Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

1.) Compare the amounts in the columns before and after adjusting entreis to reconstruct the adjusting entries made in 2015. (If no entry is required

image text in transcribed

1.) Compare the amounts in the columns before and after adjusting entreis to reconstruct the adjusting entries made in 2015. (If no entry is required for a transaction/event, select "no journal entry required")

1a. record the adjusting journal entry related to reveune.

2a. record the adjusting journal entry related to insurance.

3a. record the adjusting journal entry related to depreciation

4a. record the adjusting journal entry related to taxes.

(The following information applies to the questions displayed below.) Ramirez Company is completing the information processing cycle at its fiscal year-end on December 31. Following are the correct balances at December 31 for the accounts both before and after the adjusting entries. (The following information applies to the questions displayed below.) Ramirez Company is completing the information processing cycle at its fiscal year-end on December 31. Following are the correct balances at December 31 for the accounts both before and after the adjusting entries. Trial Balance, December 31 of the Current Year Before After Adjusting Entries Adjusting Entries Items Debit Credit Debit Credit a. Cash $ 14,200 14,200 b. Accounts receivable 530 C. Prepaid insurance 480 320 d. Equipment 168,480 168,480 e. Accumulated depreciation, equipment $ 40,800 $46,000 f. Income taxes payable 1,850 g. Common stock and additional paid-in capital 109,000 109,000 h. Retained earnings, January 1 13,540 13,540 I. Service revenue 74,300 74,830 J. Salary expense 54,480 54,480 k. Depreciation expense 5,200 1. Insurance expense 160 m. Income tax expense 1,850 $ 237,640 $ 237,640 $ 245,220 $ 245,220 | li |

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

IT Auditing An Adaptive Process

Authors: Robert E. Davis

1st Edition

0557220513, 978-0557220519

More Books

Students also viewed these Accounting questions

Question

What is the orientation toward time?

Answered: 1 week ago

Question

4. How is culture a contested site?

Answered: 1 week ago