Question

The Abigail Company had the following adjustments at December 31, 2019, the end of the accounting...

The Abigail Company had the following adjustments at December 31, 2019, the end of the accounting period:

  1. The company signed a $15,000, 6%, one-year note payable on September 1st. Record the accrual on 12/31.


  1. On November 1, 2019, the Abigail Company paid $3,000 for six months of rent in advance. The rental period is November 1, 2019 through April 30, 2020. Prepare the adjustment on 12/31.   




  1. On August 1, 2019, the company collected $24,000 in advance for a consulting contract, which is to be earned evenly over the next 24 months. Record the adjustment on 12/31.





  1. Employees are owed salaries for 3 days of a 5-day workweek; weekly payroll is $30,000.




E. The unadjusted balance of the supplies account is $2,750. Based on a physical count, the cost of supplies on hand is $1,000.

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Adjustment Entries are as below:

____________________________________

Please like if you got your query solved, reach back to us via comment if any query to understand. All the Best!

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
Read the description of the following adjustments that are required at the end of the accounting...
Read the description of the following adjustments that are required at the end of the accounting period for Riley Furniture Restoration. Determine the account and amount to be debited and the account and amount to be credited. Purchased supplies for $1,000 on June 1, 2019. Inventory of supplies was $300 on June 30, 2019. Record the adjustment for the amount of the supplies used during the month of June 2019. Signed a 4-month contract for $1,200 of prepaid advertising on...
Prepare general journal entries on December 31 to record the following unrelated year-end adjustments. a. Estimated...
Prepare general journal entries on December 31 to record the following unrelated year-end adjustments. a. Estimated depreciation on office equipment for the year, $6,500. b. The Prepaid Insurance account has a $7,650 debit balance before adjustment. An examination of insurance policies shows $3,050 of insurance expired. c. The Prepaid Insurance account has a $2,750 debit balance before adjustment. An examination of insurance policies shows $975 of unexpired insurance. d. The company has three office employees who each earn $200 per...
Read the description of following adjustments that are required at the end of the accounting period...
Read the description of following adjustments that are required at the end of the accounting period for Benton Tutoring. Determine the account and amount to be debited and the account and amount to be credited. Prepaid insurance for one year on January 1, 20X1, in the amount of $26,880. Record the adjustment on January 31, 20X1. Purchased supplies for $1,100 on January 1, 20X1. The inventory of supplies was $200 on January 31, 20X1. Record the adjustment for the amount...
Rachel Kumar, DDS, had the following balances in selected accounts on December 31, 2019. Accounts Receivable...
Rachel Kumar, DDS, had the following balances in selected accounts on December 31, 2019. Accounts Receivable $ 0 Prepaid Insurance 2,220 Supplies 2,940 Equipment 6,650 Accumulated Depreciation – Equipment 0 Salaries and Wages Payable 0 Notes Payable 15,000 Interest Payable 0 Unearned Service Revenue 30,000 All of the accounts have normal balances. The information below has been gathered at December 31, 2019. 1.Depreciation on the equipment for 2019 is $1,300. Record the adjusting entry. 2. Rachel Kumar borrowed $15,000 by...
On December 31, 2019, the Notes Payable account at Northwood Manufacturing Company had a balance of...
On December 31, 2019, the Notes Payable account at Northwood Manufacturing Company had a balance of $15,500. This balance represented a three-month, 9 percent note issued on November 1. On January 2, 2019, Hitech Computer Consultants purchased flash drives, paper, and other supplies for $6,020 in cash. On December 31, 2019, an inventory of supplies showed that items costing $1,540 were on hand. The Supplies account has a balance of $6,020 On September 1, 2019, North Dakota Manufacturing paid a...
The following information about Company A on December 31, 2019. The company, which uses the calendar...
The following information about Company A on December 31, 2019. The company, which uses the calendar year as its annual reporting period, initially records prepaid and unearned items in bal­ance sheet accounts (assets and liabilities, respectively). a.The company's weekly payroll is $7,500, paid each Friday for a five-day workweek. December 31, 2019, falls on a Tuesday, but the employees will not be paid their wages until Friday, January 3, 2020. b.Eighteen months earlier, on July 1,2018, the company purchased equipment...
8) Zoom Inc.’s year-end is December 31. Give Zoom’s adjusting entries on that date for the...
8) Zoom Inc.’s year-end is December 31. Give Zoom’s adjusting entries on that date for the following transactions: Zoom employees have a 5-day work week (Monday through Friday). Weekly salary for all employees (in total) is $9,500. December 31 this year falls on a Monday. Zoom earned $2,000 of consulting revenue in December, but the customer will not make payment on this amount until February. On July 31, Zoom paid for 8 months of insurance coverage, $12,000, in advance. No...
During 2019, Ocean Consulting had the following transactions with it clients (customers): On February 1, 2019,...
During 2019, Ocean Consulting had the following transactions with it clients (customers): On February 1, 2019, the company received cash of $10,000 from clients in payment of their account balances as of December 31, 2018. On November 1, 2019, the company received $4,000 cash as payments in advance for services to be performed in 2020. The company received a total of $26,000 in cash for services that were performed during 2019. The company sent bills totaling $8,000 to clients for...
Brokeback Towing Company is at the end of its accounting year, December 31, 2018. The following...
Brokeback Towing Company is at the end of its accounting year, December 31, 2018. The following data that must be considered were developed from the company’s records and related documents: On July 1, 2018, a two-year insurance premium on equipment in the amount of $660 was paid and debited in full to Prepaid Insurance on that date. Coverage began on July 1. At the end of 2018, the unadjusted balance in the Supplies account was $1,060. A physical count of...
Make the year end, 12-31-17, general journal adjustments for Macomb Mold Company. Company only prepares adjustments...
Make the year end, 12-31-17, general journal adjustments for Macomb Mold Company. Company only prepares adjustments and financial statements once a year on 12-31. Here is this information to make the adjustments: 1 On 9-1-17 Company paid for a one yr. liability. insurance policy where coverage began 9-1-17. Paid and Debited to the acct. Prepaid Insurance 2,850.00 + During the year the company borrowed money from a bank. Interest will be paid 5-15-18 but accrued interest @ 12-31-17 is 825.00...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT