70.2K

Verified Solution

Link Copied!

ACCT120 X Campaig X Rep Chp+44 debit pre X ation.com/ext/map/indexhtml?_con=con&external_browser=0&launchUrl=https%253A2522Flms.mheducation.com%252Fmgr.. + Saved Help Save & Exit Check my Trotman's Variety Sto is completing the accounting process for the current year just ended, December 31. The transactions during the year have been journalized and posted. The following data with respect to adjusting entries are available: a. Wages earned by employees during December, unpaid and unrecorded at December 31, amounted to $2,700. The last payroll was December 28, the next payroll will be January 6 b. Office supplies on hand at January 1 of the current year totaled $450. Office supplies purchased and debited to Office Supplies during the year amounted to $500. The year-end count showed $275 of supplies on hand. c. One-fourth of the basement space is rented to Kathy's Specialty Shop for $560 per month payable monthly Ar the end of the current year, the rent for November and December had not been collected or recorded. Collection is expected in January of the next year. d. The store used delivery equipment all year that cost $60,500; $12,100 was the estimated annual depreciation e. On July 1 of the current year, a two-year insurance premium amounting to $2,400 was paid in cash and debited in full to Prepaid Insurance. Coverage began on July 1 of the current year. f. The remaining basement of the store is rented for $1,600 per month to another merchant, M. Carlos, Inc. Carlos sells compatible, but not competitive, merchandise. On November 1 of the current year, the store collected six months' rent in the amount of $9.600 in advance from Carlos; it was credited in full to Unearned Rent Revenue when collected g. Trotman's Variety Store operates a repair shop to meet its own needs. The shop also does repairs for M. Carlos. At the end of the current year, Carlos had not paid $800 for completed repairs. This amount has not yet been recorded as Repair Shop Revenue. Collection is expected during January of next year. 106 PM o . to search * my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate R 2. Prepare the adjusting entries that should be recorded for Trotman's Variety Store at December 31 of the current year. (I required for a transaction/event, select "No journal entry required" in the first account field.) Answer is not complete. No Transaction General Journal Credit 1 Debit 2,700 a. Wages expense Accounts payable 2,700 2 b No Transaction Recorded 3 C. Rent revenue here to search ORI red information urnal entry worksheet 1 2 3 4 5 6 7 Wages earned by employees during December, unpaid and unrecorded at December 31, amounted to $2,700. The last payroll was December 28; the next payroll will be January 6. Note: Enter debits before credits. Transaction General Journal Credit a. Wages expense Accounts payable Debit 2,700 2,700 earch o RE F5 F6 F7 D FB F9 F10 quired information Journal entry worksheet Search o LO F2 F5 F4 58 Saved Required information Journal entry worksheet arch O . uired information ournal entry worksheet earch O BI Saved uired information ournal entry worksheet search o quired information Journal entry worksheet 1 2 3 4 5 5 6 7 The remaining basement of the store is rented for $1,600 per month to another merchant, M. Carlos, Inc. Carlos sells compatible, but not competitive, merchandise. On November 1 of the current year, the store collected six months' rent in the amount of $9,600 in advance from Carlos; it was credited Note: Enter debits before credits. Transaction General Journal Debit Credit f. arch o Saved Required information Journal entry worksheet 1 2 3 4 5 6 7 Trotman's Variety Store operates a repair shop to meet its own needs. The shop also does repairs for M. Carlos. At the end of the current year, Carlos had not paid $800 for completed repairs. This amount has not yet been recorded as Repair Shop Revenue. Collection is expected during January of next year. Note: Enter debits before credits. Transaction General Journal Debit 9. Credit arch o at L MNE deolt pre ation.com/ext/map/index.html. =con&external_browser=0&launchurl=https%253A%252F%252Fimsation.com%252Fmgim... Saved Help Save & Exit Subr Check my work Trotman's Variety Store is completir the accounting process for the current year just ended, December 31. The transactions during the year have been journalized and posted. The following data with respect to adjusting entries are available: a. Wages earned by employees during December, unpaid and unrecorded at December 31, amounted to $2,700. The last payroll was December 28, the next payroll will be January 6. b. Office supplies on hand at January 1 of the current year totaled $450. Office supplies purchased and debited to Office Supplies during the year amounted to $500. The year-end count showed $275 of supplies on hand. c. One-fourth of the basement space is rented to Kathy's Specialty Shop for $560 per month payable monthly. At the end of the current year, the rent for November and December had not been collected or recorded. Collection is expected in January of the next year d. The store used delivery equipment I year that cost $60,500; $12,100 was the estimated annual depreciation e. On July 1 of the current year, a two-year insurance premium amounting to $2.400 was paid in cash and debited in full to Prepaid Insurance Coverage began on July 1 of the current year. t. The remaining basement of the store is rented for $1.600 per month to another merchant, M. Carlos, Inc. Carlos sells compatible but not competitive, merchandise. On November 1 of the current year, the store collected six months' rent in the amount of $9,600 in advance from Carlos; it was credited in full to Unearned Rent Revenue when collected g. Trotman's Variety Store operates a repair shop to meet its own needs. The shop also doesyepairs for M. Carlos. At the end of the current year, Carlos had not paid $800 for completed repairs. This amount has not yet beeh recorded as Repair Shop Revenue. Collection is expected during January of next year. Required: CAFARRARA A indistathath HEAR A ANA o L 4:09 PM 9/30/2020 ere to search Save Required: For each of the transactions above, indicate the amount and the direction of effects of balance sheet and income statement. (Enter negative amounts with a minus sign.) Balance Sheet Liabilities Stockholders Equity Income Statement Revenues Expenses Net Income Transaction Assets (a) (b) (c) (d) (e) (1) here to search O . - C + Ft FS F6 F7 F8 F9 F10

Answer & Explanation Solved by verified expert

See Answer