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Attention uday_ra How good are you with accounting?

Do Not Copy. Order Custom, Original Paper.

Assignments are similar to the last ones you did. There is three attached.

 

BE4-1 Transactions that affect earnings do not necessarily affect cash. Identify the effect,

if any, that each of the following transactions would have upon cash and net income.

The first transaction has been completed as an example.

Net

Cash Income

(a) Purchased $100 of supplies for cash. $100 $ 0

(b) Recorded an adjusting entry to record use of $20 of the above supplies.

(c) Made sales of $1,300, all on account.

(d) Received $800 from customers in payment of their accounts.

(e) Purchased equipment for cash, $2,500.

(f) Recorded depreciation of building for period used, $600.

 

 

P4-2A Gil Vogel started his own consulting firm, Vogel Consulting, on June 1, 2012.

The trial balance at June 30 is as follows.

VOGEL CONSULTING

Trial Balance

June 30, 2012

Debit Credit

Cash $ 6,850

Accounts Receivable 7,000

Prepaid Insurance 2,880

Supplies 2,000

Equipment 15,000

Accounts Payable $ 4,230

Unearned Service Revenue 5,200

Common Stock 22,000

Service Revenue 8,300

Salaries and Wages Expense 4,000

Rent Expense 2,000

$39,730 $39,730

In addition to those accounts listed on the trial balance, the chart of accounts for Vogel

also contains the following accounts: Accumulated Depreciation—Equipment, Utilities

Payable, Salaries and Wages Payable, Depreciation Expense, Insurance Expense, Utilities

Expense, and Supplies Expense.

Other data:

1. Supplies on hand at June 30 total $720.

2. A utility bill for $180 has not been recorded and will not be paid until next month.

3. The insurance policy is for a year.

4. $4,100 of unearned service revenue has been earned at the end of the month.

5. Salaries of $1,250 are accrued at June 30.

6. The equipment has a 5-year life with no salvage value and is being depreciated at

$250 per month for 60 months.

7. Invoices representing $3,900 of services performed during the month have not been

recorded as of June 30.

Instructions

(a) Prepare the adjusting entries for the month of June.

(b) Post the adjusting entries to the ledger accounts. Enter the totals from the trial balance

as beginning account balances. Use T accounts.

(c) Prepare an adjusted trial balance at June 30, 2012.

Problems: Set A 209

Prepare adjusting entries,

post to ledger accounts, and

prepare adjusted trial

balance.

(SO 4, 5, 6), AP

(b) Cash received $199,000

(b) Service rev. $16,300

(c) Tot. trial

balance $45,310

c04AccrualAccountingConcepts.qxd 8/3/10 1:50 PM Page 209

210 chapter 4 Accrual Accounting Concepts

 

 

P4-3A The Vang Hotel opened for business on May 1, 2012. Here is its trial balance before

adjustment on May 31.

VANG HOTEL

Trial Balance

May 31, 2012

Debit Credit

Cash $ 2,500

Prepaid Insurance 1,800

Supplies 2,600

Land 15,000

Buildings 70,000

Equipment 16,800

Accounts Payable $ 4,700

Unearned Rent Revenue 3,300

Mortgage Payable 36,000

Common Stock 60,000

Rent Revenue 9,000

Salaries and Wages Expense 3,000

Utilities Expense 800

Advertising Expense 500

$113,000 $113,000

Other data:

1. Insurance expires at the rate of $450 per month.

2. A count of supplies shows $1,050 of unused supplies on May 31.

3. Annual depreciation is $3,600 on the building and $3,000 on equipment.

4. The mortgage interest rate is 6%. (The mortgage was taken out on May 1.)

5. Unearned rent of $2,500 has been earned.

6. Salaries of $900 are accrued and unpaid at May 31.

Instructions

(a) Journalize the adjusting entries on May 31.

(b) Prepare a ledger using T accounts. Enter the trial balance amounts and post the adjusting

entries.

(c) Prepare an adjusted trial balance on May 31.

(d) Prepare an income statement and a retained earnings statement for the month of

May and a classified balance sheet at May 31.

(e) Identify which accounts should be closed on May 31.


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