Prepaid Insurance
Prepaid Rent
Rent Expense
Rent Revenue
Retained Earnings
Selling and Administrative Expenses
Supplies Expense
Wages Payable
Wages Expense
Advances to Employees
Bank Loan Payable
Deposits
Dividend Revenue
Dividends Declared
Income Tax Expense
Income Summary
Insurance Expense
Interest Revenue
Interest Receivable
Licence Expense
Long-Term Investments
Mortgage Payable
No Entry
Notes Receivable
Supplies
Prepaid Licence
Prepaid Property Tax
Property Tax Expense
Repair and Maintenance Expense
Sales Revenue
Service Revenue
Short-Term Investments
Telephone Expense
Unearned Revenue
Utilities Expense
Vehicles
business   accounting   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1
No. Account Titles and Explanation Debit Credit
1 Wages expense(2,900*.80) 2,320
Advance to employees 2,320
2 Supplies Expense(2,100 - 600) 1,500
Supplies 1,500
3 Depreciation Expense 1,000
Accumulated Depreciation, equipment 1,000
4 Unearned revenue( 6900*1/3 ) 2,300
Sales Revenue 2,300
5 Interest Expense (24,000*9/100*3/6) 1,080
Interest payable 1,080
6 Wages Expense 500
Wages payable 500
7 Prepaid Rent 1,200
Rent expense 1,200
8 Income Tax Expense 4,250
Income Tax payable 4,250

Income for the year = Sales revenue - Cost of goods sold - Wages expenses- Repairs & maintenance expense - Rent  expense - Miscellaneous expense - Wages adjusted from advance - Supplies expense - Depreciation + Sales revenue adjusted from unearned revenue- Interest expense- Wages payable +Prepaid rent

= 231,000 - 131,000 - 34,600- 24,400 - 6,600 - 14,500 - 2,320 - 1,500 - 1,000+ 2300-1080- 500+1200

= $17,000

Income tax payable = $17,000*25%

= $4,250

0 0
Add a comment
Know the answer?
Add Answer to:
Please use the correct accounts List of Accounts : Accounts Payable Accounts Receivable Accumulated Depreciation-Buildings Accumulated...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • Accounts Payable Accounts Receivable Accumulated Depreciation - Buildings Accumulated Depreciation - Equipment Accumulated Depreciation - Furniture...

    Accounts Payable Accounts Receivable Accumulated Depreciation - Buildings Accumulated Depreciation - Equipment Accumulated Depreciation - Furniture Accumulated Depreciation - Vehicles Advertising Expense Bank Loan Payable Bank Loan Receivable Buildings Cash Common Shares Depreciation Expense Dividends Declared Equipment Fees Earned Furniture Income Summary Income Tax Expense Income Tax Payable Income Tax Receivable Insurance Expense Insurance Revenue Interest Expense Interest Payable Interest Receivable Interest Revenue Land Mortgage Payable No Entry Notes Receivable Office Expense Prepaid Advertising Prepaid Expense Prepaid Insurance Prepaid Rent...

  • 3. Depreciation Expense Accumulated Depreciation - Buildings (To record depreciation on buildings) Depreciation Expense Accumulated Depreciation...

    3. Depreciation Expense Accumulated Depreciation - Buildings (To record depreciation on buildings) Depreciation Expense Accumulated Depreciation - Equipment (To record depreciation on equipment) 4. Unearned Revenue Rent Revenue (Adjusting entry for rent revenue received for September) (Adjusting entry for unearned rent revenue earned during August) 5. 6. 7. Prepare an adjusted trial balance as at August 31. Monty Corp. Adjusted Trial Balance Debit Credit $ $ Monty Corp. Trial Balance August 31, 2020 Credit Debit $6,900 3,000 1,950 19,500 148,000...

  • Here are the accounts available: Accounts Payable Accounts Receivable Accumulated Depreciation - Buildings Accumulated Depreciation -...

    Here are the accounts available: Accounts Payable Accounts Receivable Accumulated Depreciation - Buildings Accumulated Depreciation - Equipment Accumulated Depreciation - Leasehold Improvements Accumulated Depreciation - Machinery Accumulated Depreciation - Vehicles Advertising Expense Asset Retirement Obligation Buildings Cash Common Shares Contributed Surplus Contributed Surplus - Donated Capital Cost of Goods Sold Deferred Revenue - Government Grants Depreciation Expense Donation Revenue Equipment Finance Expense Finance Revenue Gain on Disposal of Building Gain on Disposal of Equipment Gain on Disposal of Machinery Gain...

  • Only part c Accounts Payable Accounts Receivable Accumulated Depreciation-Buildings Accumulated Depreciation Equipment Advertising Expense Buildings Cash...

