Prepare the adjusting entries for the month of May. Use J4 as the page number for your journal. Explain how you reached the answer or show your work if a mathematical calculation is needed, or both. Submit your assignment using the assignment link in Blackboard.
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September 18, 2021Prepare the adjusting entries for the month of May. Use J4 as the page number for your journal. Explain how you reached the answer or show your work if a mathematical calculation is needed, or both. Submit your assignment using the assignment link in Blackboard.
Prepare the adjusting entries for the month of May. Use J4 as the page number for your journal. Explain how you reached the answer or show your work if a mathematical calculation is needed, or both. Submit your assignment using the assignment link in Blackboard.
Directions: Answer the following questions in a separate Microsoft Word or Excel document. Explain how you reached the answer or show your work if a mathematical calculation is needed, or both. Submit your assignment using the assignment link in Blackboard.
Exercises
E1-11. Two items are omitted from each of the following summaries of balance sheet and income statement data for two corporations for the year 2015, Plunkett Co. and Herring Enterprises.
Instructions
Determine the missing amounts.
E2-9. Selected transactions from the journal of Kati Tillman, investment broker, are presented below.
Instructions
a) Post the transactions to T-accounts.
b) Prepare a trial balance at August 31, 2015.
E2-11. Presented below is the ledger for Higgs Co.
Instructions
a) Reproduce the journal entries for the transactions that occurred on October 1, 10, and 20, and provide explanations for each.
b) Determine the October 31 balance for each of the accounts above, and prepare a trial balance at October 31, 2015.
E3-7. The ledger of Perez Rental Agency on March 31 of the current year includes the selected accounts, shown below, before quarterly adjusting entries have been prepared.
An analysis of the accounts shows the following.
1. The equipment depreciates $400 per month.
2. One-third of the unearned rent revenue was earned during the quarter.
3. Interest totaling $500 is accrued on the notes payable for the quarter.
4. Supplies on hand total $900.
5. Insurance expires at the rate of $200 per month.
Instructions
Prepare the adjusting entries at March 31, assuming that adjusting entries are made quarterly. Additional accounts are Depreciation Expense, Insurance Expense, Interest Payable, and Supplies Expense.
E3-11. A partial adjusted trial balance of GehringCompany at January 31, 2015, shows the following.
Instructions
Answer the following questions, assuming the year begins January 1.
a) If the amount in Supplies Expense is the January 31 adjusting entry, and $1,000 of supplies was purchased in January, what was the balance in Supplies on January 1?
b) If the amount in Insurance Expense is the January 31 adjusting entry, and the original insurance premium was for one year, what was the total premium and when was the policy purchased?
c) If $3,500 of salaries was paid in January, what was the balance in Salaries and Wages Payable at December 31, 2014?
Problems
P1-2A. On August 31, the balance sheet of La Brava Veterinary Clinic showed Cash $9,000, Accounts Receivable $1,700, Supplies $600, Equipment $6,000, Accounts Payable $3,600, Common Stock $13,000, and Retained Earnings $700. During September, the following transactions occurred.
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