Adjusting entries practice problem
[DOC File]Accounting Equation:
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Prepare the necessary adjusting entries at the end of the year. Solution to Practice Problem 2 (Jemison Company) Item 1: The prepaid rent for two years was for $12,000. From July 1 to December 31, six months have elapsed. Thus, the rent expense to be recognized is $3,000 [($12,000/24) x 6].
[DOC File]Practice Problem 2
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Practice Problem 1. Comfort Furniture Company. The transactions for the year 2000 for Comfort Furniture Co. have been recorded in the accounting system. This assignment requires you to prepare adjusting entries for Comfort Furniture Co. for December 2000. Dec. 31 Wages owed but unpaid at the end of December were $5,000.
[DOC File]More Practice for the Final Exam Adjusting Entries
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_____ 6. Bland Foods purchased a two-year fire and extended coverage insurance policy on August 1, 2003, and charged the $4,200 premium to Insurance expense. At its December 31, 2003, year-end, Bland Foods would record which of the following adjusting entries? A) Insurance expense 875. Prepaid insurance 875. B) Prepaid insurance 875. Insurance ...
[DOC File]Winston-Salem/Forsyth County Schools
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4. Make the appropriate Adjusting entries below: Practice Problem 18-1 & 18-2. 1. The Trial Balance section of the Worksheet for Laurel Export Company on December 31st shows a balance of $1,121.60 in the Supplies account. The company calculated that it had …
[DOCX File]CHAPTER 15
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Failure to audit spreadsheets for errors increases the risk of erroneous adjusting entries. 9. ... the objective of this problem is to introduce students to XBRL filings and the use of viewer software. ... Practice graph design principles. Use the data in Table 16-3 to create the following graphs:
[DOCX File]numberknowledge.com
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Arnez Co. follows the practice of recording prepaid expenses and unearned revenues in balance sheet accounts. The company's annual accounting period ends on December 31, 2015. The following information concerns the adjusting entries to be recorded as of that date.
[DOC File]Module 1 Instructor's Notes
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The practice problem solution is in Excel format from which the students can model their answers to the Cottonwood problem. This solution is referenced in the remedial Excel material that is discussed in the next bullet. ... The statements after the journal entries for the second half of the month, but before adjusting entries:
[DOCX File]* Mrs. Burnett * - Home
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Calculate the estimated balance of Allowance for Uncollectible Accounts. Then journalize the adjusting entry for uncollectible accounts expense. The balance of Allowance for Uncollectible Accounts on December 31 before adjusting entries are recorded is $63.24.
[DOCX File]Practice Exam Chapters 1 - 4 seventh
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1. On September 15, 2013, Oliver's Mortuary received a $6,000, nine-month note bearing interest at an annual rate of 10% from the estate of Jay Hendrix for services rendered. Oliver's has a December 31 year-end. What adjusting entry will the company record on December 31, 2013?
[DOC File]UH
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PRACTICE PROBLEM. PURPOSE: ... (Please note: More than four adjusting entries need to be prepared.) RECORD THE ADJUSTING ENTRIES ON A SEPARATE, APPROPRIATELY LABELED PAGE. 3. Prepare and post the closing entries as of December 31, 20x2. A physical count revealed an ending inventory of $12,000. ALSO RECORD THE CLOSING ENTRIES ON A SEPARATE ...
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