Accounting assignment, homework help

  

Accounting
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Brief Exercise 3-2
Your answer is partially correct. Try again.
Moteki Company accumulates the following adjustment data at December 31.
Indicate the type of adjustment (prepaid expenses, accrued revenues and so on), and the status of
accounts before adjustment (overstated or understated). (Enter answers in alphabetical order.)
1.
Supplies of $100 are on hand.
2.
Services provided but not recorded total $900.
3.
Interest of $200 has accumulated on a note payable.
4.
Rent collected in advance totaling $650 has been earned.
Item
Type of Adjustment
Account Balances before Adjustment
1.
2.
3.
4.
Brief Exercise 3-7
The bookkeeper for Bradbury Company asks you to prepare the following accrued adjusting entries at
December 31.
1. Interest on notes payable of $477 is accrued.
2. Services provided but not recorded total $2,047.
3. Salaries earned by employees of $577 have not been recorded.
Use the following account titles: Service Revenue, Accounts Receivable, Interest Expense, Interest
Payable, Salaries and Wages Expense, and Salaries and Wages Payable.(Credit account titles are
automatically indented when the amount is entered. Do not indent manually.)
No.
Account
Dat
Titles and
e
Explanation
1.
Dec
.
31
2.
Dec
Debit
Credit
.
31
Dec
.
31
3.
Brief Exercise 3-8
The trial balance of Yewlett Company includes the
following balance sheet accounts, which may require
adjustment. For each account that requires adjustment,
indicate the type of adjusting entry (prepaid expenses,
unearned revenues, accrued revenues, and accrued
expenses) and the related account in the adjusting
entry.
Account
Type of
Adjustment
Related Account
Accounts
Receivable
Prepaid
Insurance
Accumulate
d
Depreciatio
n—
Equipment
Interest
Payable
Unearned
Service
Revenue
Brief Exercise 3-9
Your answer is partially correct. Try again.
The adjusted trial balance of Parsons Company at
December 31, 2014, includes the following accounts:
Owner’s Capital $16,789, Owner’s Drawings $7,906,
Service Revenue $38,572, Salaries and Wages Expense
$16,893, Insurance Expense $2,256, Rent Expense
$3,202, Supplies Expense $2,200, and Depreciation
Expense $1,704.
Prepare an income statement for the year.
PARSONS COMPANY
Income Statement
For the Year Ended December 31, 2014
$
$
$
Exercise 3-3
Primo Industries collected $104,551 from customers in 2014. Of the amount collected, $24,779 was
from services performed in 2013. In addition, Primo performed services worth $38,611 in 2014,
which will not be collected until 2015.
Primo Industries also paid $73,901 for expenses in 2014. Of the amount paid, $29,841 was for
expenses incurred on account in 2013. In addition, Primo incurred $42,209 of expenses in 2014,
which will not be paid until 2015.
(a) Compute 2014 cash-basis net income.
Cash-basis net income
$
(b) Compute 2014 accrual-basis net income.
Accrual-basis net income
$
Exercise 3-6
Lei Company accumulates the following adjustment data at December 31.
1.
2.
3.
4.
5.
6.
Services provided but not recorded total $1,000.
Supplies of $300 have been used.
Utility expenses of $225 are unpaid.
Services related to Unearned service revenue of $260 were performed
Salaries of $800 are unpaid.
Prepaid insurance totaling 0 has expired.
For each of the above items indicate the following. (Enter answers in alphabetical order.)
The type of adjustment (prepaid expenses, unearned revenues, accrued revenues, or accrued
expenses).
(b) The status of accounts before adjustment (overstatement or understatement).
(a)
Item
Type of Adjustment
Accounts before Adjustment
1.
2.
3.
4.
5.
6.
Exercise 3-13
The trial balances before and after adjustment for Frinzi Company at the end of its fiscal year are
presented below.
FRINZI COMPANY
Trial Balance
August 31, 2014
Before
Adjustment
Dr.
Cash
Cr.
After
Adjustment
Dr.
$10,413
$10,413
Accounts Receivable
8,926
9,799
Supplies
2,321
628
Prepaid Insurance
3,957
2,543
Equipment
Accumulated Depreciation—Equipment
Accounts Payable
12,380
Cr.
12,380
$ 3,557
$ 4,600
5,840
5,840
Salaries and Wages Payable
0
Unearned Rent Revenue
1,432
1,561
797
Owner’s Capital
13,980
13,980
Service Revenue
33,964
34,837
Rent Revenue
10,845
11,609
Salaries and Wages Expense
16,822
18,254
0
1,693
14,928
14,928
0
1,414
Supplies Expense
Rent Expense
Insurance Expense
Depreciation Expense
0
$69,747
1,043
$69,747
$73,095
$73,095
Prepare the adjusting entries that were made. (Credit account titles are automatically indented
when the amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Aug. 31
(To record accrued revenue)
Aug. 31
(To record supplies used)
Aug. 31
(To record expired insurance)
Aug. 31
(To record depreciation)
Aug. 31
(To record accrued salaries)
Aug. 31
(To record rent earned)
Debit
Credit

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