FNU ACG2003 2022 October Week 2 Homework Latest

ACG2003 Principles of Accounting

Week 2 Homework

Question 1Classify the following items as prepaid expense, unearned revenue, accrued revenue, or accrued expense.

A three-year premium paid on a fire insurance policy.

Fees earned but not yet received.

Fees received but not yet earned.

Salary owed but not yet paid.

Subscriptions received in advance by a magazine publisher.

Supplies on hand.

Taxes owed but payable in the following period.

Utilities owed but not yet paid.

Question 2The following accounts were taken from the unadjusted trial balance of Orion Co., a congressional lobbying firm. Indicate whether or not each account would normally require an adjusting entry. If the account normally requires an adjusting entry, indicate the type of adjustment

Normally requires adjustment

Does not normally require adjustment

Accrued Expense

Accrued Revenue

Prepaid Expense

Unearned Revenue

Type None - Account does not require adjustment

Question 3The following accounts were taken from the unadjusted trial balance of Orion Co., a congressional lobbying firm. Indicate whether or not each account would normally require an adjusting entry. If the account normally requires an adjusting entry, indicate the type of adjustment

Normally requires adjustment

 Does not normally require adjustment

Accrued Expense

Accrued Revenue

Prepaid Expense

Unearned Revenue

Type None - Account does not require adjustment

Question 4The following accounts were taken from the unadjusted trial balance of Orion Co., a congressional lobbying firm. Indicate whether or not each account would normally require an adjusting entry. If the account normally requires an adjusting entry, indicate the type of adjustment

Normally requires adjustment

Does not normally require adjustment

Accrued Expense

Accrued Revenue

Prepaid Expense

Unearned Revenue

Type None - Account does not require adjustment

Question 5The following accounts were taken from the unadjusted trial balance of Orion Co., a congressional lobbying firm. Indicate whether or not each account would normally require an adjusting entry. If the account normally requires an adjusting entry, indicate the type of adjustment

Normally requires adjustment

 Does not normally require adjustment

Accrued Expense

Accrued Revenue

Prepaid Expense

Unearned Revenue

Type None - Account does not require adjustment

Question 6The following accounts were taken from the unadjusted trial balance of Orion Co., a congressional lobbying firm. Indicate whether or not each account would normally require an adjusting entry. If the account normally requires an adjusting entry, indicate the type of adjustment

Normally requires adjustment

 Does not normally require adjustment

Accrued Expense

Accrued Revenue

Prepaid Expense

Unearned Revenue

Type None - Account does not require adjustment

Question 7The following accounts were taken from the unadjusted trial balance of Orion Co., a congressional lobbying firm. Indicate whether or not each account would normally require an adjusting entry. If the account normally requires an adjusting entry, indicate the type of adjustment

Normally requires adjustment

Does not normally require adjustment

Accrued Expense

Accrued Revenue

Prepaid Expense

Unearned Revenue

Type None - Account does not require adjustment

Question 8The following accounts were taken from the unadjusted trial balance of Orion Co., a congressional lobbying firm. Indicate whether or not each account would normally require an adjusting entry. If the account normally requires an adjusting entry, indicate the type of adjustment

Normally requires adjustment

 Does not normally require adjustment

Accrued Expense

Accrued Revenue

Prepaid Expense

Unearned Revenue

Type None - Account does not require adjustment

Question 9The following accounts were taken from the unadjusted trial balance of Orion Co., a congressional lobbying firm. Indicate whether or not each account would normally require an adjusting entry. If the account normally requires an adjusting entry, indicate the type of adjustment

Normally requires adjustment

Does not normally require adjustment

Accrued Expense

Accrued Revenue

Prepaid Expense

Unearned Revenue

Type None - Account does not require adjustment

Question 10The following accounts were taken from the unadjusted trial balance of Orion Co., a congressional lobbying firm. Indicate whether or not each account would normally require an adjusting entry. If the account normally requires an adjusting entry, indicate the type of adjustment

Normally requires adjustment

Does not normally require adjustment

Accrued Expense

Accrued Revenue

Prepaid Expense

Unearned Revenue

Type None - Account does not require adjustment

Question 11The following accounts were taken from the unadjusted trial balance of Orion Co., a congressional lobbying firm. Indicate whether or not each account would normally require an adjusting entry. If the account normally requires an adjusting entry, indicate the type of adjustment

Normally requires adjustment

Does not normally require adjustment

Accrued Expense

Accrued Revenue

Prepaid Expense

Unearned Revenue

Type None - Account does not require adjustment

Question 12The balance in the equipment account is $737000, and the balance in the accumulated depreciation—equipment account is $510000. What is the book value of the equipment?

Question 13For a recent period, the balance sheet for Consumer Wholesale Corporation reported accrued expenses of $1800 million. For the same period, Consumer reported income before income taxes of $2190 million. Assume that the adjusting entry for the accrued expenses was not recorded at the end of the current period. What would have been the income (loss) before income taxes?