Ask Me Help Desk

Ask Me Help Desk (https://www.askmehelpdesk.com/forum.php)
-   Finance & Accounting (https://www.askmehelpdesk.com/forumdisplay.php?f=411)
-   -   A-1 Photography Accounting Practice Set (https://www.askmehelpdesk.com/showthread.php?t=72549)

  • Mar 15, 2007, 06:37 PM
    AgentJ9M
    1 Attachment(s)
    A-1 Photography Accounting Practice Set
    I am working on A-1 Photography Accounting Practice Set 4th Edition. I have my Trial Balance numbers correct on the worksheet. However my Adjustments are off by $300 (too much) thus throwing off my Net Income. I've attached my worksheet and below are the adjustments. If anyone can point me in the right direction, I'd greatly appreciate it.


    a. adjust unearned photo service rev. for Sept. Assume photo revenue is earned evenly over the entire month. $6000/12months=$500
    b. Expired Insurance. Annual premium $2400/12months=$200
    c. Expired Rent. $3600/3months=$1200
    d. Photographic supplies on hand 30 Sept. $315.00
    e. Office supplies on hand 30 Sept. $125.00
    f. Depr. Photographic equip. $400
    g. Depr. Office equip. $250
    h. Depr. Vehicle $500
    I. Salaries accrued on 30 Sept. $350
    j. Accrue interest on note payable (refer document 12, use a 360-day year)

    Document 12 reads - I have completed negotiations with Central National Bank to borrow $20,000. Prepare a journal entry to issue a 60-day, 10% note to the bank for that amount. The instructor told me it is $100 though I can't come up with an equation that comes to that!
  • Mar 16, 2007, 09:56 AM
    creature366
    Quote:

    Originally Posted by AgentJ9M
    I am working on A-1 Photography Accounting Practice Set 4th Edition. I have my Trial Balance numbers correct on the worksheet. However my Adjustments are off by $300 (too much) thus throwing off my Net Income. I've attached my worksheet and below are the adjustments. If anyone can point me in the right direction, I'd greatly appreciate it.


    a. adjust unearned photo service rev. for Sept. Assume photo revenue is earned evenly over the entire month. $6000/12months=$500
    b. Expired Insurance. Annual premium $2400/12months=$200
    c. Expired Rent. $3600/3months=$1200
    d. Photographic supplies on hand 30 Sept. $315.00
    e. Office supplies on hand 30 Sept. $125.00
    f. Depr. photographic equip. $400
    g. Depr. office equip. $250
    h. Depr. Vehicle $500
    i. Salaries accrued on 30 Sept. $350
    j. Accrue interest on note payable (refer document 12, use a 360-day year)

    Document 12 reads - I have completed negotiations with Central National Bank to borrow $20,000. Prepare a journal entry to issue a 60-day, 10% note to teh bank for that amount. The instructor told me it is $100 though I can't come up with an equation that comes to that!

    The answer of 100.00 is correct, you will have use the prinicipalxinterestxpercentagexnumber of days from 09/12 through 09/30, in which is 18 days.

    20,000x10%x18/360=100

    I hope this will help
  • Mar 17, 2007, 04:48 PM
    baileysreb
    Quote:

    Originally Posted by AgentJ9M
    I am working on A-1 Photography Accounting Practice Set 4th Edition. I have my Trial Balance numbers correct on the worksheet. However my Adjustments are off by $300 (too much) thus throwing off my Net Income. I've attached my worksheet and below are the adjustments. If anyone can point me in the right direction, I'd greatly appreciate it.


    a. adjust unearned photo service rev. for Sept. Assume photo revenue is earned evenly over the entire month. $6000/12months=$500
    b. Expired Insurance. Annual premium $2400/12months=$200
    c. Expired Rent. $3600/3months=$1200
    d. Photographic supplies on hand 30 Sept. $315.00
    e. Office supplies on hand 30 Sept. $125.00
    f. Depr. photographic equip. $400
    g. Depr. office equip. $250
    h. Depr. Vehicle $500
    i. Salaries accrued on 30 Sept. $350
    j. Accrue interest on note payable (refer document 12, use a 360-day year)

    Document 12 reads - I have completed negotiations with Central National Bank to borrow $20,000. Prepare a journal entry to issue a 60-day, 10% note to teh bank for that amount. The instructor told me it is $100 though I can't come up with an equation that comes to that!

