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a–b. On December 31, a physical count of inventory was taken. The physical count amounted to $22,624. The Merchandise Inventory account shows a balance of $21,696.
c. On July 1 of this year, $2,400 was paid for a one-year insurance policy.
d. On November 1 of this year, $420 was paid for three months of advertising.
e. As of December 31, the balance of the Unearned Membership Fees account is $15,600. Of this amount, $9,200 has been earned.
f. Equipment purchased on May 1 of this year for $8,000 is expected to have a useful life of five years with a trade-in value of $500. All other equipment has been fully
g. As of December 31, three days’ wages at $250 per day had accrued.
h. As of December 31, the balance of the supplies account is $4,200. A physical inventory of the supplies was taken, with an amount of $1,650 determined to be on hand.
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Chapter 11 Solutions
COLLEGE ACCOUNTING
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