Adjusting Entries (Accounting Help)?
I have to complete Intermediate Accounting I: Case 1 Accounting in Action: CM Corporation (CMC). I am making year-end adjusting entries. It is December 31 2009 (for this report) The transaction/event that occurred is: The Prepaid Expense account has a balance of $22,774. This balance includes $11,200 for a two-year insurance policy purchased on January 1, 2009 I know that you debit Insurance and credit Prepaid Expense but what is the calculation for this adjusting entry?
Accounting help...adjusting entries?
1. Depreciation on equipment is $1,240 for the accounting period. Dr Depreciation Expense 1,240 Cr Accumulated Depreciation 1,240 2. Interest owed on a loan but not paid or recorded is $175. Dr Interest Expense 175 Cr Interest Payable 175 3. There was no beginning balance of supplies and $350 of office supplies were purchased during the period. At the end of the period $150 of supplies were on hand. Dr Supplies Expense 200 Cr Supplies 200 4. Prepaid rent had a $1,000 normal balance prior to adjustment. By year end $700 had expired. Dr Rent Expense 700 Cr Prepaid Rent 700 5. Accrued salaries at the end of the period amounted to $900. Dr Salaries Expense 900 Cr Salaries Payable 900
Accounting: Help with adjusting entries!!!?
okay so I need help with my accounting homework. We are currently doing adjusting entries in class so i dont understand how to go about with these two entries. "On June 30, the end of the current fiscal year, the following information is available to Sterling Company's accountants for making adjusting entries: a) Among the liabilities of the company is a mortgage payable in the amount of $240,000. On June 30, the accrued interest on this mortgage amounted to $12,000. b) On Friday, July 2, the company, which is on a five-day workweek and pays employees weekly, will pay its regular salaried employees $19,200." So that was the question, but the thing is that I don't know what accounts I should credit and debit or even what amount should I use. The problem has other adjusting entries problems and I know how to do those but I don't know how to start with these. Please help!!! Thanks in advance for your help! =)
Accounting help? Adjusting Entries...?
I have this question for my accounting class and I'm really struggling. During the year, Sonoma Co. recorded prepayments of expenses in asset accounts, and cash receipts of unearned revenues in liability accounts. At the end of its annual accounting period, the company must make three adjusting entries: (1) accrue salaries expense, (2) adjust the Unearned Services Revenue account to recognize earned revenue, and (3) record services revenue for which cash will be received the following period. For each of these adjusting entries (1), (2), and (3), indicate the account from a through i to be debited and the account to be credited. a. Unearned Services Revenue b. Accounts Receivable c. Accounts Payable d. Prepaid Salaries e. Salaries Expense f. Services Revenue g. Salaries Payable h. Dividends i. Cash
What accounts do adjusting entries affect?
It has been a very long time (Over 20 years) since I’ve had to do any kind of accounting, but I will attempt to answer this question.It would really help if I knew which entries you are adjusting.Are you getting paid? Accounts Recieveable.Are you paying an invoice? Accounts Payable.Without more info, that is the best I’ve got after more than 20 years of being out of it :o/
Adjusting entries help please!?
On December 1, 2012, Shiras Distributing Company had the following account balances. Cash $7,010 Accumulated Depreciation—Equipment $2,585 Accounts Receivable 4,980 Accounts Payable 4,900 Inventory 11,860 Salaries and Wages Payable 1,050 Supplies 1,290 Common Stock 14,740 Equipment 25,850 Retained Earnings 27,715 Debits: $50,990 Credits: $50,990 During December, the company completed the following summary transactions. Dec. 6 Paid $1,730 for salaries due employees, of which $680 is for December and $1,050 is for November salaries payable. 8 Received $1,850 cash from customers in payment of account (no discount allowed). 10 Sold merchandise for cash $6,810. The cost of the merchandise sold was $4,100. 13 Purchased merchandise on account from Gong Co. $9,200, terms 2/10, n/30. 15 Purchased supplies for cash $1,640. 18 Sold merchandise on account $13,000, terms 3/10, n/30. The cost of the merchandise sold was $8,110. 20 Paid salaries $1,990. 23 Paid Gong Co. in full, less discount. 27 Received collections in full, less discounts, from customers billed on 1. Accrued salaries payable $750. 2. Depreciation $235 per month. 3. Supplies on hand $1,530. 4. Income tax due and unpaid at December 31 is $170. Journalize the adjusting entries. I really need help with the adjusting entries. I cannot remember how to do this...
