Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Complete the following transactions These are nine (10) separate transactions. Do not assume that they relate to one another or are for the same company.

image text in transcribedimage text in transcribed

Complete the following transactions These are nine (10) separate transactions. Do not assume that they relate to one another or are for the same company. These companies make adjustments at the end of the year. Transactions: 1. The supplies account balance December 31st was $14.000. Supply storeroom count found that only $9,750 of supplies were remaining. Make the adjusting entry for December 31st to reflect this. 2. An insurance policy bought on December 31, 2020 for $12,000 was to last for one(1) years. What was the adjusting journal entry for Dec 31st, 2020? 3. A'R on January 15, 2020 the company wrote off for $49,000 was expected to collect this year from No Chance Airlines but you just received a note that they Filed for bankruptcy but you are expected to get a payment from the bankruptcy judge of $15,000 4. Office Equipment purchased for $10,000 January 10, 2020 one of your employees did a great buying job and everybody thinks the equipment is worth $20,000 5. A Gas expense of $20,000 has been accrued since January 1 of this year but an error has been found and the gas station gave you a discount of as station another $1,300.00 6. A/P has been examined and found that you owe the local hardware store another $400.00 in paint for decorating the office. 7. You find out that your inventory is obsolete and you need to write of an additional $1,500.00 8. You are looking at your payroll account and you decide to pay the owner an extra $3,000.00 bonus for the year. 9. On December 31, 2019 you add an addition Lift for your loading bay. The addition is $15.000 and will allow you to load and unload freight faster but it is only going to last one year 10. On December 31, 2020 your biggest customer emails you an order for $25,000,000 saying you just won a bid. The order is to be delivered over the next year. DATE PARTICULARS B DEBIT CREDIT Complete the following transactions These are nine (10) separate transactions. Do not assume that they relate to one another or are for the same company. These companies make adjustments at the end of the year. Transactions: 1. The supplies account balance December 31st was $14.000. Supply storeroom count found that only $9,750 of supplies were remaining. Make the adjusting entry for December 31st to reflect this. 2. An insurance policy bought on December 31, 2020 for $12,000 was to last for one(1) years. What was the adjusting journal entry for Dec 31st, 2020? 3. A'R on January 15, 2020 the company wrote off for $49,000 was expected to collect this year from No Chance Airlines but you just received a note that they Filed for bankruptcy but you are expected to get a payment from the bankruptcy judge of $15,000 4. Office Equipment purchased for $10,000 January 10, 2020 one of your employees did a great buying job and everybody thinks the equipment is worth $20,000 5. A Gas expense of $20,000 has been accrued since January 1 of this year but an error has been found and the gas station gave you a discount of as station another $1,300.00 6. A/P has been examined and found that you owe the local hardware store another $400.00 in paint for decorating the office. 7. You find out that your inventory is obsolete and you need to write of an additional $1,500.00 8. You are looking at your payroll account and you decide to pay the owner an extra $3,000.00 bonus for the year. 9. On December 31, 2019 you add an addition Lift for your loading bay. The addition is $15.000 and will allow you to load and unload freight faster but it is only going to last one year 10. On December 31, 2020 your biggest customer emails you an order for $25,000,000 saying you just won a bid. The order is to be delivered over the next year. DATE PARTICULARS B DEBIT CREDIT

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

Finance And Accounting For Nonfinancial Managers

Authors: Steven A. Finkler

5th Edition

9780808046905

More Books

Students also viewed these Accounting questions