acct220 homework 2 latest 2017

Question 1 The following is a partial unadjusted Trail Balance.

Equipment has a 10 year life without salvage value. It has been in use for four years. The building has a 40 year life without salvage value and has been in use for four years. Both are depreciated on a straight-line basis. Use this information to prepare the compound General Journal entry (without explanation) for the required end of the month adjustments. If no entry is required then write "No Entry Required."

Question 2 Bravo Unlimited provided accounting services, valued at $5,500, to its clients during the month of January 2016. Formal bills are sent to clients during the first week following the month in which services are provided. Use this information to prepare the General Journal entry (without explanation) for the required end of the month adjustment. If no entry is required then write "No Entry Required."

Question 3 The following is a partial unadjusted Trail Balance.

The beginning balance in the Prepaid Insurance account on January 1, 2016 was $600 and represented six months of the building liability insurance. On, January 2, 2016, Bravo Unlimited purchased a 12 month motor vehicle insurance policy. Use this information to prepare the General Journal entry (without explanation) for the required end of the month adjustment. If no entry is required then write "No Entry Required."

Question 4 The following is a partial unadjusted Trail Balance.

Bravo pays office rent at the beginning of each month of occupancy. The beginning balance of Prepaid Expenses account on March 1, 2016 was $600 and was for one month of machine rent. Machine rent is paid in advance at the end of each quarter. Use this information to prepare the General Journal entry (without explanation) for the required end of the month adjustment. If no entry is required then write "No Entry Required."

Question 5 The following is a partial unadjusted Trail Balance.

The Supplies account balance on February 1, 2016 was $1,000. During the month of February Bravo purchased $12,000 of supplies for use in its operations. On February 29, Bravo warehouse chief inventoried supplies and determine the value on hand was $1,500. Use this information to prepare the General Journal entry (without explanation) for the required end of the month adjustment. If no entry is required then write "No Entry Required."

Question 6 The following is a partial unadjusted Trail Balance.

Bravo Unlimited provides snow removal & lawn care services to clients at a fixed fee of $500 per month, payable in advance on a quarterly basis. The balance in Unearned Service Revenue account on March 1 was $500. Use this information to prepare the General Journal entry (without explanation) for the required end of the month adjustment. If no entry is required then write "No Entry Required."

Question 7 The following is a partial unadjusted Trail Balance.

Bravo pays its employee weekly ($750 for a five day work week) on Fridays for work completed during that week. May 31 is a Tuesday. Use this information to prepare the General Journal entry (without explanation) for the required end of the month adjustment. If no entry is required then write "No Entry Required."

Question 8 The following is a partial unadjusted Trail Balance.

Bravo pays its employee weekly ($1,000 for a five day work week) on Fridays for work completed during that week. May 31 is a Tuesday. Use this information to prepare the compound General Journal entry (without explanation) for the required payroll payment on June 3, 2016. If no entry is required then write "No Entry Required."

Question 9 The following is a partial unadjusted Trail Balance.

Bravo signed a $20,000 loan bearing a 6% interest rate for 3 year. Interest is payable on a quarterly basis with the principle due at the end of 3 years. Use this information to prepare the General Journal entry (without explanation) for the required end of the month adjustment. If no entry is required then write "No Entry Required."

Question 10 Bravo Zulu is a CPA. Typically performs services for clients in December, but does not bill those clients until January. Prepared the general journal entry (without explanation) if needed for December 31, 2016, to reflect $1,000 of services performed but unbilled. If no entry is required then write "No Entry Required."

Question 11On Tuesday May 31, 2016 the Bravo Company had accrued wages of $2,000. Friday, June 3, Bravo paid employee wages of $7,000 for the week. Prepared the compound general journal entry (without explanation) needed for June 3, 2016. If no entry is required then write "No Entry Required."

Question 12 Yankee Stores of Maine experienced an increase in total assets of $14,000 during the current year. During the same time period, total liabilities increased $5,000. Shareholders made no investments during the year and no dividends were paid. How much was Yankee's net income?

Question 13 Bravo Company had $5,100 of supplies on hand at the beginning of 2016. On March 31 Bravo purchased an additional $12,400 of supplies. On December 31, a physical count of revealed a total of $6,000 of supplies on hand. What dollar value of Supplies Expense will be reported in the annual financial statements?

Question 14 On January 26, 2016 a customer paid Bravo Unlimited a sum of $250 in advance for printing. On January 28, Bravo printed 500 posters for Zulu Company at a price of 30¢ each. What would be the adjusted balance in the Unearned Revenue account on January 31, 2016?

Question 15 On August 1, 2016 supplies were purchased; Accounts Payable was debited and Supplies credited for $1,500. The account was due in October, and $650 of these supplies was on hand at the end of August. On August 31, 2016, after all entries to correct and end of the month adjusting entries what are the account balances in the:

Question 16 Bravo's year-end is December 31. On June 1, 2016, Bravo borrowed $10,000 on a one-year loan. Interest on this loan accrues at 6% per year. What is the adjusted balance in the Interest Expense account on December 31, 2016?

Question 17 During 2016, Bravo Company had credit sales of $40,000 and cash sales of $18,000. In 2016 Bravo collected $21,500 of accounts receivable resulting from sales on credit. Bravo incurred operating expenses of $7,500; of this amount, $2,900 was paid in 2016, and the $4,600 balance represented a liability at year-end. In addition to these operating expenses, Bravo also purchased for cash a three-year insurance policy on January 1, 2016. The cost of this policy was $3,000. What is Bravo's 2016 cash basis net income?

Question 18 During 2016, Bravo Company had credit sales of $42,000 and cash sales of $18,000. In 2016 Bravo collected $21,000 of accounts receivable resulting from sales on credit. Bravo incurred operating expenses of $8,500; of this amount, $2,900 was paid in 2016, and the $5,600 balance represented a liability at year-end. In addition to these operating expenses, Bravo also purchased for cash a three-year insurance policy on January 1, 2016. The cost of this policy was $3,000. What is Bravo's 2016 accrual basis net income?

Question 19 On January 2, 2016, Bravo purchased a one-year insurance policy for $2,400. On that date, Bravo debited Prepaid Insurance for $2,400. If Bravo desires to prepare financial statements at the end of March, what would be the balance in the accounts for?