ACCT 2001 Study Guide - Quiz Guide: Net Income, Income Statement

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15 Oct 2018

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ACCT 2001 Full Course Notes

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Class 5 review exercise (answer these questions and check answers as soon as possible after each class) Insurance expense : prepare the general journal entry required to adjust prepaid insurance on december 31, 2011, prepare t-accounts to demonstrate the correctness of your adjusting entry. Insurance expense : prepare the general journal entry required to adjust insurance expense on december 31, 2011, prepare t-accounts to demonstrate the correctness of your adjusting entry. Example #1 on december 1, 2011 casio company paid ,000 for insurance coverage for six months. The company adjusts and closes its accounting records of december 31: prepare the general journal entry required to record the payment of insurance on december 1, 2011. Insurance expense ,000: prepare the general journal entry required to adjust prepaid insurance on december 31, 2011. 2,000: prepare t-accounts to demonstrate the correctness of your adjusting entry. Example #2 on december 1, 2011, casio company paid ,000 for insurance coverage for six months.

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a.	Depreciation onthe company's equipment for 2011 is computed to be $12,000.
b.	The Prepaid Insurance account had a $5,000 debit balance atDecember 31, 2011, before adjusting for the costs of any expiredcoverage. An analysis of the companyâs insurance policies showedthat $1,970 of unexpired insurance coverage remains.
c.	The Office Supplies account had a $520 debit balance on December31, 2010; and $2,680 of office supplies were purchased during theyear. The December 31, 2011, physical count showed $614 of suppliesavailable.
d.	One-third of thework related to $15,000 of cash received in advance was performedthis period.
e.	The Prepaid Insurance account had a $5,700 debit balance atDecember 31, 2011, before adjusting for the costs of any expiredcoverage. An analysis of insurance policies showed that $3,730 ofcoverage had expired.
f.	Wage expenses of$2,000 have been incurred but are not paid as of December 31,2011.

Prepare adjusting journal entries for the year ended (date of)December 31, 2011, for each of the above separate situations.Assume that prepaid expenses are initially recorded in assetaccounts. Also assume that fees collected in advance of work areinitially recorded as liabilities.

turquoisecheetah9

Fes Company is making adjusting journal entries for the yearended December 31, 2015. In developing information for theadjusting journal entries, you learned the following:

a.	A two-year insurance premium of $8,200 was paid on January 1,2015, for coverage beginning on that date. As of December 31, 2015,the unadjusted balances were $8,200 for Prepaid Insurance and $0for Insurance Expense.
b.	At December 31, 2015, you obtained the following data relatingto supplies.

Unadjusted balance in Supplies on December 31,2015

20,000

Unadjusted balance in Supplies Expense on December 31,2015

82,000

Supplies on hand, counted on December 31, 2015

Indicate the accounting equation effects of the adjustmentrequired for (a) insurance and (b) supplies.(Enter any decreases to account balances with a minussign.)

14,000

graywolf243

M4-6 Recording Adjusting Journal Entries [LO 4-2] For each of the following transactions for the Sky Blue Corporation, prepare the adjusting journal entries required on October 31. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

a. Collected $3,300 rent for the period October 1 to December 31, which was credited to Unearned Revenue on October 1.

b. Paid $1,920 for a two-year insurance premium on October 1 and debited Prepaid Insurance for that amount.

c. Used a machine purchased on October 1 for $51,600. The company estimates annual depreciation of $5,160.

bluecamel606

ACCT 2001 Study Guide - Quiz Guide: Net Income, Income Statement

ACCT 2001 Full Course Notes

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