    Only part c Accounts Payable Accounts Receivable Accumulated Depreciation-Buildings Accumulated Depreciation Equipment Advertising Expense Buildings Cash Casuality Loss from Vandalism Cost of Goods Sold Depreciation Expense Dividend Revenue Equipment Freight-In Freight-Out Income Summary Insurance Expense Interest Expense Interest Payable Interest Revenue Inventory Land Loss on Disposal of Plant Assets Maintenance and Repairs Expense Notes Payable Operating Expenses Owner's Capital Owner's Drawings Prepaid Insurance Property Tax Expense Property Taxes Payable Purchase Discounts Purchase Returns and Allowances Purchases Rent Expense Salaries and...

  • Cash Supplies Prepaid Insurance Land Building Accumulated Depreciation-Building Equipment Accumulated Depreciation Equipment Accounts Payable Unearned Rent...

    Cash Supplies Prepaid Insurance Land Building Accumulated Depreciation-Building Equipment Accumulated Depreciation Equipment Accounts Payable Unearned Rent Revenue Salaries and Wages Payable Interest Payable Mortgage Payable Common Stock Rent Revenue 6. Salaries of $710 are accrued and unpaid at May 31. Journalize the adjusting entries on May 31. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when the amount is entered. DC not indent manually.)...

  • Accounts Payable Accounts Receivable Accrued Liabilities Accumulated Depreciation-Building Accumulated Depreciation-Equipment Advances to Employees Allowance for Doubtful...

    Accounts Payable Accounts Receivable Accrued Liabilities Accumulated Depreciation-Building Accumulated Depreciation-Equipment Advances to Employees Allowance for Doubtful Accounts Bonds Payable Bond Sinking Fund Buildings Cash Cash Surrender Value of Life Insurance Common Stock Construction in Process Copyrights Debt Investments Dividends Payable Discount on Bonds Payable Equipment Equity Investments Finished Goods Franchises Goodwill Income Tax Payable Income Tax Receivable Interest Payable Interest Receivable Inventory Investments in Common Stock Investments in Stocks and Bonds Land Notes Payable Notes Receivable Noncontrolling Interest Paid-in Capital...

  • CALOVATO Credit Debit $3,600 2.900 18,750 Prepaid Insurance Supplies Equipment Accumulated Depreciation Equipment Notes Payable Unearned...

    CALOVATO Credit Debit $3,600 2.900 18,750 Prepaid Insurance Supplies Equipment Accumulated Depreciation Equipment Notes Payable Unearned Rent Revenue Rent Revenue Interest Expense Salaries and Wages Expense $ 8,700 25.000 10.800 61,000 0 18.000 An analysis of the accounts shows the following. The equipment depreciates $300 per month 2 One-third of the uneared rent revenue was earned during the quarter 3. Interest totaling $625 is accrued on the notes payable for the quarter 4. Supplies on hand total 5680. Insurance expires...

  • August 31, 2022 Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Accounts Payable Salaries and...

    August 31, 2022 Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Accounts Payable Salaries and Wages Payable Unearned Rent Revenue Common Stock Retained Earnings Dividends Service Revenue Rent Revenue Salaries and Wages Expense Supplies Expense Rent Expense Insurance Expense Depreciation Expense Before Adjustment Dr. Cr. $10,260 8,470 2,500 4,340 15,800 h $3,555 5,780 0 1,830 19,800 5,830 2.910 32,070 13.570 16,670 0 21,485 O 0 $82,435 $82,435 After Adjustment Dr. Cr. $10,260 8,970 660 3,080 15,800 $4,755 5,780 1,280...

  • list of accounts Sandhill Company had the following adjusted trial balance. $3,840 Sandhill Company Adjusted Trial...

    list of accounts Sandhill Company had the following adjusted trial balance. $3,840 Sandhill Company Adjusted Trial Balance For the Month Ended June 30, 2020 Adjusted Trial Balance Account Titles Debit Credit Cash Accounts Receivable 4,070 Supplies 400 Accounts Payable $1,700 Unearned Service Revenue 190 Owner's Capital 3,900 Owner's Drawings Service Revenue 5,920 Salaries and Wages Expense 1,300 Miscellaneous Expense 200 Supplies Expense 1,930 Salaries and Wages Payable 540 $12,250 $12,250 510 Prepare closing entries at June 30, 2020. (Credit account...

  • Accounts Payable Accumulated Depreciation-Building Accumulated Depreciation-Leased Building Accumulated Depreciation-Capital Leases Accumulated Depreciation-Equipment Accumulated Depreciation-Leased Equipment Accumulated...

    Accounts Payable Accumulated Depreciation-Building Accumulated Depreciation-Leased Building Accumulated Depreciation-Capital Leases Accumulated Depreciation-Equipment Accumulated Depreciation-Leased Equipment Accumulated Depreciation-Leased Machinery Accumulated Depreciation-Machinery Advertising Expense Amortization Expense Airplanes Buildings Cash Cost of Goods Sold Deferred Gross Profit Deposit Liability Depreciation Expense Equipment Executory Costs Executory Costs Payable Gain on Disposal of Equipment Gain on Disposal of Plant Assets Gain on Lease Insurance Expense Interest Expense Interest Payable Interest Receivable Interest Revenue Inventory Land Leased Asset Leased Buildings Leased Equipment Lease Expense Leased Land...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT