1 Cash 6,820.00 2 Accounts Receivable 34,940.00 3Prepaid Insurance 6,550.00 4Supplies 1,800.00 S Land 102,400.00 6 Building 273,200.00 1 Accumulated Depreciation-Building 79,660.00 * Equipment 123,110.00 9Accumulated Depreciation-Equipment 89,130.00 10 Accounts Payable 11,060.00 1 Unearned Rent 6,140.00 12 Suzanne Emerson, Capital 338,000.00 13 Suzanne Emerson, Drawing 14,000.00 14 Fees Earned 295,320.00 15 Salaries and Wages Expense 175,950.00 16 Utilities Expense 38,560.00 17 Advertising Expense 20,750.00 Is Repairs Expense 15,700.00 19 Miscellaneous Expense 5,530.00 20 Totals 819,310.00 819.310.00 The data needed to determine year-end adjustments are as follows: a. Unexpired insurance at October 31. $550. b. Supplies on hand at October 31. $610. c. Dapreciation of building for the year, $10,920. d. Depreciation of equipment for the year. $7.830. e. Unearned rent at October 31. $2.050. f. Accrued salaries and wages at October 31. $2.550. g. Feos earned but unbilled on October 31. S9.140 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF DEBIT CREDIT ASSETS LIABILITIES EQUITY Adjusting Entries 21 4. 6. 10 11 12 15 14 15

1 Cash 6,820.00 2 Accounts Receivable 34,940.00 3Prepaid Insurance 6,550.00 4Supplies 1,800.00 S Land 102,400.00 6 Building 273,200.00 1 Accumulated Depreciation-Building 79,660.00 * Equipment 123,110.00 9Accumulated Depreciation-Equipment 89,130.00 10 Accounts Payable 11,060.00 1 Unearned Rent 6,140.00 12 Suzanne Emerson, Capital 338,000.00 13 Suzanne Emerson, Drawing 14,000.00 14 Fees Earned 295,320.00 15 Salaries and Wages Expense 175,950.00 16 Utilities Expense 38,560.00 17 Advertising Expense 20,750.00 Is Repairs Expense 15,700.00 19 Miscellaneous Expense 5,530.00 20 Totals 819,310.00 819.310.00 The data needed to determine year-end adjustments are as follows: a. Unexpired insurance at October 31. $550. b. Supplies on hand at October 31. $610. c. Dapreciation of building for the year, $10,920. d. Depreciation of equipment for the year. $7.830. e. Unearned rent at October 31. $2.050. f. Accrued salaries and wages at October 31. $2.550. g. Feos earned but unbilled on October 31. S9.140 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF DEBIT CREDIT ASSETS LIABILITIES EQUITY Adjusting Entries 21 4. 6. 10 11 12 15 14 15

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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Instructions Keller Corporation (the lessee) entered into a general equipment lease with Dallo Company (the lessor) on January 1 of Year 1. The following information pertains to this lease agreement: 1. The equipment reverts back to the lessor at the end of the lease, and there is no bargain purchase option. 2. The lease term is 8 years and requires annual payments $10,000 at the beginning of each year. 3. The fair value of the equipment at lease inception is $100,000. Assume that the present value of lease payments discounted at a 10% interest rate is $58,684.19. 4. The equipment has an estimated economic life of 20 years and has zero residual value at the end of this time. Required: Prepare the journal entry that Keller Corporation would make during the first year of the lease assuming that the lease is classified as an operating lease.
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