Before recording adjusting entries, the Office Supplies account had a $359 debit balance while a physical count of the supplies showed $105 of unused supplies on hand. Thus, the required adjusting entry is

SportsWorld purchased equipment costing $10,000. The equipment has a residual value of $1,000, and an estimated useful life of 5 years or 36,000 shoes. Actual units produced during the year were 7,000 units. Calculate annual depreciation using the straight line method.

Green’s Book Store purchased office supplies that cost $3,000 on credit. The entry to record this transaction is

Merchandisers

On July 1, Stubbs Corporation had 300,000 no-par-value common shares outstanding. On this day the board of directors declared a 5% share dividend. The fair market value of each share was $12. A possible entry to record this dividend is

In a periodic inventory system, cost of goods sold is not recorded as each sale occurs.

The owner of Zeke’s Landscaping Designs just hired an office manager to handle all the office functions for him. Among other responsibilities, the office manager will handle key accounting functions such as processing customer payments, writing cheques to employees to pay the payroll, handle daily bank deposits at the bank, pay suppliers, and reconcile the company bank account bank reconciliations. What internal cash control practice is being overlooked by the owner?

Doug Corp declared a 0.70 per share cash dividend. The company has 25,000 common shares authorized, with 7,000 shares issued and outstanding. A possible journal entry to record the declaration is

The asset section of a classified balance sheet includes

You just joined XYZ Company as their junior accountant. Your first task is to prepare a bank reconciliation in good form at June 30. Your boss provides you with the bank statement and the following information from the accounting records at June 30  Non-sufficient funds (NSF) cheque returned by bank $350 Deposit in transit on June 30 $1,015 Outstanding cheques at June 30 $2,660 Balance per bank statement on June 30 $16,280 Bank service charges $35 Your review the bank statement at June 30 shows that a cheque incorrectly recorded by company as $2,500 was correctly recorded by the bank at $2,050. What is the unadjusted (opening) balance of cash in XYZ’s general ledger on June 30?