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Hoochie [10]
3 years ago
12

The trial balance of Woods Company includes the following balance sheet accounts. Identify the accounts that might require adjus

tment. For each account that requires adjustment, indicate (1) the type of adjusting entry and (2) the related account in the adjusting entry. Account (1) Type of Adjustment (2) Related Account (a) Accounts Receivable. (b) Prepaid Insurance. (c) Equipment. (d) Accumulated Depreciation—Equipment. (e) Notes Payable. (f) Interest Payable. (g) Unearned Service Revenue.
Business
1 answer:
almond37 [142]3 years ago
7 0

Answer:

The account wise answers are given below

Explanation:

a) Account receivable are adjusted for any doubtful debts and uncollectible accounts from customers.

In this account, the adjusting entry we make as follows

Bad debt Expense        Dr.$$

Provision for Bad debts  Cr. $$

When it is certain that customer will no longer pay the specified amount, the write off entry is made as follows

Provision for Bad Debts    Dr. $$

Accounts Receivable        Cr. $$

b)Prepaid Insurance

It is adjusted when the period for it is paid in advance has lapsed or expired then expense is recorded and prepaid insurance is reduced

The adjusting entry is made as follows,

Insurance Expense   Dr.$$

Prepaid Insurance    Cr.$$

c) & d) Equipment & Accumulated Depreciation

The Assets are adjusted over their useful life for depreciation. When an asset is used during whole year, its cost is reduced and that reduction is recorded as deprecation expense and accumulated depreciation.

The Adjusting Entry is made

Depreciation Expense      Dr. $$

Accumulated Depreciation  Cr. $$

When asset is sold the adjusting entry is made,

Accumulated Depreciation Dr. $$

Asset-Equipment                    Cr. $$

e)Notes Payable & f) Interest payable

These are liabilities. When any expense is accrued and any interest is payable but not paid on loan received is recoded is liability.

The adjusting entry is made,

Interest Expense/Notes Expense   Dr.$$

Interest Payable or Notes Payable  Cr.$$

g) Unearned Service Reveune

It is liability in nature when services are not rendered but amount for those services is paid in advance then its called unearned service revenue.

When those services are actually rendered to customers, the adjusting entry is made,

Unearned Service revenue Dr. $$

Service revenue                    Cr. $$

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Answer:

a. $804,000

Explanation:

Preparation of Worth Company's cost of goods sold for the year

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Add Beginning finished goods inventory $252,000

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3 years ago
Learners who prefer listening to music while they learn have a _____ learning style.
ludmilkaskok [199]

Answer:

bodily/kinesthetic

Explanation:

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eimsori [14]

The greatest amount of satisfaction comes from good's consumption of utility or say utility maximizer.

<h3>What is the term about?</h3>

A utility maximizer is known to be a person that seeks to get the highest satisfaction or happiness.

Utility is known to be the happiness or benefit consumers gotten from a good's consumption.

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2 years ago
Robert Sampson owns a townhouse valued at $185,000 and still has an unpaid mortgage of $150,000. In addition to his mortgage, he
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Answer:

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8 0
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Hey there,

Your question states: <span>Which of the following best explains why zoos are not affected by the threat of new entrants?

Based on the option's above, I feel like the answer would be (</span><span>Starting a zoo has a high entry cost.) Because by doing this, this could make to (zoo) in better quality. So when things go down like (a cage) for example, they could easily pay it back with all the extra money they have.

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