• Accounting 1-4 Chapter
    following 18. On January 9 a company pays $6,200 for salaries, of which $1,100 was reported as Salaries and Wages Payable on December 31. Give the entry to record the payment. 19. For each of the following items before adjustment, indicate the type of adjusting entry—prepaid expense, unearned...
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  • Account Chap 3
    $18,100. a. Journalize the adjusting entry required as of December 31. b. If the adjusting entry in (a) were omitted, which items would be erroneously stated on (1) the income statement for the year and (2) the balance sheet as of December 31? The unadjusted and adjusted trial balances for Tomahawk...
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  • Aaaaaaaaaa
    the adjusting entries (1) to (5). (b) Prepare for Tiffany Company, (i) the income statement for the year ended 31 December 2011. (ii) the statement of owner’s equity for the year ended 31 December 2011. (iii) the balance sheet as at 31 December 2011. Hints: Gross profit = $202,340 Net...
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  • Accounting Cliff
    are needed to ensure that information for the income statement and the balance sheet will be as accurate as possible. Generally, an operating period is one year. A calendar year begins on January 1 and ends on December 31 of the same year. In addition to annual periods, many organizations operate on...
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  • Mr. Michel
    year-end adjustments are as follows: 1. Supplies on hand at December 31 $1,275 3. Insurance expired during the year $2,400 5. The balance of the unearned fees at December 31 is $1,250 . Required Journalize the adjusting entries required General Journal | Date | Account Title...
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  • Geoogy
    , starting immediately, at a rate of $100 per month, or $2,400 in total. The full $2,400 was paid on this date. Required: Record the original transaction on 7/1 and the appropriate adjusting entries in 2012, 2013, and 2014 from the point of view of Tenant and Landlord. Solution: Chapter Three...
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  • Accounting Competency Exam Sample Exam
    accounts. c and d 20. A truck was purchased on July 1 for $20,000. The estimated salvage value is $2,000. The estimated useful life is 3 years. Using straight-line method of depreciation, the amount of depreciation in the adjusting entry at fiscal year-end on December 31 is: a. b. c. d...
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  • Tires
    on July 1 amounted to $4,000. Based on this information, (a) what adjusting journal entries should have been made at December 31, and (b) what is the correct net income? Exercise 4–9 Prepare adjusting and closing entries (L.O. 4) Exercise 4–10 Post to Income Summary account from Income...
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  • Communicating at Work
    $5,000 for salaries, of which $2,000 was reported as Salaries Payable on December 31. Give the entry to record the payment. For each of the following items before adjustment, indicate the type of adjusting entry (prepaid expense, unearned revenue, accrued revenue, and accrued expense) that is needed...
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  • finance and accounts
    complicated explanations from the accounts. c and d A truck was purchased on July 1 for $20,000. The estimated salvage value is $2,000. The estimated useful life is 3 years. Using straight-line method of depreciation, the amount of depreciation in the adjusting entry at fiscal year-end on December 31...
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  • Student Guided Essay
    closing entries. Remember to post after each general journal entry. Refer to the income statement and balance sheet to prepare Kobe Repairs closing entries. Required: 1. 2. 3. Journalize and post the December 31, 2011 closing entries. Print the general journal. Print the postclosing trial balance...
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  • Financial Accounting
    insurance coverage. Since the policy provides the same services for every month of its one-year life, we assign an equal amount (USD 200) of cost to each month. Thus, MicroTrain charges 1/12 of the annual premium to Insurance Expense on 2010 December 31. The adjusting journal entry is: 2010 Dec. 31...
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  • accounting
    EXERCISE 3-10 KWUN COMPANY Retained Earnings Statement For the Year Ended December 31, 2014 (in thousands) Retained earnings, January 1 W 7,240 Add: Net income 13,200  20,440 Less: Dividends 6,000 Retained earnings, December 31 W14,440 *BRIEF EXERCISE 3-11 (a) Apr...
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  • Brant Animal Case
    presentation and disclosure review (for PEs and NPOs) Brant Animal Hospital Professional Corporation Year End: December-31-12 Adjusting Journal Entries Date: 01/01/2012 To 31/12/2012 Number 1 1 Date Name 31/12/2012 Investment income 31/12/2012 Gains and losses on AFS investments...
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  • solution of intermediate accounting
    ............................................................. Cash ...................................................................... 6,000 6,000 Adjusting entry on December 31: Prepaid rent ($6,000 x 1/3) ............................................ Rent expense.......................................................... 2,000 6...
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  • Waterways
    first day and 3 each of the other days). Both of these special orders were completed on December 15, producing 237 sprinkler heads for J57 and 142 sprinkler heads for K52. Additional job order activities during this period of time included: Dec. 1 Purchased raw materials from Durbin Supply Company on...
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  • Amman
    December 31. For Crowe Co. journalize the entry on July 1 and the adjusting entry on December 31. BE3-4 Using the data in BE3-3, journalize the entry on July 1 and the adjusting entry on December 31 for Zubin Insurance Co. Zubin uses the accounts Unearned Insurance Revenue and Insurance Revenue. BE3-5...
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  • Principles of Accounting Exercise 3
    ……………………………………………… 112 745 (391) (308) 158 3. Suppose The Home Depot, Inc. faced the following situations. Journalize the adjusting entry needed at December 31 for each situation. Consider each fact separately. a. The business will pay interest expense of 9,000 CHF early in the next period. Of this amount, two...
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  • Managerial Accounting 6th Edition Kieso Kimmel Weygandt
    12/31 $ (b) 40,000 80,000 (h) Cost of Goods Manufactured $360,000 470,000 (f) 270,000 (LO 6), AN Exercises Instructions (a) Indicate the missing amount for each letter. (b) Prepare a condensed cost of goods manufactured schedule for situation (1) for the year ended December 31, 2014. E1-12...
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  • Accounting Project
    .) 31. Issued a debit memo for $200 of the purchase returned from December 28. Instructions: 1. Enter the balances of each of the accounts in the appropriate balance column of the General Ledger (B-S and I-S Ledger). Write Balance in the item section, and place a (x) in the Post...
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