| Accounting Assignment Review
Hi. My name is Joey. I am having a hard time with an accounting assignment and was wondering if anyone could help. I am entering Adjustment entries for the period 9/1/200x - 9/30/200x. The problem I am having is that after I enter all of my Journal Adjustment entries I come up $150.00 short of what I should have. I cannot figure out what I am doing wrong.The total of all Adjustment Journal entries should equal $4,054. My total comes up to $3904.00. I have included all of my entries below along with all relevant source documents.
Thanks.
A. Adjust unearned photographic service revenue for September. Assume photographic revenue is earned evenly over the entire month. (refer to document 2)
Document 2 states: I received a check today for $6,000 from Providence Country Club to photograph events held at the club over the next 12 months. ($6000.00 was received on Sept.1 and debited to cash)
Dr. Unearned Photo Service Revenue for $500
Cr. Photo Service Revenue for $500
Calculation $6000 / 12 = $500
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B. Expired Insurance (refer to document 3)
Document 3 states: Premium statement $2400 policy coverage 12 months beginning Sept. 1, 2007
Dr. Insurance Expense $200
Cr. Prepaid Insurance $200
Calculation = $2,400 / 12 = $200
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C. Expired rent (refer to document 4)
Document 4 states: rent 9/1/07 to 12/31/07 amount due $3600
Dr. Rent Expense $900
Cr. Prepaid Rent $900
Calculation = $3,600 / 4 = $900
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D. Photographic Supplies on hand September 30, 2007 is $315.00 ( I accumulated $1,064 through out the month)
Dr. Photographic Supplies Expense $749
Cr. Photographic Supplies $749
Calculation: $1064 - $315 = $749
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E. Office supplies on hand September 30, 2007 us $125.00 ( I accumulated $230.00 worth of office supplies)
Dr. Office Supplies Expense $105
Cr. Office Supplies $105
Calculation $230 - $125 = $105.00
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F. Depreciation on photographic equipment for September, $400
Dr. Deprec. Exp - Photo Equipment $400
Cr. Acc Dep - Photo Equipment $400
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G. Depreciation on office equipment for September, $250
Dr. deprec exp - office equipment $250
Cr. acc dep - office equipment $250
No calculation - This number was given
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H. Depreciation on vehicle for sept, $500
Dr. Deprec Exp - Vehicle $500
Cr. Acc Dep - Vehicle $500
No calculation - This number was given
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I. Salaries accrued on September 30, $350
Dr. salary expense $350
Cr salary payable $350
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J. Accrue Interest on note payable (refer to Document 12, use a 360-day year)
Document 12 states: Sept 12, 2007: I have completed negotiations with Central National Bank to borrow $20,000.00 Prepare a journal entry to issue a 60-day, 10% note to the bank for that amount. I Debited cash on Sept. 12 for $20,000 and Cr. Notes payable for $20,000
Dr. Interest Expense $100.00
Cr. Interest Payable $100.00
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