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12 Cards in this Set
- Front
- Back
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Salary expense for the 5-day week it's Friday January 2nd 2016 is $20,000. The employees are paid on Monday January 5th 2016. |
Salaries Expense 12,000 Salaries Payable 12,000
This is an accrual. |
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Service Revenue totaling $3,500 had been earned on December 30th 2015 but had not been recorded. |
Accounts Receivable 3,500 Service Revenue 3,500 This is an accrual. |
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On January 5th 2016 the company received the travel expense bill for $3,000 from American Express. The bill is dated December 24th 2015 and was recorded on December 30th 2015. |
No entry needed |
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On January 5th 2016 the company paid the $12,000 salaries from transaction (f) |
Salaries Expense 8,000 Salaries Payable 12,000 Cash 20,000 |
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On February 15th 2015 received a $25,000 Advance payment from Joe Smith for future services to be rendered. At December 31st 2015 $10,000 of the advance payment had been earned. |
Unearned Revenue 10,000 Service Revenue 10,000 |
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A 2-year business insurance policy was purchased on June 1st 2015 for $2,400. What is the adjusted entry for December 31st 2015? |
Insurance Expense 700 Prepaid Insurance 700 |
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On 9/1 Big Fan of Toledo prepaid six months of rent, $3,300. What is the adjusting entry for 9/30? |
Rent Expense 550 Prepaid Rent 550 |
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On 11/1 Carlisle Equipment had a beginning balance in the Office Supplies account of $600. During the month, Carlisle purchased $2,300 of office supplies. At 11/30, Carlisle Equipment had $500 of office supplies on hand. What is the adjusting entry? |
Supplies Expense 2,400 Office Supplies 2,400 |
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Eastside Magazine collects cash from subscribers in advance and then mails the magazines to subscribers over a one year period. Record the adjusting entry that the magazine makes to record the earning of $8,000 of subscription revenue that was collected in advance. |
Unearned Revenue 8,000 Subscription Revenue 8,000 |
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Birch Park Senior Center has a weekly payroll of $12,500. 12/31 falls on Wednesday, and the Senior Center will pay its employees the following Monday (1/5) for the previous week. Assume they have a five day work week and has an unadjusted balance in Salaries Expense of $620,000. Record the adjusting entry for accrued salaries on 12/31. Then record the journal entry made for payment of salaries made on 1/5 |
Salaries Expense 7,500 Salaries Payable 7,500
Salaries Expense 5,000 Salaries Payable 7,500 Cash 12,500 |
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Resort Travel borrowed $33,000 on 9/1/18, by signing a one-year note payable. Resort's interest expanse on the note payable for the remainder of the fiscal year (Sept-Nov) is $355. What is the adjusting entry to accrue interest expense at 11/30/18. |
Interest Expense 355 Interest Payable 355 |
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At the end of June, Gerber Dental had performed $9,000 of dental services but has not yet billed customers. Record the entry for accrued revenue. |
Accounts Receivable 9,000 Service Revenue 9,000 |
