Question 1

Depreciation on equipment for the year is $6,300.
(a) Record the journal entry if the company prepares adjustments once a year.
(b) Record the journal entry if the company prepares adjustments on a monthly basis.

Accepted Answer

The answer of Depreciation on equipment for the year is...

Question 2

Depreciation on an office building is $2,800. The adjusting entry on December 31 would be

Accepted Answer

The answer of Depreciation on an office building is $2,800....

Question 3

The estimated amount of depreciation on equipment for the current year is $5,300. Journalize the adjusting entry to record the depreciation.

Accepted Answer

The answer of The estimated amount of depreciation on equipment...

Question 4

Zoey Bella Corp. has a payroll of $10,000 for a five-day workweek. Its employees are paid each Friday for the five-day workweek. Prepare the adjusting entry on December 31 assuming the year ends on Thursday.
​

Accepted Answer

The answer of Zoey Bella Corp. has a payroll of...

Question 5

The company determines that the interest expense on a note payable for the period ending December 31 is $775. This amount is payable on January 1. Prepare the journal entries required on December 31 and January 1.

Accepted Answer

The answer of The company determines that the interest expense...

Question 6

Gizmo Inc. purchased a one-year insurance policy on October 1 for $1,800. The adjusting entry on December 31 would be
​

Accepted Answer

The answer of Gizmo Inc. purchased a one-year insurance policy...

Question 7

On January 1, DogMart Company purchased a two-year liability insurance policy for $22,800 cash. The purchase was recorded to Prepaid Insurance. Prepare the January 31 adjusting entry.

Accepted Answer

The answer of On January 1, DogMart Company purchased a...

Question 8

The supplies account had a beginning balance of $1,750. Supplies purchased during the period totaled $3,500. At the end of the period before adjustment, $350 of supplies were on hand. Prepare the adjusting entry for supplies.

Accepted Answer

The answer of The supplies account had a beginning balance...

Question 9

On January 2, Dog Mart prepaid $30,000 rent for the year and recorded the prepayment in an asset account. Prepare the January 31 adjusting entry for rent expense.

Accepted Answer

The answer of On January 2, Dog Mart prepaid $30,000...

Question 10

On March 1, a business paid $3,600 for a twelve-month liability insurance policy. On April 1, the business entered into a two-year rental contract for equipment at a total cost of $18,000. Determine the following amounts:
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(a) insurance expense for the month of March
(b) balance in prepaid insurance as of March 31
(c) equipment rent expense for the month of April
(d) balance in prepaid equipment rental as of April 30

Accepted Answer

The answer of On March 1, a business paid $3,600...

Question 11

At the end of the current year, $3,700 fees have been earned but have not been billed to clients. Journalize the adjusting entry to record the accrued fees.

Accepted Answer

The answer of At the end of the current year,...

Question 12

On December 31, the balance in the office supplies account is $1,385. A physical count shows $435 worth of supplies on hand. Prepare the adjusting entry for supplies.

Accepted Answer

The answer of On December 31, the balance in the...

Question 13

On January 1, Power House Co. prepaid the annual rent of $10,140. Prepare the journal entry to record this transaction.

Accepted Answer

The answer of On January 1, Power House Co. prepaid...

Question 14

The prepaid insurance account had a beginning balance of $6,600 and was debited for $2,300 for premiums paid during the year. Journalize the adjusting entry required at the end of the year, assuming the amount of unexpired insurance related to future periods is $4,100.

Accepted Answer

The answer of The prepaid insurance account had a beginning...

Question 15

On January 1, the Newman Company estimated its property tax to be $5,100 for the year.
​

Accepted Answer

The answer of On January 1, the Newman Company estimated...

Question 16

DogMart Company records depreciation for equipment. Depreciation for the period ending December 31 is $1,400 for office equipment
and $2,650 for production equipment. Prepare the two entries to record the depreciation.

Accepted Answer

The answer of DogMart Company records depreciation for equipment. Depreciation...

Question 17

A one-year insurance policy was purchased on June 1 for $2,400. The adjusting entry on December 31 would be:

Accepted Answer

The answer of A one-year insurance policy was purchased on...

Question 18

Ski Master Company pays weekly salaries of $18,000 on Friday for a five-day week ending on that day. Journalize the necessary adjusting entry at the end of the accounting period, assuming that the period ends on Wednesday.

Accepted Answer

The answer of Ski Master Company pays weekly salaries of...

Question 19

The balance in the unearned fees account, before adjustment at the end of the year, is $10,250. Journalize the adjusting entry required if the amount of unearned fees at the end of the year is $3,125.

Accepted Answer

The answer of The balance in the unearned fees account,...

Question 20

Record journal entries for the following transactions.
​
​(a) On December 1, $18,000 was received for a service contract to be performed from December 1 through April 30.
​(b) Assuming the work is performed evenly throughout the contract period, prepare the adjusting journal entry on December 31.

Accepted Answer

The answer of Record journal entries for the following transactions.
​
​(a)...

Quiz 3: Adjustments: Accruals and Deferrals

Depreciation on equipment for the year is $6,300. (a) Record the journal entry if the company prepares adjustments once a year. (b) Record the journal entry if the company prepares adjustments on a monthly basis.

Depreciation on an office building is $2,800. The adjusting entry on December 31 would be

The estimated amount of depreciation on equipment for the current year is $5,300. Journalize the adjusting entry to record the depreciation.

Zoey Bella Corp. has a payroll of $10,000 for a five-day workweek. Its employees are paid each Friday for the five-day workweek. Prepare the adjusting entry on December 31 assuming the year ends on Thursday.

