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1. Pedroni Fuel Company is a small oil services company owned and operated by Ray Zorzi. On October 31, 2019 the end of the current year, Pedroni Company's accounting derk prepared the following unadjusted trial balance Pedroni Fuel Company Unadjusted Trial Balance October 31, 2019 Debit 7,500 38,400 7,200 1,980 112,500 300,250 Credit Cash Accounts Receivable Prepaid Insurance Supplies Land Building Accumulated Depreciation - Building Equipment Accumulated Depreciation - Equipment Accounts Payable Uneamed Rent Ray Zorzi - Capital Ray Zorzi - Drawing Fee's Earned Salary & Wages Expense Utilities Expense Advertising Expense Repairs Expense Miscellaneous Expense 87,550 135,300 97,950 12,150 6,750 371,000 15,000 324,600 193,370 42,375 22,800 17,250 6,075 900,000 Total 900,000 Year End Adjustment Unexpired insurance at October 31 = $600 Supplies on hand on October 31 - $675 Depreciation of Building for the year $12,000 Uneaned Rent on October 31 -$2,250 Accrued Salary and Wages at October 31 = $2,800 Fees eamed but unbilled on October 31 = $10,050 Instructions: Journalize the adjusting entries using the following additional accounts: Salaries & Wages Payable, Rent Revenue, Insurance Expense, Depreciation Expense- Building, Depreciation Expense - Equipment, and Supplies Expense.

1. Pedroni Fuel Company is a small oil services company owned and operated by Ray Zorzi. On October 31, 2019 the end of the current year, Pedroni Company's accounting derk prepared the following unadjusted trial balance Pedroni Fuel Company Unadjusted Trial Balance October 31, 2019 Debit 7,500 38,400 7,200 1,980 112,500 300,250 Credit Cash Accounts Receivable Prepaid Insurance Supplies Land Building Accumulated Depreciation - Building Equipment Accumulated Depreciation - Equipment Accounts Payable Uneamed Rent Ray Zorzi - Capital Ray Zorzi - Drawing Fee's Earned Salary & Wages Expense Utilities Expense Advertising Expense Repairs Expense Miscellaneous Expense 87,550 135,300 97,950 12,150 6,750 371,000 15,000 324,600 193,370 42,375 22,800 17,250 6,075 900,000 Total 900,000 Year End Adjustment Unexpired insurance at October 31 = $600 Supplies on hand on October 31 - $675 Depreciation of Building for the year $12,000 Uneaned Rent on October 31 -$2,250 Accrued Salary and Wages at October 31 = $2,800 Fees eamed but unbilled on October 31 = $10,050 Instructions: Journalize the adjusting entries using the following additional accounts: Salaries & Wages Payable, Rent Revenue, Insurance Expense, Depreciation Expense- Building, Depreciation Expense - Equipment, and Supplies Expense.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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6:36 ll 100% Name: 1. Pedroni Fuel Company is a small oil services company owned and operated by Ray Zorzi. On October 31, 2019 the end of the current year, Pedroni Company's accounting clerk prepared the following unadjusted trial balance Pedroni Fuel Company Unadjusted Trial Balance October 31, 2019 Debit 7,500 38,400 Credit Cash Accounts Receivable Prepaid Insurance Supplies 7,200 1,980 112,500 300,250 Land Building Accumulated Depreciation - Building Equipment Accumulated Depreciation - Equipment Accounts Payable Unearned Rent Ray Zorzi - Capital Ray Zorzi – Drawing Fee's Earned Salary & Wages Expense Utilities Expense Advertising Expense Repairs Expense Miscellaneous Expense 87,550 135,300 97,950 12,150 6,750 371,000 15,000 324,600 193.370 42,375 22,800 17,250 6.075 Total 900,000 900,000 Year End Adjustment Unexpired insurance at October 31 = $600 Supplies on hand on October 31 Depreciation of Building for the year = $12,000 Unearned Rent on October 31 Accrued Salary and Wages at October 31 = $2,800 Fees earned but unbilled on October 31 $10,050 = $675 = $2,250 Instructions: Journalize the adjusting entries using the following additional accounts: Salaries & Wages Payable, Rent Revenue, Insurance Expense, Depreciation Expense - Building, Depreciation Expense - Equipment, and Supplies Expense. 2. Determine the balances of the accounts affected by the adjusting entries and prepare an adjusted trial balance. 2. Pedroni Oil Company purchased packaging equipment on January 8 for $72,000. The equipment was expected to have a useful life of three years or 18,000 operating hours, and a residual value of $4,500. The equipment was used for 7,600 hours during year 1, 6,000 hours in year 2, and 4,400 hours in year 3. Determine the amount of depreciation expense for the three years ending December 31, by the Straight line method, The units of activity method, and the double declining balance method. Finally determine the total amount of depreciation expense for the three ears by each method. 3. Pedroni Enterprises issues a $260,000, 45 day 5 % note to Zorzi Industries for merchandise
