Record the adjusting entry for supplies remaining on hand at the end of the year equal to
Fantastic news! We've Found the answer you've been seeking!
Question:
Record the adjusting entry for supplies remaining on hand at the end of the year equal to $3,900.
Record the closing entry for revenue.
Record the closing entry for expenses.
Record the closing entry for cash dividends.
Transcribed Image Text:
The general ledger of Zips Storage at January 1, 2021, includes the following account balances: Debits $ 25,600 16,400 14,000 158,000 Accounts Cash Accounts Receivable Prepaid Insurance Land Accounts Payable Deferred Revenue Common Stock Retained Earnings Totals $214,000 2. February 3. April 4. May 5. July Credits $ 7,700 6,800 153,000 46,500 $214,000 The following is a summary of the transactions for the year: 1. January 9 Provide storage services for cash, $144,100, and on account, $57,200. 12 Collect on accounts receivable, $52,500. 25 Receive cash in advance from customers, $13,900. 6 Purchase supplies on account, $11,200. 15 Pay property taxes, $9,500. 6. September 10 Pay on accounts payable, $12,400. 7. October 31 Pay salaries, $133,600. 8. November 20 Issue shares of common stock in exchange for $37,000 cash. 9. December 30 Pay $3,800 cash dividends to stockholders. Insurance expired during the year is $8,000. Supplies remaining on hand at the end of the year equal $3,900. Provide services of $12,800 related to cash paid in advance by customers. The general ledger of Zips Storage at January 1, 2021, includes the following account balances: Debits $ 25,600 16,400 14,000 158,000 Accounts Cash Accounts Receivable Prepaid Insurance Land Accounts Payable Deferred Revenue Common Stock Retained Earnings Totals $214,000 2. February 3. April 4. May 5. July Credits $ 7,700 6,800 153,000 46,500 $214,000 The following is a summary of the transactions for the year: 1. January 9 Provide storage services for cash, $144,100, and on account, $57,200. 12 Collect on accounts receivable, $52,500. 25 Receive cash in advance from customers, $13,900. 6 Purchase supplies on account, $11,200. 15 Pay property taxes, $9,500. 6. September 10 Pay on accounts payable, $12,400. 7. October 31 Pay salaries, $133,600. 8. November 20 Issue shares of common stock in exchange for $37,000 cash. 9. December 30 Pay $3,800 cash dividends to stockholders. Insurance expired during the year is $8,000. Supplies remaining on hand at the end of the year equal $3,900. Provide services of $12,800 related to cash paid in advance by customers.
Expert Answer:
Answer rating: 100% (QA)
SOLUTION To record the adjusting entry for supplies remaining on hand at the end of the year equal to 3900 Date December 31 2021 Account Debit Credit Supplies Expense 3900 Supplies 3900 To record the ... View the full answer
Related Book For
Financial Accounting
ISBN: 978-1259307959
4th edition
Authors: David Spiceland, Wayne Thomas, Don Herrmann
Posted Date:
Students also viewed these accounting questions
-
A company received the following notes during 2014. The notes were discounted on the dates and at the rates indicated. Required Identify each note by letter, compute interest for each note, round all...
-
South Side Oil and Gas, a new venture in Texas, has developed an oil pipeline network to transport oil from exploration fields to the refinery and other locations. There are 10 pipelines (branches)...
-
The general ledger of Zips Storage at January 1, 2024, includes the following account balances: Credits Accounts Cash Accounts Receivable Prepaid Insurance Land Accounts Payable Deferred Revenue:...
-
Jerome Neeson is a shareholder in Gourmet Chefs Inc., a company that owns and operates a test kitchen in a large metropolitan area. The company is involved in a number of businesses, including...
-
Iota Microsystems 10 percent convertible is about to mature. The conversion ratio is 27. (a) What is the conversion price? (b) The stock price is $47. What is the conversion value? (c) Should you...
-
Discuss the basic steps in an equity market- neutral strategy.
-
When reviewing an organizational chart, what represents the formal line of authority and responsibility within the organization? A. Specialization of labor. B. Chain of command. C. Span of control....
-
Della Simpson, Inc., sells two popular brands of cookies: Dellas Delight and Bonnys Bourbon. Dellas Delight goes through the Mixing and Baking departments, and Bonnys Bourbon, a filled cookie, goes...
-
. AdrieSpaans, ordinarily resident in the Netherlands, designed a model pattern that was used to teachthe art of tailoring. She had developed this pattern in the Netherlands. Due to its popularity in...
-
The following graph shows the market for loanable funds in a dosed economy. The upward-sloping orange line represents the supply of loanable funds, and the downward-sloping blue line represents the...
-
Depreciation expense is found on the income statement while the accumulated depreciation account is found on the balance sheet. True False
-
Payroll Manager: Leads the payroll department, strategizes payroll operations, and collaborates with HR and finance departments to ensure effective payroll management. What jobs are available within...
-
Alsobrooks Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on machine-hours. The company based its predetermined overhead rate for the current...
-
A composite laminate has been constructed from six identical layers of a plain (0/90 woven) aramid fabric with epoxy resin. Each layer, or lamina, has a fibre volume fraction (V) of 0.7, and a resin...
-
The following are comparative balance sheets for Sheffield Company. SHEFFIELD Company Comparative Balance Sheets December 31 Assets 2022 2021 Cash $72,800 $32,900 Accounts receivable 86,400 70,700...
-
Is there a value of c so that the given system has no solution? Explain. -3x + cy 6.x 1 - 2y = -2
-
You work for a large healthcare delivery system that is rooted in high performance and boasts innovation and the highest quality standards. Its' executive leadership and governing board continue to...
-
(a) Bright Sdn Bhd (BSB) is a tax resident manufacturing company in Johor, which involves in ceramic tiles. Currently, BSBs annual sales turnover has been forecasted to be around RM 300,000 for the...
-
Financial information for American Eagle is presented in Appendix A at the end of the book. Using the financial information presented in Appendix A, answer the following. Required: 1. What is the par...
-
Match (by letter) the following terms with their definitions. Each letter is used only once. Terms ______ 1 Cumulative. ______ 2 Retained earnings. ______ 3 Outstanding stock. ______ 4 Limited...
-
Shaquille Corporation has operating income of $1.7 million, a loss on write-down of inventory of $200,000, and income tax expense of $425,000 for the year ended December 31, 2018, before considering...
-
You have the following details for A. Bird of transactions with customers and suppliers. (a) 1 June credit purchases of 8,000, 6,000 and 5,000 from Robin, Falcon and Sparrow, respectively. (b) 4 June...
-
From the following accounting figures show the six steps in the accounting equation: opening assets 25,000, opening liabilities 25,000 (15,000 third party and 10,000 equity), profit 15,000 (income...
-
In this exercise we explore how the early stopping of the gradient descent iterations (see Example B.10), \[ \boldsymbol{x}_{t+1}=\boldsymbol{x}_{t}-\alpha abla f\left(\boldsymbol{x}_{t} ight), \quad...
Study smarter with the SolutionInn App