- A B Merchandise Inventory Before Adjustment Has A Balance Of 7 900 The Newly Counted Inventory Balance Is 8 400 1 (63.72 KiB) Viewed 32 times
- A B Merchandise Inventory Before Adjustment Has A Balance Of 7 900 The Newly Counted Inventory Balance Is 8 400 2 (44.09 KiB) Viewed 32 times
- A B Merchandise Inventory Before Adjustment Has A Balance Of 7 900 The Newly Counted Inventory Balance Is 8 400 3 (50.09 KiB) Viewed 32 times
a.-b. Merchandise Inventory, before adjustment, has a balance of $7,900. The newly counted inventory balance is $8,400. c. Unearned Seminar Fees has a balance of $6,400, representing prepayment by customers for five seminars to be conducted in June, July, and August 20X1. Two seminars had been conducted by June 30, 20X1. d. Prepaid Insurance has a balance of $14,400 for six months' insurance paid in advance on May 1, 20X1. e. Store equipment costing $5,820 was purchased on March 31, 20X1. It has a salvage value of $540 and a useful life of four years. f. Employees have earned $290 that has not been paid at June 30, 20X1. g. The employer owes the following taxes on wages not paid at June 30, 20X1: SUTA, $8.70; FUTA, $1.74; Medicare, $4.21; and social security, $17.98. h. Management estimates uncollectible accounts expense at 1 percent of sales. This year's sales were $2,400,000. i. Prepaid Rent has a balance of $7,200 for six months' rent paid in advance on March 1, 20X1. J. The Supplies account in the general ledger has a balance of $440. A count of supplies on hand at June 30, 20X1, indicated $170 of supplies remain. k. The
company borrowed $7,700 from Second Bancorp on June 1, 20X1, and issued a four-month note. The note bears interest at 12 percent. Required: Based on the information above, record the adjusting journal entries that must be made for Sufen Consulting on June 30, 20X1. The
company has a June 30 fiscal year-end. Analyze: After all adjusting entries have been journalized and posted, what is the balance of the Prepaid Rent account? Complete this
question by entering your answers in the tabs below. General Journal Analyze Based on the information above, record the adjusting journal entries that must be made for Sufen Consulting on June 30, 20X1. The
company has a June 30 fiscal year-end. (Round your final answers to 2 decimal places.) View transaction list View journal entry worksheet < Prev 6 of 8 *** *** F Next > ****** Ⓡ inoni
6 aw No 1 2 3 4 5 6 7 8 Transaction a. b. C d. e L 9 h. Income summary Merchandise inventory Merchandise inventory Unearned seminar fees Seminar fees income Insurance expense Prepaid insurance Depreciation expense-Store equipment Accumulated depreciation-Store equipment Wages expense Wages payable General Journal Payroll taxes expense State unemployment taxes payable Federal unemployment taxes payable Medicare taxes payable Social security taxes payable Sales Uncollectible accounts expense < Prev 6 of 8 ›› › ›› O 00 00 Ⓒ 4,800.00 O 00 00000 ✪ Debit 7,900.00 8,400.00 2,560.00 1,325.00 290.00 32.63 2.400.000.000 Next > Credit 7,900.00 2,560.00✔ 4,800.00 1,325.00 290.00 8.70 1.74 4.21 17.98 240,000.00
nework Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indi 6 7 8 9 10 11 f. 9- h. L J. k. Wages expense Wages payable Payroll taxes expense State unemployment taxes payable Federal unemployment taxes payable Medicare taxes payable Social security taxes payable Sales Uncollectible accounts expense Rent expense Prepaid rent Supplies expense Supplies Interest expense Interest payable Saved General Journal Analyze > 33 00000 Ⓡ ›› ›› ** 290.00 32.63 2,400,000.00 4,800.00 270.00 77.00 290.00 8.70 1.74 4.21 17.98 240,000.00 4,800.00 170.00 77.00