Ask Question, Ask an Expert

+61-413 786 465

[email protected]

Ask Accounting Basics Expert

Accounting


Home >> Accounting Basics

Question:

Need help on these adjusting entries please. Unadjusted

Adjusted
Account Title Trial Balance Adjustments Trial Balance

DR CR DR CR DR CR
Cash 240,300 -  



Accounts Receivable 925,000 -  



Allowance for Doubtful Accounts -   49,000



Interest Receivable -  




Merchandise Inventory 187,500 -  



Prepaid Insurance 9,000 -  



Prepaid Advertising -   -  



Prepaid Rent -   -  



Office Supplies 7,800 -  



Note Receivable 75,000 -  



Available for Sale Securities 380,000 -  



Office Building 4,250,000 -  



Accumulated Depreciation - Office Building -   221,500



Storage Building 1,650,000 -  



Accumulated Depreciation - Storage Building -   -  



Land 450,000 -  



Leasehold Improvements 190,000 -  



Accumulated Depreciation - Leasehold Improvements -   -  



Office Equipment 125,000 -  



Accumulated Depreciation - Office Equipment -   42,000



Patent 250,000 -  



Accounts Payable -   145,000



Sales Tax Payable -   -  



Salaries Payable -   -  



Payroll Taxes Payable -   -  



Interest Payable -   -  



Income Tax Payable -   -  



Unearned Rent Revenue -   96,000



Loan Payable - Onstar Bank -   500,000



Loan Payable - Coldstar Bank -   2,250,000



Common Stock -   425,000



Additional Paid in Capital -   2,800,000



Retained Earnings -   1,379,420



Accumulated Other Comprehensive Income -   8,500



Dividends 280,000 -  



Sales -   4,380,250



Sales Returns and Allowances 19,500 -  



Sales Discounts 14,600 -  



Cost of Goods Sold 1,817,900 -  



Sales Salaries Expense 676,400 -  



Office Salaries Expense 434,000 -  



Advertising Expense 54,000 -  



Depreciation Expense - Office Building -   -  



Depreciation Expense - Leasehold Improvements -   -  



Depreciation Expense - Office Equipment -   -  



Leasing Expense - Stores 132,000 -  



Miscellaneous Selling Expense 16,950 -  



Rent Expense - Storage Facility 18,000 -  



Insurance Expense 2,000 -  



Office Supplies Expense 28,500 -  



Warranty Expense 5,000




Miscellaneous Administrative Expense 9,220 -  



Rent Revenue -   -  



Interest Revenue on Note Receivable -   -  



Dividend Revenue on AFS Securities -   18,000



Bad Debt Expense 67,000 -  




12,314,670 12,314,670



1. On December 1, 2017 DeeDee paid ABC Advertising $16,000 for a four month campaign of advertising services. Equal services are provided each month. All other advertising paid for during the year has been consumed.

2. On August 1, 2017, DeeDee rented a portion of one store to Marketing Majors Inc. The contract was for 19 (enter the last digit of your student number) months and DeeDee required all of the cash up front. The rent is being earned equally each month. This is the only item in which rent is being earned by the company.

3. As of 12/31/2017 the Available for Sale Securities have a fair value of $291,000 (enter the last digit of your student number in place of the X). Due to the market conditions, the company does not plan on selling the assets in 2017, but their intent is to sell at some point in time. You can ignore the tax effect on unrealized gains and losses. (Hint: Unrealized Gains and Losses are closed to Accumulated Other Comprehensive Income at the end of the year.)

4. DeeDee uses the DDB method to depreciate office equipment. No office equipment was added during 2017. It is estimated that the office equipment has a useful life of 10 years with a salvage value of $2,000. Prior depreciation was correctly calculated based on period of time held.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M92569844

Have any Question?


Related Questions in Accounting Basics

Question what discoveries have you made in your research

Question: What discoveries have you made in your research and how does this information inform your ability to evaluate effective coaching and its impact on organizations? Consider these guiding questions: 1. What core c ...

Question requirement 1 read the article in below attachment

Question: Requirement: 1. Read the article in below attachment, and answer the questions in a paper format. Read below requirements before your writing! 2. Not to list the answers, and you should write as a paper format. ...

Question as a financial consultant you have contracted with

Question: As a financial consultant, you have contracted with Wheel Industries to evaluate their procedures involving the evaluation of long term investment opportunities. You have agreed to provide a detailed report ill ...

Question the following information is taken from the

Question: The following information is taken from the accrual accounting records of Kroger Sales Company: 1. During January, Kroger paid $9,150 for supplies to be used in sales to customers during the next 2 months (Febr ...

Assignment 1 lasa 2-capital budgeting techniquesas a

Assignment 1: LASA # 2-Capital Budgeting Techniques As a financial consultant, you have contracted with Wheel Industries to evaluate their procedures involving the evaluation of long term investment opportunities. You ha ...

Assignment 2 discussion questionthe finance department of a

Assignment 2: Discussion Question The finance department of a large corporation has evaluated a possible capital project using the NPV method, the Payback Method, and the IRR method. The analysts are puzzled, since the N ...

Question in this case you have been provided financial

Question: In this case, you have been provided financial information about the company in order to create a cash budget. Management is seeking advice or clarification on three main assumptions the company has been operat ...

Question 1what step in the accounting cycle do adjusting

Question: 1. What step in the accounting cycle do Adjusting Entries show up 2. How do these relate to the Accounting Worksheet? 3. Why are they completed at the end of each accounting period? The response must be typed, ...

Question is it important for non-accountants to understand

Question: Is it important for non-accountants to understand how to read financial statements? If you are not part of the accounting/finance function in a business what difference would it make? The response must be typed ...

Question refer to the hat rack cash flow statement 2002 in

Question: Refer to the Hat Rack Cash Flow Statement, 2002 in the text on page 17. Answer the following questions and submit to me via Canvas by the due date. 1. Cash flow from operations? 2. Cash flow from investing? 3. ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Why might a bank avoid the use of interest rate swaps even

Why might a bank avoid the use of interest rate swaps, even when the institution is exposed to significant interest rate

Describe the difference between zero coupon bonds and

Describe the difference between zero coupon bonds and coupon bonds. Under what conditions will a coupon bond sell at a p

Compute the present value of an annuity of 880 per year

Compute the present value of an annuity of $ 880 per year for 16 years, given a discount rate of 6 percent per annum. As

Compute the present value of an 1150 payment made in ten

Compute the present value of an $1,150 payment made in ten years when the discount rate is 12 percent. (Do not round int

Compute the present value of an annuity of 699 per year

Compute the present value of an annuity of $ 699 per year for 19 years, given a discount rate of 6 percent per annum. As

Follow Us

© Copyright 2013-14 mywordsolution.com All rights reserved