If prepaid insurance has a debit balance of 500 on the balance sheet and the value
The following unadjusted trial balance is for Adams Construction Co. as of the end of its fiscal year 2005. On June 30, 2004 , the credit balance of the owner
January 31, 2010 Debits Credits Supplies $ 700 Prepaid Insurance 1,560 Salaries payable $ 1,200 Unearned service 750 950 Supplies expense Insurance Expense 520 Wages Expense 1800 IRS 2000 If the amount of spending on supplies is the January 31 adjusting entry , and $ 650 of supplies was purchased in January, which was the balance of supplies on January 1 ? If the amount of insurance costs is the January 31 adjusting entry , and the original insurance premium for one year, what was the total premium. If $ 2,500 of wages paid in January, which was the balance of salaries payable at December 31, 2009 ? If $ 1,800 was received in January for services rendered in January , which was the balance of unearned revenue for services to December 31, 2009 ?
On 31 December, the balance in the account Prepaid Insurance was $ 4,500, which is the balance of a twelve-month policy purchased on October 31 this year . To what extent this policy originally cost? A $ 4,500 B $ 4,909 C $ 3,750 D $ 5,400 E $ 6,000
What are the different accounts to go through the balance sheet and what happens below the nominal section . I'm in grade 10
10 column work sheet for fiscal 2005 one . The supplies available at the end of fiscal 2005 at a cost of 3,200. b. The cost of expired insurance for the fiscal year 3900. c. Annual depreciation on equipment is 8,500 d. The June spending 550 utilities not included in the unadjusted trial balance because the bill arrived after the trial balance was prepared . The amount owed must be registered 550 e. Employees of the company have won 1,600 of accrued wages at year end . f. The rent expense incurred and not yet paid or recorded at the end of the year-end is 200 . g. Taxes , plus 900 have been evaluated for the current fiscal year , but have not been paid or recorded in the accounts. h. The long-term bears interest at 1 % per month pay . The account unadjusted Interest Expense equals the amount paid for the first 11 months of fiscal 2005 . 240 accrued interest for June has not yet been paid or recorded. The company is obliged to 5,000
require adjustment. For each account that requires adjustment , indicate ( a) the type of adjusting entry ( prepaid expenses , unearned revenues , accrued revenues and accrued expenses ) and ( b ) the related account in the adjusting entry . account ( a) ( b ) represents recievable prepaid insurance accumulated depreciation of equipment interest payable Unearned service revenue
Packard Company has the following opening account balances in its general and subsidiary ledgers on January 1 and uses the periodic inventory system. All accounts have normal debit balances payable. General Accounting Account Number Account Title January 1 Opening Balance 101 Cash $ 33,750 112 Accounts receivable 13,000 115 Notes receivable 39,000 120 Merchandise Inventory 20,000 125 130 1000 Office Supplies 2000 Prepaid insurance Equipment 6450 157 1500 Accumulated Depreciation 158 201 Accounts payable 35,000 301 I. Packard, Capital 78,700 Subsidiary Ledger Accounts Receivable Accounts Payable Subsidiary Ledger customers Balance at January 1 Creditor Balance at January 1 R. Draves $ 1.500 $ 9.000 S. Kosko B. Hachinski 7500 R. 15000 S. Mikush 4000 English D. Moreno 11000 January 3 Selling merchandise on account to B. Remy $ 3,100, invoice no. 510, and J. fine of $ 1,800, invoice no. 511. 5 Purchase of goods on behalf of S. Yost $ 3,000 and D. Laux $ 2700. 7 Receive checks for $ 4,000 from S. English and $ 2,000 from B. Hachinski. 8 Pay freight on merchandise purchased $ 180. 9 Send checks to S. Kosko for $ 9,000 and D. Moreno for $ 11,000. 9 credits Issued $ 300 to J. Fine for returned merchandise. Summary 10 cash sales total of $ 15,500. 11 Sell merchandise on account to R. Draves for $ 1,900, invoice no. 512 and S. English $ 900 without invoice. 513. Post all entries to the subsidiary ledgers. 12 to pay rent of $ 1,000 for January. 13 Receive payment in full from B. And J. Remy Fine. 15 Withdraw cash of $ 800 per I. Packard for personal use. 16 Purchase of goods on behalf of D. Moreno for $ 15,000, from S. Kosko for $ 13,900, and S. Yost for $ 1,500. 17 Pay $ 400 cash for office supplies. 18 Return $ 200 of merchandise to S. Kosko and receive credit. Summary 20 cash sales total of $ 17,500. 21 Number $ 15,000 note to R. Mikush payment of balance due. 21 Receiving full payment S. English. Post all entries to the subsidiary ledgers. 22 Sell merchandise on account to B. Remy for $ 3,700, invoice no. 514, and R. Draves for $ 800, without an invoice. 515. 23 Send checks to D. Moreno and S. Kosko in full payment. 25 Sell merchandise on account to B. Hachinski for $ 3,500, invoice no. 516, and J. Fine for $ 6,100, invoice no. 517. 27 Purchase of goods on behalf of D. Moreno for $ 12,500, from D. Laux for $ 1,200, and that of S. Yost for $ 2,800. 28 Pay $ 200 cash for office supplies. 31 Summary Total cash sales $ 22,920. 31 Pay sales salaries of $ 4,300 and office salaries of $ 3,600. Tip: AP, S Instructions (A) Record transactions in the journal January corresponding
