strayer acc100 week 2 chapter 3 homework
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Brief Exercise 3-2
Moteki Company accumulates the following adjustment data at December 31.
Indicate the type of adjustment (prepaid expenses, accrued revenues and so on), and the status of accounts before adjustment (overstated or understated).(Enter answers in alphabetical order.)
1. | Supplies of $100 are on hand. | |
2. | Services provided but not recorded total $900. | |
3. | Interest of $200 has accumulated on a note payable. | |
4. | Rent collected in advance totaling $650 has been earned. |
Brief Exercise 3-7 |
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| Your answer is correct. |
The bookkeeper for Bradbury Company asks you to prepare the following accrued adjusting entries at December 31.
1. | Interest on notes payable of $400 is accrued. | |
2. | Services provided but not recorded total $1,900. | |
3. | Salaries earned by employees of $900 have not been recorded. |
Use the following account titles: Service Revenue, Accounts Receivable, Interest Expense, Interest Payable, Salaries and Wages Expense, and Salaries and Wages Payable.(Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
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Brief Exercise 3-8
The trial balance of Yewlett Company includes the following balance sheet accounts, which may require adjustment. For each account that requires adjustment, indicate the type of adjusting entry (prepaid expenses, unearned revenues, accrued revenues, and accrued expenses) and the related account in the adjusting entry.
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Brief Exercise 3-9
The adjusted trial balance of Parsons Company at December 31, 2014, includes the following accounts: Owner's Capital $15,600, Owner's Drawings $7,000, Service Revenue $37,000, Salaries and Wages Expense $16,000, Insurance Expense $2,000, Rent Expense $4,000, Supplies Expense $1,500, and Depreciation Expense $1,300.
Prepare an income statement for the year.
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Exercise 3-3
Primo Industries collected $105,000 from customers in 2014. Of the amount collected, $25,000 was from services performed in 2013. In addition, Primo performed services worth $40,000 in 2014, which will not be collected until 2015.
Primo Industries also paid $72,000 for expenses in 2014. Of the amount paid, $30,000 was for expenses incurred on account in 2013. In addition, Primo incurred $42,000 of expenses in 2014, which will not be paid until 2015.
(a)Compute 2014 cash-basis net income.
(b)Compute 2014 accrual-basis net income.
Exercise 3-6 |
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Lei Company accumulates the following adjustment data at December 31.
1. | Services provided but not recorded total $1,000. | |
2. | Supplies of $300 have been used. | |
3. | Utility expenses of $225 are unpaid. | |
4. | Services related to Unearned service revenue of $260 were performed | |
5. | Salaries of $800 are unpaid. | |
6. | Prepaid insurance totaling $350 has expired. |
For each of the above items indicate the following.(Enter answers in alphabetical order.)
(a) | The type of adjustment (prepaid expenses, unearned revenues, accrued revenues, or accrued expenses). | |
(b) | The status of accounts before adjustment (overstatement or understatement). |
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| Your answer is correct. |
The trial balances before and after adjustment for Frinzi Company at the end of its fiscal year are presented below.
FRINZI COMPANY | ||||||||
Before | After | |||||||
Dr. | Cr. | Dr. | Cr. | |||||
Cash | $10,400 | $10,400 | ||||||
Accounts Receivable | 8,800 | 10,800 | ||||||
Supplies | 2,300 | 900 | ||||||
Prepaid Insurance | 4,000 | 2,500 | ||||||
Equipment | 14,000 | 14,000 | ||||||
Accumulated Depreciation—Equipment | $ 3,600 | $ 4,500 | ||||||
Accounts Payable | 5,800 | 5,800 | ||||||
Salaries and Wages Payable | 0 | 1,100 | ||||||
Unearned Rent Revenue | 1,500 | 600 | ||||||
Owner’s Capital | 15,600 | 15,600 | ||||||
Service Revenue | 34,000 | 36,000 | ||||||
Rent Revenue | 11,000 | 11,900 | ||||||
Salaries and Wages Expense | 17,000 | 18,100 | ||||||
Supplies Expense | 0 | 1,400 | ||||||
Rent Expense | 15,000 | 15,000 | ||||||
Insurance Expense | 0 | 1,500 | ||||||
Depreciation Expense | 0 | 900 | ||||||
$71,500 | $71,500 | $75,500 | $75,500 |
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Prepare the adjusting entries that were made.(Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
(To record rent earned) |
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Solution: strayer acc100 week 2 chapter 3 homework