Questions from Financial Accounting

Q: The balance in the prepaid insurance account, before adjustment at the

The balance in the prepaid insurance account, before adjustment at the end of the year, is $22,500. Journalize the adjusting entry required under each of the following alternatives for determining the...

Q: The estimated amount of depreciation on equipment for the current year is

The estimated amount of depreciation on equipment for the current year is $66,290. Journalize the adjusting entry to record the depreciation.

Q: Journalize the entry for the purchase of office supplies on February 13

Journalize the entry for the purchase of office supplies on February 13 for $3,175, paying $1,000 cash and the remainder on account.

Q: On a recent balance sheet, Microsoft Corporation (MSFT) reported

On a recent balance sheet, Microsoft Corporation (MSFT) reported Property, Plant, and Equipment of $71,807 million and Accumulated Depreciation of $35,330 million. a. What was the book value of the fi...

Q: For a recent period, the balance sheet for Costco Wholesale Corporation

For a recent period, the balance sheet for Costco Wholesale Corporation (COST) reported accrued expenses of $3,176 million. For the same period, Costco reported income before income taxes of $4,737 mi...

Q: For a recent year, the balance sheet for The Campbell Soup

For a recent year, the balance sheet for The Campbell Soup Company (CPB) includes accrued expenses of $609 million. The income before taxes for Campbell for the year was $979 million. a. Assume the ad...

Q: The accountant for Eva’s Laundry prepared the following unadjusted and adjusted trial

The accountant for Eva’s Laundry prepared the following unadjusted and adjusted trial balances. Assume that all balances in the unadjusted trial balance and the amounts of the adjustments are correct....

Q: At the end of the current year, $17,950

At the end of the current year, $17,950 of fees has been earned but has not been billed to clients. a. Journalize the adjusting entry to record the accrued fees. b. If the cash basis rather than the a...

Q: Stenberg Realty Co. pays weekly salaries of $18,500

Stenberg Realty Co. pays weekly salaries of $18,500 on Friday for a five-day workweek ending on that day. Journalize the necessary adjusting entry at the end of the accounting period, assuming that th...

Q: The wages payable and wages expense accounts at February 28, after

The wages payable and wages expense accounts at February 28, after adjusting entries have been posted at the end of the first month of operations, are shown in the following T accounts: Determine th...