Chapter 3 Template Part 2

xlsx

School

Fleming College *

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Course

MISC

Subject

Accounting

Date

Apr 3, 2024

Type

xlsx

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Uploaded by DoctorWillpowerGorilla113

Date Account Titles Dec,31,2023 Depreciation Expenses - Equipment Accumlated Deprecitation - Equipment Dec.31,23 Depreciation Expenses- furniture Accumlated Deprecitation - furniture Dec.31,23 Depreciation Expenses - Vehicle Accumlated Deprecitation - Vehcile

Debit Credit 3,000 3,000 500 500 2,500 2,500

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amount of machine = 15000 scarp years = 5 15000-o/5000= 3000 amount = 12000 sell= 2000 scrap year= 10 12000-2000/10 = 2000 2500*3 Balnce sheet = assests +vehcie- accumlated dep = 25000-7500(

17500

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Exercise 3-8 Adjusting entries (annual) LO4 Date Account Titles Debit Credit Dec.31,2023 Unearend revenue 15,450 Revenue 15,450 Dec, 31 Deprecitation Expesnse - Building 14,600 Accumlated Deprecitation - Building 14,600 Dec,31 Spareparts inventory Expesnse 220 Spare part Inventory 220 Dec,31 Accounts receivable 14,600 Revenue 14,600 Dec,31 Utility Expesense 2,100 Accounts payable 2,100 Jan ,4 Cash 14,600 Accounts Recievable 14,600 Jan, 14 Accounts Payable 2,100 Cash 2,100 Enviro Waste’s year-end is December 31. The information in (a) to (e) is available at year-end for the preparation of adjusting entries: a. Of the $18,500 balance in Unearned Revenue, $3,050 remains unearned. b. The annual building depreciation is $14,600. c. The Spare Parts Inventory account shows an unadjusted balance of $1,200. A physical count reveals a balance on hand of $980. d. Unbilled and uncollected services provided to customers totalled $14,600. e. The utility bill for the month of December was received but is unpaid; $2,100. Required Prepare the required adjusting entries at December 31, 2023, for (a) to (e) and the subsequent cash entries required for (f) and (g). f. The accrued revenues of $14,600 recorded in (d) were collected on January 4, 2024. g. The $2,100 utility bill accrued in (e) was paid on January 14, 2024.

Problem 3-6B Adjusting entries (monthly); adjusted trial balance LO4,6 Date Account Titles Debit Credit Dec,31 Insurance Expenses 31,000 Prepaid insurance 31,000 36000-31000=5000 Dec,31 Teaching Supplies Expenses 93,800 Teaching Supplies 93,800 107200- 13400 = 93800 ( write the diffrence ) Dec,31 Depreciation Expenses - Equipment 650 Accumlated Deprecation - Equipment 650 Dec, 31 Depreciation Expenses - Professional Library 320 Accumlated Deprecation - Professional Library 320 Fawcett Institute provides one-on-one training to individuals who pay tuition directly to the business and also offers extension training to groups in off-site locations. Fawcett prepares adjusting entries monthly. Additional information available on December 31, 2023: a. An analysis of the company’s policies shows that $31,000 of insurance coverage has expired. b. An inventory shows that teaching supplies costing $13,400 are on hand at the end of the month. c. The estimated monthly depreciation on the equipment is $650. d. The estimated monthly depreciation on the professional library is $320. e. The school offers off-campus services for specific operators. On December 1, the company agreed to do a special four-month course for a client. The contract calls for a $5,400 monthly fee, and the client paid the first two months’ revenue in advance. When the cash was received, the Unearned Extension Revenue account was credited. f. On December 15, the school agreed to teach a four-month class to an individual for $1,600 tuition per month payable at the end of the class. The services have been provided as agreed, and no payment has been received. g. The school’s only employee is paid weekly. As of the end of the month, wages of $1,200 have accrued. h. The balance in the Prepaid Rent account represents the rent for December, January, February, and March.

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Humber Culinary School purchased a two year insurance policy on April 1, 2023, paying Its year-end is December 31. 1) Record the journal entry on April 1, 2023 2) Record the adjusting entry on December 31, 2023.

g $7,680 cash.