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Category: Accounting
Prepare closing journal entries for Armour Company for the year ended December 31. Data for the closing entries are as follows: Factory overhead, debit and credit balance $186,250 Sales for the year 930,600 Interest revenue 920 Cost of goods sold 710,500 Salaries expense 98,100 Office supplies expense 3,500 Depreciation expense—office equipment 6,1...
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Category: Accounting
Kevin Ryan is an accountant for Warick Corporation, a medium-size manufacturing firm. One of his responsibilities is to review the adjusting entries at the end of each accounting period. Mary Sellers is a new accountant at Warick Corporation. She is a recent graduate and this is her first accounting job. One of the duties Kevin assigned Mary was to...
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Category: Accounting
Prepare reversing journal entries for Rogerson Company on January 1, 20-2. The following year-end adjustments were made: 20-1 Dec. 31 Interest Receivable 140  Interest Revenue 140 31 Interest Expense 930  Interest Payable 930 31 Work in Process Inventory 3,180  Factory Overhead 3,180
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Category: Accounting
Prepare the December 31 adjusting journal entries for Ortiz Company. Data for the end of the year adjustments are as follows: Factory overhead to be applied to work in process ending inventory $7,780 Interest receivable 435 Provision for uncollectible accounts 3,876 Office supplies consumed 750 Factory supplies consumed 4,160 Insurance expired on f...
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Category: Accounting
Prepare the December 31 adjusting journal entries for Davis Company. Data for the end of the year adjustments are as follows: Factory overhead to be applied to work in process ending inventory $8,700 Interest receivable 730 Provision for uncollectible accounts 4,200 Office supplies consumed 990 Factory supplies consumed 3,800 Insurance expired on f...