Answered: Comprehensive Problem 1 Part 4 and Part…

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter2: Introduction To Spreadsheet Modeling

Section: Chapter Questions

Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...

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Comprehensive Problem 1
Part 4 and Part 6:

The following is a comprehensive problem which encompasses all of the elements learned in previous chapters. You can refer to the objectives for each chapter covered as a review of the concepts. Note: You must complete parts 1, 2 and 3 before completing parts 4 and 6. Please note that part 5 is optional.

Part 4: At the end of May, the following adjustment data were assembled. Analyze and use these data to complete parts (5) and (6).

a. Insurance expired during May is $275.
b. Supplies on hand on May 31 are $715.
c. Depreciation of office equipment for May is $330.
d. Accrued receptionist salary on May 31 is $325.
e. Rent expired during May is $1,600.
f. Unearned fees on May 31 are $3,210.

Part 6: Journalize the adjusting entries. Then, post the entries to the attached spreadsheet from part 2.

a. Insurance expired during May is $275.

Date
Account Name
Post. Ref.
Debit
Credit
May 31 Insurance Expense
Prepaid Insurance v
b. Supplies on hand on May 31 are $715.
Date
Account Name
Post. Ref.
Debit
Credit
May 31
Supplies Expense v
Supplies v
c. Depreciation of office equipment for May is $330.
Date
Account Name
Post. Ref.
Debit
Credit
May 31 Depreciation Expense v
Accumulated Depreciation v
d. Accrued receptionist salary on May 31 is $325.
Date
Account Name
Post. Ref.
Debit
Credit
May 31 Salary Expense v
Salaries Payable v
e. Rent expired during May is $1,600.
Account Name
Credit
Date
Post. Ref.
Debit
May 31
Rent Expense
Prepaid Rent

f. Uneamed fees on May 31 are $3,210.
Date
Account Name
Post. Ref.
Debit
Credit
May 31
Unearned Fees
Fees Earned v

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