College Accounting (Book Only): A Career Approach
12th Edition
ISBN: 9781305084087
Author: Cathy J. Scott
Publisher: Cengage Learning
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Chapter 4, Problem 2PA
The
Data for the adjustments are as follows:
- a. Expired or used-up insurance, $800.
- b.
Depreciation expense on equipment, $2,700. - c. Wages accrued or earned since the last payday, $585 (owed and to be paid on the next payday).
- d. Supplies remaining at the end of month, $230.
Required
- 1. Complete a work sheet. (Skip this step if using CLGL.)
- 2. Journalize the
adjusting entries .
*If you are using CLGL, use the year 2020 when recording transactions.
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Suppose a customer rents a vehicle for three months from Franklin Rental on November 1, paying $3,750 ($1,250/month).
Required:
1.&2. Record the necessary entries in the Journal Entry Worksheet below.
3. Calculate the year-end adjusted balances of Deferred Revenue and Service Revenue (assuming the balance of Deferred Revenue at the beginning of the year is $0).
ADJUSTMENTS AND WORK SHEET SHOWING NET INCOME The trial balance after one month of operation for Mason's Delivery Services as of september 30,20--, is shown below.
Data to complete the adjustments are as follows:
(a) Supplies inventory as of september 30 , $90.
(b) Insurance expired (used), $650,
(c) Depreciation on delivery equipment, $600.
(d) Wages earned by employees but not paid as of september 30, $350
Required
1. Enter the adjustments in the Adjustments columns of the work sheet.
2. Complete the work sheet.
Complete the work sheet for Ramey Company, dated December 31, 20--, through the adjusted trial balance using the following adjustment information:
a. Expired or used-up insurance, $590.
b. Depreciation expense on equipment, $750 (remember to credit the Accumulated Depreciation account for equipment, not Equipment).
c. Wages accrued or earned since the last payday, $260 (owed and to be paid on the next payday).
d. Supplies remaining, $80.
If no amount is required, enter 0.
ACCOUNT NAME
1 Cash
2 Supplies
3 Prepaid Insurance
4 Equipment
5 Accum. Depr., Equipment
6 Accounts Payable
7 S. Ramey, Capital
8 S. Ramey, Drawing
9 Service Fees
10 Rent Expense
11 Supplies Expense
12 Wages Expense
13 Miscellaneous Expense
14
15
16
17
18
TRIAL BALANCE
DEBIT
5,190
430
1,200
4,678
1,700
965
267
765
98
Ramey Company
Work Sheet
For Month Ended December 31, 20--
15,293
CREDIT
1,556
1,875
6,026
5,836
15,293
ADJUSTMENTS
DEBIT
CREDIT
ADJUSTED TRIAL BALANCE
DEBIT
CREDIT
1
2
3
4
5
6
7
8
9
10
11
12
13…
Chapter 4 Solutions
College Accounting (Book Only): A Career Approach
Ch. 4 - The __________ represents the sequence of steps in...Ch. 4 - The __________ is a working paper used by...Ch. 4 - On the work sheet, assets are recorded in which of...Ch. 4 - Rainy Day Services had 430 of supplies reported on...Ch. 4 - On the work sheet, Accumulated Depreciation,...Ch. 4 - The __________ requires that expenses be matched...Ch. 4 - Accumulated Depreciation, Equipment is reported a....Ch. 4 - What is the purpose of a work sheet?Ch. 4 - What is the purpose of adjusting entries?Ch. 4 - Prob. 3DQ
Ch. 4 - Prob. 4DQCh. 4 - Prob. 5DQCh. 4 - Define depreciation as it relates to a van you...Ch. 4 - Prob. 7DQCh. 4 - Why is it necessary to journalize and post...Ch. 4 - 1. List the following classifications of accounts...Ch. 4 - Classify each of the accounts listed below as...Ch. 4 - Place a check mark next to any account(s)...Ch. 4 - A partial work sheet for Marges Place is shown...Ch. 4 - Complete the work sheet for Ramey Company, dated...Ch. 4 - Journalize the adjusting entries from the partial...Ch. 4 - Journalize the adjustments for Newkirk Company as...Ch. 4 - Journalize the following adjusting entries that...Ch. 4 - Determine on which financial statement each...Ch. 4 - Prob. 1PACh. 4 - The trial balance of Clayton Cleaners for the...Ch. 4 - The trial balance for Game Time on July 31 is as...Ch. 4 - The trial balance for Benner Hair Salon on March...Ch. 4 - The trial balance for Masons Insurance Agency as...Ch. 4 - The trial balance of The New Decors for the month...Ch. 4 - The trial balance for Harris Pitch and Putt on...Ch. 4 - The trial balance for Wilson Financial Services on...Ch. 4 - Prob. 1ACh. 4 - You are the bookkeeper for a small but thriving...Ch. 4 - Prob. 3ACh. 4 - Your client is preparing financial statements to...Ch. 4 - Prob. 1CP
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