Transcribed Image Text:6:36 ll 100% Name: 1. Pedroni Fuel Company is a small oil services company owned and operated by Ray Zorzi. On October 31, 2019 the end of the current year, Pedroni Company's accounting clerk prepared the following unadjusted trial balance Pedroni Fuel Company Unadjusted Trial Balance October 31, 2019 Debit 7,500 38,400 Credit Cash Accounts Receivable Prepaid Insurance Supplies 7,200 1,980 112,500 300,250 Land Building Accumulated Depreciation - Building Equipment Accumulated Depreciation - Equipment Accounts Payable Unearned Rent Ray Zorzi - Capital Ray Zorzi – Drawing Fee's Earned Salary & Wages Expense Utilities Expense Advertising Expense Repairs Expense Miscellaneous Expense 87,550 135,300 97,950 12,150 6,750 371,000 15,000 324,600 193.370 42,375 22,800 17,250 6.075 Total 900,000 900,000 Year End Adjustment Unexpired insurance at October 31 = $600 Supplies on hand on October 31 Depreciation of Building for the year = $12,000 Unearned Rent on October 31 Accrued Salary and Wages at October 31 = $2,800 Fees earned but unbilled on October 31 $10,050 = $675 = $2,250 Instructions: Journalize the adjusting entries using the following additional accounts: Salaries & Wages Payable, Rent Revenue, Insurance Expense, Depreciation Expense - Building, Depreciation Expense - Equipment, and Supplies Expense. 2. Determine the balances of the accounts affected by the adjusting entries and prepare an adjusted trial balance. 2. Pedroni Oil Company purchased packaging equipment on January 8 for $72,000. The equipment was expected to have a useful life of three years or 18,000 operating hours, and a residual value of $4,500. The equipment was used for 7,600 hours during year 1, 6,000 hours in year 2, and 4,400 hours in year 3. Determine the amount of depreciation expense for the three years ending December 31, by the Straight line method, The units of activity method, and the double declining balance method. Finally determine the total amount of depreciation expense for the three ears by each method. 3. Pedroni Enterprises issues a $260,000, 45 day 5 % note to Zorzi Industries for merchandise
6:36 100% Supplies on hand on October 31 Depreciation of Building for the year = $12,000 Uneamed Rent on October 31 Accrued Salary and Wages at October 31 = $2,800 Fees eamed but unbilled on October 31 = $10,050 = $675 - $2,250 Instructions: Journalize the adjusting entries using the following additional accounts: Salaries & Wages Payable, Rent Revenue, Insurance Expense, Depreciation Expense - Building, Depreciation Expense - Equipment, and Supplies Expense. 2. Determine the balances of the accounts affected by the adjusting entries and prepare an adjusted trial balance. 2. Pedroni Oil Company purchased packaging equipment on January 8 for $72,000. The equipment was expected to have a useful life of three years or 18,000 operating hours, and a residual value of $4,500. The equipment was used for 7,600 hours during year 1, 6,000 hours in year 2, and 4,400 hours in year 3. Determine the amount of depreciation expense for the three years ending December 31, by the Straight line method, The units of activity method, and the double declining balance method. Finally determine the total amount of depreciation expense for the three ears by each method. 3. Pedroni Enterprises issues a $260,000, 45 day 5 % note to Zorzi Industries for merchandise inventory Journalize Pedroni Enterprises entries to record: 1. The issuance of the note 2. The payment of the note at maturity b. Journalize Zorzi Industries entries to record: The receipt of the note 2. Receipt of the payment of the note at maturity a. 1. 4. On July 31,2019 the balances of the accounts appearing in the ledger of Pedroni Interiors company a furniture wholesales, are as follows. Accumulated Depreciation - Building Administrative Expenses Building Cash Cost of Merchandise Sold Interest Expense Merchandise Inventory Notes Payable $365,000 440,000 810,000 78,000 Ray Zorzi – Capital Ray Zorzi - Drawing Sales $530.000 15,000 1,437,000 4,500 160,000 16,000 Sales tax Payable Selling Expense Store Supplies 775,000 6,000 115,000 Store Supplies Expense 21,500 100,000 Instructions: Prepare the July 31, 2019 closing entries for Pedroni Interiors Company
Transcribed Image Text:6:36 100% Supplies on hand on October 31 Depreciation of Building for the year = $12,000 Uneamed Rent on October 31 Accrued Salary and Wages at October 31 = $2,800 Fees eamed but unbilled on October 31 = $10,050 = $675 - $2,250 Instructions: Journalize the adjusting entries using the following additional accounts: Salaries & Wages Payable, Rent Revenue, Insurance Expense, Depreciation Expense - Building, Depreciation Expense - Equipment, and Supplies Expense. 2. Determine the balances of the accounts affected by the adjusting entries and prepare an adjusted trial balance. 2. Pedroni Oil Company purchased packaging equipment on January 8 for $72,000. The equipment was expected to have a useful life of three years or 18,000 operating hours, and a residual value of $4,500. The equipment was used for 7,600 hours during year 1, 6,000 hours in year 2, and 4,400 hours in year 3. Determine the amount of depreciation expense for the three years ending December 31, by the Straight line method, The units of activity method, and the double declining balance method. Finally determine the total amount of depreciation expense for the three ears by each method. 3. Pedroni Enterprises issues a $260,000, 45 day 5 % note to Zorzi Industries for merchandise inventory Journalize Pedroni Enterprises entries to record: 1. The issuance of the note 2. The payment of the note at maturity b. Journalize Zorzi Industries entries to record: The receipt of the note 2. Receipt of the payment of the note at maturity a. 1. 4. On July 31,2019 the balances of the accounts appearing in the ledger of Pedroni Interiors company a furniture wholesales, are as follows. Accumulated Depreciation - Building Administrative Expenses Building Cash Cost of Merchandise Sold Interest Expense Merchandise Inventory Notes Payable $365,000 440,000 810,000 78,000 Ray Zorzi – Capital Ray Zorzi - Drawing Sales $530.000 15,000 1,437,000 4,500 160,000 16,000 Sales tax Payable Selling Expense Store Supplies 775,000 6,000 115,000 Store Supplies Expense 21,500 100,000 Instructions: Prepare the July 31, 2019 closing entries for Pedroni Interiors Company
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