Indicate the effects that each of the 5 adjusting journal

Assignment Help Accounting Basics

Reference no: EM13485145

Indicate the effects that each of the 5 adjusting journal entries will have upon each of the following six sections of the Sunset Vineyards' financial statements.

a. Sunset Vineyards delivered $60,000 of wine in September to customers who paid in August.

b. During September Sunset Vineyards used $12,000 worth of glass bottles from its inventory of supplies.

c. Sunset Vineyards owes $8,000 in wages to its employees at the end of September. Because Sunset pays employees bi-weekly, these wages will not be paid until the first week in October.

d. Sunset Vineyards shipped $125,000 of wine to its wholesale customers in September. These customers are billed and pay those bills in October.

e. Sunset Vineyards has a balance of pre-paid insurance of $12,000 at the beginning of September. $4,000 of that insurance was used in September.

Use the letters to fill in each empty block on the table:

I for Increase; D for Decrease; NE for No Effect

	Income Statement	Balance Sheet
Transaction	Revenue - Expenses = Net Income	Assets = Liabilities + Owners Equity
a.
b.
c.
d.
e.

Reference no: EM13485145

Questions Cloud

Describe the primary services a bank provides to a firm how : describe the primary services a bank provides to a firm. how is the bank compensated for these

Corporation issues a 1000000 three-year noninterest : corporation issues a 1000000 three-year noninterest bearing note how much cash will it receive if the interest rate is

Describe the organizational forms a company might have as : describe the organizational forms a company might have as it evolves from a start-up to a major corporation. list the

Company borrowed 10000 on a 5 year 9 percent installment : company borrowed 10000 on a 5 year 9 percent installment note with quarterly payments of 626.42. how much of the first

Indicate the effects that each of the 5 adjusting journal : indicate the effects that each of the 5 adjusting journal entries will have upon each of the following six sections of

Determine the equivalent units of production for cereal : assume the inventory in process for february 1 for the packing department included 1200 pounds of cereal in the packing

Determine a cash payments schedule for january through : bombs away video games corporation has forecasted the following monthly salesjanuary 100000 july 45000february 93000

Describe the methods available to a firm for expediting the : describe the methods available to a firm for expediting the collection of

In hope of reducing manufacturing costs slagle purchases : slagle corporation is a large manufacturing organization. over the past several years it has obtained an important

User Account

All Pages