Journalize and post the adjusted entries

Assignment Help Accounting Basics
Reference no: EM132826335

The following are year end (Dec 31, 2018) results adjustments for XYZ consulting

Cash 10,000

Accounts Receivable 28,000

Supplies 400

Prepaid Insurance 2,000

Equipment 25,000

Accumulated Depreciation - Equipment 8,000

Accounts Payable 10,200

Wages Payable

Capital 42,400

Withdrawal 2,400

Service Revenue 38,000

Wages Expense 14,000

Utilities Expense 5,800

Insurance Expense

Depreciation Expense

Supplies Expense

Rent Expense 11,000

Adjustments

A) Supplies on hand at December 31, $50

B) The equipment costing 25,000 had an estimated useful life of 5 years with a residual value of 5,000

C) Insurance expired 600

D) Wages earned by employees not yet paid amounted to 1,300

Problem 1: Journalize and Post the Adjusted Entries

Reference no: EM132826335

Questions Cloud

Why is a client with osteoporosis to fracture : Why is a client with osteoporosis to fracture and what are the none surgical treatment options for carpal tunnel syndrome
What is the current value per share according to the analyst : Windsor Inc, The required return is 12 percent (effective annual return, EAR). What is the current value per share according to the analyst?
Describe what you see as an area of strength : Describe what you see as an area of strength and an area of improvement. Determine what characteristics you value the most. [Unit Learning Outcome 2.1]
How many months will the money last : Gustav inherited $1 million dollars, but he cannot access the funds until he turns 21, If the rate of return is 5%, how many months will the money last?
Journalize and post the adjusted entries : Journalize and Post the Adjusted Entries. The equipment costing 25,000 had an estimated useful life of 5 years with a residual value of 5,000
Identify two possible quantifiable benefits : Identify two possible quantifiable benefits and two possible intangible benefits that could flow to an organization that has installed an ERP system secondly
Determine the net realizable value of accounts receivable : Accounts receivable written off as worthless 55,000. Determine the net realizable value of accounts receivable at year-end
Find the journal entry to establish the petty cash fund : Find the journal entry to establish the petty cash fund includes. On July 1, 2021, Cromartie Furniture established a $150 petty cash fund.
Why do you want to become a nurse : Why do you want to become a nurse? What have you done in the past that changed the lives of others? What adjustments will you do to your current routine tha.

Reviews

Write a Review

Accounting Basics Questions & Answers

  What figure in respect of goodwill shoudl now be carried

Under IFRS 3, Business Combination, what figure in respect of goodwill shoudl now be carried in Lamp's consolidated statement of financial position

  Prepare a new income statement for the year using variable

topple company produces a single product. operating data for the company and its absorption costing income statement

  Bronco corporation exchanged land for equipment the land

bronco corporation exchanged land for equipment. the land had a book value of 120000 and a fair value of 150000. bronco

  The recoverable amount of the equipment at december 31 2015

presented below is information related to equipment owned by pujols company at december 31 2014.cost residual value

  You also discover the following errors involving july

videosoft company maintains a checking account at the intelex bank. at july 31 selected data from the general ledger

  Which cost flow method should prospector gems select

Demonstrate how Prospector could maximize its gross profit for the month by specifically selecting which diamonds to sell on March 5 and March 25.

  Calculate the total product cost for noteworthy

Calculate the total product cost for Noteworthy - Noteworthy, Inc., produces and sells small electronic keyboards

  During the year 2010 the inventory of ds gift shop

during the year 2010 the inventory of ds gift shop decreased by 50000. if the income statement for the year 2010

  Explain whether you believe the information in requirement

one of the partners of the cpa firm you work for has engaged a new audit client pinnacle manufacturing for the year

  Merchandise was delivered fob shipping point

Purchases inventory costing $5,600 on account from Smoot Company under terms 2/10, n/30. The merchandise was delivered FOB shipping point. Freight costs of $500 were paid in cash.

  What is the return on equity for reliable cars

What is the return on equity for Reliable Cars? Reliable Cars has sales of $807,200, total assets of $1,105,100, and a profit margin of 5.68 percent.

  Calculate the balance at december

Calculate the balance at December 31, 2017 in each of the following balance sheet accounts. Disregard the related accumulated depreciation accounts

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd