Log in
Accounting
1
answer
0
watching
99
views

I NEED HELP MAIKING A GENERAL JOURNAL FORTHIS

Jordan Company’s annual accounting year ends on December 31. Itis now December 31, 2015, and all of the 2015 entries have beenmade except for the following:

a.

The company owes interest of $640 on a bank loan. The interestwill be paid when the loan is repaid on September 30, 2016. Nointerest has been recorded.
b.

On September 1, 2015, Jordan collected six months’ rent of$4,440 on storage space. At that date, Jordan debited Cash andcredited Unearned Revenue for $4,440.
c.

The company earned service revenue of $2,700 on a special jobthat was completed December 29, 2015. Collection will be madeduring January 2016. No entry has been recorded.
d.

On November 1, 2015, Jordan paid a one-year premium for propertyinsurance of $3,840, for coverage starting on that date. Cash wascredited and Prepaid Insurance was debited for this amount.
e.

At December 31, 2015, wages earned by employees but not yet paidtotaled $1,200. The employees will be paid on the next payrolldate, January 15, 2016.
f.

Depreciation of $1,100 must be recognized on a service truckpurchased this year.
g.

The income after all adjustments other than income taxes was$29,400. The company's income tax rate is 20%. Compute and recordincome tax expense.

Watch
1
answer
0
watching
99
views

For unlimited access to Homework Help, a Homework+ subscription is required.

Lelia Lubowitz
Lelia LubowitzLv2
28 Sep 2019

Unlock all answers

Get 1 free homework help answer.
Already have an account? Log in
Share

Related questions

Brokeback Towing Company is at the end of its accounting year,December 31, 2015. The following data that must be considered weredeveloped from the company’s records and related documents: a. OnJuly 1, 2015, a two-year insurance premium on equipment in theamount of $792 was paid and debited in full to Prepaid Insurance onthat date. Coverage began on July 1. b. At the end of 2015, theunadjusted balance in the Supplies account was $1,000. A physicalcount of supplies on December 31, 2015, indicated supplies costing$380 were still on hand. c. On December 31, 2015, YY’s Garagecompleted repairs on one of Brokeback’s trucks at a cost of $880.The amount is not yet recorded. It will be paid during January2016. d. On December 31, 2015, the company completed a contract foran out-of-state company for $8,350 payable by the customer within30 days. No cash has been collected and no journal entry has beenmade for this transaction. e. On July 1, 2015, the companypurchased a new hauling van. Depreciation for July–December 2015,estimated to total $3,150, has not been recorded. f. As of December31, the company owes interest of $580 on a bank loan taken out onOctober 1, 2015. The interest will be paid when the loan is repaidon September 30, 2016. No interest has been recorded yet. g. Assumethe income after the preceding adjustments but before income taxeswas $38,000. The company’s federal income tax rate is 25%. Computeand record income tax expense. Required: 1. Give the adjustingjournal entry required for each item at December 31, 2015. (If noentry is required for a transaction/event, select "No Journal EntryRequired" in the first account field.

Cactus Company’s annual accounting year ends on June 30. Assumeit is June 30, and all of the entries except the followingadjusting journal entries have been made:

a.

The company earned service revenue of $1,900 on a special jobthat was completed June 29. Collection will be made during July; noentry has been recorded.
b.

On March 31, Cactus paid a six-month premium for propertyinsurance in the amount of $3,180 for coverage starting on thatdate. Cash was credited and Prepaid Insurance was debited for thisamount.
c.

At June 30, wages of $890 were earned by employees but not yetpaid. The employees will be paid on the next payroll date, which isJuly 15.
d.

On June 1, Cactus collected two months’ revenue of $440. At thatdate, Cactus debited Cash and credited Unearned Revenue for $440.One-half of it has now been earned but not yet recorded.
e. Depreciation of $1,490 must berecognized on a service truck purchased on July 1 of the previousyear.
f.

Cash of $4,140 was collected on May 1 for services to berendered evenly over the next year beginning on May 1. UnearnedRevenue was credited when the cash was received. Some of it has nowbeen earned but not yet recorded.
g.

The company owes interest of $590 on a bank loan taken out onFebruary 1. The interest will be paid when the loan is repaid nextyear on January 31.
h.

The income after all adjustments except income taxes was$31,000. The company’s federal income tax rate is 25%. Compute andrecord income tax expense.

Required:
1.

Determine the accounting equation effects of each requiredadjustment.

2.

Give the adjusting journal entry required for each transactionat June 30. (If no entry is required for atransaction/event, select "No Journal Entry Required" in the firstaccount field.)

please Help! :(

PART A: Nittany Lions Corporation adjusts itsaccounts only at year-end. The following information is availableas a source for preparing adjusting entries at December 31,2015.

On November 1, 2015, the company borrowed $120,000 for one yearat 9% interest and recorded a full yearof accrued interest expense. Interest is payable at maturity.

On October 1, 2015, Nittany Lions collected seven month’s rentin the amount of $10,500 in advance from the renter. At that date,the company debited Cash and credited Unearned Rent Revenue for$10,500.

The Supplies Inventory account had a $4,500 balance at thebeginning of the year (January 1, 2015). During the year, $6,000 ofsupplies were acquired, with the Supplies Expense account debitedat the time of purchase. The supplies count at the end of the year(December 31, 2015) showed $5,000 of supplies is still on hand.

The company owes 6-month property taxes of $1,500 on land ownedfor 2015. The taxes will be paid when they are billed in February2016. No related expense has been recorded.

Required:

For each of the above numbered items, prepare the necessaryadjusting journal entry. If no adjusting entry is required, explainwhy. Put the adjusting journal entries in the worksheet titled“Part A Answers to Part A.”

If Nittany Lions failed to prepare necessaryadjusting entries like you did in Requirement A, indicate theeffect that each item will have on the company’s financialstatements for the year ended December 31, 2015. UseO for overstated, U forunderstated, and NE for no effect. Organize youranswer in tabular form, using the column headings shown below andprovided in the worksheet titled “Part A Answers to Part B.”

Example 0: At year end, employees earned $4,000in wages which will be paid on the next payroll date in January2016. The adjusting journal entry will be:

Rent Expense (+E, -NI, -R/E,-SE) 4,000

Salaries Payable(+L) 4,000

Weekly leaderboard

Home
Homework Help 3,900,000
Accounting 580,000
Start filling in the gaps now
Log in