Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please answer these adjusting enteries using the unadjusted trial balance and use the 2 ways and label - the permanant anf temproray side please and

please answer these adjusting enteries using the unadjusted trial balance and use the 2 ways and label - the permanant anf temproray side please and the final adjusging thanks. image text in transcribed
image text in transcribed
Adjusting Entries: 1. The company paid $18,000 for a one year lease that commenced on 9/1/20. 2. The company received $25,000 in advance for services to be rendered in the future. As of 12/31/20 the company had earned $15,000. 3. The company paid $9,000 for a 1 year fire policy with an effective date of April 1, 2020. 4. During the year the company purchased $1,400 in supplies of which $400 remain on hand @ 12/31/20 5. Buildings has a $70,000 salvage value and a 20 year life. 6. Equipment has a $30,000 salvage value and a 10 year life. 7. The company received a $40,000, 6%, 6 month note from a customer on 11/1/20.1.) Record the adjusting entry for 12/31/20.2.) Record the receipt of payment 4/30/21 with and without reversing entries. 8. The company received $24,000 from a tenant for a 1 year lease with a commencement date of 5/1/20 9. The company has 2 employees that earn $5000 each per week. The employees work a 5 day work week and are paid every Friday for work performed through Friday. 12/31/20 is a Monday. 1.) Record the adjusting entry for 12/31/20.2.) Record the payment of wages 1/4/21 with and without reversing entries. 10.7% of accounts receivable are expected to be uncollectible as of 12/31/20. 11. During 2020, the company paid $12,000 for a one year advertising campaign that commenced on 3/1/20 Credit Debit 15,000 55,000 2,000 7,000 12,000 1,000 4,000 40.000 330,000 120,000 39,000 150,000 70,000 22,000 30,000 Cash Accounts Receivable Allowance for Doubtful Accounts Prepaid Insurance Prepaid rent Supplies Prepaid Advertising Note Receivable Interest Receivable Land Buildings Accumulated Depreciation-Buildings Equipment Accumulated Depreciation Equipment Accounts Payable Notes Payable Interest Payable Salary & Wage Payable Unearned revenue Unearned rent revenue Common Stock Retained Earnings Sales Revenue Rent Revenue Utilities Expenses Depreciation expense -buildings Depreciation expense-equipment Insurance expense Advertising Expense Bad debt expense Supplies expense Rent expense Salaries and Wages Expense Maintenance and Repairs Expense 4,000 3,000 400,000 119,000 365,000 36,000 54.000 2,000 8,000 24,000 8,000 1,000 2,000 48,000 185,000 24,000 1,090,000 1,090,000

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

The Data And Analytics Playbook Proven Methods For Governed Data And Analytic Quality

Authors: Lowell Fryman, Gregory Lampshire, Dan Meers

1st Edition

0128023074, 978-0128023075

More Books

Students also viewed these Accounting questions

Question

Is there a clear hierarchy of points in my outline?

Answered: 1 week ago