Only EX 3-14 and EX 3-19 EX 3-12 Determining supplies purchasedThe supplies and supplies expense accounts at December 31, after adjusting entries have beenposted at the end of the first year of operations, are shown in the following T accounts:Obj. 3SuppliesSupplies ExpenseBal.2,550Bal.7,120Determine the amount of supplies purchased during the year.EX 3-13 Effect of omitting adjusting entryAt March 31, the end of the first month of operations, the usual adjusting entry transferringprepaid insurance expired to an expense account is omitted. Which items will be incorrectlystated, because of the error, on (a) the income statement for March and (b) the balance sheet asof March 31? Also indicate whether the items in error will be overstated or understated.Obj. 3, 5KEX 3-14 Adjusting entries for prepaid insuranceThe balance in the prepaid insurance account, before adjustment at the end of the year, is $27,000.Journalize the adjusting entry required under each of the following alternatives for determiningthe amount of the adjustment: (a) the amount of insurance expired during the year is $20,250;(b) the amount of unexpired insurance applicable to future periods is $6,750.Obj. 3Obj. 3count had a balance of $3,000 at the beginning of the year. The accountEX 3-15 Adjusting entries for prepaid insuranceThe prepaid insurancewas debited for $32,500 for premiums on policies purchased during the year. Journalize theadjusting entry required under each of the following alternatives for determining the amount ofthe adjustment: (a) the amount of unexpired insurance applicable to future periods is $4,800;(b) the amount of insurance expired during the year is $30,700.EX 3-16 Adjusting entries for unearned and accrued feesThe balance in the unearned fees account, before adjustment at the end of the year, is $97,770.Of these fees, $39,750 have been earned. In addition, $24,650 of fees have been earned but havenot been billed. Journalize the adjusting entries (a) to adjust the unearned fees account and(b) to record the accrued fees.Obj. 2, 3EX 3-17 Adjusting entries for prepaid and accrued taxesA-Z Construction Company was organized on May 1 of the current year. On May 2, A-Z Con-struction prepaid $18,480 to the city for taxes (license fees) for the next 12 months and debitedthe prepaid taxes account. A-Z Construction is also required to pay in January an annual tax(on property) for the previous calendar year. The estimated amount of the property tax forthe current year (May 1 to December 31) is $45,000.a. Journalize the two adjusting entries required to bring the accounts affected by the two taxesup to date as of December 31, the end of the current year.Obj. 2, 3b. What is the amount of tax expense for the current year?EX 3-18 Adjustment for depreciationThe estimated amount of depreciation on equipment for the current year is $8,200. Journalize theadjusting entry to record the depreciation.Obj. 4EX 3-19 Determining fixed asset's book valueThe balance in the equipment account is $3,150,000, and the balance in the accumulateddepreciation-equipment account is $2,075,000.a. What is the book value of the equipment?Obj. 4b.Does the balance in the accumulated depreciation account mean that the equipment'sloss of value is $2,075,000? Explain.

As per the honor code, We’ll answer the first question since the exact one wasn’t specified. Please…

KEX 3-14 Adjusting entries for prepaid insurance The balance in the prepaid insurance account, before adjustment at the end of the year, is $27,000. Journalize the adjusting entry required under each of the following alternatives for determining the amount of the adjustment: (a) the amount of insurance expired during the year is $20,25%3; (b) the amount of unexpired insurance applicable to future periods is $6,750. Obj. 3

KEX 3-14 Adjusting entries for prepaid insurance The balance in the prepaid insurance account, before adjustment at the end of the year, is $27,000. Journalize the adjusting entry required under each of the following alternatives for determining the amount of the adjustment: (a) the amount of insurance expired during the year is $20,25%3; (b) the amount of unexpired insurance applicable to future periods is $6,750. Obj. 3

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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