Journalize the adjusting entry needed at December 31 for each situation. Use the Chart of Accounts to review account names! The unadjusted balance of Office Supplies at Dec. 31 is $4,200 and at year end the office supplies on hand totaled $1,700. Date Accounts and Explanation Debit Credit Dec. 31 correct Accounts Payable incorrect 2500 correct correct Office Supplies correct correct 2500 correct A two year insurance policy for $10,560 was purchased on November 1 of the current year. Record the transaction for the year ended December 31. Date Accounts and Explanation Debit Credit Dec. 31 correct Accounts Payable incorrect 440 incorrect correct Prepaid Insurance correct correct 440 incorrect Depreciation for the current year includes Equipment, $1,000. Date Accounts and Explanation Debit Credit Dec. 31 correct Cash incorrect 1000 correct correct Accumulated Depreciation- Equipment correct correct 1000 correct

Bear, inc. estimates its sales at 200,000 units in the first quarter and that sales will increase by 20,000 units each quarter over the year. they have, and desire, a 25% ending inventory of finished goods. each unit sells for $35. 40% of the sales are for cash. 70% of the credit customers pay within the quarter. the remainder is received in the quarter following sale. cash collections for the third quarter are budgeted at

Bridgeport company began operations at the beginning of 2018. the following information pertains to this company. 1. pretax financial income for 2018 is $115,000. 2. the tax rate enacted for 2018 and future years is 40%. 3. differences between the 2018 income statement and tax return are listed below: (a) warranty expense accrued for financial reporting purposes amounts to $7,500. warranty deductions per the tax return amount to $2,200. (b) gross profit on construction contracts using the percentage-of-completion method per books amounts to $94,700. gross profit on construction contracts for tax purposes amounts to $67,100. (c) depreciation of property, plant, and equipment for financial reporting purposes amounts to $61,800. depreciation of these assets amounts to $75,700 for the tax return. (d) a $3,600 fine paid for violation of pollution laws was deducted in computing pretax financial income. (e) interest revenue recognized on an investment in tax-exempt municipal bonds amounts to $1,500. 4. taxable income is expected for the next few years. (assume (a) is short-term in nature; assume (b) and (c) are long-term in nature.) (a) prepare the reconciliation schedule for 2017 and future years. (b) prepare the journal entry to record income tax expense for 2017. (c) prepare the income tax expense section of the income statement beginning with “income before income taxes.” (d) determine how the deferred taxes will appear on the balance sheet at the end of 2017.

Cynthia is a hospitality worker in the lodging industry who prefers to cater to small groups of people. she might want to open a