Prepare necessary adjustments using financial statement

Reference no: EM132726313

Question - For each of the following separate situations, prepare the necessary adjustments (a) using the financial statement effects template, and (b) in journal entry form.

1. Unrecorded depreciation on equipment is $610.

2. On the date for preparing financial statements, an estimated utilities expense of $390 has been incurred, but no utility bill has yet been received or paid.

3. On the first day of the current period, rent for four periods was paid and recorded as a $2,800 debit to Prepaid Rent and a $2,800 credit to Cash.

4. Nine months ago, the Hartford Financial Services Group sold a one-year policy to a customer and recorded the receipt of the premium by debiting Cash for $624 and crediting Contract Liabilities for $624. No adjusting entries have been prepared during the nine-month period. Hartford's annual financial statements are now being prepared.

5. At the end of the period, employee wages of $965 have been incurred but not yet paid or recorded.

6. At the end of the period, $300 of interest income has been earned but not yet received or recorded.

Reference no: EM132726313

Questions Cloud

What the lottery winning is : Tacurong, a resident citizen, won $1,000,000 from the US lottery. The lottery winning is? How much shall Tiong Sang withhold from the grand prize?

Compute how much final tax should withheld from the prize : Compute How much final tax should be withheld from the prize? Ms. Matti won a gold medal and P50, 000 cash prize for chess competition in the Palarong Pambansa.

What is the potential role of the accountant : Would a shift toward real-time financial statements make the financial information more useful or less useful? What is the potential role of the accountant

Determine total final tax that should have been withheld : Mr. Rems Orayt participated in two different events on January 4, 2020. Compute the total final tax that should have been withheld from the above prizes.

Prepare necessary adjustments using financial statement : Prepare the necessary adjustments (a) using the financial statement effects template, and (b) in journal entry form

Determine how much final tax will withheld by wise ventures : Determine How much final tax will be withheld by Wise Ventures? Teddy is a venturer sharing 50% in the profits of Wise Ventures

Determine total final tax to be withheld by the partnership : Determine the total final tax to be withheld by the partnership on Gina's profit sharing. Ms. Gina owns 40% of the capital and profits of Cebu Ventures

What is the maximum CCA deduction : The lease contract is for 5 years with an option to renew the lease for two additional 3-year terms. What is the maximum CCA deduction

Journalize entries to record the transactions of niles co : Journalize the entries to record the transactions of Niles Co. for March using the periodic inventory system. If an amount box does not require an entry

User Account

All Pages