The Gore Paper Company uses the accrual basis of accounting. Its fiscal period ends on June 30.
Question:
The Gore Paper Company uses the accrual basis of accounting. Its fiscal period ends on June 30. The following account balances appear in the company’s general ledger as of year-end.
Instructions
Record the adjusting entries on general journal page 14 in your working papers.
1. The office supplies on hand as of June 30 are valued at $935.
2. Gore’s 5-day weekly payroll totals $1,500. Salaries have been earned but not yet paid or recorded for June 28–30.
3. On June 30, 30 days of interest had accrued on an $8,000, 90-day, 9% note receivable from a charge customer.
4. Of the $1,000 recorded in the Unearned Rental Revenue account, $250 had been earned as of June 30.
Cash in Bank Interest Receivable Office Supplies Salaries Payable Unearned Rental Income $34,616 0 8,335 0 1,000 Office Supplies Expense $0 Salaries Expense Rental Income 75,000 0 Interest Income 0
Step by Step Answer:
answer 1 Debit Office Supplies Expense 935 Credit ...View the full answer
Related Video
Unearned revenue is money received by an individual or company for a service or product that has yet to be provided or delivered. It can be thought of as a \"prepayment\" for goods or services that a person or company is expected to supply to the purchaser at a later date. As a result of this prepayment, the seller has a liability equal to the revenue earned until the good or service is delivered. This liability is noted under current liabilities, as it is expected to be settled within a year.
Students also viewed these Business questions
-
Jen and Berry's sells ice-creams from its factory-shop in Petone. There is a managing director (Maynard Dibble), a marketing manager (Mary Salman) and a production manager (Peter Pritchard). Maynard...
-
General Ledger (GL) Assignments expose students to general ledger software similar to that in practice. GL is part of Connect, and GL assignments are auto-gradable and have algorithmic options. For...
-
The Christy Corporation had the following balance sheet as of December 31, 20x2. The transactions for the first three months of 20x3 are also presented along with other information about specific...
-
A national fast food restaurant chain has recently made the decision that their breakfast menu will now be available all day long. The product management team overseeing the breakfast lines including...
-
What are the risks of launching a new e-commerce site if implementation is not conducted effectively?
-
During 2012, Nilsen Company started a construction job with a contract price of $1,600,000. The job was completed in 2014. The following information is available. Instructions(a) Compute the amount...
-
A materials purchases journal, a cash payments journal, and a general journal for Vanyo, Inc., a manufacturer of cardboard boxes, are provided in the Working Papers. Work independently to complete...
-
The following elements of stockholders equity are from the balance sheet of Sacchetti Marketing Corp. at December 31, 2015: Stockholders' Equity Paid-In Capital: Preferred Stock5%, $2 Par Value;...
-
Bunkhouse Electronics is a recently incorporated firm that makes electronic entertainment systems. Its earnings and dividends have been growing at a rate of 36.5%, and the current dividend yield is...
-
Jager Ltd., a joint venture, was formed on January 1, Year 3. Clifford Corp., one of the three founding venturers, invested equipment for a 40% interest in the joint venture. The other two venturers...
-
On October 20, Pamela Wong, owner of Thunder Graphics Desktop Publishing, deposited the following in the checking account of the business. Cash: $800 Checks: Boyden Company; drawn on National Bank of...
-
The Villareal Corporation uses the accrual basis of accounting. Its fiscal period ends on December 31. On November 15, the Villareal Corporation borrowed $9,500 from the Second National Bank by...
-
The primary users of financial information as outlined in the Conceptual Framework are: (a) resource providers, recipients of goods and services and parties performing a review or oversight function....
-
A reverse-osmosis membrane to be used at 25C for a NaCl feed solution containing 2.5 g NaCl/L (2.5 kg NaCl/m, p=999 kg/m) has a water permeability constant A = 4.81 x 10 kg/s m atm and a solute...
-
Plot the asymptotic bode plots of the following transfer functions. From the asymptotic Bode diagram determine the crossover frequencies, the gain margin, and the phase margin. Indicate these values...
-
Mass of Two gliders with spring bumpers Collide elastically. glider A has a 0.50kg. Glider B has a each moves 2 m/s mass of 0.3 and with an initial speed of as they approach each other. What are the...
-
How are emerging technologies such as artificial intelligence and machine learning transforming traditional decision-making processes, and what are the ethical implications?
-
Instructions Use these new hire procedures for Posey s Pet Emporium to construct the Milestone One flowchart. Once you receive instructor feedback you will update your flowchart and submit it as...
-
The sign test is a very simple procedure for testing hypotheses about a population median assuming only that the underlying distribution is continuous. To illustrate, consider the following sample of...
-
1-Stern observed all of the following results EXCEPT _______ in his experiment. A-one of the recombinant phenotypes was associated with an X chromosome of normal length B-the number of car, B+ male...
-
Volvo Group reports the following information for its product warranty costs as of December 31, 2013, along with provisions and utilizations of warranty liabilities for the year ended December 31,...
-
Paloma Co. Stars has four employees. FICA Social Security taxes are 6.2% of the first $117,000 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. Also, for the first $7,000 paid...
-
Shown here are condensed income statements for two different companies (both are organized as LLCs and pay no income taxes). Ellis Company Sales . . . . . . . . . . . . . . . . . . . . . . . . ....
-
On a standardized test of mathematical ability, Kim scored a 53, and John scored a 47. The distribution of test scores for the population is normal, with a mean of 45 and a standard deviation of 7.2....
-
On 1 July 2021, Michael Limited granted 210 options to each of its 160 employees. The options have a fair value of $16 at the grant date, and will vest as follows: On 30 June 2022, if the Michael's...
-
Explain the role of performance measurement in managing supply chain activities. Macec
Study smarter with the SolutionInn App