Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Debit credit 2,876.ee 4. 19. 1,170.ee el 2019 Adjustment a Dec.31 Uncollectible Accounts Expense Allowance for Doubtful Accounts To record estimated loss from Uncollectible accounts

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Debit credit 2,876.ee 4. 19. 1,170.ee el 2019 Adjustment a Dec.31 Uncollectible Accounts Expense Allowance for Doubtful Accounts To record estimated loss from Uncollectible accounts based on 8.4% of net credit sales, $719, (Adjustment b) 31 Supplies Expense Supplies To record supplies used during the year (Adjustment c) . 31 Insurance Expense Prepaid Insurance To record expired insurance on 1-year $4,689 policy on Oct. 1 (Adjustment d) 31 Depreciation. Exp.-Store Equipment Accum. Depreciation Store Equip. To record depreciation (Adjustment e) 31 Salaries Expense-Office Salaries Payable " To record accrued salaries for Dec. 29-31 (Adjustment f) 31 Payroll Taxes Expense Expense Social Security Tax Payable Medicare Tax Payable To record accrued payroll taxes on accrued salaries: security 5.2% x 2,200 = $136.40; Medicare, 1.45% reciation en (Adjustment ) 31 Interest Expense Interest Payable To record accrued interest on 1-month, 6* trade note payable dated Nov. 1: $14,000 0.862/12 (Adjustment h) 3 1 Interest Receivable Interest Income TO record interest earned on 6 month note receivable dated Oct. 1:58.10 0 .0 3/12 $152. Examine the above adjusting entries and determine which ones should be reversed. Show the reversing entries that should be recorded in the general Journalas of January 1, 2020. (Record the entries in the order glven. Round your answers to 2 decimal places.) Examine the above adjusting entries and determine which ones should be reversed. Show the reversing entries that should be recorded in the general journal as of January 1, 2020. (Record the entries in the order given. Round your answers to 2 decimal places.) View transaction list Journal entry worksheet 2 3 4 Record the first reversing entry required. Note: Enter debits before credits Date General Journal Debit Credit Jan 01, 2020 | LII Record entry Clear entry View general journal Examine the above adjusting entries and determine which ones should be reversed. Show the reversing entries that should be recorded in the general journal as of January 1, 2020. (Record the entries in the order glven. Round your answers to 2 decimal places.) View transaction list Journal entry worksheet

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

Management Accounting For Financial Decisions

Authors: Keith Ward ,Sri Srikanthan ,Richard Neal

1st Edition

0750600675, 978-0750600675

More Books

Students also viewed these Accounting questions

Question

1 Apply the three-step writing process to negative messages

Answered: 1 week ago

Question

8. Demonstrate aspects of assessing group performance

Answered: 1 week ago