33:010:272 Lecture Notes - Lecture 3: Trial Balance, The Ledger

756 views3 pages

cerisebutterfly12

25 Aug 2016

School

Department

Course

Professor

For unlimited access to Class Notes, a Class+ subscription is required.

Document Summary

The ledger of lafayette, inc. on march 31, 2014, includes the following selected accounts before adjusting entries. An analysis of the accounts shows the following. Insurance expires at the rate of per month. 2/5 of the unearned service revenue was recognized in march. Prepare the adjusting entries for the month of march. (credit account titles are automatically indented when the amount is entered. 4. (to record insurance expired) (to record supplies used) (to record monthly depreciation) (to record revenue for services perfomed) Joey cuono started his own consulting firm, cuono company, on june 1, 2014. The trial balance at june 30 is shown below. In addition to those accounts listed on the trial balance, the chart of accounts for cuono company also contains the following accounts and account numbers: no. Supplies on hand at june 30 are ,100. A utility bill for has not been recorded and will not be paid until next month.

Related Questions

The ledger of Nash Rental Agency on March 31 of the current year includes the following selected accounts before adjusting entries have been prepared. Debit Credit Prepaid Insurance $3,492 Supplies 2,593 Equipment 25,040 Accumulated Depreciation-Equipment $7,743 Notes Payable 20,290 Unearned Rent Revenue 4,080 Rent Revenue 61,870 Interest Expense â0â Salaries and Wages Expense 15,040 An analysis of the accounts shows the following. 1. The equipment depreciates $272 per month. 2. One-third of the unearned rent was earned as revenue during the quarter. 3. Interest of $520 is accrued on the notes payable. 4. Supplies on hand total $609. 5. Insurance expires at the rate of $291 per month. Prepare the adjusting entries at March 31, assuming that adjusting entries are made quarterly. Additional accounts are Depreciation Expense, Insurance Expense, Interest Payable, and Supplies Expenses. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.) No. Account Titles and Explanation Debit Credit

No.

Account Titles and Explanation

Debit

Credit

rubyhorse721

Sunland Company Ltd. publishes a monthly sports magazine, Fishing Preview. Subscriptions to the magazine cost $15 per year. During November 2017, Sunland sells 12,320 subscriptions for cash, beginning with the December issue. Sunland prepares financial statements quarterly and recognizes subscription revenue at the end of the quarter. The company uses the accounts Unearned Subscription Revenue and Subscription Revenue. The company has a December 31 year-end. Prepare the entry in November for the receipt of the subscriptions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Nov. Prepare the adjusting entry at December 31, 2017, to record subscription revenue in December 2017. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31 Prepare the adjusting entry at March 31, 2018, to record subscription revenue in the first quarter of 2018. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Mar. 31

grayox486

Vaughn Weller, D.D.S., opened a dental practice on January 1, 2017. During the first month of operations, the following transactions occurred.

1.		Performed services for patients who had dental plan insurance. At January 31, $721 of such services was performed but not yet billed to the insurance companies.
2.		Utility expenses incurred but not paid prior to January 31 totaled $523.
3.		Purchased dental equipment on January 1 for $88,000, paying $20,000 in cash and signing a $68,000, 3-year note payable. (a) The equipment depreciates $408 per month. (b) Interest is $540 per month.
4.		Purchased a one-year malpractice insurance policy on January 1 for $11,160.
5.		Purchased $1,449 of dental supplies. On January 31, determined that $470 of supplies were on hand.

Prepare the adjusting entries on January 31. Account titles are Accumulated Depreciation-Equipment, Depreciation Expense, Service Revenue, Accounts Receivable, Insurance Expense, Interest Expense, Interest Payable, Prepaid Insurance, Supplies, Supplies Expense, Utilities Expenses, and Utilities Payable. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.)

No.

Account Titles and Explanation

Debit

Credit

peargrasshopper922

33:010:272 Lecture Notes - Lecture 3: Trial Balance, The Ledger

Document Summary

Get access

Related Documents

33:010:272 Lecture Notes - Lecture 3: Trial Balance, Matching Principle, Revenue Recognition

33:010:272 Study Guide - Midterm Guide: Financial Accounting Standards Board, Internal Revenue Service, Larkin Company

RSM219H1 Lecture Notes - Lecture 3: Accounts Payable, Current Asset, Financial Statement

Related Questions