Cleaners Dellosa Trial Balance September 30, 2011 Cash 58,940 [Debit] Accounts receivable 132,470 [Debit] Prepaid Insurance 17.000 [debit] Cleaning Supplies 36,870 [Debit] Land 90,000 [Debit] Building of 810,000 [Debit] Accumulated. Building Depreciation 202,000 [Credit] Delivery Truck 115,000 [Debit] Accum. Depreciation-Delivery Truck 26,000 [Credit] Accounts payable 102,000 [Credit] Unearned revenue Dry Cleaning 8000 [credit] Mortgage Payable 600,000 [Credit] Dellosa, Capital 282,800 [Credit] Dellosa, retreats 100,000 [Debit] Dry Cleaning Revenues 601,670 [Credit] Laundry Revenues 186,500 [Credit] Plant Wages Expense 325,600 [Debit] Sales and Shipping Costs Wages 181,050 [Debit] Cleaning Equipment Rental expenses 30,000 [Debit] Delivery Truck Expenses 21,870 [Debit] Interest expense 55,000 [Debit] Other expenses 35,170 [Debit] 2008970 2008970 At the end of its fiscal year, the trial balance for Cleaners Dellosa appeared as shown below. Grace Dellosa, the owner, not the investments made during the year. The following information is also available: one. An analysis of insurance policies showed that 3.400 is still in force. b. An inventory of cleaning products in 6220 amounted to hand. c. Annual depreciation is 43,000 in construction and P21 000, in the delivery truck. d. Accrued interest payable on the mortgage is 5.000. e. On August 1, the company signed a contract with immediate effect with the Fairview General Hospital for dry cleaning, for a fixed monthly fee of 2,000 physicians uniforms during surgery. The hospital pays for the service of four months in advance. f. Wages unregistered plants amounted to 9820. g. Sales and wages are paid for Saturday delivery. The weekly payroll is 4,800. Suppose September 30 falls on a Monday and the company has a pay week of six days. Required: 1. Prepare input setting.
Prepaid Insurance reported in the balance as a ?
Cash 5,850 Accounts Receivable 2,750 Prepaid Insurance 700 Equipment 8,000 Accounts Payable 4,500 Property Taxes Payable 560 M Sterling, Capital 11,700 Service Revenue 6,690 Salaries Expense 4,200 Advertising Expense 1,100 Property Tax Expense 800 Your review of the ledger reveals that each account has a normal balance. You also discover the following errors: 1. The totals of the debit sides of Prepaid Insurance, Accounts Payable, and Property Tax Expense were each understated $100 2. Transposition errors were made in Accounts Receivable and Service Revenue. Based on posting made, the correct balances were $2,570 and $6,960 respectively. 3. A debit posting to Salaries Expense of $200 was omitted. 4. A $1,000 cash drawing by the owner was debited to M. Sterling, Capital for $1,000 and credited to Cash for $1,000 5. A $520 purchase of supplies on account was debited to Equipment for $520 and credited to Cash for $520 6. A cash payment of $450 for advertising was debited to Advertising Expense for $45 and and credited to Cash for $45 7. A collection from a customer for $210 was debited to Cash for $210 and credited to Accounts Payable for $210
5850 Cash Accounts receivable 2750 Prepaid insurance 700 Equipment 8000 Accounts payable 4500 Property Taxes payable 560 M Sterling , Capital 11,700 Revenue Service 6690 4200 Expenses Salaries Advertising expenses 1100 Property Tax Expense 800 Your review of the book reveals that each account has a normal balance . We also discover the following errors : 1. The total prepaid debit sides Insurance , Accounts Payable , and Property Tax Expense were each understated $ 100 2. Transposition errors were made in accounts receivable and revenue from services . Based on the publication which , USDA Agricultural correct balances were $ 2,570 and $ 6,960 , respectively . 3. A debit posting to salaries expense of $ 200 was omitted . 4. A drawing for $ 1,000 cash to the owner was debited to Mr. Sterling , Capital for $ 1,000 and credited to Cash for $ 1,000 5. A $ 520 purchase of supplies on account was debited to a computer for $ 520 and credited to Cash for $ 520 6. A cash payment of $ 450 will be charged for advertising advertising expenses by $ 45 and credited to Cash for $ 45 7. A collection from a customer for $ 210 was charged $ 210 in cash credited to Accounts payable $ 210