Required information [The following information applies to the questions displayed below.] a. Wages of $13,000 are earned by workers but not paid as of December 31. b. Depreciation on the company's equipment for the year is $10,120. c. The Supplies account had a $350 debit balance at the beginning of the year. During the year, $5,579 of supplies are purchased. A physical count of supplies at December 31 shows $608 of supplies available. d. The Prepaid Insurance account had a $5,000 balance at the beginning of the year. An analysis of insurance policies shows that $3,100 of unexpired insurance benefits remain at December 31. e. The company has earned (but not recorded) $500 of interest revenue for the year ended December 31. The interest payment will be received 10 days after the year-end on January 10. f. The company has a bank loan and has incurred (but not recorded) interest expense of $4,500 for the year ended December 31. The company will pay the interest five days after the year-end on January 5. each of the above separate cases, prepare adjusting entries required of financial statements for the year ended December 31. < View transaction list Journal entry worksheet 1 2 3 4 5 6

Required information [The following information applies to the questions displayed below.] a. Wages of $13,000 are earned by workers but not paid as of December 31. b. Depreciation on the company's equipment for the year is $10,120. c. The Supplies account had a $350 debit balance at the beginning of the year. During the year, $5,579 of supplies are purchased. A physical count of supplies at December 31 shows $608 of supplies available. d. The Prepaid Insurance account had a $5,000 balance at the beginning of the year. An analysis of insurance policies shows that $3,100 of unexpired insurance benefits remain at December 31. e. The company has earned (but not recorded) $500 of interest revenue for the year ended December 31. The interest payment will be received 10 days after the year-end on January 10. f. The company has a bank loan and has incurred (but not recorded) interest expense of $4,500 for the year ended December 31. The company will pay the interest five days after the year-end on January 5. each of the above separate cases, prepare adjusting entries required of financial statements for the year ended December 31. < View transaction list Journal entry worksheet 1 2 3 4 5 6

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter14: Accounting For Uncollectible Accounts Receivable

Section14.2: Writing Off And Collecting Uncollectible Accounts Receivable

Problem 1OYO

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On January 1, 2021, the general ledger of Big Blast Fireworks includes the following account balances: Accounts Debit Credit Cash $ 23,700 Accounts Receivable Allowance for Uncollectible Accounts 41,000 $ 4,900 39,000 Inventory Land 75,100 Accounts Payable Notes Payable (8%, due in 3 years) Common Stock Retained Earnings 27,900 39,000 65,000 42,000 Totals $178,800 $178,800 The $39,000 beginning balance of inventory consists of 390 units, each costing $100. During January 2021, Big Blast Fireworks had the following inventory transactions: 3 Purchase 1,800 units for $192, 600 on account ($107 each). 8 Purchase 1,900 units for $212,800 on account ($112 each). January January January 12 Purchase 2, 000 units for $234,000 on account ($117 each). January 15 Return 145 of the units purchased on January 12 because of defects. January 19 Sell 5,800 units on account for $870,000. The cost of the units sold is determined using a FIFO perpetu inventory system. January 22 Receive $841,000 from…
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On January 1, 2024, Rick's Pawn Shop leased a truck from Corey Motors for a six-year period with an option to extend the lease for three years. • Rick's had no significant economic incentive as of the beginning of the lease to exercise the three-year extension option. Annual lease payments are $12,000 due on December 31 of each year, calculated by the lessor using a 7% discount rate. . The expected useful life of the asset is nine years, and its fair value is $90,000. . Assume that at the beginning of the third year, January 1, 2026, Rick's had made significant improvements to the truck whose cost could be recovered only if it exercises the extension option, creating an expectation that extension of the lease was "reasonably certain." The relevant interest rate at that time was 8%. Note: Use tables, Excel, or a financial calculator. (FV of $1. PV of $1. FVA of $1. PVA of $1. EVAD of $1 and PVAD of $1) Required: 1. Prepare the journal entry, if any, on January 1 and on December 31 of…
[The following information applies to the questions displayed below.] On January 1, Year 1, the general ledger of a company includes the following account balances: Debit Credit Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts $ 25,600 47,200 $ 4,700 Inventory Land 20,500 51,000 17,500 Equipment Accumulated Depreciation Accounts Payable Notes Payable (6%, due April 1, Year 2) Common Stock 2,000 29,000 55,000 40,000 31,100 $161,800 Retained Earnings Totals $161,800 During January Year 1, the following transactions occur: 2 Sold gift cards totaling $9,000. The cards are redeemable for merchandise within one year of the purchase date. 6 Purchase additional inventory on account, $152,000. January January January 15 The comapany sales for the first half the onth total $140,000. All of these sales are on account. The cost of the units sold is $76,300. January 23 Receive $125,900 from customers on accounts receivable. January 25 Pay $95,000 to inventory suppliers on…
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ll Register, Employee Earnings Record, a... Required information [The following information applies to the questions displayed below.] Alanis Morgan owns White Mountain Assessments in Laconia, New Hampshire. The standard workweek is 40 hours. Use the wage bracket method in the federal tax table from Appendix C. No employee has exceeded the Social Security tax wage base. All employees submitted a 2021 Form W-4, and no box was checked in Step 2. (Round your intermediate calculations and final answers to 2 decimal places.) View transaction list Saved lournal entry worksheet Required: Using the employee payroll entry from Problem 7-3A, complete the General Journal entry for the issuance of the pay for the September 10 payroll end date. The date of the checks is September 15, 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Help 3 P O Save &
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