Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Account unit 4 111. please help me answer these homework question. At December 31, the unadjusted trial balance of H&R Tacks reports Supplies of $9,800

Account unit 4 111. please help me answer these homework question.

image text in transcribed At December 31, the unadjusted trial balance of H&R Tacks reports Supplies of $9,800 and Supplies Expense of $0. On December 31, supplies costing $8,100 are on hand. Prepare the adjusting journal entry on December 31. (If no entry is required for a 1. transaction/event, select "No Journal Entry Required" in the first account field.) Record the adjusting entry on December 31. 2. Prepare the T-accounts for each account, enter the unadjusted balances, post the adjusting journal entry, and report the adjusted balance. At December 31, the unadjusted trial balance of H&R Tacks reports Equipment of $28,000 and zero balances in Accumulated DepreciationEquipment and Depreciation Expense. Depreciation for the period is estimated to be $5,600. Prepare the adjusting journal entry on December 31. (If no entry is required for a 1. transaction/event, select "No Journal Entry Required" in the first account field.) 2. Prepare the T-accounts for each account, enter the unadjusted balances, post the adjusting journal entry, and report the adjusted balance. At December 31, the unadjusted trial balance of H&R Tacks reports Prepaid Insurance of $8,880 and Insurance Expense of $0. The insurance was purchased on July 1 and provides coverage for 24 months. Prepare the adjusting journal entry on December 31. (If no entry is required for 1. atransaction/event, select "No Journal Entry Required" in the first account field.) 2. Prepare the T-accounts for each account, enter the unadjusted balances, post the adjusting journal entry, and report the adjusted balance. At December 31, the unadjusted trial balance of H&R Tacks reports Unearned Revenue of $4,400 and Service Revenues of $33,200. One-half of the unearned revenue has been earned as of December 31. Prepare the adjusting journal entry on December 31. (If no entry is required for a 1. transaction/event, select "No Journal Entry Required" in the first account field.) Record the adjusting entry on December 31. 2. Prepare the T-accounts for each account, enter the unadjusted balances, post the adjusting journal entry, and report the adjusted balance. At December 31, the unadjusted trial balance of H&R Tacks reports Salaries and Wages Payable of $0 and Salaries and Wages Expense of $27,000. Employees have been paid for work done up to December 27, but the $1,300 they have earned for December 28-31 has not yet been paid or recorded. Prepare the adjusting journal entry on December 31. (If no entry is required for a 1. transaction/event, select "No Journal Entry Required" in the first account field.) 2. Prepare the T-accounts for each account, enter the unadjusted balances, post the adjusting journal entry, and report the adjusted balance. At December 31, the unadjusted trial balance of H&R Tacks reports Interest Payable of $0 and Interest Expense of $0. Interest incurred and owed in December totals $410. Required: a. Prepare the adjusting journal entry on December 31. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) b. Prepare the T-accounts for each account, enter the unadjusted balances, post the adjusting journal entry, and report the adjusted balance. At December 31, the unadjusted trial balance of H&R Tracks reports Software of $25,500 and zero balances in Accumulated AmortizationIntangibles and Amortization Expense. Amortization for the period is estimated to be $5,100. Prepare the required journal entry on December 31. (If no entry is required for a 1. transaction/event, select "No Journal Entry Required" in the first account field.) 2. Prepare the T-accounts for each account, enter the unadjusted balances, post the journal entry, and report the adjusted balance

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

Financial and managerial accounting

Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso

1st edition

111800423X, 9781118233443, 1118016114, 9781118004234, 1118233441, 978-1118016114

More Books

Students also viewed these Accounting questions

Question

How do values relate to goals?

Answered: 1 week ago