Question

ANSWER ASAP Record the needed adjusting journal entries. The trial balance of Veggies-R-Us., at December 31,...

ANSWER ASAP

Record the needed adjusting journal entries.

The trial balance of Veggies-R-Us., at December 31, 20XX, and the data needed for the year-end adjustments follow. (Round all results to the nearest whole dollar amount.)

  1. The dollar value of supplies on hand at year end = $5,250; this was determined after taking a physical inventory.
  2. Prepaid rent still in force at December 31, $900.
  3. Depreciation on furniture for the year, $210.
  4. Depreciation on building for the year, $1,980.
  5. Depreciation on equipment for the year, $1,125.
  6. At the end of the year, Veggies-R-Us. owed P-Tato $480 and $820 to other employees of the company for work performed during the year just ended.
  7. Unearned revenue, customer deposits still unearned at December 31 was $3,125.
  8. Veggies-R-Us. uses the allowance method to determine their bad debt expense. The allowance for bad debts is based upon the balance in accounts receivable. Based upon past experience Veggies-R-Us. uses the rate of 0.75% (.0075) of accounts receivable to determine the appropriate balance in the Allowance for Doubtful accounts. Round the balance in this allowance account (your calculated year end balance) to the nearest whole dollar.
  9. Bonds payable info: The principal amount (a.k.a. face value, par value, stated value) of these bonds = $150,000. These bonds have a 10 year term. The stated rate (a.k.a. contract rate, nominal rate, contract rate) of interest on these bonds = 5%. Theses bonds are dated July 1, 20XX (current year) and were sold on July 1, 20XX (current year) for the sum of $156,000.

Interest on these bonds is to be paid semi-annually on January 1 and July 1 of each year. An entry needs to be made for December 31’s accrued interest due and for the appropriate amount relating to the amortization of the premium (use straight-line amortization for this premium). A check will be written and issued for the appropriate amount of interest due on January 1.

  1. The investments that A. Duck Ponds currently has in their investment account (current asset) represents investments that were purchased recently. Based upon stock market quotes obtained for December 31, the market value of these investments = $112,000.

Veggies-R-Us.

Trial Balance

December 31, 20XX

Account Title

Debit

Credit

Cash

$26,750

Accounts receivable

47,630

Allowance for doubtful accounts

250

Prepaid rent

1,680

Supplies

8,700

Investments

113,520

Furniture

15,350

Accumulated depreciation-furniture

12,800

Equipment

44,600

Accumulated depreciation-equipment

1,830

Building

89,900

Accumulated depreciation-building

28,600

Accounts payable

6,240

Salary payable

Unearned revenue, customer deposits

25,500

Bonds payable

150,000

Premium of bonds payable

6,000

Common stock

20,000

Retained earnings

54,920

Dividends

5,250

Revenue

132,400

Salary expense

51,600

Rent expense

5,000

Utilities expense

10,410

Depreciation expense-furniture

0

Depreciation expense-equipment

0

Depreciation expense-building

0

Advertising expense

5,650

Supplies expense

12,000

Bad debts expense

0

Interest expense

0

   Total

$438,290

$438,290

Homework Answers

Answer #1
Date Account Titles Debit Credit
Dec 31, 20XX $ $
1. Supplies Expense 3,450
Supplies 3,450
2. Rent Expense 780
Prepaid Rent 780
3. Depreciation Expense: Furniture 210
Accumulated Depreciation: Furniture 210
4. Depreciation Expense: Building 1,980
Accumulated Depreciation : Building 1,980
5. Depreciation Expense: Equipment 1,125
Accumulated Depreciation : Equipment 1,125
6. Salaries Expense 1,300
Salaries Payable 1,300
7. Unearned Revenue 22,375
Revenue 22,375
8. Bad Debt Expense 607
Allowance for Doubtful Accounts 607
9. Interest Expense 3,450
Premium on Bonds Payable 300
Interest Payable ( 150,000 x 5 % x 6/12 ) 3,750
10. Unrealized Loss on Investments 1,520
Investments 1,520
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