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Question 1 The Red Roses Law Firm prepays for advertising in the local newspaper. On January 1, the law firm paid $ 800$800 for four months of advertising. How much advertising expense should Red Roses Law Firm record for the two months ending February 28 under the a. cash basis? b. accrual basis? a. Under the cash basis, Red Roses Law Firm will record $ two months ending February 28. b. Under the accrual basis, Red Roses Law Firm will record $ for the two months ending February 28. of advertising expense for the of advertising expense Question 2 Momentous Occasions is a photography business that shoots videos at college parties. The freshman class pays $1,000 in advance on March 3 to guarantee services for its party to be held on April 2. The sophomore class promises a minimum of $2,800 for filming its formal dance and actually pays cash of $4,100 on February 28 at the dance. Answer the following questions about the correct way to account for revenue under the accrual basis: a. Considering the $1,000 paid by the freshman class, on what date was revenue earned? Did the earnings occur on the same date cash was received? b. Considering the $4,100 paid by the sophomore class, on what date was revenue earned? Did the earnings occur on the same date cash was received? a. Considering the $1,000 paid by the freshman class, the revenue was earned The earnings occur on the same date cash was received. b. Considering the $4,100 paid by the sophomore class, the revenue was earned on April 2. on December 31. on February 28. on March 3. The earnings Did did not occur on the same date cash was received. Question 3 The unadjusted trial balance of Aurora Air Purification System Aurora Air Purification System at December 31, 20162016, and the data needed for the adjustments follow. (Click the icon to view the trial balance.) Aurora Air Purification System Unadjusted Trial Balance 31-Dec-16 Balance Debit $7,800 19,800 2,600 1,100 19,900 Account Title Cash Accounts Receivable Prepaid Rent Office Supplies Equipment Accumulated Depreciation\"Equipment Accounts Payable Salaries Payable Unearned Revenue Aurora, Capital Aurora, Withdrawals 9,300 Service Revenue Salaries Expense 3,100 Rent Expense Depreciation Expense\"Equipment Advertising Expense 1,300 Supplies Expense Total $64,900 (Click the icon to view the adjusting entry information.) Adjustment data at December 31 follow: Credit $4,100 3,000 2,800 39,600 15,400 $64,900 a. On December 15, Aurora contracted to perform services for a client receiving $2,800 in advance. Aurora recorded this receipt of cash as Unearned Revenue. As of December 31, Aurora has completed $1,800 of the services. b. Aurora prepaid two months of rent on December 1. c. Aurora used $600 of office supplies. d. Depreciation for the equipment is $700. e. Aurora received a bill for December's online advertising, $1,000. Aurora will not pay the bill until January. (Use Accounts Payable.) f. Aurora pays its employees on Monday for the previous week's wages. Its employees earn $1,500 for a five-day workweek. December 31 falls on Wednesday this year. g. On October 1, Aurora agreed to provide a four-month air system check (beginning October 1) for a customer for $3,000. Aurora has completed the system check every month but payment has not yet been received and no entries have been made. Requirements 1. Journalize the adjusting entries on December 31. 2. The T-accounts, along with their unadjusted balances have been opened for you. Post the adjusting entries to the T-accounts. 3. Prepare the adjusted trial balance. 4. How will Aurora Air Purification System Aurora Air Purification System use the adjusted trial balance? Requirement 1. Journalize the adjusting entries on December 31. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) a. On December 15, Aurora contracted to perform services for a client receiving $2,800 in advance. Aurora recorded this receipt of cash as Unearned Revenue. As of December 31, Aurora has completed $1,800 of the services. Dat e (a) Dec. 31 Accounts and Explanatio n 0 0 0 0 0 Debi t Credit b. Aurora prepaid two months of rent on December 1. (Assume that the Prepaid Rent balance as shown on the unadjusted trial balance represents the two months of rent prepaid on December 1.) Dat e (b) Dec. 31 Accounts and Explanatio n 0 0 0 0 0 Debi t Credit Accounts and Explanatio n 0 0 0 0 0 Debi t Credit Accounts and Explanatio n 0 0 0 0 0 Debi t Credit c. Aurora used $ 600$600 of office supplies. Dat e (c) Dec. 31 d. Depreciation for the equipment is $ 700. Dat e (d) Dec. 31 e. Aurora received a bill for December's online advertising, $1,000.Aurora will not pay the bill until January. (Use Accounts Payable.) Dat e Accounts and Debi t Credit (e) Dec. 31 Explanatio n 0 0 0 0 0 f. Aurora pays its employees on Monday for the previous week's wages. Its employees earn $1,500 for a five-day workweek. December 31 falls on Wednesday this year Dat e (f) Dec. 31 Accounts and Explanatio n 0 0 0 0 0 Debi t Credit g. On October 1, Aurora agreed to provide a four-month air system check (beginning October 1) for a customer