Unused Supplies Adjusting Entries

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The estimated amount of the current year's property tax allocable to July is $4,800. (1) Journalize the two adjusting entries required to bring the accounts affected by the taxes up to date as of July 31. (2) At the end of the month a physical inventory showed $343 of unused supplies. (b) ... Retrieve Doc

Multiple Choice Answers - YouTube
Http://subjecttutors.blogspot.in/2013/09/multiple-choice-answers_4564.html 1.A company earned $1,500 in net income Prior to recording adjusting entries, the Office Supplies account had a $300 debit balance. A physical count of the supplies showed $134 of unused supplies ... View Video

Exam Review -- Cycle Acct
Adjusting and Closing Entries Income Stmt. Balance Sheet General Sales Cash Debit Credit Page: Prepaid Insurance Advertising Expense Totals Income Summary Insurance Expense Supplies Expense Adjusting Entries Preparing a post-closing trial Checking Account Balance on next unused stub ... Retrieve Here

Lesson FA-10-020 - Clip 28 Comprehensive Problem 1 ...
Adjusting entry for $100 in supplies unused. YOU solve adjusting entry #6. Jan. 31 -- $100 in supplies were unused at the end of January. Clip 28 Comprehensive Problem 1 - Adjusting Entry #6 - Malorie Stylists (5:20) Adjusting Entries [ #16Journal proper ] ... View Video

Weygandt Accounting Principles 10e Problems SetC Ch03
Problems: Set C P3-1C Sharon Stone started her own consulting firm, Post the adjusting entries to the ledger accounts. A count of supplies shows $500 of unused supplies on May 31. 3. ... Read Here

J.M. TULL SCHOOL OF ACCOUNTING ENTRANCE EXAMINATION PRACTICE ...
ACCOUNTING ENTRANCE EXAMINATION PRACTICE QUESTION SET Prior to recording adjusting entries, the Office Supplies account had a $359 normal balance. A physical count of the supplies showed $105 of unused supplies. ... Fetch Document

Section 1 - Wjholt.com
Section 1 (WHY WE USE ACCRUALS On October 31, a physical count reveals $440 of supplies unused. a. What adjusting entry must JemCo record on October 31? b. If this entry is not recorded, Prepare the adjusting entries necessary for the year ended June 30, 20X8. b. ... Access Document

Chapter 4: The Adjustment Process And Financial Statements
Adjusting Entries. What are adjusting entries? Supplies for office use were purchased during the year for $500, and $100 of the office supplies remained on hand (unused) at year-end. ... Fetch Here

Individual Assignment Week Three - Homework Market
Individual Assignment Week Three. Kimberly M Johnson. Acc/290. August 14, 2012. Prepare adjusting entries, post to ledger accounts, and prepare adjusted trial balance. (SO . 4, 5, 6) A count of supplies shows $1,050 of unused supplies on May 31. 3. ... Content Retrieval

Lesson FA-10-020-03 Financial Accounting Fundamentals - The ...
We have 8 adjusting entries at January 31 for you to journalize and post. Some are similar to those we looked at earlier. in supplies unused. 7. Jan. 31 – Adjusting entry for deferred revenue from a famous actor in the amount of $1000. 8. ... Access Full Source

Company. On June 1, 2014, Story Company Paid $12,600 For One ...
On June 1, 2014, Story Company paid $12,600 for one year's rent a count showed unused office supplies of $200 in Required: Prepare the adjusting entries as of December 31, 2014, assuming no adjusting entries have been made during the year. Office supplies inventory ... Return Document

ACC 290 WEEK 4 - YouTube
Http://questionssolved.com/acc-290-week-4/ Complete Exercise BE4-1. Prepare adjusting entries, post to ledger accounts, A count of supplies shows $1,050 of unused supplies on May 31. 3. ... View Video

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Adjusting entries are made at the end of an accounting period to adjust accounts on the balance sheet. At the end of the month a physical inventory showed $343 of unused supplies. The company has a Note Payable in the amount of $17,000 at an APR of 12%. ... View Doc

CHAPTER 4
CHAPTER 4. Completing the End of period To plan the adjusting entries and the income statement and balance sheet numbers To prove the mathematical accuracy of net income To provide information for closing entries 4. Unused supplies, per inventory, $800. Estimated depreciation, ... Access Full Source

CHAPTER 4
Supplies costing $980 were purchased during the year, and $180 of supplies are in inventory as at 30 June. 4. Record all adjusting entries in the general journal of Powerfix at 30 June 2004. (Narrations are required.) JUSTIN SIMON General Journal ... View Full Source

I A. To Record Expiration Of Prepaid Insurance. Prepaid ...
In making adjusting entries at the end of its accounting period, Chao Consulting failed to record 53,200 of 0 The cost of unused office supplies is recorded with a debit to Supplies Expense and a credit to Office Supplies. ... Access This Document

A Company Earned $1,500 In Net Income For October
A company earned $2,500 in net income for October. Its net sales for October were $10,000. Prior to recording adjusting entries, the Office Supplies account had a $300 debit balance. A physical count of the supplies showed $134 of unused supplies available. ... Document Viewer

Depreciation And Amortization On The Income Statement
Depreciation and amortization expense is recorded against earnings on the income statement in order to spread the initial purchase price of a fixed asset out over its useful life. Although depreciation expense requires no immediate cash outlay, ... Read Article

Exercises: Set B 15 EXERCISES: SET B - Wiley: Home
Exercises: Set B 17 Prepare adjusting entries. (SO 5, 6) Prepare correct income statement. (SO 2, 5, 6, 7) A count of supplies shows $750 of unused supplies on May 31. 3. Annual depreciation is $3,000 on the lodge and $2,700 on furniture. 4. ... Fetch Doc

CHAPTER 4
Explain why adjusting entries are needed and identify the major types of adjusting e. n. supplies on hand were $20, the adjusting entry would contain a. a.debit to Supplies for $20. b.credit to Supplies for $20. CHAPTER 4 Last modified by ... Read More

Balamban - Wikipedia, The Free Encyclopedia
Population census of Balamban; Year Pop. ±% p.a. 1990: 45,909 ... Read Article

Learning.hccs.edu
Decrease in Art Supplies. i. Increase in Advertising Fees Earned. 2. Prepaid Insurance has an $800 balance prior to adjustment. By year end, In the journal provided, prepare adjusting entries for the following items. ... Read Full Source

Highered.mheducation.com
Unused supplies at year-end Monthly rent amount Unpaid utilities at year-end Entry (a) (b) (d) (e) (f) (c) Supplies Given Data P03-07: Adjusting Entries Closing Entries Retained Earnings Requirement 4: Requirement 5: Requirement 6: Requirement 7: Post-Closing Trial Balance ... Read Document

What Are Debits And Credits And Why Are They Important?
Understanding and Using Debits and Credits. By Rosemary Peavler. Business Finance Expert Share Pin Tweet Submit How to record debits and credits as journal entries. 1 of 6 . Show All. Since office supplies is an expense account off the income statement, ... Read Article

Going Concern - Wikipedia, The Free Encyclopedia
A going concern is a business that functions without the threat of liquidation for the foreseeable future, This can mean unused lines of credit and Unsecured debt facilities dry up. Going concern status may become a self fulfilling prophecy; References ... Read Article

How To Analyze Inventory On The Balance Sheet
Inventory on the Balance Sheet. Investing Lesson 3 - Analyzing a Balance Sheet. Tetra Images/Brand X Pictures/Getty Images. By Joshua Kennon. Investing for Beginners Expert Share Pin Tweet Submit Stumble Post Share ... Read Article