Adjusting Journal Entries Accounting Training Corporation prepares adjustments annually and showed the following on February 28, 2022 year end. You have been provided with the following unadjusted trial balance. Accounting Training Corporation Unadjusted Trial Balance 28-Feb-22 Accounts Debit Credit Cash $ 3,100 Short-term investments 16,900 Accounts receivable 3,200 Supplies 7,320 Prepaid advertising 4,800 Equipment 625,000 Accumulated depreciation: equipment $ 104,000 Vehicles 60,900 Accumulated depreciation: vehicles 29,100 Accounts payable 9,400 Unearned revenue 11,200 Notes payable 50,000 Retained earnings 38,435 Common shares 279,500 Service revenue 571,085 Advertising expense 1,000 Interest expense 2,406 Rent expense 229,000 Repairs and maintenance expense 2,094 Wages expense 137,000 Totals $ 1,092,720 $ 1,092,720 REQUIRED: Using the following additional information, record the adjusting entries at February 28, 2022 in the spaces provided below. Note: Round to the nearest dollar, if necessary. Input the account name after the Dr. or Cr. and input the dollar amount after the $ sign provided. Do not include the '$' in your response. You may enter dollar amounts as 10,000 or 10000. Question 21 options: The prepaid advertising was for 12 months of advertising to be run in a monthly magazine. The amount shown in the table was paid on February 1, 2022 for the full 12 months. Question 22 options: A physical count shows $1,250 of supplies on hand at February 28. Question 23 options: The business employs several part-time employees. Total salaries to part-time employees per day are $1,000. At February 28, the part-time employees had not been paid for two days that were worked in February. Question 24 options: Services provided to client during the month of February for $2,500, but the cash was not received and the client was not billed (invoiced). Question 25 options: An analysis of the deferred revenue account showed $5,000 was still unearned. Question 26 options: Income tax of $12,000 is owed for the year, but unrecorded and unpaid. Question 27 options: On February 15, the business paid $1,000 cash related to Repairs and Maintenance Expense; however, the amount was recorded to Rent Expense. Question 28 options: The notes payable has a 5.25% interest rate. Interest is paid on the first day of the following month.

Adjusting Journal Entries Accounting Training Corporation prepares adjustments annually and showed the following on February 28, 2022 year end. You have been provided with the following unadjusted trial balance. Accounting Training Corporation Unadjusted Trial Balance 28-Feb-22 Accounts Debit Credit Cash $ 3,100 Short-term investments 16,900 Accounts receivable 3,200 Supplies 7,320 Prepaid advertising 4,800 Equipment 625,000 Accumulated depreciation: equipment $ 104,000 Vehicles 60,900 Accumulated depreciation: vehicles 29,100 Accounts payable 9,400 Unearned revenue 11,200 Notes payable 50,000 Retained earnings 38,435 Common shares 279,500 Service revenue 571,085 Advertising expense 1,000 Interest expense 2,406 Rent expense 229,000 Repairs and maintenance expense 2,094 Wages expense 137,000 Totals $ 1,092,720 $ 1,092,720 REQUIRED: Using the following additional information, record the adjusting entries at February 28, 2022 in the spaces provided below. Note: Round to the nearest dollar, if necessary. Input the account name after the Dr. or Cr. and input the dollar amount after the $ sign provided. Do not include the '$' in your response. You may enter dollar amounts as 10,000 or 10000. Question 21 options: The prepaid advertising was for 12 months of advertising to be run in a monthly magazine. The amount shown in the table was paid on February 1, 2022 for the full 12 months. Question 22 options: A physical count shows $1,250 of supplies on hand at February 28. Question 23 options: The business employs several part-time employees. Total salaries to part-time employees per day are $1,000. At February 28, the part-time employees had not been paid for two days that were worked in February. Question 24 options: Services provided to client during the month of February for $2,500, but the cash was not received and the client was not billed (invoiced). Question 25 options: An analysis of the deferred revenue account showed $5,000 was still unearned. Question 26 options: Income tax of $12,000 is owed for the year, but unrecorded and unpaid. Question 27 options: On February 15, the business paid $1,000 cash related to Repairs and Maintenance Expense; however, the amount was recorded to Rent Expense. Question 28 options: The notes payable has a 5.25% interest rate. Interest is paid on the first day of the following month.

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter16: Accounting For Accounts Receivable

Section: Chapter Questions

Problem 8SPB: UNCOLLECTIBLE ACCOUNTSALLOWANCE METHOD Lewis Warehouse used the allowance method to record the...

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Adjusting Journal Entries

Accounting Training Corporation prepares adjustments annually and showed the following on February 28, 2022 year end. You have been provided with the following unadjusted trial balance.

Accounting Training Corporation
Unadjusted Trial Balance
28-Feb-22
Accounts	Debit	Credit
Cash	$ 3,100
Short-term investments	16,900
Accounts receivable	3,200
Supplies	7,320
Prepaid advertising	4,800
Equipment	625,000
Accumulated depreciation: equipment		$ 104,000
Vehicles	60,900
Accumulated depreciation: vehicles		29,100
Accounts payable		9,400
Unearned revenue		11,200
Notes payable		50,000
Retained earnings		38,435
Common shares		279,500
Service revenue		571,085
Advertising expense	1,000
Interest expense	2,406
Rent expense	229,000
Repairs and maintenance expense	2,094
Wages expense	137,000
Totals	$ 1,092,720	$ 1,092,720

REQUIRED:

Using the following additional information, record the adjusting entries at February 28, 2022 in the spaces provided below.

Note: Round to the nearest dollar, if necessary.

Input the account name after the Dr. or Cr. and input the dollar amount after the $ sign provided. Do not include the '$' in your response. You may enter dollar amounts as 10,000 or 10000.

Question 21 options:

The prepaid advertising was for 12 months of advertising to be run in a monthly magazine. The amount shown in the table was paid on February 1, 2022 for the full 12 months.

Question 22 options:

A physical count shows $1,250 of supplies on hand at February 28.

Question 23 options:

The business employs several part-time employees. Total salaries to part-time employees per day are $1,000. At February 28, the part-time employees had not been paid for two days that were worked in February.

Question 24 options:

Services provided to client during the month of February for $2,500, but the cash was not received and the client was not billed (invoiced).

Question 25 options:

An analysis of the deferred revenue account showed $5,000 was still unearned.

Question 26 options:

Income tax of $12,000 is owed for the year, but unrecorded and unpaid.

Question 27 options:

On February 15, the business paid $1,000 cash related to Repairs and Maintenance Expense; however, the amount was recorded to Rent Expense.

Question 28 options:

The notes payable has a 5.25% interest rate. Interest is paid on the first day of the following month.