I JUST NEED THE NAMES OF THE ADJUSTING ENTRY ACCOUNTS FOR A) THROUGH I). I don\'
ID: 2553008 • Letter: I
Question
I JUST NEED THE NAMES OF THE ADJUSTING ENTRY ACCOUNTS FOR A) THROUGH I). I don't need the number entries. I attached the balance sheet in case you need it for reference
Problem -
Your required tasks are as follows: On the designated worksheet, prepare in journal entry form the adjusting journal entries for the following items. Letter entries to correspond to the below information and present them in alphabetical order. (Round all numbers to the nearest dollar)
On June 1, 2016 B&B paid Lorre Advertising $48,000 for two years of advertising services. Equal services are provided in year 1 and year 2 of the contract.
B&B needed some additional storage space so on September 1, 2016 they rented a unit for an annual rate of $10,200. The entire amount was expensed when paid.
$4,250 of store supplies were purchased during the year and the asset Store Supplies was increased. $2,150 of these supplies were used during the year.
$6,500 of office supplies were purchased during the year and were immediately expensed. A count of the office supplies on hand December 31, 2016, indicates a balance of $1,500.
On October 1, 2016, B&B issued a 9-month note receivable to Greenstreet & Co. at an annual interest rate of 4%. Principal and interest will be paid at the end of the 9-months. The note was recorded in Notes Receivable and is the only note outstanding.
Sales salaries of $6,200 and office salaries of $4,800 were earned and remained unpaid at 12/31/16.
On May 1, 2016, B&B rented a portion of one store to Paul Henreid Co. The contract was for 10 months and B&B required the 10 months of cash upfront on May 1. The rent is being earned equally over the next 10 months. When cash was received, unearned rent was appropriately recorded.
On November 1, 2016, B&B collected $18,000 for consulting services to be performed from November 1, 2016 to February 28, 2017. The company credited the revenue account when the cash was received.
Based on past experience, B&B calculates bad debt expense at 1.5% of net sales for the year.
Refer to balance sheet:
Bogie and Bacall Company End of Period Worksheet For the Year Ended December 31, 2016 Unadjusted Adjusted Account Title Trial Balance Adjustments Trial Balance DR CR DR CR DR CR Cash 49,800 - Accounts Receivable 77,450 - Allowance for Doubtful Accounts 2,000 Interest Receivable - Merchandise Inventory 160,500 - Prepaid Insurance 18,000 - Prepaid Advertising 48,000 Prepaid Rent - Store Supplies 4,250 - Office Supplies - - Note Receivable 24,000 Store Equipment 175,000 - Accumulated Depreciation - Store Equipment - 40,050 Office Equipment 80,000 - Accumulated Depreciation - Office Equipment - - Accounts Payable - 85,200 Salaries Payable - - Interest Payable - - Unearned Rent - 20,000 Unearned Consulting Revenue Note Payable (payment due 2020) - 146,000 Common Stock - 60,000 Retained Earnings - 111,500 Dividends 35,000 - Sales Revenues - 808,950 Consulting Revenue 24,000 Sales Returns and Allowances 11,700 - Sales Discounts 7,200 - Cost of Goods Sold 457,200 - Sales Salaries Expense 94,650 - Advertising Expense - Depreciation Expense - Store Equipment - - Store Supplies Expense - - Miscellaneous Selling Expense 2,600 - Office Salaries Expense 34,000 - Rent Expense 10,200 - Insurance Expense - - Depreciation Expense - Office Equipment - - Office Supplies Expense 6,500 - Miscellaneous Administrative Expense 1,650 - Rent Revenue - - Interest Revenue Interest Expense - - Bad Debt Expense - - 1,297,700 1,297,700Explanation / Answer
Journal Entries Interest Receivable A/c 240 Interest Revenue A/C 240 Office Supplies A/C 1,500 Office Supplies Expense A/C 1,500 Store Supplies Expense 2,150 Store Supplies 2,150 Office Salaries Expense 4,800 Sales Salaries Expense 6,200 Salaries Payable 11,000 Consulting Revenue 9,000 Unearned Consulting Revenue 9,000 Bad Debt Expense 11,851 Allowance for Doubtful Accounts 11,851 Unearned Rent 16,000 Rent Revenue 16,000 Advertising Expense 24,000 Prepaid Advertising 24,000 Bogie and Bacall Company End of Period Worksheet For the Year Ended December 31, 2016 Unadjusted For the Year Ended December 31, 2016 Trial Balance Adjustments DR CR DR CR Cash 49,800 - Accounts Receivable 77,450 - Allowance for Doubtful Accounts 2,000 11851 Interest Receivable - 240 Merchandise Inventory 160,500 - Prepaid Insurance 18,000 - Prepaid Advertising 48,000 24000 Prepaid Rent - 6800 Store Supplies 4,250 - 2150 Office Supplies - - 1500 Note Receivable 24,000 Store Equipment 175,000 - Accumulated Depreciation - Store Equipment - 40,050 Office Equipment 80,000 - Accumulated Depreciation - Office Equipment - - Accounts Payable - 85,200 Salaries Payable - - 11000 Interest Payable - - Unearned Rent - 20,000 16000 Unearned Consulting Revenue 9000 Note Payable (payment due 2020) - 146,000 Common Stock - 60,000 Retained Earnings - 111,500 Dividends 35,000 - Sales Revenues - 808,950 Consulting Revenue 24,000 9000 Sales Returns and Allowances 11,700 - Sales Discounts 7,200 - Cost of Goods Sold 457,200 - Sales Salaries Expense 94,650 - 6200 Advertising Expense - 24000 Depreciation Expense - Store Equipment - - Store Supplies Expense - - 2150 Miscellaneous Selling Expense 2,600 - Office Salaries Expense 34,000 - 4800 Rent Expense 10,200 - 6800 Insurance Expense - - Depreciation Expense - Office Equipment - - Office Supplies Expense 6,500 - 1500 Miscellaneous Administrative Expense 1,650 - Rent Revenue - - 16000 Interest Revenue 240 Interest Expense - - Bad Debt Expense - - 11851 1,297,700 1,297,700
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