Account Debit Credit Equipment Inventory Accounts Receivable $160,000 $95,000 $20,000 $120,000 $150,000 $12,000 $15,000 $100,000 Building Cash Supplies Prepaid Insurance Land Unearned Revenues Accounts Payable Accumulated Depreciation - Equipment Accumulated Depreciation - Bldg Note Payable Owners' Capital $50,000 $60,000 $30,000 $50,000 $160,000 $322,000 This company uses the perpetual inventory svstem (therafe The Prepaid Insurance for Lloyd Christmas Ltd, was paid on December 31, 2018 (the journal entry for the initial prepayment has already been made). The insurance policy was for three years. Make the adjustment for the expired rent at December 31, 2019 (for the whole year) The note payable was taken out last year. The note carries an annual interest rate of 6%. Interest needs to be accrued for the entire year. The interest will be paid next year. Record the adjustment necessary at December 31, 2019 Employee salaries in the amount of $55,000 were incurred for the year. Of that amount, $50,000 had been paid in cash, the remainder was still owed to employees at the end of the year. Record the journal entry necessary at December 31, 2019 to account for both the paid and unpaid portion of salaries. At the end of the year, $4000 of the supplies remained on hand. Record the adjustment necessary at December 31, 2019. The company paid $21,000 on their accounts payable during the year. Record the entry. The company made sales of merchandise (inventory) to customers for a total $230,000. The sales were made half on credit, and half in cash. The inventory sold had originally cost the company $90,000 (hint: this is your cost of goods sold expense). The company provided the services associated with the Unearned Revenues balance at the beginning of the year. Record the adjustment necessary for the year 2019. At December 31, the company had earned $45,000 in tax consulting revenue, but had not yet received payment from their customer. Record the adjustment necessary at December 31, 2019. On December 31, received $20,000 in cash representing advance payment for services to be provided in February of 2020. Record the adjustment necessary at December 31, 2019. 2) 3) 4) 5) 6) 7) 8) 9) Pr F4 F5 F6 DII F7 DD F8 F9 & F10 6 The building has a useful life of 40 years and no salvage value. The equipment has a useful of 10 years and has a $20,000 salvage value. Record the adjustments necessary a December 31, 2019 (record the entire year's depreciation for both the building and equipment). Taxes for the year totaled $35,000. The taxes will be paid next year. Record the adjustment necessary at December 31, 2019. The utility bill for the year was received at December 31, 2019. Record the utilities accrual for the amount of $15,000. LO Inventory 95,000 Cash Accounts Receivable 150,000 20,000 Equipment 160,000 Prepaid Rent 15,000 Supplies 12,000 on Accum. Depr.-Equip. Building 120,000 Land 100,000 30,000 Accum. Depr.- Bldg Owners' Capital Salaries Payable 50,000 322,000 Accounts Payable Uneamed Revenues Interest Payable 60,000 50,000 Notes Payable Taxes Payable Service Revenue 160,000 Sales Revenue Cost of Goods Sold Supplies Expense Depreciation Expense x Expense Interest Expense Rent Expense Salaries Expense Utilities Expense Account Debit Credit Equipment Inventory Accounts Receivable $160,000 $95,000 $20,000 $120,000 $150,000 $12,000 $15,000 $100,000 Building Cash Supplies Prepaid Insurance Land Unearned Revenues Accounts Payable Accumulated Depreciation - Equipment Accumulated Depreciation - Bldg Note Payable Owners' Capital $50,000 $60,000 $30,000 $50,000 $160,000 $322,000 This company uses the perpetual inventory svstem (therafe The Prepaid Insurance for Lloyd Christmas Ltd, was paid on December 31, 2018 (the journal entry for the initial prepayment has already been made). The insurance policy was for three years. Make the adjustment for the expired rent at December 31, 2019 (for the whole year) The note payable was taken out last year. The note carries an annual interest rate of 6%. Interest needs to be accrued for the entire year. The interest will be paid next year. Record the adjustment necessary at December 31, 2019 Employee salaries in the amount of $55,000 were incurred for the year. Of that amount, $50,000 had been paid in cash, the remainder was still owed to employees at the end of the year. Record the journal entry necessary at December 31, 2019 to account for both the paid and unpaid portion of salaries. At the end of the year, $4000 of the supplies remained on hand. Record the adjustment necessary at December 31, 2019. The company paid $21,000 on their accounts payable during the year. Record the entry. The company made sales of merchandise (inventory) to customers for a total $230,000. The sales were made half on credit, and half in cash. The inventory sold had originally cost the company $90,000 (hint: this is your cost of goods sold expense). The company provided the services associated with the Unearned Revenues balance at the beginning of the year. Record the adjustment necessary for the year 2019. At December 31, the company had earned $45,000 in tax consulting revenue, but had not yet received payment from their customer. Record the adjustment necessary at December 31, 2019. On December 31, received $20,000 in cash representing advance payment for services to be provided in February of 2020. Record the adjustment necessary at December 31, 2019. 2) 3) 4) 5) 6) 7) 8) 9) Pr F4 F5 F6 DII F7 DD F8 F9 & F10 6 The building has a useful life of 40 years and no salvage value. The equipment has a useful of 10 years and has a $20,000 salvage value. Record the adjustments necessary a December 31, 2019 (record the entire year's depreciation for both the building and equipment). Taxes for the year totaled $35,000. The taxes will be paid next year. Record the adjustment necessary at December 31, 2019. The utility bill for the year was received at December 31, 2019. Record the utilities accrual for the amount of $15,000. LO Inventory 95,000 Cash Accounts Receivable 150,000 20,000 Equipment 160,000 Prepaid Rent 15,000 Supplies 12,000 on Accum. Depr.-Equip. Building 120,000 Land 100,000 30,000 Accum. Depr.- Bldg Owners' Capital Salaries Payable 50,000 322,000 Accounts Payable Uneamed Revenues Interest Payable 60,000 50,000 Notes Payable Taxes Payable Service Revenue 160,000 Sales Revenue Cost of Goods Sold Supplies Expense Depreciation Expense x Expense Interest Expense Rent Expense Salaries Expense Utilities Expense