Question

Selected amounts from Oriole Company's trial balance of 12/31/20 appear below: 1. Accounts Payable $120,400 2....

Selected amounts from Oriole Company's trial balance of 12/31/20 appear below: 1. Accounts Payable $120,400 2. Accounts Receivable 158,800 3. Accumulated Depreciation—Equipment 203,300 4. Allowance for Doubtful Accounts 20,200 5. Bonds Payable 485,500 6. Cash 147,300 7. Common Stock 50,800 8. Equipment 870,750 9. Prepaid Insurance 30,300 10. Interest Expense 11,100 11. Inventory 283,700 12. Notes Payable (due 6/1/21) 186,300 13. Prepaid Rent 243,000 14. Retained Earnings 836,200 15. Salaries and Wages Expense 303,400 (All of the above accounts have their standard or normal debit or credit balance.) Collapse question part (a) Prepare adjusting journal entries at year end, December 31, 2020, based on the following supplemental information. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) a. The equipment has a useful life of 15 years with no salvage value. (Straight-line method being used.) b. Interest accrued on the bonds payable is $14,565 as of 12/31/20. c. Prepaid insurance at 12/31/20 is $22,600. d. The rent payment of $243,000 covered the six months from November 30, 2020 through May 31, 2021. e. Salaries and wages earned but unpaid at 12/31/20, $22,800.

