give me reverse entries please Hawk Company used the following information to prepare adjusting entries at its December 31 year-end.a. The company earned $6,000 in service revenues that were not yet recorded at year-end.b. The expired portion of prepaid insurance was $5,250.c. The company earned $2,100 of its Unearned Revenue account balance.d. Depreciation expense for office equipment was $2,600.e. Employees earned, but have not been pald, salaries of $2,700.Prepare any necessary reversing entries for accounting adjustments a through e assuming that the company uses reversing entries. (Ifa transaction does not require a reversing entry, then choose 'Reversing entry not required'.)

Adjusting journal entry: At year-end when the company finalizes its accounts then any unrecognized…

Answered: Hawk Company used the following…

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter22: End-of-fiscal-period Work For A Corporation

Section: Chapter Questions

Problem 1MP

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The ledger of Pina Colada Corp. at the end of the current year shows Accounts Receivable $108,000; Sales Revenue $832,000; and Sales Returns and Allowances $18,100. If Pina Colada uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at (a) December 31, assuming Pina Colada determines that L. Dole's $1,000 balance is uncollectible. If Allowance for Doubtful Accounts has a credit balance of $2,000 in the trial balance, journalize the adjusting entry at (b) December 31, assuming bad debts are expected to be 11% of accounts receivable. If Allowance for Doubtful Accounts has a debit balance of $199 in the trial balance, journalize the adjusting entry (c) December 31, assuming bad debts are expected to be 8% of accounts receivable.
The balance in the unearned rent account for Jones Co. as of December 31 is $1,200. If Jones Co. failed to record the adjusting entry for $600 of rent earned during December, the effect on the balance sheet and income statement for December would be: A. Assets understated by $600; net income overstated by $600. B. Liabilities understated by $600; net income understated by $600. C. Liabilities overstated by $600; net income understated by $600. D. Liabilities overstated by $600; net income overstated by $600.
The ledger of Pina Colada Corp. at the end of the current year shows Accounts Receivable $108,000; Sales Revenue $832,000; and Sales Returns and Allowances $18,100. (a) If Pina Colada uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Pina Colada determines that L. Dole’s $1,000 balance is uncollectible. (b) If Allowance for Doubtful Accounts has a credit balance of $2,000 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be 11% of accounts receivable. (c) If Allowance for Doubtful Accounts has a debit balance of $199 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be 8% of accounts receivable. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit (a) enter an account title…
The following information is available for Drake Company, which adjusts and closes its accounts every December 31: 1. Salaries accrued but unpaid total $2,840 on December 31. 2. The $247 December utility bill arrived on December 31 and has not been paid or recorded. 3. Buildings with a cost of $78,000, 25-year life, and $9,000 residual value are to be depreciated; equipment with a cost of $44,000, 8-year life, and $2,000 residual value is also to be depreciated. The straight-line method is to be used. 4. A count of supplies indicates that the Store Supplies account should be reduced by $128 and the Office Supplies account reduced by $397 for supplies used during the year. 5. The company holds a $6,000, 12% (annual rate), 6-month note receivable dated September 30, from a customer. The interest is to be collected on the maturity date. 6. Bad debts expense is estimated to be 1% of annual sales. Sales total $65,000. 7. An analysis of the company insurance policies…
Cedar Valley is a national restoration contractor licensed in roofing, siding, gutters and windows. Cedar Valley's balance of Allowance for Uncollectible Accounts is $2,300 (debit before adjustment at the end of the year. The company estimates future uncollectible accounts to be $11,500. What is the adjustment Cedar Valley would record for Allowance for Uncollectible Accounts? (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 Record the adjusting entry for Allowance for Uncollectible Accounts. Note: Enter debits before credits. Transaction General Jounal Debit Credit Record entry Clear entry View general journal
A company determines supplies expense for each year by keeping a record of all supplies purchased during the year, and counting the amount of supplies on hand at the end of the year to determine the amount of supplies used during the year. On December 31, Year 1, the employee in charge of counting the supplies accidentally double‐counted $400 worth of supplies. Based on this error, what will be wrong with the reported amount of “Supplies” asset on the December 31, Year 1 balance sheet? What will be wrong with the “Supplies Expense” amount shown on the income statement for the year ended December 31, Year 1? For both of these numbers, tell me whether the number will be overstated or understated, and by how much.
Pomona inc. uses the aging method in accounting for uncollectible accounts. On March 31, the company wrote off an uncollectible account of $2,600. What effect does the write-off have on the company's financial statements?
1. Present entries to record the following for a business that uses the Allowance Method:a) Record the adjusting entry at 12/31/19, the end of the fiscal year to provide for doubtful accounts. The accounts receivable account has a balance of $100,000 and the contra asset account, before adjustment has a debit balance of $700. Analysis of receivables indicates doubtful accounts of $4,500b) In March of the following fiscal year $610 owed by the Filthy Disgusting Yankees Inc was written off.c) Six months later the $610 is reinstated and payment of that amount received2. What is the estimated realizable value of the accounts receivable as reported on the Balance Sheet prepared as of 12/31/193. Assuming that the business had been following the direct write off method for accounting for uncollectibles, present the entry to record the write-off in (1b)4. Record the entry for the reinstatement of the account written off in (3) under the direct write-off method
Unadjusted account balances at December 31, 2019, for Rapisarda Company are as follows: The following data are not yet recorded:a. Depreciation on the equipment is $18,350.b. Unrecorded wages owed at December 31, 2019: $4,680.c. Prepaid rent at December 31, 2019: $9,240.d. Income taxes expense: $5,463.Required:Prepare a completed worksheet for Rapisarda Company.
At the end of the year, a company has a balance in Allowance for Uncollectible Accounts of $2,600 (debit) before any year-end adjustment. The balance of Accounts Receivable is $176,000. The company estimates that 6% of accounts receivable will not be collected over the next year. Record the adjustment for uncollectible accounts. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
At December 31, before adjusting and closing the accounts had occurred, the Allowance for Doubtful Accounts of Seaboard Corporation showed a debit balance of $3,200. An aging of the accounts receivable indicated the amount probably uncollectible to be $2,100. Under these circumstances, a year-end adjusting entry for uncollectible accounts expense would include a: A. Debit to Uncollectible Accounts Expense of $5,300. B. Debit to the Allowance for Doubtful Accounts for $1,100. C. Debit to Uncollectible Accounts Expense of $2,100. D. Credit to the Allowance for Doubtful Accounts for $1,100.
company’s accounting records provide the following information concerning certain account balances and changes in the account balances during the current year. Transaction information is missing from each of the below. Prepare the journal entry to record the information for each account. b. Allowance for Doubtful Accounts: Jan. 1 balance, $1,500; Dec. 31 balance, $2,200; adjusting entry increasing allowance on Dec. 31, $4,800. Record write-off uncollectible accounts receivable. c. Inventory of office supplies: Jan. 1 balance, $1,500; Dec. 31 balance, $1,350; office supplies expense for the year, $9,500. Record purchase of office supplies. d. Equipment: Jan. 1 balance, $20,500; Dec. 31 balance, $18,000; equipment costing $8,000 was sold during the year. Record purchase of equipment. e. Accounts Payable: Jan. 1 balance $9,000; Dec. 31 balance, $11,500; purchases on - account for the year, $48,000. Record cash payments. Please dont provide solution in image thnx

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