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Exercise 1 Journalize the input settings presented. As of August 31, the following information was accumulated to prepare adjustment entries for the Paper House company: The balance for the materials account (supplies) as of August 31 is $1,865. Materials on hand as of August 31 are worth $380. The balance of the unearned rent account as of August 31 is $11,000. According to the receipt, tenants paid in advance on August 1 for four months. Salaries payable as of August 31 add up to $4,680.

Exercise 1 Journalize the input settings presented. As of August 31, the following information was accumulated to prepare adjustment entries for the Paper House company: The balance for the materials account (supplies) as of August 31 is $1,865. Materials on hand as of August 31 are worth $380. The balance of the unearned rent account as of August 31 is $11,000. According to the receipt, tenants paid in advance on August 1 for four months. Salaries payable as of August 31 add up to $4,680.

FINANCIAL ACCOUNTING
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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Exercise 1 Journalize the input settings presented. As of August 31, the following information was accumulated to prepare adjustment entries for the Paper House company: The balance for the materials account (supplies) as of August 31 is $1,865. Materials on hand as of August 31 are worth $380. The balance of the unearned rent account as of August 31 is $11,000. According to the receipt, tenants paid in advance on August 1 for four months. Salaries payable as of August 31 add up to $4,680. Fees earned, but not charged, as of August 31 add up to $19,450. The accumulated depreciation is $1,800. Exercise 2 briefly explain and in your own words the difference between input settings and entries that are made to correct errors. Exercise 3 classifies the following items as accrued revenues, accrued expenses, unearned revenue, or prepaid expenses. Rent received in advance for renting an office space One-year insurance policy premium Fee earned but not received Fee received but not earned Account for ads that already appeared in the paper last month Payment charged for a service that has not been completed Rent paid in advance Salary due, but payable in the next period
Transcribed Image Text:Exercise 1 Journalize the input settings presented. As of August 31, the following information was accumulated to prepare adjustment entries for the Paper House company: The balance for the materials account (supplies) as of August 31 is $1,865. Materials on hand as of August 31 are worth $380. The balance of the unearned rent account as of August 31 is $11,000. According to the receipt, tenants paid in advance on August 1 for four months. Salaries payable as of August 31 add up to $4,680. Fees earned, but not charged, as of August 31 add up to $19,450. The accumulated depreciation is $1,800. Exercise 2 briefly explain and in your own words the difference between input settings and entries that are made to correct errors. Exercise 3 classifies the following items as accrued revenues, accrued expenses, unearned revenue, or prepaid expenses. Rent received in advance for renting an office space One-year insurance policy premium Fee earned but not received Fee received but not earned Account for ads that already appeared in the paper last month Payment charged for a service that has not been completed Rent paid in advance Salary due, but payable in the next period
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