Question
How to journalize the adjusting entries as of December 31 of the current year? a. What would the adjusting entry be when Estimated uncollectible accounts
How to journalize the adjusting entries as of December 31 of the current year?
a.What would the adjusting entry be when Estimated uncollectible accounts at December 31, $16,000, based on an aging of accounts receivable. The balance of Allowance for Doubtful Accounts at December 31 was $2,000 (debit).
Description Debit Credit
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b.What would the adjusting entry be if the physical inventory on December 31 indicated an inventory shrinkage of $3,300.
Description Debit Credit
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c.What would the adjusting entry be ifprepaid insurance expired during the year, $22,820.
Description Debit Credit
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d.What would the adjusting entry be if office supplies used during the year, $3,920.
Description Debit Credit
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e.What would the adjusting entry be if depreciation is computed as follows:
Assets Cost Residual value Acquisition Date Useful life Depreciation method used
Buildings $900,000 $0 January 2 50 ears Double-declining-balance
Office Equip. 246,000 26,000 January 3 5 years Straight-line
Store Equip. $112,000 12,000 July 1 10 years Straight-line
Description Debit Credit
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f.What would the adjusting entry be if a patent costing $48,000 when acquired on January 2 has a remaining legal life of 10 years and is expected to have value for eight years.
Description Debit Credit
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g.What would the adjusting entry be if the cost of mineral rights was $546,000. Of the estimated deposit of 910,000 tons of ore, 50,000 tons were mined and sold during the year.
Description Debit Credit
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h.What would the adjusting entry be if vacation pay expense for December, $10,500.
Description Debit Credit
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i.What would the adjusting entry be if a product warranty was granted beginning December 1 and covering a one-year period. The estimated cost is 4% of sales, which totaled $1,900,000 in December.
Description Debit Credit
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j.What would the adjusting entry be if interest was accrued on the note receivable received on October 17. Assuming 360 days per year.
Description Debit Credit
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