2023 Question 1 1 pts Adjusting entries affect cash flows in the current period Flag this Question | Assignments Online
2023 Question 1 1 pts Adjusting entries affect cash flows in the current period Flag this Question | Assignments Online
Assignments Online 2023 Business & Finance
Use this information to answer the following question.
The trial balance for Nowwick Company appears as follows:
Nowwick Company
Trial Balance December 31, 20×5 |
||
Cash |
$ 240
|
|
Accounts Receivable |
1,000
|
|
Prepaid Insurance |
100
|
|
Supplies |
300
|
|
Office Equipment |
800
|
|
Accumulated Depreciation–Office Equipment |
$ 400
|
|
Accounts Payable |
600
|
|
Common Stock |
1,200
|
|
Service Revenue |
1,000
|
|
Salaries Expense |
200
|
|
Rent Expense |
400
|
______
|
$3,200
|
$3,200
|
|
If as of December 31, 20×5, the rent of $100 for December had not been recorded or paid, the adjusting entry would include a
The Retained Earnings, Dividends, and Income Summary accounts for Harmon Repair Company for the accounting period are presented below in T account form after the recording and posting of closing entries:
Retained Earnings
|
Dividends
|
|||||||||||||
12/31
|
300
|
1/1 |
1,500
|
3/1
|
100
|
12/31 |
400
|
|||||||
12/31
|
400
|
6/1
|
100
|
|||||||||||
9/1
|
100
|
|||||||||||||
12/31 |
100
|
|||||||||||||
Income Summary
|
||||||||||||||
12/31
|
900
|
12/31 |
600
|
|||||||||||
12/31 |
300
|
|||||||||||||
The Retained Earnings balance on 1/1 was
The Retained Earnings, Dividends, and Income Summary accounts for Laurel Repair Company for the accounting period are presented below in T account form after the recording and posting of closing entries:
Retained Earnings
|
Dividends
|
|||||||||||||||
12/31 |
200
|
1/1 |
2,000
|
3/1
|
50
|
12/31 |
200
|
|||||||||
12/31 |
400
|
6/1
|
50
|
|||||||||||||
9/1
|
50
|
|||||||||||||||
12/31 |
50
|
|||||||||||||||
Income Summary
|
||||||||||||||||
12/31 |
500
|
12/31 |
900
|
|||||||||||||
12/31 |
400
|
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The total amount of expenses for the period is
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