H3.C12 The Unadjusted Trial Balance for Hawkeye Ranges as of December 31 is presented in requirement 1. The following additional Information relates to the required year-end adjustments. a. As of December 31, employees had earned $1,296 of unpaid and unrecorded salarles. The next payday is January 4, at which time $2.307 of salaries will be pald. b. Cost of supples still available at December 31 total Is $3,904. c. An Interest payment is made every three months. The amount of unrecorded accrued interest at December 31 is $1,275. The next Interest payment, at an amount of $1,530, Is due on January 15. d. Analysis of Unearned Revenue shows $8,099 remaining unearned at December 31. e. Accrues $13,040 of revenue for services provided. Payment will be collected on January 31. 1. Depreciation expense is $18,409. Required: 1. Complete the six-column table by entering adjustments that reflect the above information. 2. Prepare Journal entries for adjustments entered in the six-column table for Requirement 1. 3. Prepare journal entries to reverse the effects of the adjusting entries that involve accruals. 4. Prepare journal entries to record cash payments and cash collections for January. (Assume reversing entries were prepared.)
H3.C12 The Unadjusted Trial Balance for Hawkeye Ranges as of December 31 is presented in requirement 1. The following additional Information relates to the required year-end adjustments. a. As of December 31, employees had earned $1,296 of unpaid and unrecorded salarles. The next payday is January 4, at which time $2.307 of salaries will be pald. b. Cost of supples still available at December 31 total Is $3,904. c. An Interest payment is made every three months. The amount of unrecorded accrued interest at December 31 is $1,275. The next Interest payment, at an amount of $1,530, Is due on January 15. d. Analysis of Unearned Revenue shows $8,099 remaining unearned at December 31. e. Accrues $13,040 of revenue for services provided. Payment will be collected on January 31. 1. Depreciation expense is $18,409. Required: 1. Complete the six-column table by entering adjustments that reflect the above information. 2. Prepare Journal entries for adjustments entered in the six-column table for Requirement 1. 3. Prepare journal entries to reverse the effects of the adjusting entries that involve accruals. 4. Prepare journal entries to record cash payments and cash collections for January. (Assume reversing entries were prepared.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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H3.C12
The Unadjusted Trial Balance for Hawkeye Ranges as of December 31 is presented in requirement 1. The following additional
Information relates to the required year-end adjustments.
a. As of December 31, employees had earned $1,296 of unpaid and unrecorded salarles. The next payday is January 4, at which time
$2.307 of salaries will be pald.
b. Cost of supples still available at December 31 total Is $3,904.
c. An Interest payment is made every three months. The amount of unrecorded accrued interest at December 31 is $1,275. The next
Interest payment, at an amount of $1,530, Is due on January 15.
d. Analysis of Unearned Revenue shows $8,099 remaining unearned at December 31.
e. Accrues $13,040 of revenue for services provided. Payment will be collected on January 31.
1. Depreciation expense is $18,409.
Required:
1. Complete the six-column table by entering adjustments that reflect the above information.
2. Prepare Journal entries for adjustments entered in the six-column table for Requirement 1.
3. Prepare journal entries to reverse the effects of the adjusting entries that involve accruals.
4. Prepare journal entries to record cash payments and cash collections for January. (Assume reversing entries were prepared.)
![Complete this question by entering you
Required 1 Required 2 Required 3 Required 4
Prepare journal entries to reverse the effects of the adjusting entries that involve accruals. (If no reversing entry is required,
select "No reversing entry required.")
No
1
2
3
4
5
6
Transaction
a.
b.
C.
e.
f.
Salaries payable
Salaries expense
No reversing entry required
Interest payable
General Journal
Interest expense
No reversing entry required
No reversing entry required
No reversing entry required
< Required 2
>>
>
>>
>>
x
✓
Required 4 >
Debit
1,296
1,275
Credit
1,296
1,275
< Prev
12 of 12
www
www](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ffb024b48-b7d1-47d7-b01e-0e29dd2999d0%2F050ebc9a-f40b-4c5d-85b8-b1b292055a7a%2Fxyavu9_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Complete this question by entering you
Required 1 Required 2 Required 3 Required 4
Prepare journal entries to reverse the effects of the adjusting entries that involve accruals. (If no reversing entry is required,
select "No reversing entry required.")
No
1
2
3
4
5
6
Transaction
a.
b.
C.
e.
f.
Salaries payable
Salaries expense
No reversing entry required
Interest payable
General Journal
Interest expense
No reversing entry required
No reversing entry required
No reversing entry required
< Required 2
>>
>
>>
>>
x
✓
Required 4 >
Debit
1,296
1,275
Credit
1,296
1,275
< Prev
12 of 12
www
www
![Account Title
Cash
Accounts receivable
Supplies
Equipment
Accumulated depreciation-Equipment
Interest payable
Salaries payable
Unearned revenue
Notes payable
Common stock
Retained earnings
Dividends
Services revenue
Depreciation expense-Equipment
Salaries expense
Interest expense
Supplies expense
Totals
$
Unadjusted Trial Balance
Debit
Credit
18,800
0
7,952
191,760
28,200
HAWKEYE RANGES
Partial Work Sheet
0
December 31
$
36,818
0
0
20,248
51,000
15,000
91,267
76,704
40,500
3,825
0
$ 291,037. $ 291,037 S
Adjustments
Debit
13,040
12,149
18,409
1,296
1,275
4,048
50,217
Credit
4,048
18,409
1,275
1,296
25,189 x
S 50,217
Required 2 >
$
$
Adjusted Trial Balance
Debit
Credit
18,800
13,040
3,904
191,760
28,200
18,409
41,796
5,100
4.048
325,057
55,227
1,275
1,296
8,099
51,000
15,000
91,267
101,893
$ 325,057
333333](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ffb024b48-b7d1-47d7-b01e-0e29dd2999d0%2F050ebc9a-f40b-4c5d-85b8-b1b292055a7a%2Flswli6_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Account Title
Cash
Accounts receivable
Supplies
Equipment
Accumulated depreciation-Equipment
Interest payable
Salaries payable
Unearned revenue
Notes payable
Common stock
Retained earnings
Dividends
Services revenue
Depreciation expense-Equipment
Salaries expense
Interest expense
Supplies expense
Totals
$
Unadjusted Trial Balance
Debit
Credit
18,800
0
7,952
191,760
28,200
HAWKEYE RANGES
Partial Work Sheet
0
December 31
$
36,818
0
0
20,248
51,000
15,000
91,267
76,704
40,500
3,825
0
$ 291,037. $ 291,037 S
Adjustments
Debit
13,040
12,149
18,409
1,296
1,275
4,048
50,217
Credit
4,048
18,409
1,275
1,296
25,189 x
S 50,217
Required 2 >
$
$
Adjusted Trial Balance
Debit
Credit
18,800
13,040
3,904
191,760
28,200
18,409
41,796
5,100
4.048
325,057
55,227
1,275
1,296
8,099
51,000
15,000
91,267
101,893
$ 325,057
333333
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