Determine the adjusting entries that the company made

Assignment Help Financial Accounting

Reference no: EM131201199

Adjusting Entries At the end of 2007 the Ritter Company prepared a trial balance, recorded and posted its adjusting entries, and then prepared an adjusted trial balance. Selected accounts and account balances from the trial balance and adjusted trial balance are as follows:

	Partial Trial Balance		Partial Adjusted Trial Balance
	Debit Credit		Debit Credit
Depreciation expense	$ 0		$3,960
Interest payable (due May 14, 2009)	$ 0		$ 810
Bad debts expense	0		410
Utilities expense	1,480		1,682
Rental revenue		1,650		2,635
Income tax expense	0		2,740
Prepaid insurance	1,742		1,380
Office salaries payable		0		540
Rent expense	0		800
Accumulated depreciation		14,820		18,780
Interest receivable (due March 1, 2008)	0		320
Prepaid rent	1,600		800
Office salaries expense	5,600		6,140
Income taxes payable		0		2,740
Insurance expense	300		662
Allowance for doubtful accounts		130		540
Interest expense	0		810
Unearned rent		600		0
Utilities payable		0		202
Interest revenue		620		940

Partial Partial Adjusted Trial Balance Trial Balance

	Debit	Credit	Debit	Credit
Sales salaries expense	7,300		7,850
Office supplies	1,150		700
Rent receivable	0		385
Advances to salespersons	770		220
Office supplies expense	0		450

Required

1. By comparing the partial trial balance to the partial adjusted trial balance, determine the adjusting entries that the company made on December 31, 2007. Prepare your answers in general journal form.

2. Assuming that the company uses reversing entries, indicate which adjusting entries should be reversed.

Reference no: EM131201199

Questions Cloud

Do you agree with malcom gladwells argument : Do you agree with Malcom Gladwell's argument that entrepreneurs are predators? In his article, he points to two billionaires: media mogul Ted Turner and hedge fund superstar John Paulson.

Problem regarding the economic climate of the us : Economic Research and Paper based on outside from newspapers, magazines, and other relevant sources. These papers will and examine any or political situations/ events that will affect the economic climate of the US / or the world. You will report ..

What should you do when leaving a voicemail for someone else : What should you do when leaving a voicemail for someone else? What should you do if you know you'll need to leave the telephone for more than 30 seconds to find information for a caller?

Can the memory access data fast enough : Consider a lower-performance version of the Sobel accelerator, dealing with video frames of 320 × 240 8-bit pixels at a rate of 15 frames per second. Repeat the analysis of Example 9.6 to determine a suitable approach to memory accesses for this v..

Determine the adjusting entries that the company made : Determine the adjusting entries that the company made on December 31, 2007.- Prepare your answers in general journal form.

Determine the indirect labor cost per unit : Determine the indirect labor cost per unit allocated to cell phones and tablet PCs under a single plantwide factory overhead rate system using the direct labor hours as the allocation base.

Writes the counter value to output controller registers : When the value changes from 0 to a nonzero value, the program increments a 16-bit counter and writes the counter value to output controller registers 12 (least significant byte) and 13 (most significant byte). The program should not terminate.

Why else would he do it if he did not get pleasure from it : Either the government imposes price controls on the cost of prescription drugs, or the pharmaceutical companies will continue to reap huge profits. Therefore, price controls must be imposed, because we cannot tolerate these huge profits any longer..

Describe closed and open economy goods market : Describe closed and open economy goods market. Determine which account of the Balance-of-Payments is affected by each of the following transactions and the impact on the market for foreign exchange

User Account

All Pages