Reference no: EM132494236
Question -
A-B. Merchandise Inventory, before adjustment, has a balance of $8,300. The newly counted inventory balance is $8,800.
C. Unearned Seminar Fees has a balance of $6,800, representing prepayment by customers for five seminars to be conducted in June, July, and August 2019. Two seminars had been conducted by June 30, 2019.
D. Prepaid Insurance has a balance of $16,800 for six months' insurance paid in advance on May 1, 2019.
E. Store equipment costing $11,380 was purchased on March 31, 2019. It has a salvage value of $580 and a useful life of four years.
F. Employees have earned $330 that has not been paid at June 30, 2019.
H. The employer owes the following taxes on wages not paid at June 30, 2019: SUTA, $9.90; FUTA, $1.98; Medicare, $4.79; and social security, $20.46.
I. Management estimates uncollectible accounts expense at 1 percent of sales. This year's sales were $2,800,000.
J. Prepaid Rent has a balance of $7,800 for six months' rent paid in advance on March 1, 2019.
K. The Supplies account in the general ledger has a balance of $480. A count of supplies on hand at June 30, 2019, indicated $190 of supplies remain.
L. The company borrowed $8,200 from First Bank on June 1, 2019, and issued a four-month note. The note bears interest at 6 percent.
Required - Based on the information above, record the adjusting journal entries that must be made for Sufen Consulting on June 30, 2019. The company has a June 30 fiscal year-end.
Analyze - After all adjusting entries have been journalized and posted, what is the balance of the Prepaid Rent account?
|
How much loss on purchase commitment will Slam recognize
: On July 10, 2018, Slam Corporation signed a commitment to purchase inventory for $300,000. How much loss on purchase commitment will Slam recognize
|
|
What are the causes of corporate financial scandals
: What are the causes of corporate financial scandals? What kinds of things should owners and directors do to protect all stakeholders
|
|
How long do have to wait before first payment
: How long (in years, round to two decimal places) do you have to wait before your first payment? The bank offers you an investment plan
|
|
What is the Belgrades bad debt expense
: Allowance for uncollectible accounts, Jan. 1, 2016: 8,000 credit and Credit sales during 2016: 1,000,000. What is the Belgrade's bad debt expense for 2016
|
|
Record the adjusting journal entries
: Record the adjusting journal entries that must be made for Sufen Consulting on June 30, 2019. The company has a June 30 fiscal year-end
|
|
Record the transactions for the month of April
: Record the following transactions for the month of April, 2019 in the cash receipts journal. Total, prove, and rule the cash receipts journal as of April 30
|
|
Prepare the two adjusting entries required on December
: Prepare the two adjusting entries required on December 31 to record the accrued interest expense and the accrued consulting revenue earned
|
|
Complete the amortization schedule
: How do complete the amortization schedule for 4/1/21 and 10/1/21, using the effective-interest method? What would the adjusting entry for 12/31/21 be
|
|
Record depreciation using life on the equipment
: Sept. 25 Bills patients $2,070 for services performed. Record depreciation using a 5-year life on the equipment, the straight-line method, and no salvage value
|