Prepare journal entries to record the adjustments entered on the six-column table. Assume Bug-Off's adjusted balance...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Prepare journal entries to record the adjustments entered on the six-column table. Assume Bug-Off's adjusted balance for Merchandise Inventory matches the year-end physical count. Note: If no entry is required for a particular transaction, select "No journal entry required" in the first account field. Do not round your intermediate calculations. Show less Retained earnings 65,400 Dividends 27,000 Extermination services revenue 94,000 Interest revenue 906 Sales (of merchandise) 117,826 Cost of goods sold 51,400 Depreciation expense-Trucks 0 Depreciation expense-Equipment 0 Wages expense 52,000 Interest expense 0 Rent expense 26,000 Bad debts expense 0 Miscellaneous expense 1,294 Repairs expense 16,500 Utilities expense Warranty expense 10,200 0 Totals $ 367,184 $ 367,184 The following information in a through h applies to the company at the end of the current year. a. The bank reconciliation as of December 31, 2021, includes the following facts. Cash balance per bank Cash balance per books Outstanding checks Deposit in transit $ 16,800 20,400 2,650 3,300 Prepare a single-step income statement for 2021. BUG-OFF EXTERMINATORS Income Statement For Year Ended December 31, 2021 Revenues Total revenues Expenses SA 0 Total revenues Expenses E 0 0 Total expenses $ 0 Total revenues Expenses E 0 0 Total expenses $ 0 Req 1 Req 2 Req 3 Req 4A Req 4B Req 4C Prepare a classified balance sheet for December 31, 2021. Note: Amounts to be deducted should be indicated with a minus sign. Do not round your intermediate calculation BUG-OFF EXTERMINATORS Current assets: Total current assets Plant assets: Balance Sheet December 31, 2021 Assets 0 0 Total current liabilities Long-term liabilities: Total liabilities Total equity Total liabilities and equity Equity EA $ 0 0 0 $ 0 < Req 4B Req 4C > Prepare journal entries to record the adjustments entered on the six-column table. Assume Bug-Off's adjusted balance for Merchandise Inventory matches the year-end physical count. Note: If no entry is required for a particular transaction, select "No journal entry required" in the first account field. Do not round your intermediate calculations. Show less Retained earnings 65,400 Dividends 27,000 Extermination services revenue 94,000 Interest revenue 906 Sales (of merchandise) 117,826 Cost of goods sold 51,400 Depreciation expense-Trucks 0 Depreciation expense-Equipment 0 Wages expense 52,000 Interest expense 0 Rent expense 26,000 Bad debts expense 0 Miscellaneous expense 1,294 Repairs expense 16,500 Utilities expense Warranty expense 10,200 0 Totals $ 367,184 $ 367,184 The following information in a through h applies to the company at the end of the current year. a. The bank reconciliation as of December 31, 2021, includes the following facts. Cash balance per bank Cash balance per books Outstanding checks Deposit in transit $ 16,800 20,400 2,650 3,300 Prepare a single-step income statement for 2021. BUG-OFF EXTERMINATORS Income Statement For Year Ended December 31, 2021 Revenues Total revenues Expenses SA 0 Total revenues Expenses E 0 0 Total expenses $ 0 Total revenues Expenses E 0 0 Total expenses $ 0 Req 1 Req 2 Req 3 Req 4A Req 4B Req 4C Prepare a classified balance sheet for December 31, 2021. Note: Amounts to be deducted should be indicated with a minus sign. Do not round your intermediate calculation BUG-OFF EXTERMINATORS Current assets: Total current assets Plant assets: Balance Sheet December 31, 2021 Assets 0 0 Total current liabilities Long-term liabilities: Total liabilities Total equity Total liabilities and equity Equity EA $ 0 0 0 $ 0 < Req 4B Req 4C >
Expert Answer:
Related Book For
Fundamental Accounting Principles
ISBN: 978-1259536359
23rd edition
Authors: John Wild, Ken Shaw, Barbara Chiappett
Posted Date:
Students also viewed these accounting questions
-
Which of the following scenarios best represents cyclical unemployment? A transport worker was sacked because of an economic downturn. A farmer quits farming because their products cannot compete...
