لمسة ذوق
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- 25 يناير 2009
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First Exercise:
The following three separate situations require adjusting journal entries to prepare financial statements as of April 30. For each situation, present both the April 30 adjusting entry and the subsequent entry during May to record the payment of the accrued expenses.
The following three separate situations require adjusting journal entries to prepare financial statements as of April 30. For each situation, present both the April 30 adjusting entry and the subsequent entry during May to record the payment of the accrued expenses.
a.On April 1, the company retained an attorney at a flat monthly fee of $3,500. This amount is payable on the 12th of the following month.
b.An $800,000 note payable requires $8,000 of interest to be paid at the 20th day of each month. The interest was last paid on April 20 and the next payment is due on May 20. as of April 30, $2,667of interest expense has accrued.
c. Total weekly salaries expense for all employees is $10,000. this amount is paid at the end of the day on Friday of each five-day workweek. April 30 falls on Tuesday of this year, which means that the employees had worked two days since the last payday. The next payday is May 3.
b.An $800,000 note payable requires $8,000 of interest to be paid at the 20th day of each month. The interest was last paid on April 20 and the next payment is due on May 20. as of April 30, $2,667of interest expense has accrued.
c. Total weekly salaries expense for all employees is $10,000. this amount is paid at the end of the day on Friday of each five-day workweek. April 30 falls on Tuesday of this year, which means that the employees had worked two days since the last payday. The next payday is May 3.
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Second Exercise:
The following information relates to Fanning's electronics on December 31,2008. the company, which uses the calendar year as its annual reporting period, initially records prepaid and unearned items in balance sheet accounts (assets and liabilities, respectively).
a. The company's weekly payroll is $8,750 paid each Friday for a five-day workweek. Assume December 31, 2008 falls on a Monday, but the employees will not be paid their wages until Friday, January 4, 2009.
b. Eighteen months earlier, on July 1, 2007, the company purchased equipment that cost $20,000. its useful life is predicted to be five years, at which time the equipment is expected to be worthless (zero salvage value).
c. On October 1,2008 the company agreed to work on a new housing development. The company is paid $120,000 on October 1 in advance of future installation of similar alarm systems in 24 new homes. That amount was credited to the Unearned Services Revenue account. Between October 1 December 31, work on 20 homes was completed.
d. On September 1, 2008 the company purchased a 12-month insurance policy for $1,800. the transaction was recorded with an $1,800 debit to prepaid Insurance.
e. On December 29, 2008 the company completed a $7,000 service that has not been billed and not recorded as of December 31,2008.
Required
Prepare any necessary adjusting entries on December 31,2008 in relation to transactions and events a through e.
Prepare T-accounts for the accounts affected by adjusting entries, and post the adjusting entries. Determine the adjusted balances for the Unearned Revenue and the Prepaid Insurance accounts.
Complete the following table and determine the amounts and effects of your adjusting entries on the year 2008 income statement an December 31,2008 balance sheet. Use up (down) arrows to indicate an increase (decrease) in the Effect columns.
Account Title DR CR
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