Question

The following data for adjustment were found on the books and records of Homer Slim Company...

The following data for adjustment were found on the books and records of Homer Slim Company on 'December 31, 2019:
1. Sales salaries are uniformly $21,400 for a five-day workweek, ending Friday. The last payday of the year was Friday, December 27.
2. Accrued fees earned but not yet recorded at December 31, $10,500.
3. Depreciation expense for the year on the equipment is $6,500.
4. The company has determined that the allowance for uncollectible accounts should be $5,000
5. A three-year fire insurance policy was purchased on July 1, 2019, for $6,000. The company debited Insurance expense for the entire amount.

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

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
A company has the following balances on December 31, Year 1, before any adjustment: Accounts Receivable...
A company has the following balances on December 31, Year 1, before any adjustment: Accounts Receivable = $42,000; Allowance for Uncollectible Accounts = $1,000 (credit). On December 31, Year 1, the company estimates uncollectible accounts to be 20% of accounts receivable. Required: 1. Record the adjusting entry for uncollectible accounts on December 31, Year 1. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)    2. Determine the amount at...
Debit Credit 2019 (Adjustment a) Dec. 31 Uncollectible Accounts Expense 3,640.00 Allowance for Doubtful Accounts 3,640.00...
Debit Credit 2019 (Adjustment a) Dec. 31 Uncollectible Accounts Expense 3,640.00 Allowance for Doubtful Accounts 3,640.00 To record estimated loss from Uncollectible accounts based on 0.5% of net credit sales, $728,000 (Adjustment b) 31 Supplies Expense 5,000.00 Supplies 5,000.00 To record supplies used during the year (Adjustment c) 31 Insurance Expense 1,440.00 Prepaid Insurance 1,440.00 To record expired insurance on 1-year $5,760 policy purchased on Oct. 1 (Adjustment d) 31 Depreciation. Exp.—Store Equipment 14,600.00 Accum. Depreciation—Store Equip. 14,600.00 To record...
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...
At December 31, 2016, the trial balance of Garvey Company contained the following amount before adjustment....
At December 31, 2016, the trial balance of Garvey Company contained the following amount before adjustment.                                                                                                                                            Debits          Credits          Accounts Receivable                   $ 500,000                            Allowance for Doubtful Accounts                         $     4,800                      Sales Revenue                                          2,400,000 Instructions: (a)  Prepare the adjusting entry at December 31, 2016, for bad debts expense assuming that the aging schedule indicates that $26,000 of accounts receivables will be uncollectible.. (b)  Repeat part (a), assuming that instead of a credit balance there is a $4,800 debit balance in the Allowance for Doubtful Accounts. (c)  During the next month, January 2017,...
.4. Macondo Company, a manufacturer firm, has supplied the following information from its accounting records for...
.4. Macondo Company, a manufacturer firm, has supplied the following information from its accounting records for the year 2019 (in thousands dollars): Work-in-process inventory, December 31, 2018………………. 12,500 Work-in-process inventory, December 31, 2019………    …… 14,250 Direct labor cost ………………………………………………. 10,500 Purchase of raw materials……………………………………….15,000 Supplies used …………………………………………………….    675 Materials inventory, December 31, 2018…………………………3,475 Materials inventory, December 31, 2019 ……………………….. 9,500 Factory Insurance Expense………………………………………   350 Commissions Expenses …………………………………………   2,500 Factory supervision Expense…………………………………         2,225 Advertising Expense………………………………………………   800 Finished Goods inventory, December 31, 2018 ………………… 6.685              Finished Goods inventory,...
Appendix: Adjustment Data on an End-of-Period Spreadsheet Alert Security Services Co. offers security services to business...
Appendix: Adjustment Data on an End-of-Period Spreadsheet Alert Security Services Co. offers security services to business clients. The trial balance for Alert Security Services Co. has been prepared on the following end-of-period spreadsheet for the year ended October 31, 20Y5. In addition, the data for year-end adjustments are as follows: Fees earned but not yet billed, $37. Supplies on hand, $9. Insurance premiums expired, $46. Depreciation expense, $18. Wages accrued but not paid, $18. Enter the adjustment data and place...
The December 31, 2012, trial balance of a company included the following: Debits Credits Accounts Receivable...
The December 31, 2012, trial balance of a company included the following: Debits Credits Accounts Receivable $176,000 Unearned Service Fees $24,000 Prepaid Rent 64,000 Prepaid Insurance 33,600 Equipment 240,000 Accumulated Depreciation-Equipment 30,000 Salaries Expense 120,000 Additional data: 1.      The equipment has an estimated life of 11 years and expected salvage value of $20,000 at the end of its life. 2.      Delivery services performed but unbilled at year-end amount to $6,400. 3.      Two-thirds of the Unearned Service Fees has been earned...
Journalized the adjusting entries required on the following independent situation. a. The balance in the supplies...
Journalized the adjusting entries required on the following independent situation. a. The balance in the supplies account before adjustment at the end of the year is $2,750. Supplies on hand at the end of the year is $530. b. For every purchase of supplies the company debit the account Supplies expense. At the end of the year, remaining supplies unused amounted to $750. c. Prepaid insurance has a debit balance of $6,500 at the beginning of the year. Expired insurance...
The following account balances were taken from the ledger of ABC Company at December 31, 2019...
The following account balances were taken from the ledger of ABC Company at December 31, 2019 before adjustments: Cash $ 42,000 Accounts Receivable 86.000 Allowance for Doubtful Accounts 2,400 Inventory 97,000 Land 62,300 Buildings 142,500 Accumulated Depreciation---Buildings 32,560 Long Term Investments 31,500 Accounts Payable 51,800 Mortgage Payable 122,500 Capital Stock, $5 par 200,000 Retained Earnings, December 31, 2017 26,950 Dividends 40,540 Sales 431,000 Sales Returns 9,560 Sales Discounts 8,440 Cost of Goods Sold 203,420 Selling Expenses 58,300 Administrative Expenses 44,200...
The following unadjusted trial balance is for Montana Construction Company as of year-end for the December...
The following unadjusted trial balance is for Montana Construction Company as of year-end for the December 31, 20x7 fiscal year. The December 31, 20x6 credit balance of the stockholders’ equity account is $46,900, and the stockholders invested $40,000 cash in the company during 20x7. NO.      Account Title                          Debit               Credit 101      Cash                                         $7,000 126      Supplies                                   $16,000 128      Pre-paid insurance                   $12,600 167      Equipment                               $200,000 168      Accumulated depreciation – equipment $14,000 201      Accounts payable $6,800 251      Long-term notes payable...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT