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    googi's Avatar
    googi Posts: 1, Reputation: 1
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    #1

    Jan 24, 2012, 02:19 PM
    Free accounting homework help?
    Question 1. Affleck Company accumulates the following adjustment data at December 31.
    1. Services provided but not recorded total $750.
    2. Store supplies of $300 have been used.
    3. Utility expenses of $225 are unpaid.
    4. Unearned revenue of $260 has been earned.
    5. Salaries of $900 are unpaid.
    6. Prepaid insurance totaling $350 has expired.
    Instructions: For each of the above items indicate the following.
    A. The type of adjustment (prepaid expense, unearned revenue, accrued revenue, or accrued expense).
    B. The status of accounts before adjustment (overstatement or understatement).

    Question 2. The income statement of Benning Co. For the month of July shows net income of $1,400 based on Service Revenue $5,500, Wages Expense $2,300, Supplies Expense $1,200, and Utility Expense $600. In reviewing the statement, you discover the following.
    1. Insurance expired during July of $400 was omitted.
    2. Supplies expense includes $200 of supplies that are still on hand at July31.
    3. Depreciation on equipment of $150 was omitted.
    4. Accrued but unpaid wages at July 31 of $300 were not include.
    5. Services provided but unrecorded totaled $500.
    Instructions: Prepare a correct income statement for July2010.
    Question 3. Neosho River Resort opened for business on June 1 with eight air-conditioned units. Its trial balances before adjustment on August 31 is as follows.
    Neosho River Resort
    Trial Balance
    August 31, 2010
    Account Number Debit Credit
    101 Cash $19,600
    126 Supplies 3,300
    130 Prepaid Insurance 6,000
    140 Land 25,000
    143 Cottages 125,000
    149 Furniture 26,000
    201 Accounts Payable $6,500
    209 Unearned Rent Revenue 7,400
    275 Mortgage Payable 80,000
    301 P. Harder, Capital 100,000
    306 P. Harder, Drawing 5,000
    429 Rent Revenue 80,000
    622 Repair Expense 3,600
    726 Salaries Expense 51,000
    732 Utilities Expense 9,400
    $273900 $273,900
    In addition t those account listed on the trial balance, the chart of accounts for Neosho River Resort also contains the following accounts and account numbers: No. 112 Account Receivable, No. 144 Accumulated Deprecaion-Cottages, No. 150 Accumulated Depreciated-Furniture, No. 212 Salaries Payable, No. 230 Interest Payable, No. 620 Depreciation Expense-Cottages, No. 621 Depreciation Expense-Furniture, NO. 631 Supplies Expense, No 718 Interest Expense, and No. 722 Insurance Expense. Others data: 1. Insurance expires at the rate of $400 per month. 2. A count on August 31 shows $600 of supplies on hand. 3. Annual depreciation is $6,000 on cottage and $2,400 on furniture. 4. Unearned rent revenue of $4,100 was earned prior ot August 31. 5. Salaries of $400 were unpaid at August 31. 6. Rentals of $1,000 were due from tenants at August 31. (Use Account Receivable.) 7. The mortgage interest rate is 9% per year. (The mortgage was taken out on August 1.)
    Instructions: a. Journalize the adjusting entries on August 31 for the 3-Month period Jun 1-August 31.
    B. Prepare a ledger using the three-column form on account. Enter the trial balance accounts and post the adjusting entries. (Use J1 as the posting reference.) c. Prepare an adjusting trial balance on August 31. D. Prepare and income statement and an owner's equity statement for the 3 Months ending August 31 and a balance sheet as of August 31
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
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    #2

    Jan 25, 2012, 07:49 AM
    What is your question? You need to do adjusting entries. For example Number 1:
    Debit Accounts Receivable for 750
    Credit Service Revenue for 750
    ijun's Avatar
    ijun Posts: 1, Reputation: 1
    New Member
     
    #3

    Aug 6, 2012, 05:51 PM
    Mortgage Payable 800,000

    The Mortgage interest rate is 12% per year. (The mortgage was taken out August 1).

    Journalize the adjusting entries on August 31 for the 3-month period June 1—August 31
    Rhaseda Akhtar's Avatar
    Rhaseda Akhtar Posts: 1, Reputation: 1
    New Member
     
    #4

    Oct 9, 2012, 12:29 PM
    All the accounts have normal balances. The information below has been gathered at December
    31, 2012.
    1. Garrett Wolfe Company borrowed $10,000 by signing a 12%, one-year note on September 1,
    2012.
    2. A count of supplies on December 31, 2012, indicates that supplies of $900 are on hand.
    3. Depreciation on the equipment for 2012 is $1,000.
    4. Garrett Wolfe Company paid $2,100 for 12 months of insurance coverage on June 1, 2012.
    5. On December 1, 2012, Garrett Wolfe collected $30,000 for consulting services to be performed
    From December 1, 2012, through March 31, 2013.
    6. Garrett Wolfe performed consulting services for a client in December 2012. The client will be
    Billed $4,200.
    7. Garrett Wolfe Company pays its employees total salaries of $9,000 every Monday for the
    Preceding 5-day week (Monday through Friday). On Monday, December 29, employees were
    Paid for the week ending December 26. All employees worked the last 3 days of 2012.
    Instructions
    Prepare adjusting entries for the seven items described above.

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