Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Comprehensive Acceunting Cycle Review 11-2 (Part Level Submission) Jounalize the following adjustments. (Credit account titles are automatically indented when amount is entered. Do not indent

image text in transcribed
image text in transcribed
image text in transcribed
Comprehensive Acceunting Cycle Review 11-2 (Part Level Submission) Jounalize the following adjustments. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem. Round answers to 0 decimal places e-9.1,527.) Services performed for customers through February 27, 2017, but unbilled and Received notice that a customer who was billed $230 for services performed February 10 has filed for bankruptcy. Windsor does not expect to collect any portion of this Windsor uses the allowance method to estimate bad debts. Windsor estimates that 3% of its month-end receivables will not be collected. Record 1 month of depreciation for the floor equipment. Use the straight-line method an estimated life of 4 years, and $700 salvage value s Record 1 month of insurance expense. An inventory count shows $300 of supplies on hand at February 28 One week of services were performed for the customer who paid in advance on Accrue for wages owed through February 28, 2017 Karen estimates a 20% income tax rate. (Hint: Prepare an income statement up to Accrue for interest expense for 1 month. income before taxes" to help with the income tax calculation.) Post adjusting entries to the T-accounts. (Post entries in the order of journal entries presented above.) Cash Accounts Receivable Supplies Prepaid Insurance Prepaid Expenses Allowance for Doubtful Accounts Equipment Accumulated Depreciation- Equipment Accounts Payable Notes Payable Salaries and Wages Payable Interest Payable Income Taxes Payable Unearned Service Revenue Common Stockk Paid in Capital in Excess of Par Income Taxes Payable Unearned Service Revenue Common Stockk Paid in Capital in Excess of Par Cash Dividends Treasury Stock Service Revenue Utilities Expense Salaries and Wages Expense Insurance Expense Depreciation Expense Bad Debt Expense Supplies Expense Interest Expense Loss on Disposal of Plant Assets Income Tax Expense The parts of this question must be completed in order. This part will be available when you complete the part above. (91) The parts of this question must be completed in order. This part wil be available when you complete the part above Comprehensive Acceunting Cycle Review 11-2 (Part Level Submission) Jounalize the following adjustments. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem. Round answers to 0 decimal places e-9.1,527.) Services performed for customers through February 27, 2017, but unbilled and Received notice that a customer who was billed $230 for services performed February 10 has filed for bankruptcy. Windsor does not expect to collect any portion of this Windsor uses the allowance method to estimate bad debts. Windsor estimates that 3% of its month-end receivables will not be collected. Record 1 month of depreciation for the floor equipment. Use the straight-line method an estimated life of 4 years, and $700 salvage value s Record 1 month of insurance expense. An inventory count shows $300 of supplies on hand at February 28 One week of services were performed for the customer who paid in advance on Accrue for wages owed through February 28, 2017 Karen estimates a 20% income tax rate. (Hint: Prepare an income statement up to Accrue for interest expense for 1 month. income before taxes" to help with the income tax calculation.) Post adjusting entries to the T-accounts. (Post entries in the order of journal entries presented above.) Cash Accounts Receivable Supplies Prepaid Insurance Prepaid Expenses Allowance for Doubtful Accounts Equipment Accumulated Depreciation- Equipment Accounts Payable Notes Payable Salaries and Wages Payable Interest Payable Income Taxes Payable Unearned Service Revenue Common Stockk Paid in Capital in Excess of Par Income Taxes Payable Unearned Service Revenue Common Stockk Paid in Capital in Excess of Par Cash Dividends Treasury Stock Service Revenue Utilities Expense Salaries and Wages Expense Insurance Expense Depreciation Expense Bad Debt Expense Supplies Expense Interest Expense Loss on Disposal of Plant Assets Income Tax Expense The parts of this question must be completed in order. This part will be available when you complete the part above. (91) The parts of this question must be completed in order. This part wil be available when you complete the part above

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Students also viewed these Accounting questions