-
1. 2. 3. a) Express 26.7 mm in: cm and in inches. b) How many mL in: 6.000 L? How many mL in 0.95 pints? c) How many km in 2.0 x 10 m? In 2.5 miles? d) 0.025 g of glucose is dissolved in 250 mL of...
-
Uranium disintegrates at a rate proportional to the amount present at any instant. If m, and m, grams of uranium are present at time t, and t, respectively, show that half life of uranium is...
-
You are currently a managing partner at Innovative Marketing Solutions (IMS) a social media marketing start-up. The firm occupies a modern office space at the London Roundhouse (a hub for tech...
-
A population is growing at a rate proportional to its size. After 5 years, the population size was 164000. After 12 years, the population size was 235000. What was the original population size?
-
Refer to the periodic table and state the atomic mass (in amu) of one atom for each of the following nonmetals. (a) Beryllium (b) Barium (c) Boron (d) Bromine. 2 3 4 AD 6 3 7 11 1 IA 37 5 Rb Li Na 19...
-
What are the three conditions for misappropriation of assets in SAS No. 99 ?
-
Crawford Corporation incurred the following transactions. 1. Purchased raw materials on account $46,300. 2. Raw materials of $36,000 were requisitioned to the factory. An analysis of the materials...
-
Guster Chemical Company (GCC) manufactures two products as part of a joint process: X1 and Y1. Joint costs up to the split-off point total $23,000. The joint costs are allocated to X1 and Y1 in...
-
Butler, Inc., operates at capacity and makes wooden playground equipment. Although Butlers swing sets and play forts are a matching set, they are sold individually and so the sales mix is not 1:1....
-
Write a python code that creates a class with those attribute and function. Below is the proposal... A tenant looks for an apartment based on square footage, rent price, and distance to work as the...
-
Design a 10 GHz oscillator using a common gate GaAs FET. The S parameters of the transistor at 10 GHz are given below $110.85-36 S12=0.22-36 S21 = 0.53.296 $22=1.1252171 Use 500 microstrip lines to...
-
https://www.youtube.com/watch?v=PFIydyH2H8Y-Which of the Thomas Kilmann conflict management styles do you typically gravitate towards (e.g. competing, avoiding, accomodating, compromising,...
-
fill in yellow boxes with EXCEL FORMULA 1 Milleage Distance Table Time From/To 7 8 9 10 11 12 13 14 15 16 17 16 19 20 21 Cincinnati Middletown Florence, KY Lexington, KY Hamilton Beavercreek...
-
Question 2 An individual has a utility function described by U(Y)=In(Y). There exists a risky asset that is forecasted to pay either of two returns 72 > 1 with probabilities and 1- respectively. Let...
-
Assume you have ONLY the abandon option given in the question: 1) Draw the Decision Tree 2) What is the NPV with the abandon option? Page-views growth Page-views sigma Yearly EBITDA multiple Page...
-
A 2-bit input digital multiplier is to be designed. The circuit will accept two binary numbers (with 00, 01, 10, and 11 being possible combinations) and calculate their multiplication, which might...
-
1. Below is depicted a graph G constructed by joining two opposite vertices of C12. Some authors call this a "theta graph" because it resembles the Greek letter 0. a. What is the total degree of this...
-
Kara Ries, Tammy Bax, and Joe Thomas invested $ 80,000, $ 112,000, and $ 128,000, respectively, in a partnership. During its first calendar year, the firm earned $ 249,000. Required Prepare the entry...
-
What is a transfer price? Under what conditions is a market based transfer price most likely to be used?
-
Damita Company reported net income of $48,025 and net sales of $425,000 for the current year. Calculate the companys profit margin and interpret the result. Assume that its competitors earn an...
-
5. Question: Alan Dershowitz, a law professor famous for his wealthy clients (O. J. Simpson, Claus von Bulow, Leona Helmsley), joined with other lawyers to open a kosher delicatessen, Maven's Court....
-
8. YOU BE THE JUDGE WRITING PROBLEM Cellwave was a limited partnership that applied to the Federal Communications Commission (FCC) for a license to operate cellular telephone systems. After the FCC...
-
7. Question: Mrs. Meadows opened a biscuit shop called The Biscuit Bakery. The business was not incorporated. Whenever she ordered supplies, she was careful to sign the contract in the name of the...
Study smarter with the SolutionInn App