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ahrayia [7]
2 years ago
13

Jaworski’s Ski Store is completing the accounting process for its first year ended December 31, 2015. The transactions during 20

15 have been journalized and posted. The following data are available to determine adjusting journal entries:
a. The unadjusted balance in Supplies was $780 at December 31, 2015. The unadjusted balance in Supplies Expense was $0 at December 31, 2015. A year-end count showed $110 of supplies on hand.
b. Wages earned by employees during December 2015, unpaid and unrecorded at December 31, 2015, amounted to $3,000. The last paychecks were issued December 28; the next payments will be made on January 6, 2016. The unadjusted balance in Salaries and Wages Expense was $33,000 at December 31, 2015.
c. A portion of the store’s basement is now being rented for $1,030 per month to K. Frey. On November 1, 2015, the store collected six months’ rent in advance from Frey in the amount of $6,180. It was credited in full to Unearned Revenue when collected. The unadjusted balance in Rent Revenue was $0 at December 31, 2015.
d. The store purchased delivery equipment at the beginning of the year. The estimated depreciation for 2015 is $1,300, although none has been recorded yet.
e. On December 31, 2015, the unadjusted balance in Prepaid Insurance was $2,580. This was the amount paid in the middle of the year for a two-year insurance policy with coverage beginning on July 1, 2015. The unadjusted balance in Insurance Expense was $390, which was the cost of insurance from January 1 to June 30, 2015.
f. Jaworski’s store did some ski repair work for Frey. At the end of December 31, 2015, Frey had not paid for work completed amounting to $680. This amount has not yet been recorded as Service Revenue. Collection is expected during January 2016.

Required:
For each situation, prepare the adjusting journal entry that Jaworski’s should record at December 31, 2015. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

Business
1 answer:
Nonamiya [84]2 years ago
8 0

The answer & explanation for this question is given in the attachment below.

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During January 2017 General Fund supplies ordered in the previous fiscal year and encumbered at an estimated amount of $2,000 we
Norma-Jean [14]

Answer:

The correct answer is:

Expenditures—2017 in the amount of $200. (C.)

Explanation:

This scenario describes a record that was less than the actual amount spent on the General Fund supplies. The amount recorded was $2,000, meanwhile the actual amount spent was $2,000. This entails that an amount worth $200 was not recorded, hence it will be debited as expenditures, but the question now is where the debit will be recorded?

This review was done in January 2017, meaning that the income statement for the 2016 Fiscal year must have been balanced, hence the amount will be an expenditure recorded in 2017, but the particulars will have a description that it was a carried over expenditure from 2016. Therefore $200 will be debited from 2017 as expenditures.

5 0
2 years ago
If your superior tells you that she will offer you a raise provided you perform additional work beyond the requirements of your
KengaRu [80]

Answer:

reward power

Explanation:

Reward power -

It refers to as the method of using rewards , so that the employee follows a particular instructions , is referred to as reward power .

The reward acts as a bait so that the employee can follow any order of the senior .

As from the given scenario of the question ,

The person works some extra hours in order to get a good increment .

Hence , from the given scenario of the question ,

The correct answer is reward power .

3 0
3 years ago
Which statement is FALSE? Select one: a. Diluted EPS is never higher than Basic EPS b. Use of the "Treasury Stock Method" determ
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Answer:

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Explanation:

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6 0
3 years ago
Carla Corporation owns machinery that cost $24,800 when purchased on July 1, 2017. Depreciation has been recorded at a rate of $
liberstina [14]

Answer:

a. Journal entries to update depreciation for 2021:

Debit Depreciation expense $1,984

Credit Accumulated depreciation account $1,984

b. Journal entries to record the sale:

Debit Cash $13,020

Debit Accumulated depreciation account $12,400

Credit Gain on asset disposal  $620

Credit Machinery asset $24,800

Explanation:

a. Depreciation of the machinery has been recorded at a rate of $2,976 per year.

Depreciation per month = $2,976/12 = $248. In 2021, the machinery is used from Jan 1 to August 31 (8 months).

Depreciation expense for 2021 = $248 x 8 = $1,984

Journal entries to update depreciation for 2021:

Debit Depreciation expense $1,984

Credit Accumulated depreciation account $1,984

b.

Accumulated depreciation account at December 31, 2020 has credit balance of $12,400 ($10,416 + $1,984 = $12,400)

The carrying amount of the machinery = Cost of the machinery -  Accumulated depreciation = $24,800 - $12,400 = $12,400

Sales price - Carrying amount of the machinery = $13,020 - $12,400 = $620>0

The company recognizes gain on the sale. Journal entries to record the sale:

Debit Cash $13,020

Debit Accumulated depreciation account $12,400

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8 0
3 years ago
Which of the following is true of an unsecured loan?
Ilya [14]

The statement "The value of an item where the borrowers owned but they are not at the repossession risk" is to be true.

The unsecured loan is the type of loan in which there is no need for any type of collateral property.

The lender does not takes the assets of the borrower as the security but it gives the approval of an unsecured loan depends upon the creditworthiness of the borrower.

Examples are:

  • Personal loans.
  • Students loans.
  • Credit cards.

The following information related to unsecured loans is

  1. It does not for cars, houses, or any other large purchases
  2. In this, the collateral does not involve.
  3. It contains high interest.

Therefore we can conclude that,  option d is correct.

Learn more about the unsecured loan here: brainly.com/question/8347317

7 0
2 years ago
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