No journal entry required in the first account field

Assignment Help Financial Accounting

Reference no: EM13748056

John stone Controls had the following situations on December 2016. 1) On March 312016, the company lent $37,000 to another company. A note was signed with principal and interest at 6% payable on March 31, 2017. 2. On September 30, 2016, the company paid its landlord $16,400 representing rent for the period September 30, 2016, to September 30, 2017. 3. Supplies on hand at the end of 2015 totaled $3,290. Additional supplies costing $5,890 were purchased during 2016 and debited to the supplies account. At the end of 2016, supplies costing $3,790 remain on hand. 4. Vacation pay of $16,450 for the year that had been earned by employees was not paid or recorded. The company records vacation pay as salaries and wages expense.

Prepare the necessary adjusting entries for John stone Controls at the end of its December 31, 2016, fiscal year-end for each of the above situations. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Reference no: EM13748056

Questions Cloud

Assumptions related to stock price fluctuations : The Black-Scholes Options Pricing Model has been criticized based on underlying assumptions related to stock price fluctuations that may not be relevant in today's marketplace where there is more volatility in stock prices. Assess the validity of ..

Credit card with an nominal interest rate : Simon recently received a credit card with an 18% nominal interest rate. With the card, he pruchased an Apple Iphone 5 for $372.71. The minimum payment on the card is only $10 per month. If Simon makes the minimum monthly payment and makes no other c..

14 tips for implementing electronic medical records : 14 tips for implementing electronic medical records, You are the CIO of a community hospital in the U.S. Northwest. Your hospital senior management team has reached the decision to implement a complete electronic medical records (EMR) system for th..

Financing-valuation and rating agencies : Suppose you were given an opportunity to own a business of your choosing. First, briefly describe your business; then explain the most efficient way to raise capital to either start or expand your business. Provide support for your response.

No journal entry required in the first account field : John stone Controls had the following situations on December 2016. 1) On March 312016, the company lent $37,000 to another company. A note was signed with principal and interest at 6% payable on March 31, 2017. 2. On September 30, 2016, the company p..

Companys margin of safety in units : A company that makes organic fertilizer has provided the following data : The company's margin of safety in UNITS is closest to ?

What ways religion influence development of medieval europe : "In what ways did religion and economic influence the development of medieval Europe and Japan?"

Determined using a job-order costing system : Madison Company manufactures its only product using a single machine that has the capacity to operate 2,000 machine hours a year. This machine is rented at an annual cost of $100,000 and is the company's only manufacturing overhead cost. Madison's pr..

How should the proximity of relatives influence : How might individuals recognize kin and can you think of ways to test whether a particular modality (call, smell, taste, and so forth) is important in kin recognition?

User Account

All Pages