1

Trotman's Variety Store is completing the accounting process for the current year just ended, December 31....

Question

Trotman's Variety Store is completing the accounting process for the current year just ended, December 31....

Trotmans Variety Store is completing the accounting process for the current year just ended, December 31. The transactions d

Trotman's Variety Store 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 $2,800. 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 $470. Office supplies purchased and debited to Office Supplies during the year amounted to $530. The year-end count showed $285 of supplies on hand. c. One-fourth of the basement space is rented to Kathy's Specialty Shop for $570 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 all year that cost $61,500; $12,600 was the estimated annual depreciation. e. On July 1 of the current year, a two-year insurance premium amounting to $2,460 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 $1,620 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 $9,720 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 $820 for completed repairs. This amount has not yet been recorded as Repair Shop Revenue. Collection is expected during January of next year. Required: For each of the transactions above, indicate the amount and the direction of effects of the adjusting entry on the elements of the balance sheet and income statement. (Enter negative amounts with a minus sign.) Balance Sheet Income Statement Liabilities Stockholders' Revenues Expenses Net Income Equity Transaction Assets (b) O

Answers

(b) Balance sheet Income Statement Transaction Assets Liabilities Stakeholders Equity Revenues Expenses Net Income $2,800 -$2


Similar Solved Questions

1 answers
A car rental agency advertised renting a luxury, full size car for $29.95 per day and $0.29 per mile
a car rental agency advertised renting a luxury, full size car for $29.95 per day and $0.29 per mile. if you rent this car for 2 days, how many whole miles can you drive if you only have $200 to spend?...
1 answers
12 kN 3 kN/m Fixed support B A Roller support 3 m m A beam is...
12 kN 3 kN/m Fixed support B A Roller support 3 m m A beam is fixed at A and supported by a roller at B. The beam has E = 100 GPa and I 1.0 x 10-5 m4. For the loading shown, complete the following: 1. Calculate the magnitude and direction of all reactions at A. 2. Calculate the magnitude and directi...
1 answers
Question 20 5 pts AU-238 atom (uranium-238) has a nucleus with 92 protons and an atomic...
Question 20 5 pts AU-238 atom (uranium-238) has a nucleus with 92 protons and an atomic mass of 238.0507882 u. What is the nuclear binding energy per nucleon in this atom? 1.93 MeV 7.57 MeV 12.3 MeV 19.6 MeV 1802 MeV...
1 answers
A square field measuring 100.0 m by 100.0 m has an area of 1.00 hectare. An...
A square field measuring 100.0 m by 100.0 m has an area of 1.00 hectare. An acre has an area of 43,600ft2. If a country lot has an area of 11.0 acres, what is the area in hectares?...
1 answers
Pro Weave manufactures stadium blankets by passing the products through a weaving department and a sewing...
Pro Weave manufactures stadium blankets by passing the products through a weaving department and a sewing department. The following information is available regarding its June inventories: Raw materials inventory Work in process inventory Weaving Work in process inventory Sewing Finished goods inven...
1 answers
How do scientists know the shape of the Milky Way?
How do scientists know the shape of the Milky Way?...
1 answers
The following reaction is a single-step, bimolecular reaction: CH, Br+ NaOH → CH,OH+ NaBr When the concentrations o...
The following reaction is a single-step, bimolecular reaction: CH, Br+ NaOH → CH,OH+ NaBr When the concentrations of CH3Br and NaOH are both 0.125 M, the rate of the reaction is 0.0030 M/s. (a) What is the rate of the reaction if the concentration of CH3Br is doubled? Number OM/s (b) What is th...
1 answers
What percent of 146.8 is 47?
What percent of 146.8 is 47?...
1 answers
20629393 6. -45 points y Notes Ask Your This is Section 3.8 Problem 30: A motel owner observes th...
20629393 6. -45 points y Notes Ask Your This is Section 3.8 Problem 30: A motel owner observes that when a room is priced at $60 per day, all 80 rooms of the motel are occupled. For every $3 rise in the charge per room per day, one more room is vacant. Each occupled room costs an additional $16 per ...
1 answers
Exercise 23-7 Scrap or rework LO A1 Varto Company has 11,000 units of its sole product...
Exercise 23-7 Scrap or rework LO A1 Varto Company has 11,000 units of its sole product in inventory that it produced last year at a cost of $24 each. This year's model is superior to last year's, and the 11,000 units cannot be sold at last year's regular selling price of $47 each. Varto ...
1 answers
A patient with hypothyroidism is receiving Synthroid for hormone replacement. The nurse knows that thyroid hormones...
A patient with hypothyroidism is receiving Synthroid for hormone replacement. The nurse knows that thyroid hormones interact with certain medications. What are the education needs of patients requiring corticosteroids therapy? A patient has just undergone thyroidectomy for treatment of thyroid can...
1 answers
What is the integral of #int [sin(2*pi*x)]^2#?
What is the integral of #int [sin(2*pi*x)]^2#?...
1 answers
11. Local conditions can affect the specificity of an enzyme for its substrate, and thus the...
11. Local conditions can affect the specificity of an enzyme for its substrate, and thus the enzyme's catalytic activity. Which of the following alterations would be least likely to affect an enzyme in this manner? a) Increased temperature b) Increased substrate concentration c) increased H conc...
1 answers
87. If 0 <b, <an for n 2 1, which of the following must be true?...
87. If 0 <b, <an for n 2 1, which of the following must be true? (A) r Ιται α, = 0, then Σο, εοπνετραει. (0) Σε, εσεναρα, ελ&pi...
1 answers
. (5pont)Thedale integraltegralsovertherduis an improper integ da dy is an improper integral that could be defined as the limit of double integrals over the rectangle [0,t] x [0, t] as t-1. But...
. (5pont)Thedale integraltegralsovertherduis an improper integ da dy is an improper integral that could be defined as the limit of double integrals over the rectangle [0,t] x [0, t] as t-1. But if we expand the integrand as a geometric series, we can express the integral as the sum of an infinite se...
1 answers
An object moves in one dimensional motion with constant acceleration a = 5.9 m/s2. At time...
An object moves in one dimensional motion with constant acceleration a = 5.9 m/s2. At time t = 0 s, the object is at x0 = 4.1 m and has an initial velocity of v0 = 4.4 m/s. How far will the object move before it achieves a velocity of v = 8.5 m/s? Your answer should be accurate to the nearest 0.1 m....

-- 0.013988--