Excel Applications for Accounting Principles
4th Edition
ISBN: 9781111581565
Author: Gaylord N. Smith
Publisher: Cengage Learning
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Textbook Question
Chapter 3, Problem 1R
The
Adjustment information is as follows:
- a. Supplies on hand as of June 30, 2013, $450.
- b. Insurance premiums that expired during the year, $2,420.
- c.
Depreciation on equipment during the year, $1,500. - d. Included in the rent expense of $30,000 is $1,200 that is prepaid for July 2013.
- e. Salaries accrued but not paid at June 30, 2013, $1,440.
- f. Merchandise inventory on June 30, 2013, $68,864.
As the accountant for Sports Connection, you have been asked to prepare
Expert Solution & Answer
To determine
Prepare adjusting entries and financial statement by making entries in worksheet.
Explanation of Solution
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Unadjusted account balances at December 31, 2019, for Rapisarda Company are as follows: The following data are not yet recorded:a. Depreciation on the equipment is $18,350.b. Unrecorded wages owed at December 31, 2019: $4,680.c. Prepaid rent at December 31, 2019: $9,240.d. Income taxes expense: $5,463.Required:Prepare a completed worksheet for Rapisarda Company.
During the year ended 30 September 20X9, H recorded the following cash transactions:
(1) A payment of an annual insurance premium of $6,000. This covered the period to 31 December 20X9.
(2) Receipt of $3,000 in respect of rent from a tenant covering the three-month period to 30 November 20X9.
What is the impact on profit and net assets of making the year-end adjustments for deferred income and prepayments at 30 September 20X9?
Profit Net assets
A. Decrease of $500 Increase of $500
B. Decrease of $1,000 Increase of $1,000
C. Decrease of $500 Decrease of $500
D. Increase of $1,000 Increase of $1,000
The unadjusted trial balance of Recessive Interiors at January 31, 2019, the end of the year, follows:
The data needed to determine year-end adjustments are as follows:a. Supplies on hand at January 31 are $2,850.b. Insurance premiums expired during the year are $3,150.c. Depreciation of equipment during the year is $5,250.d. Depreciation of trucks during the year is $4,000.e. Wages accrued but not paid at January 31 are $900.Instructions1. For each account listed in the unadjusted trial balance, enter the balance in theappropriate Balance column of a four-column account and place a check mark (✓) inthe Posting Reference column.2. (Optional) Enter the unadjusted trial balance on an end-of-period spreadsheet andcomplete the spreadsheet. Add the accounts listed in part (3) as needed.3. Journalize and post the adjusting entries, inserting balances in the accounts affected.Record the adjusting entries on Page 26 of the journal. The following additional accounts from Recessive Interiors’…
Chapter 3 Solutions
Excel Applications for Accounting Principles
Ch. 3 - The trial balance of Sports Connection at June 30,...Ch. 3 - The trial balance of Sports Connection at June 30,...Ch. 3 - The trial balance of Sports Connection at June 30,...Ch. 3 - The trial balance of Sports Connection at June 30,...Ch. 3 - The trial balance of Sports Connection at June 30,...Ch. 3 - Open P2WORK4 and click the Chart sheet tab. On the...
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