I need help with my accounting problem. Adjusting entries.?
Okay how would I journal these adjusting entries? a.fees earned but unbilled on april 30 were $1,775 b. supplies on hand on april 30 were $1,200 c. depreciation of equipment was estimated to be $4,100 for the year d. the balance in unearned fees represented the april 1 receipt in advance for the services to be provided. Only $1,750 of the services was provided between april 1 and april 30. e. unpaid wages accrued on april 30 were $600. These are the entries I need to journal Im having a brain freeze Which ones debit and which ones credit? HELLLPPPP
Accounting help please! ADJUSTING ENTRIES?
adjusting entries that should be reversed include those for prepaid or unearned items that: a. create an asset or a liability account and were originally entered in a revenue or expense account b.were originally entered in a revenue or expense account c.create an asset or a liability account d.were originally entered in an asset or liability account I am a little confused with adjusting entries and the accounts. I think it is A from what i understood in my book. Can you please tell me if i am correct or explain this better for me? Thank you!
What is the best way to learn Adjusting Entries in Accounting?
Adjusting journal entries: Adjusts accounts directly by increasing or decreasing accountsDirectly impacts the books and records without changing individual transactionsI have made a video to learn Adjusting entries:The key to being good with adjusting entries is mastering first debits and credits:Debit and CreditsDebits and credits is the system used for recording accounting transactions. A debit or credit transaction can increase or decrease balances, depending on the account type (asset, liability, equity, revenue, and expense). This forms the basis for double entry bookkeeping, which requires equal debits and credits. The underlying transactions are recorded in detail on the general ledger and are later combined to form financial statements.The mechanics of the system must be memorized. Once understood, you will be able to properly classify and enter transactions. These entries makeup the data used to prepare financial statements such as the balance sheet and income statement.Every accounting transaction involves at least one debit and one credit. The sum of debits and the sum of credits for each transaction and the total of all transactions are always equal. A list of all transactions appears in the general ledger. Debits are always presented before credits.Further to the above you can read up through this link Debits and credits systemHere is my audio lesson and free (for now) ebook dedicated to the subject: APP: 025 Learn Debits & Credits - Accounting PlayAnd a free course that I designed to explain the concept... Accounting Debits and Credits - Accounting Play
Accounting help please. Preparing adjusting entries?
prepare adjusting journal entries for the year ended (date of) December 31,2009, for each of these separate situations. Assume that prepaid expenses are initially recorded in asset accounts, and that fees collected in advance of work are initially recorded as liabilities. a) Depreciation on the company's equipment for 2009 is computed to be $16,000. b) The Prepaid Insurance account had a $6000 debit balance at December 31, 2009, before adjusting for the costs of any expired coverage. An analysis of the company's insurance policies showed that $640 of unexpired insurance coverage remains. c) The Supplies account had a $325 debit balance on December 31, 2008; and $3,480 of supplies was purchased during 2009. The December 31, 2009, physical count showed $383 of supplies available. d) One-fifth of the work related to $15,000 of cash received in advance this advance this period was performed. e) The Prepaid Insurance account had a $6,800 debit balance at December 31, 2009, before adjusting for the costs of any expired coverage. An analysis of insurance policies showed that $6,160 of coverage had expired. f) Wage expenses of $2,700 have been incurred but are not paid as of December 31, 2009. CHECK: (c) Dr. Supplies Expense: $3,422 (e) Dr. Insurance Expense, $6,160