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Chapter 3: 29E_3 (page 167)

Question :The worksheet of Best Jobs Employment Service follows but is incomplete.The following data at April 30, 2018, are given for Best Jobs Employment Service: a. Service revenue accrued, \(700. b. Office supplies used, \)300. c. Depreciation on equipment, \(1,300. d. Salaries owed to employees, \)1,400. Requirements 1. Calculate and enter the adjustment amounts directly in the Adjustments columns. Use letters a through d to label the four adjustments. 2. Calculate and enter the adjusted account balances in the Adjusted Trial Balance columns. 3. Prepare each adjusting journal entry calculated in Requirement 1. Date the entries, and include explanations

Short Answer

Expert verified

Adjusting entries are as follows:

Journal entry

Date

Accounts and Explanation

Debit

Credit

April 30,2018

Accounts Receivable

$700

Service Revenue

$700

To record service revenue accrued

April 30,2018

Supplies Expense

$300

Office Supplies

$300

To record office supplies used

April 30,2018

Depreciation Expense鈥擡quipment

$1,300

Accumulated Depreciation鈥擡quipment

$1,300

To record depreciation on equipment

April 30,2018

Salaries Expense

$1,400

Salaries Payable

$1,400

To record accrued salaries expense

Step by step solution

01

Step-by-Step-SolutionStep1: Explanation on Adjusted Trial Balance

Adjusted trial balance is prepared after the journalizing and posting of adjusting entries in the books of accounts.

02

Explanation on Adjusting Entries

Adjusting entries records the accrued revenues and expenses at the end of the accounting period.

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Most popular questions from this chapter

Question :Birch Park Senior Center has a weekly payroll of \(12,500. December 31 falls on Wednesday, and Birch Park Senior Center will pay its employees the following Monday (January 5) for the previous full week. Assume Birch Park Senior Center has a five-day workweek and has an unadjusted balance in Salaries Expense of \)620,000. Requirements 1. Record the adjusting entry for accrued salaries on December 31. 2. Post the adjusting entry to the accounts involved, and show their balances after adjustments. 3. Record the journal entry for payment of salaries made on January 5

What are the two rules to remember about adjusting entries?

Question :Consider the following independent situations at December 31: a. On October 1, a business collected \(3,000 rent in advance, debiting Cash and crediting Unearned Revenue. The tenant was paying one year鈥檚 rent in advance. On December 31, the business must account for the amount of rent it has earned. b. Salaries expense is \)1,800 per day鈥擬onday through Friday鈥攁nd the business pays employees each Friday. This year, December 31 falls on a Thursday. c. The unadjusted balance of the Office Supplies account is \(3,000. Office supplies on hand total \)1,900. d. Equipment depreciation was \(500. e. On April 1, when the business prepaid \)4,320 for a two-year insurance policy, the business debited Prepaid Insurance and credited Cash. Journalize the adjusting entry needed on December 31 for each situation. Use the letters to label the journal entries

Question :A select list of transactions for Anuradha鈥檚 Goals follows:

April 1 Paid six months of rent, \(4,800.

10 Received \)1,200 from customer for six-month service contract that

began April 1.

15 Purchased a computer for \(1,000.

18 Purchased \)300 of office supplies on account.

30 Work performed but not yet billed to customer, \(500.

30 Employees earned \)600 in salaries that will be paid May 2

For each transaction, identify what type of adjusting entry would be needed. Select from the following four types of adjusting entries: deferred expense, deferred revenue, accrued expense, and accrued revenue.

When are adjusting entries completed, and what is their purpose?

See all solutions

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