1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
snow_lady [41]
3 years ago
7

The unadjusted trial balance of Sketch Star Makers Inc., prepared as of December 31, 2018, includes the following account balanc

es. All of the accounts listed have normal balances.Cash 14,500Accounts Receivable 2,900Supplies 2,800Prepaid Insurance 6,600Equipment 19,000Accumulated Depreciation 2,900Notes Payable (long term) 29,000Deferred Revenue 9,500Service Revenue 39,000Salaries and Wages Expense 34,500The following information is also available:A) A count of supplies revealed $1,300 worth on hand on December 31, 2018.B) An insurance policy, purchased on January 1, 2018, covers five years.C) The equipment depreciates at a rate of $1,900 per year; no depreciation has been recorded for 2018.D) One half (or 50%) of the amount recorded as Deferred Revenue remains deferred as of December 31, 2018.E) The accrued amount of salaries and wages on December 31, 2018, is $2,900.Required:Prepare the required adjustments for the company as of December 31, 2018
Business
1 answer:
tino4ka555 [31]3 years ago
5 0

Answer:

Explanation:

The adjusting entries are shown below:

1. Supplies expense A/c Dr $1,500

         To supplies A/c $1,500

(Being supplies account is adjusted)

The supplies expense is computed by

= Supplies balance - supplies on hand

= $2,800 - $1,300

= $1,500

2. Insurance expense A/c Dr $1,320                 ($6,600 ÷ 5 years)

                To Prepaid Insurance $1,320

(Being prepaid insurance is adjusted)

3. Depreciation Expense A/c Dr $1,900

            To Accumulated Depreciation - Equipment A/c $1,900

(Being depreciation expense is recorded for 2018)

4.  Deferred revenue A/c $4,750        ($9,500 × 50%)

          To Service revenue $4,750

(Being Deferred revenue is recorded)

5. Salaries and wages expense A/c Dr $2,900

          To Salaries and wages payable A/c $2,900

(Being accrued salaries and wages are recorded)

You might be interested in
The formula for calculating the present value factor for an annuity of $1 is a. Amount to Be Invested/Equal Annual Net Cash Flow
Rus_ich [418]

Answer:

a. Amount to Be Invested/Equal Annual Net Cash Flows

Explanation:

The formula to calculate the present value factor by considering annuity is shown below:

= Invested amount ÷ Equally Annual net cash flows

As an annuity is a set of payments made at the equal periods

Simply we divide the invested amount by the equal amount of annual net cash flows so that the Present value factor of an annuity can be computed

4 0
2 years ago
I am bad as worst and worst as excellent​
ArbitrLikvidat [17]

Answer:

try using Googlde like Googdle will help u ndo neefsd to do it hedre

7 0
2 years ago
FILL IN THE BLANK. The manager of a(n) ______ center does not have control over revenue or the use of investment funds.
irina1246 [14]

Answer: the correct answer would be <u>Profit center.</u>

Explanation:

hope this helps

7 0
1 year ago
On January 3, 2018, Austin Corp. purchased 25% of the voting common stock of Gainsville Co., paying $2,500,000. Austin decided t
monitta

Answer:

The total amount of excess amortization for Austin’s 25% investment in Gainsville is $30,000.

Explanation:

total proportions from building, equipment and franchises

= building proportion over 10 years + equipment proportion over 5 years + franchises proportion over 8 years

= ($ 500,000 - $ 400,000)/(10) + (1,300,000 - 1,000,000)/(5) + ($ 400,000-$0)/(8)

= $100,000/10 + $300,000/5 + $400,000/8

= $10,000 + $60,000 + $50,000

=$120,000

Excess Amortization = 25%(total proportions from building, equipment and franchises)

                                  = 25%($120,000)

                                  = $30,000

Therefore, the total amount of excess amortization for Austin’s 25% investment in Gainsville is $30,000.

3 0
3 years ago
Which would be a likely cause of an increase in the demand for pizza? a reduced desire for take-out and fast-food dining a decre
TiliK225 [7]

I think the correct answer to this would be:

“A health report showing eating pizza reduces stress”

<span>If health news about pizza reducing stress would come out, people’s willingness to buy pizza would definitely increase. This is because of the additional positive reinforcer, reducing stress, associated with the great taste of pizza that people would definitely buy this.</span>

4 0
2 years ago
Other questions:
  • An online savings account A) offers lower interest rates because it costs more money to maintain the online site B) offers highe
    14·1 answer
  • Layla Company began making mascara in November 2018 using a single-step process. Layla incurred $42,000 for materials and $48,64
    15·1 answer
  • Prior to May 1, Fortune Company has never had any treasury stock transactions. A company repurchased 160 shares of its common st
    14·1 answer
  • The first federal retirement benefits were give to veterans of
    12·2 answers
  • Cahuilla Corporation predicts the following sales in units for the coming four months: April May June July Sales in units 300 34
    15·1 answer
  • Before introducing a new product to the​ market, a food products company conducts market research to identify the​ lifestyles, p
    12·1 answer
  • Use the following two statements to answer this question:
    11·1 answer
  • Help
    10·1 answer
  • Groups of countries that seek mutual economic benefit from reducing interregional trade and tariff barriers are called
    9·1 answer
  • The question of how a tax change might impact U.S. economic output is most closely associated with the study of
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!