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. Account Name Post. Ref. Debit Credit fill in the blank 2 fill in the blank 4 b. Supplies on hand on May 31 are $715. Account Name Post. Ref. Debit Credit fill in the blank 6 fill in the blank 8 c. Depreciation of office equipment for May is $330. Account Name Post. Ref. Debit Credit fill in the blank 10 fill in the blank 12 d. Accrued receptionist salary on May 31 is $325. Account Name Post. Ref. Debit Credit fill in the blank 14 fill in the blank 16 e. Rent expired during May is $1,600. Account Name Post. Ref. Debit Credit fill in the blank 18 fill in the blank 20 f. Unearned fees on May 31 are $3,210. Account Name Post. Ref. Debit Credit fill in the blank 22 fill in the blank 24

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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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.

Account Name	Post. Ref.	Debit	Credit
		fill in the blank 2
			fill in the blank 4

b. Supplies on hand on May 31 are $715.

Account Name	Post. Ref.	Debit	Credit
		fill in the blank 6
			fill in the blank 8

c. Depreciation of office equipment for May is $330.

Account Name	Post. Ref.	Debit	Credit
		fill in the blank 10
			fill in the blank 12

d. Accrued receptionist salary on May 31 is $325.

Account Name	Post. Ref.	Debit	Credit
		fill in the blank 14
			fill in the blank 16

e. Rent expired during May is $1,600.

Account Name	Post. Ref.	Debit	Credit
		fill in the blank 18
			fill in the blank 20

f. Unearned fees on May 31 are $3,210.

Account Name	Post. Ref.	Debit	Credit
		fill in the blank 22
			fill in the blank 24

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