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1
Journal Entries ($)
A Depreciation Dr 58,050
To Accumulated Depreciation - Equipment (870,750/15) 58,050
(Depreciation for the year)
B Interest Expense Dr 14,565
To Interest Payable 14,565
(accrued interest)
C Insurance Expense Dr (30,300-22,600) 7,700
To Prepaid Insurance 7,700
(insurance expired)
D Rental Expense Dr 40,500
To Prepaid Rent (243,000/6) 40,500
(Rent for December)
E Salaries and Wages Expense Dr 22,800
To Salaries and Wages Payable 22,800
(Salaries payable)
0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
The adjusted trial balance for Oriole Company is given below. ORIOLE COMPANY Trial Balance August 31,...
The adjusted trial balance for Oriole Company is given below. ORIOLE COMPANY Trial Balance August 31, 2022 Before Adjustment After Adjustment Dr. Cr. Dr. Cr. Cash $11,640 $11,640 Accounts Receivable 8,440 8,940 Supplies 2,930 1,370 Prepaid Insurance 4,250 2,860 Equipment 16,000 16,000 Accumulated Depreciation—Equipment $3,600 $4,800 Accounts Payable 5,870 5,870 Salaries and Wages Payable 0 1,140 Unearned Rent Revenue 1,920 1,080 Common Stock 18,220 18,220 Retained Earnings 5,700 5,700 Dividends 2,600 2,600 Service Revenue 34,240 34,740 Rent Revenue 13,720 14,560...
Presented below is the adjusted trial balance of Sweet Corporation at December 31, 2020. Debit Credit...
Presented below is the adjusted trial balance of Sweet Corporation at December 31, 2020. Debit Credit Cash $          ? Supplies 1,610 Prepaid Insurance 1,410 Equipment 48,410 Accumulated Depreciation-Equipment $  4,410 Trademarks 1,360 Accounts Payable 10,410 Salaries and Wages Payable 910 Unearned Service Revenue 2,410 Bonds Payable (due 2027) 9,410 Common Stock 10,410 Retained Earnings 25,410 Service Revenue 10,410 Salaries and Wages Expense 9,410 Insurance Expense 1,810 Rent Expense 1,610 Interest Expense 1,310     Total $          ? $          ? Additional information: 1. Net loss for the...
Selected worksheet data for Elsayed Company are presented below. Trial Balance Adjusted Trial Balance Account Titles...
Selected worksheet data for Elsayed Company are presented below. Trial Balance Adjusted Trial Balance Account Titles Debit Credit Debit Credit Accounts Receivable ? 33,311 Prepaid Insurance 26,057 20,182 Supplies 7,197 ? Accumulated Depreciation—Equipment 12,313 ? Salaries and Wages Payable ? 4,852 Service Revenue 87,773 96,120 Insurance Expense ? Depreciation Expense 11,973 Supplies Expense 4,478 Salaries and Wages Expense ? 49,220
URGENT!!! The trial balance for Pioneer Advertising is shown below. Pioneer Advertising Trial Balance October 31,...
URGENT!!! The trial balance for Pioneer Advertising is shown below. Pioneer Advertising Trial Balance October 31, 2017 Debit Credit Cash $ 15,200 Supplies 2,500 Prepaid Insurance 600 Equipment 5,000 Notes Payable $ 5,000 Accounts Payable 2,500 Unearned Service Revenue 1,200 Owner’s Capital 10,000 Owner’s Drawings 500 Service Revenue 10,000 Salaries and Wages Expense 4,000 Rent Expense 900 $28,700 $28,700 You are provided with the following adjustment data. 1. Supplies on hand at October 31 total $300. 2. Expired insurance for...
The trial balance for Pioneer Advertising is shown below. Wildhorse Advertising Trial Balance October 31, 2017...
The trial balance for Pioneer Advertising is shown below. Wildhorse Advertising Trial Balance October 31, 2017 Debit Credit Cash $14,000 Supplies 2,500 Prepaid Insurance 600 Equipment 5,000 Notes Payable $5,000 Accounts Payable 2,300 Unearned Service Revenue 1,300 Owner’s Capital 7,200 Owner’s Drawings 400 Service Revenue 10,900 Salaries and Wages Expense 3,400 Rent Expense 800 $26,700 $26,700 Assume the following adjustment data. 1. Supplies on hand at October 31 total $300. 2. Expired insurance for the month is $200. 3. Depreciation...
Prepare an Income Statement ABC Corporation Adjusted Trial Balance December 31, 2014 Debit Credit Accounts Payable...
Prepare an Income Statement ABC Corporation Adjusted Trial Balance December 31, 2014 Debit Credit Accounts Payable $           65,340 Accounts Receivable              190,300 Accumulated Depreciation: Building $             5,400 Accumulated Depreciation: Equipment               29,359 Accumulated Other Comprehensive Income               15,000 Additional Paid in Capital - Treasury Stock               21,000 Advertising Expense                  8,400 Allowance for Doubtful Accounts               25,000 Bad Debt Expense                25,000 Bonds Interest Expense                43,088 Bonds Payable           1,600,000 Building              150,000 Cash            1,270,676 Common Stock            ...
LM Company's December 31, 2020 unadjusted trial balance reported the following accounts: Accounts Payable ............ $37,000...
LM Company's December 31, 2020 unadjusted trial balance reported the following accounts: Accounts Payable ............ $37,000 Accounts Receivable ......... $61,000 Accumulated Depreciation .... $33,000 Cash ........................ $20,000 Common Stock ................ $54,000 Cost of Goods Sold .......... $47,000 Equipment ................... $71,000 Income Tax Expense .......... $12,000 Interest Expense ............ $16,000 Inventory ................... $70,000 Investment Revenue .......... $56,000 Mortgage Payable ............ $40,000 Prepaid Insurance ........... $26,000 Retained Earnings ........... $42,000 (at January 1, 2020) Sales Revenue ............... $95,000 Trademark ................... $22,000 Unearned...
Trial Balance The accounts in the ledger of Hickory Furniture Company as of December 31, 2016,...
Trial Balance The accounts in the ledger of Hickory Furniture Company as of December 31, 2016, are listed in alphabetical order as follows. All accounts have normal balances. The balance of the cash account has been intentionally omitted. Accounts Payable $42,770 Accounts Receivable 116,900 Cash ? Common Stock 15,000 Dividends 24,000 Fees Earned 745,230 Insurance Expense 3,600 Land 50,000 Miscellaneous Expense 9,500 Notes Payable 50,000 Prepaid Insurance 21,600 Rent Expense 48,000 Retained Earnings 60,000 Supplies 4,275 Supplies Expense 6,255 Unearned...
The trial balance of Star Company on October 31, 2020 is shown below. Star Company Trial...
The trial balance of Star Company on October 31, 2020 is shown below. Star Company Trial Balance October 31, 2020 Accounts Debit Credit Cash $45,000 Prepaid Insurance    99,000 Supplies     49,500 Furniture 1,080,000 Accumulated Depreciation - Furniture $202,500 Notes Payable 180,000 Accounts Payable 108,000 Star, Capital 688,500 Star, Drawings 108,000 Service Revenue 220,500 Utilities Expense     18,000 Total 1,399,500 1,399,500 Other information: 1. Salaries owed for the month of October but will not be paid until November, 2020 was...
The following trial balance was taken from the books of Venus Corporation at December 31, 2020:...
The following trial balance was taken from the books of Venus Corporation at December 31, 2020: Account Debit: Cash $ 40,000 Accounts Receivable 106,000 Prepaid Rent 12,800 Note Receivable 8,000 Merchandise Inventory 54,000 Unexpired Insurance 4,800 Furniture and Equipment 138,000 Cost of Goods Sold 128,000 Salaries Expense 53,000 Total: $546,600 Credit: Accumulated Depreciation 15,000 Accounts Payable 12,600 Common Shares 44,000 Retained Earnings 65,000 Sales 410,000 Total $ 546,600 At year end, the following items have not yet been recorded. 1....
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT