2. River Tours Limited's unadjusted trial balance at its year end, November 30, 2015. The company...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
2. River Tours Limited's unadjusted trial balance at its year end, November 30, 2015. The company adjusts its accounts annually. (35pts) Cash Accounts receivable Supplies Prepaid rent Prepaid insurance Equipment Accumulated depreciation-equipment Boats Accumulated depreciation-boats Accounts payable Unearned revenue Bank loan payable Common shares Retained earnings Fees earned Salaries expense Repairs and maintenance expense Rent expense Interest expense Advertising expense Income tax expense Additional information: S Debit 1.800 2,640 965 2,400 7,320 13,440 Credit S 3,360 140,400 69.560 11,170 13,200 3,465 825 700 $267,885 46,800 1,925 14,000 54.000 10,000 27.225 110.575 $267,885 1. The insurance policy has a one-year term beginning April 1, 2015. At that time, a premium of $7,320 was paid. 2. The equipment has an estimated useful life of 8 years. The boats have an estimated useful life of 12 years, 3. A physical count shows $300 of supplies on hand at November 30. 4. The bank loan payable has a 7% interest rate. Interest is paid on the first day of each following month. 5. Deposits of $1,400 each were received for advance tour reservations from 10 school groups. At November 30, all of these deposits have been earned. 6. Employees are owed a total of $500 at November 30. 7. A senior citizens' organization that had not made an advance deposit took a river tour for $1,250. This group was not billed until December for the services provided. 8. Additional advertising costs of $260 have been incurred, but the bills have not been received by November 30. 9. On November 1, the company paid $2,400 rent in advance for November and December. 10. Income tax payable for the year is estimated to be an additional $300 beyond that recorded to date. Required: A. Prepare adjusting journal entries required at November 30. 2. River Tours Limited's unadjusted trial balance at its year end, November 30, 2015. The company adjusts its accounts annually. (35pts) Cash Accounts receivable Supplies Prepaid rent Prepaid insurance Equipment Accumulated depreciation-equipment Boats Accumulated depreciation-boats Accounts payable Unearned revenue Bank loan payable Common shares Retained earnings Fees earned Salaries expense Repairs and maintenance expense Rent expense Interest expense Advertising expense Income tax expense Additional information: S Debit 1.800 2,640 965 2,400 7,320 13,440 Credit S 3,360 140,400 69.560 11,170 13,200 3,465 825 700 $267,885 46,800 1,925 14,000 54.000 10,000 27.225 110.575 $267,885 1. The insurance policy has a one-year term beginning April 1, 2015. At that time, a premium of $7,320 was paid. 2. The equipment has an estimated useful life of 8 years. The boats have an estimated useful life of 12 years, 3. A physical count shows $300 of supplies on hand at November 30. 4. The bank loan payable has a 7% interest rate. Interest is paid on the first day of each following month. 5. Deposits of $1,400 each were received for advance tour reservations from 10 school groups. At November 30, all of these deposits have been earned. 6. Employees are owed a total of $500 at November 30. 7. A senior citizens' organization that had not made an advance deposit took a river tour for $1,250. This group was not billed until December for the services provided. 8. Additional advertising costs of $260 have been incurred, but the bills have not been received by November 30. 9. On November 1, the company paid $2,400 rent in advance for November and December. 10. Income tax payable for the year is estimated to be an additional $300 beyond that recorded to date. Required: A. Prepare adjusting journal entries required at November 30.
Expert Answer:
Related Book For
Financial Accounting Tools for Business Decision Making
ISBN: 978-1118644942
6th Canadian edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine
Posted Date:
Students also viewed these accounting questions
-
Going back to Activity7.19, what is the maximum price that the business concerned would logically be prepared to pay to have the remaining B14s machined by a subcontractor, assuming that no fixed or...
-
The following is Wolastoq Tours Limited's unadjusted trial balance at its year end, November 30, 2018. The company adjusts its accounts annually. Additional information: 1. The insurance policy has a...
-
Economic crises tend to occur sporadically virtually every decade and in various countries ranging from Sweden to Argentina, from Russia to Korea, and from Japan to the United States. Each crisis is...
-
In Exercises 1 - 2, compute (a) The characteristic polynomial of A, (b) The eigenvalues of A, (c) A basis for each eigenspaces of A, (d) The algebraic and geometric multiplicity of each eigenvalue....
-
On June 29, Year 3, Sullivan purchased and placed into service an apartment building costing $360,000 including $30,000 for the land. What was Sullivan's MACRS deduction for the apartment building in...
-
Comment on the following field situations and make recommendations for corrective action. a. One of the interviewers has an excessive rate of refusals in in-home personal interviewing. b. In a CATI...
-
From the data 1,4, 5, 3, 2, 5, 7, 3, 4, and 5, Poindexter created the following frequency table. What five things did he do wrong? f- 013589 f- 11223|-| 123457
-
The balance sheet for Carla Vista Co. is as follows: Carla Vista Co. Balance Sheet December 31, 2022 Cash $ 24,000 Accounts payable $ 3,800 Accounts receivable 22,700 Salaries and wages payable 2,800...
-
Consider the quadratic regression in (8.2). Let T denote test score (measured in points) and let M denote income (in thousands of dollars). The estimated model given in the textbook (changing the...
-
Santana Company exchanged equipment used in its manufacturing operations plus R$2,000 in cash for similar equipment used in the operations of Delaware Company. The following information pertains to...
-
Talarczyk Company sold 10,000 Super-Spreaders on July 1, 2015, at a total price of 1,000,000, with a warranty guarantee that the product was free of any defects. The cost of the spreaders sold is...
-
Main Company sells 100 televisions on June 1, 2015, at a total price of 35,000 with a warranty guarantee that the product was free of any defects. The assurance warranties extend for a 2-year period...
-
The Colson Company issued 300,000 of 10% bonds on January 1, 2015. The bonds are due January 1, 2020, with interest payable each July 1 and January 1. The bonds are issued at face value. Prepare...
-
Youngman Corporation has temporary differences at December 31, 2015, that result in the following deferred taxes. Indicate how these balances would be presented in Youngmans December 31, 2015,...
-
Explain briefly the factor auditors should consider before concluding they are competent to accept a particular audit engagement.
-
Find the area of the surface generated by revolving the para- metric curve x = cos 1, y = sin? 1 (0 < I sa/2) about the y-axis.
-
Company G has a hardware business. The balance sheet at the beginning of the financial year showed the position in Table 2.23. Show the adjustments, in the columns provided, for each of the following...
-
The above information has been taken from the companys books as at 31 December 20X1, but the following have not yet been allowed for. (a) Rent owing but not yet paid amounting to 1,000. (b) Insurance...
-
This information has been taken from the companys books as at 31 December 20X1, but the information below has not been allowed for. (a) Inventory at 31 December 20X1 is 20,000. (b) Plant and...
Study smarter with the SolutionInn App