The company determines that the interest expense on a note payable for the period ending December 31 is $775. This amount is payable on January 1. Prepare the journal entries required on December 31 and January 1.

Gizmo Inc. purchased a one-year insurance policy on October 1 for $1,800. The adjusting entry on December 31 would be

On January 1, DogMart Company purchased a two-year liability insurance policy for $22,800 cash. The purchase was recorded to Prepaid Insurance. Prepare the January 31 adjusting entry.

The supplies account had a beginning balance of $1,750. Supplies purchased during the period totaled $3,500. At the end of the period before adjustment, $350 of supplies were on hand. Prepare the adjusting entry for supplies.

On January 2, Dog Mart prepaid $30,000 rent for the year and recorded the prepayment in an asset account. Prepare the January 31 adjusting entry for rent expense.

At the end of the current year, $3,700 fees have been earned but have not been billed to clients. Journalize the adjusting entry to record the accrued fees.

On December 31, the balance in the office supplies account is $1,385. A physical count shows $435 worth of supplies on hand. Prepare the adjusting entry for supplies.

On January 1, Power House Co. prepaid the annual rent of $10,140. Prepare the journal entry to record this transaction.

The prepaid insurance account had a beginning balance of $6,600 and was debited for $2,300 for premiums paid during the year. Journalize the adjusting entry required at the end of the year, assuming the amount of unexpired insurance related to future periods is $4,100.

On January 1, the Newman Company estimated its property tax to be $5,100 for the year.

DogMart Company records depreciation for equipment. Depreciation for the period ending December 31 is $1,400 for office equipment and $2,650 for production equipment. Prepare the two entries to record the depreciation.

A one-year insurance policy was purchased on June 1 for $2,400. The adjusting entry on December 31 would be:

Ski Master Company pays weekly salaries of $18,000 on Friday for a five-day week ending on that day. Journalize the necessary adjusting entry at the end of the accounting period, assuming that the period ends on Wednesday.

The balance in the unearned fees account, before adjustment at the end of the year, is $10,250. Journalize the adjusting entry required if the amount of unearned fees at the end of the year is $3,125.

Record journal entries for the following transactions. (a) On December 1, $18,000 was received for a service contract to be performed from December 1 through April 30. (b) Assuming the work is performed evenly throughout the contract period, prepare the adjusting journal entry on December 31.

Quiz 3: Adjustments: Accruals and Deferrals

Depreciation on equipment for the year is $6,300. (a) Record the journal entry if the company prepares adjustments once a year. (b) Record the journal entry if the company prepares adjustments on a monthly basis.

Depreciation on an office building is $2,800. The adjusting entry on December 31 would be

The estimated amount of depreciation on equipment for the current year is $5,300. Journalize the adjusting entry to record the depreciation.

Zoey Bella Corp. has a payroll of $10,000 for a five-day workweek. Its employees are paid each Friday for the five-day workweek. Prepare the adjusting entry on December 31 assuming the year ends on Thursday. ​

The company determines that the interest expense on a note payable for the period ending December 31 is $775. This amount is payable on January 1. Prepare the journal entries required on December 31 and January 1.

Gizmo Inc. purchased a one-year insurance policy on October 1 for $1,800. The adjusting entry on December 31 would be ​

On January 1, DogMart Company purchased a two-year liability insurance policy for $22,800 cash. The purchase was recorded to Prepaid Insurance. Prepare the January 31 adjusting entry.

The supplies account had a beginning balance of $1,750. Supplies purchased during the period totaled $3,500. At the end of the period before adjustment, $350 of supplies were on hand. Prepare the adjusting entry for supplies.

On January 2, Dog Mart prepaid $30,000 rent for the year and recorded the prepayment in an asset account. Prepare the January 31 adjusting entry for rent expense.

At the end of the current year, $3,700 fees have been earned but have not been billed to clients. Journalize the adjusting entry to record the accrued fees.

On December 31, the balance in the office supplies account is $1,385. A physical count shows $435 worth of supplies on hand. Prepare the adjusting entry for supplies.

On January 1, Power House Co. prepaid the annual rent of $10,140. Prepare the journal entry to record this transaction.

The prepaid insurance account had a beginning balance of $6,600 and was debited for $2,300 for premiums paid during the year. Journalize the adjusting entry required at the end of the year, assuming the amount of unexpired insurance related to future periods is $4,100.

On January 1, the Newman Company estimated its property tax to be $5,100 for the year. ​

DogMart Company records depreciation for equipment. Depreciation for the period ending December 31 is $1,400 for office equipment and $2,650 for production equipment. Prepare the two entries to record the depreciation.

A one-year insurance policy was purchased on June 1 for $2,400. The adjusting entry on December 31 would be:

Ski Master Company pays weekly salaries of $18,000 on Friday for a five-day week ending on that day. Journalize the necessary adjusting entry at the end of the accounting period, assuming that the period ends on Wednesday.

The balance in the unearned fees account, before adjustment at the end of the year, is $10,250. Journalize the adjusting entry required if the amount of unearned fees at the end of the year is $3,125.

Zoey Bella Corp. has a payroll of $10,000 for a five-day workweek. Its employees are paid each Friday for the five-day workweek. Prepare the adjusting entry on December 31 assuming the year ends on Thursday.

Gizmo Inc. purchased a one-year insurance policy on October 1 for $1,800. The adjusting entry on December 31 would be

On January 1, the Newman Company estimated its property tax to be $5,100 for the year.