    You need to change your rent expense to $900 3600/4 not 900/3. then you will balance
  • Mar 17, 2007, 04:48 PM
    baileysreb
    Quote:

    Originally Posted by AgentJ9M
    I am working on A-1 Photography Accounting Practice Set 4th Edition. I have my Trial Balance numbers correct on the worksheet. However my Adjustments are off by $300 (too much) thus throwing off my Net Income. I've attached my worksheet and below are the adjustments. If anyone can point me in the right direction, I'd greatly appreciate it.


    a. adjust unearned photo service rev. for Sept. Assume photo revenue is earned evenly over the entire month. $6000/12months=$500
    b. Expired Insurance. Annual premium $2400/12months=$200
    c. Expired Rent. $3600/3months=$1200
    d. Photographic supplies on hand 30 Sept. $315.00
    e. Office supplies on hand 30 Sept. $125.00
    f. Depr. photographic equip. $400
    g. Depr. office equip. $250
    h. Depr. Vehicle $500
    i. Salaries accrued on 30 Sept. $350
    j. Accrue interest on note payable (refer document 12, use a 360-day year)

    Document 12 reads - I have completed negotiations with Central National Bank to borrow $20,000. Prepare a journal entry to issue a 60-day, 10% note to teh bank for that amount. The instructor told me it is $100 though I can't come up with an equation that comes to that!

    You need to change your rent expense to $900 3600/4 not 900/3. then you will balance
  • Mar 19, 2007, 04:05 AM
    AgentJ9M
    Boy do I feel stupid. It staring me in the face for days. Thank you for the help!
  • May 31, 2007, 07:29 PM
    Berry89
    Quote:

    Originally Posted by AgentJ9M
    I am working on A-1 Photography Accounting Practice Set 4th Edition. I have my Trial Balance numbers correct on the worksheet. However my Adjustments are off by $300 (too much) thus throwing off my Net Income. I've attached my worksheet and below are the adjustments. If anyone can point me in the right direction, I'd greatly appreciate it.


    a. adjust unearned photo service rev. for Sept. Assume photo revenue is earned evenly over the entire month. $6000/12months=$500
    b. Expired Insurance. Annual premium $2400/12months=$200
    c. Expired Rent. $3600/3months=$1200
    d. Photographic supplies on hand 30 Sept. $315.00
    e. Office supplies on hand 30 Sept. $125.00
    f. Depr. photographic equip. $400
    g. Depr. office equip. $250
    h. Depr. Vehicle $500
    i. Salaries accrued on 30 Sept. $350
    j. Accrue interest on note payable (refer document 12, use a 360-day year)

    Document 12 reads - I have completed negotiations with Central National Bank to borrow $20,000. Prepare a journal entry to issue a 60-day, 10% note to teh bank for that amount. The instructor told me it is $100 though I can't come up with an equation that comes to that!

    AgentJ9M
    You are not stupid, I am still staring at mind. Thanks for sharing I had D & E wrong. By the way have you finished the assignment?
  • Jun 4, 2007, 03:34 PM
    Moonbeam
    Quote:

    Originally Posted by AgentJ9M
    I am working on A-1 Photography Accounting Practice Set 4th Edition. I have my Trial Balance numbers correct on the worksheet. However my Adjustments are off by $300 (too much) thus throwing off my Net Income. I've attached my worksheet and below are the adjustments. If anyone can point me in the right direction, I'd greatly appreciate it.


    a. adjust unearned photo service rev. for Sept. Assume photo revenue is earned evenly over the entire month. $6000/12months=$500
    b. Expired Insurance. Annual premium $2400/12months=$200
    c. Expired Rent. $3600/3months=$1200
    d. Photographic supplies on hand 30 Sept. $315.00
    e. Office supplies on hand 30 Sept. $125.00
    f. Depr. photographic equip. $400
    g. Depr. office equip. $250
    h. Depr. Vehicle $500
    i. Salaries accrued on 30 Sept. $350
    j. Accrue interest on note payable (refer document 12, use a 360-day year)

    Document 12 reads - I have completed negotiations with Central National Bank to borrow $20,000. Prepare a journal entry to issue a 60-day, 10% note to teh bank for that amount. The instructor told me it is $100 though I can't come up with an equation that comes to that!

    Would you be willing to send me a copy of the Journal Entries? I have this project also and am having problems with the journal.

    Thanks!
    Moonbeam
  • Jun 7, 2007, 05:47 AM
    Berry89
    Hey Moonbeam,
  • Jun 7, 2007, 03:35 PM
    Moonbeam
    Yes? Did you want to ask something?
  • Jun 7, 2007, 06:11 PM
    Berry89
    I sent you a personal email. Check your messages.
  • Jun 7, 2007, 06:39 PM
    Moonbeam
    You don't have my personal e-mail so I'm not sure what you mean. If you need help with the project you can just click on AgentJ9M's original post -- there's an attachment in there. Take that spreadsheet and read the posts that followed in order to make the necessary adjustments. Once you get those numbers you can work the rest of the spreadsheets.

    Hope this helps.
  • Dec 14, 2008, 08:57 AM
    tee28
    Quote:

    Originally Posted by Moonbeam View Post
    Would you be willing to send me a copy of the Journal Entries? I have this project also and am having problems with the journal.

    Thanks!
    Moonbeam

    Hello, I am doing this same project, but seem to be having trouble. If you still have this information can you send it to me

  • All times are GMT -7. The time now is 02:56 AM.