2023 acct Listed below are some information characteristics and accounting principles and assumptions Each | Assignments Online
2023 acct Listed below are some information characteristics and accounting principles and assumptions Each | Assignments Online
Assignments Online 2023 Business Finance
acct
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Question 2.2. (TCO B) Adjusting Entries: Minnie Smile, D.D.S. opened a dental practice on January 1, 201X. During the first month of operations the following transactions occurred: performed services for patients who had dental plan insurance. At January 31, $1,000 of such services was earned but not yet billed to the insurance companies. Salaries were incurred totaling $800 but not paid at month-end. Supplies totaling $600 were purchased on account. Prepare the adjusting entries on January 31. Omit explanations. For each journal entry write Dr. for debit and Cr. for credit. (Points : 10)
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Question 3.3. (TCO B) Adjusting Entries: Seymor Stars is the new owner of Night Computer Services. At the end of August 201X, his first month of ownership, Seymor is trying to prepare monthly financial statements. At August 31, Seymor owed his employees $3,000 in wages that will be paid on September 1. At the end of the month he had not yet received the month’s utility bill. Based on past experience, he estimated that the bill would be approximately $400. A telephone bill in the amount of $700 covering August charges is unpaid at August 31. You are to provide the missing adjusting entries that must be made. For each journal entry write Dr. for debit and Cr. for credit. (Points : 10)
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Question 4.4. (TCO B) Adjusting Entries: When the accounts of Upside Down Inc. are examined, the adjusting data listed below are uncovered on December 31, the end of annual fiscal period. The prepaid insurance account shows a debit of $12,000, representing the cost of a 2-year fire insurance policy dated August 1 of the current year. On November 1, Rental Revenue was credited for $3,000, representing revenue from a sub-rental for a 3-month period beginning on that date. Interest of $3,000 has accrued on notes payable. You are to prepare the missing adjusting entry. For each journal entry write Dr. for debit and Cr. for credit. (Points : 10)
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Question 5.5. (TCO B) Adjusting Entries: On April 1, 201X, Jokers Company assigns $600,000 of its accounts receivable to the First National Bank as collateral for a $300,000 loan due July 1, 201X. The assignment agreement calls for Jokers Company to continue to collect the receivables. First National Bank assesses a finance charge of 2% of the accounts receivable, and interest on the loan is 10% (a realistic rate of interest for a note of this type). Prepare the April 1, 201X journal entry for Jokers Company. You are to prepare the missing adjusting entry. For each journal entry write Dr. for debit and Cr. for credit. (Points : 10)
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Question 6.6. (TCO B) Adjusting Entries: Wizard Industries purchase $12,000 of merchandise on February 1, 2010, subject to a trade discount of 10% and with credit terms of 3/15/, n/60. It returned $3,000 (gross price before trade or cash discount) on February 4. The invoice was paid on February 13. Assuming that Wizard uses the perpetual method for recording merchandise transactions, prepare the necessary journal entries to record the purchase, return, and payment using the gross method. For each journal entry write Dr. for debit and Cr. for credit. (Points : 10)
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Question 7.7. (TCO B) Adjusting Entries: Shabbona Corporation operates a retail computer store. To improve delivery services to customers, the company purchased a new truck on April 1, 2010. The terms for the acquisition of the truck are that it has a list price of $14,000. It is acquired in exchange for 1,000 shares of common stock in Shabbona Corporation. The stock has a par value per share of $10 and a market value of $13 per share. Write the journal entry to record the purchase of the truck. Write Dr. for debit and Cr. for credit. (Points : 10)
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Question 8.8. (TCO D) The adjusted trial balance of Cavamanlis Co. as of December 31, 2011 contains the following.
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Account Titles |
Dr |
Cr |
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Cash |
$18,972 |
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Accounts Receivable |
6,920 |
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Prepaid Rent |
2,280 |
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Equipment |
18,050 |
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Accumulated Depreciation |
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$ 4,895 |
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Notes Payable |
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5,700 |
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Accounts Payable |
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4,472 |
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Common Stock |
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20,000 |
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Retained Earnings |
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11,310 |
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Dividends |
3,000 |
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Service Revenue |
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12,590 |
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Salaries Expense |
6,840 |
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Rent Expense |
2,760 |
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Depreciation Expense |
145 |
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Interest Expense |
83 |
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Interest Payable |
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83 |
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$59,050 |
$59,050 |
Instructions: Prepare in good form a balance sheet for the year ended December 31, 2011. (Points : 15)
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