As of December 31, Cookie Creations' year-end, the following adjusting entry data are provided. 1. 2....
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As of December 31, Cookie Creations' year-end, the following adjusting entry data are provided. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. A count reveals that $45 of brochures and posters (supplies) were used. Depreciation is recorded on the baking equipment purchased in November. The baking equipment has a useful life of 5 years. Assume that 2 months' worth of depreciation is required. Amortization (which is similar to depreciation) is recorded on the website. (Credit the Website account and debit Amortization Expense for the amount of the amortization.) The website is amortized over a useful life of 2 years and was available for use on December 1. Interest on the 9% note payable is accrued. (Assume that 1.5 months of interest accrued during November and December.) One month's worth of insurance has expired. Natalie is unexpectedly telephoned on December 28 to give a cookie class at the neighborhood community center on December 31. In early January Cookie Creations sends an invoice for $450 to the community center. A count reveals that $1,025 of baking supplies were used. A cell phone invoice is received for $75. The invoice is for services provided during the month of December and is due on January 15. Because the cookie-making class occurred unexpectedly on December 31 and is for such a large group of children, Natalie's assistant helps out. Her assistant worked 7 hours at a rate of $8 per hour. An analysis of the Unearned Service Revenue account reveals that two of the five classes paid for by the local school board on December 9 still have not been taught by the end of December. The $60 deposit received on December 19 for another class also remains unearned. Prepare adjusting journal entries for the month of December. The insurance policy is for 1 year. 1-10. (List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 5,275.) Cash Accounts Receivable Supplies Prepaid Insurance Equipment Dividends Website Utilities Expense Unearned Service Revenue Salaries and Wages Expense Common Stock Notes Payable Service Revenue Totals ta LA 1340 1000 1470 1200 1200 500 600 50 800 8160 ta tA ¶¯¯¯¯¯¯ 810 800 2000 4550 8160 Date Account Titles and Explanation Dec. 31 Dec. 31 Dec. 31 Dec. 31 Dec. 31 Dec. 31 Dec. 31 Supplies Expense Supplies Depreciation Expense Accumulated Depreciation-Equipment Amortization Expense Interest Expense Interest Payable Insurance Expense Prepaid Insurance Accounts Receivable Service Revenue Supplies Expense Debit 45 LOLOL II Credit 45 As of December 31, Cookie Creations' year-end, the following adjusting entry data are provided. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. A count reveals that $45 of brochures and posters (supplies) were used. Depreciation is recorded on the baking equipment purchased in November. The baking equipment has a useful life of 5 years. Assume that 2 months' worth of depreciation is required. Amortization (which is similar to depreciation) is recorded on the website. (Credit the Website account and debit Amortization Expense for the amount of the amortization.) The website is amortized over a useful life of 2 years and was available for use on December 1. Interest on the 9% note payable is accrued. (Assume that 1.5 months of interest accrued during November and December.) One month's worth of insurance has expired. Natalie is unexpectedly telephoned on December 28 to give a cookie class at the neighborhood community center on December 31. In early January Cookie Creations sends an invoice for $450 to the community center. A count reveals that $1,025 of baking supplies were used. A cell phone invoice is received for $75. The invoice is for services provided during the month of December and is due on January 15. Because the cookie-making class occurred unexpectedly on December 31 and is for such a large group of children, Natalie's assistant helps out. Her assistant worked 7 hours at a rate of $8 per hour. An analysis of the Unearned Service Revenue account reveals that two of the five classes paid for by the local school board on December 9 still have not been taught by the end of December. The $60 deposit received on December 19 for another class also remains unearned. Prepare adjusting journal entries for the month of December. The insurance policy is for 1 year. 1-10. (List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 5,275.) Cash Accounts Receivable Supplies Prepaid Insurance Equipment Dividends Website Utilities Expense Unearned Service Revenue Salaries and Wages Expense Common Stock Notes Payable Service Revenue Totals ta LA 1340 1000 1470 1200 1200 500 600 50 800 8160 ta tA ¶¯¯¯¯¯¯ 810 800 2000 4550 8160 Date Account Titles and Explanation Dec. 31 Dec. 31 Dec. 31 Dec. 31 Dec. 31 Dec. 31 Dec. 31 Supplies Expense Supplies Depreciation Expense Accumulated Depreciation-Equipment Amortization Expense Interest Expense Interest Payable Insurance Expense Prepaid Insurance Accounts Receivable Service Revenue Supplies Expense Debit 45 LOLOL II Credit 45
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Journal entries for an adjusting transactions 1 Supplies Expense 45 Supplies 45 To record the use of 45 worth of brochures and posters 2 Depreciation ... View the full answer
Related Book For
Operations And Supply Chain Management
ISBN: 9781119577652
10th Edition
Authors: Roberta S. Russell, Bernard W. Taylor
Posted Date:
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