College Accounting (Book Only): A Career Approach
13th Edition
ISBN: 9781337280570
Author: Scott, Cathy J.
Publisher: South-Western College Pub
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Textbook Question
Chapter 4, Problem 2PB
The
Data for the adjustments are as follows:
- a. Expired or used-up insurance, $425.
- b.
Depreciation expense on equipment, $2,750. - c. Wages accrued or earned since the last payday, $475 (owed and to be paid on the next payday).
- d. Supplies remaining at end of month, $215.
Required
- 1. Complete a work sheet. (Skip this step if using GL.)
- 2. Journalize the
adjusting entries .
*If you are using CLGL, use the year 2020 when recording transactions.
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Students have asked these similar questions
A partial work sheet for Marge's Place is shown below.
Prepare the following adjustments on this work sheet for the month ended June 30, 20--.
Expired or used-up insurance, $450.
Depreciation expense on equipment, $750 (Remember to credit the Accumulated Depreciation account for equipment, not Equipment).
Wages accrued or earned since the last payday, $380 (owed and to be paid on the next payday).
Supplies used, $110.
If no amount is required, enter 0.
Marge's Place
Work Sheet
For Month Ended June 30, 20--
TRIAL BALANCE
ADJUSTMENTS
ACCOUNT NAME
DEBIT
CREDIT
DEBIT
CREDIT
1
Cash
4,370
fill in the blank 1
fill in the blank 2
1
2
Supplies
250
fill in the blank 3
fill in the blank 4
2
3
Prepaid Insurance
1,800
fill in the blank 5
fill in the blank 6
3
4
Equipment
4,880
fill in the blank 7
fill in the blank 8
4
5
Accumulated Depreciation, Equipment
1,350
fill in the blank 9
fill in the blank 10
5
6
Accounts Payable…
Record journal entries for the following transactions.
a. On December 1, $14,000 was received for a service contract to be performed from December 1 through April 30. If an amount box does not require an entry, leave it blank.
Dec. 1 Accounts Receivable
14,000
Fees Earned
14,000
b. Assuming the work is performed evenly throughout the contract period, prepare the adjusting journal entry on December 31. If an amount box does not reguire an entry, leave it blank.
Dec. 31
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Next
Assume the following data for Casper Company before its year-end adjustments:
Journalize the adjusting entries for the following:a. Estimated customer allowancesb. Estimated customer returns
Chapter 4 Solutions
College Accounting (Book Only): A Career Approach
Ch. 4 - The __________ represents the sequence of steps in...Ch. 4 - The __________ is a working paper used by...Ch. 4 - On the work sheet, assets are recorded in which of...Ch. 4 - Rainy Day Services had 430 of supplies reported on...Ch. 4 - On the work sheet, Accumulated Depreciation,...Ch. 4 - The __________ requires that expenses be matched...Ch. 4 - Accumulated Depreciation, Equipment is reported a....Ch. 4 - What is the purpose of a work sheet?Ch. 4 - What is the purpose of adjusting entries?Ch. 4 - Prob. 3DQ
Ch. 4 - Prob. 4DQCh. 4 - Prob. 5DQCh. 4 - Define depreciation as it relates to a van you...Ch. 4 - Prob. 7DQCh. 4 - Why is it necessary to journalize and post...Ch. 4 - 1. List the following classifications of accounts...Ch. 4 - Classify each of the accounts listed below as...Ch. 4 - Place a check mark next to any account(s)...Ch. 4 - A partial work sheet for Marges Place is shown...Ch. 4 - Complete the work sheet for Ramey Company, dated...Ch. 4 - Journalize the adjusting entries from the partial...Ch. 4 - Journalize the adjusting entries from the partial...Ch. 4 - Journalize the following adjusting entries that...Ch. 4 - Determine on which financial statement each...Ch. 4 - Prob. 1PACh. 4 - The trial balance of Clayton Cleaners for the...Ch. 4 - The trial balance for Game Time on July 31 is as...Ch. 4 - The trial balance for Benner Hair Salon on March...Ch. 4 - The trial balance for Masons Insurance Agency as...Ch. 4 - The trial balance of The New Decors for the month...Ch. 4 - The trial balance for Harris Pitch and Putt on...Ch. 4 - The trial balance for Wilson Financial Services on...Ch. 4 - Prob. 1ACh. 4 - You are the bookkeeper for a small but thriving...Ch. 4 - Prob. 3ACh. 4 - Your client is preparing financial statements to...Ch. 4 - Prob. 1CP
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