Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please help! Record the effect, if any, of the transaction entry or adjusting entry on the appropriate balance sheet category or on the income statement

please help!
image text in transcribed
image text in transcribed
image text in transcribed
Record the effect, if any, of the transaction entry or adjusting entry on the appropriate balance sheet category or on the income statement by entering the account name and amount and indicating whether it is an addition (+) or subtraction (). Column headings reflect the expanded balance sheet equation; items that affect net income should not be shown as affecting stockholders' equity. The first transaction is provided as an illustration. o. During the month, Supplies Expense was debited $3,400 for supplies purchased. The cost of supplies used during the month was $1,400. Record the adjustment to properly reflect the amount of supplies used and supplies still on hand at the end of the month. b. During the montb, the board of directors declared a cash dividend of $1,750, payable next month. c. Employees were paid $1,470 in wages for their work during the first three weeks of the month. d. Employee wages of $385 for the-last week of the month have not been recorded. c. Revenues from services performed during the month totaled $3,570. Of this amount, $1,820 was received in cash and the balance is expected to be recelved within 30 days. f. A contract was signed with a newspaper for a $140 advertisement; the ad ran during this month but will not be paid for until next month. 9. Merchandise that cost $476 was sold for $994. Of this amount, $770 was recelved in cash and the balance is expected to be received within 30 days. h. Independent of transaction a, assume that during the month, supplies were purchased at a cost of \$154 and debited to the Supplies (asset) account. A total of $91 of supplies were used during the month. Record the adjustment to properly reflect the amount of supplies used and supplies still on hand at the end of the month. i. Interest of $189 has been earned on a note receivable but has not yet been recelved. j. Issued 400 shares of $12 par value common stock for $4,800 in cash. Required: o. Indicate the financial statement effect. b. Prepare the journal entry for the above transactions. Complete this question by entering your answers in the tabs below. Indicate the firancisl statement effoct. Journal entry worksheet Record the $1,400 supplies used during the month whereas supplies Expense was debited $3,400 for supplies purchased. Note: Enter debits before credits

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

Practical Guide To Auditing SAP Systems

Authors: Martin Metz, Sebastian Mayer

1st Edition

3960126409, 978-3960126409

More Books

Students also viewed these Accounting questions