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muminat
2 years ago
5

Adjusting Entries On May 31, the following data were accumulated to assist the accountant in preparing the adjusting entries for

Oceanside Realty: Fees accrued but unbilled at May 31 are $8,600. The supplies account balance on May 31 is $2,830. The supplies on hand at May 31 are $810. Wages accrued but not paid at May 31 are $1,080. The unearned rent account balance at May 31 is $8,430, representing the receipt of an advance payment on May 1 of three months' rent from tenants. Depreciation of office equipment is $1,440. Required: 1. Journalize the adjusting entries required at May 31. If an amount box does not require an entry, leave it blank.
Business
1 answer:
iren [92.7K]2 years ago
5 0

Answer and Explanation:

The journal entries are shown below:

1. Accounts Receivable $8,600

       To Fees Earned $8,600

(Being Accrued fees earned is recorded)

2. Supplies Expense ($2,830 - $810) $2,020

        To Supplies $2,020

(Being supplies expense is recorded)

3. Wages Expense $1,080

   To wages payable $1,080

(Being wages expense is recorded)

  4. Unearned Rent  ($8,430 ÷ 3) $2,810

         To Rent Revenue $2,810

(Being unearned rent is recorded)

5. Depreciation Expense $1,440  

       To Accumulated Depreciation- Equipment $1,440

(Being Depreciation expense is recorded)

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2 years ago
(a) Dell Computers is a leader in the computer industry with over $ 59 billion in sales each year. A recent annual report for De
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(Warranty expense incurred)

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                 To Cash a/c…………………………..$415,000,000

(Warranty Expense paid by cash)

2. Cash a/c………………………Dr $90,900,000

                 To Unearned revenue a/c………$90,900,000

(Recognize the receipt of cash)

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Warranty liability is a legal responsibility account in which a company records the amount of the repair or replacement cost that it expects to incur for products already shipped or services already provided. This can be an extensive liability for more complicated products subject to breakage.

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2 years ago
Robin Company has $100,000 of income before payment of $100,000 of reasonable salaries to its owners employees (who are in the 3
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Answer:

d. a., b, and c. all result in the same amount of tax.

Explanation:

The question is to determine the form of business

First we need to understand some terms

A C Corporation refers to a standard corporation as far as the IRS is concerned while the S Coproration is a corporation with a special tax status giving it some tax privileges with the IRS. We however, group organisations as either C or S based on the taxation code with the Internal Revenue Service

It should be noted that C corporation, S corporation and partnership all aply the same rate of tax. The only place of advantage or difference is in the area of how the tax is treated and the difference in their liability.

As such, the owner in the question is being taxed based on the 32% bracket and as such it affects all the forms of business structures. Therefore, Partnership. C corporation and S corporation will asll result in the same amount of tax.

6 0
3 years ago
The company employs a single employee who works all five weekdays and is paid on the following Monday. The employee works the en
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Answer:

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Dec 30    Wages Expense     4,000

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Explanation:

Employee worked the whole week which ended on Friday, December 30. The adjusting entry will require to record the accrued expense at end of the period. As the last day of period is Saturday, December 31 and he will be paid on Monday January 2. The accrual accounting requires to record an expense at the end of the year if it is incurred even if it is not paid yet.

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