for $3,000. Aurora has completed the system check every month but payment has not yet been received and no entries have been made. Dat e (g) Dec. 31 Accounts and Explanatio n 0 0 0 0 0 Debi t Credit Requirement 2. The T-accounts, along with their unadjusted balances have been opened for you. Post the adjusting entries to the T-accounts. The T-accounts, along with their unadjusted balances, if applicable, have been opened for you. Post the adjusting entries to the T-accounts using the corresponding letters (a) through (g) as posting references. Use a "Bal." posting reference to show the ending balance of each account. Review the adjusting journal entries you prepared in Requirement 1. Requirement 3. Prepare the adjusted trial balance. Review the T-accounts you prepared in Requirement 2. Aurora Air Purification System Adjusted Trial Balance 31-Dec-16 Balance Debit Account Credit Title Cash Accounts Receivable Prepaid Rent Office Supplies Equipment Accumulated Depreciation\"Equipment Accounts Payable Salaries Payable Unearned Revenue Aurora, Capital Aurora, Withdrawals Service Revenue Salaries Expense Rent Expense Depreciation ExpenseEquipment Advertising Expense Supplies Expense Total Requirement 4. How will Aurora Air Purification System aurora Air Purification System use the adjusted trial balance? The company will use the adjusted trial balance to calculate taxes due plan the next year's budget prepare financial statements report net income or loss Question 5 Stewart Fishing Charters has collected the following data for the December 31 adjusting entries: (Click the icon to view the data.) a. The company received its electric bill on December 20 for $230 but will not pay it until January 5. (Use the Utilities Payable account.) b. Stewart purchased a three-month boat insurance policy on November 1 for $2,100. Stewart recorded a debit to Prepaid Insurance. c. As of December 31, Stewart had earned $2,500 of charter revenue that has not been recorded or received. d. Stewart's fishing boat was purchased on January 1 at a cost of $81,500. Stewart expects to use the boat for five years and that it will have a residual value of $6,500. Determine annual depreciation assuming the straight-line depreciation method is used. e. On October 1, Stewart received $6,000 prepayment for a deep-sea fishing charter to take place in December. As of December 31, Stewart has completed the charter. Requirements 1. Journalize the adjusting entries needed on December 31 for Stewart Fishing Charters. Assume Stewart records adjusting entries only at the end of the year. 2. If Stewart had not recorded the adjusting entries, indicate which specific category of accounts on the financial statements would be misstated and if the misstatement is overstated or understated. Requirement 1. Journalize the adjusting entries needed on December 31 for Stewart Fishing Charters. Assume Stewart records adjusting entries only at the end of the year. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) a. The company received its electric bill on December 20 for $230 but will not pay it until January 5. (Use the Utilities Payable account.) Date (a) Dec. 31 Accounts and Explanatio n 0 0 0 0 0 Debit Credit b. Stewart purchased a three-month boat insurance policy on November $2,100. Stewart recorded a debit to Prepaid Insurance. Date (b) Dec. 31 Accounts and Explanatio n 0 0 0 0 0 Debit Credit c. As of December 31, Stewart had earned $2,500 of charter revenue that has not been recorded or received. Date (c) Dec. 31 Accounts and Explanatio n 0 0 Debit Credit 0 0 0 d. Stewart's fishing boat was purchased on January 1 at a cost of $81,500. Stewart expects to use the boat for five years and that it will have a residual value of $6,500. Determine annual depreciation assuming the straight-line depreciation method is used. Date Accounts and Explanatio n 0 0 0 0 0 (d) Dec. 31 Debit Credit e. On October 1, Stewart received $6,000 prepayment for a deep-sea fishing charter to take place in December. As of December 31, Stewart has completed the charter. (When the cash was received, assume that a liability account was credited.) Date Accounts and Explanatio n 0 0 0 0 0 (e) Dec. 31 Debit Credit Requirement 2. If Stewart had not recorded the adjusting entries, indicate which specific category of accounts on the financial statements would be misstated and if the misstatement is overstated or understated. Begin by completing the table for adjustment an and then transactions b through e. Adjustin g Entry Specific Category of Accounts on Over / the Balance Sheet Understated (a) 0 0 Specific Category of Accounts on the Income Statement 0 Ove r/ Understated 0 0 (b) (c) (d) (e) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Question 6 The worksheet of Moore's Landscaping Services follows but is incomplete. (Click the icon to view the worksheet.) Moore's Landscaping Services Worksheet 31-Dec-16 Unadjusted Trial Balance Debit Credit $27,500 6,600 Account Names Cash Accounts Receivable Office Supplies 520 Prepaid Rent 2,900 Equipment 55,000 Accumulated Depreciation\"Equipment Trucks 60,000 Accumulated Depreciation\"Trucks Accounts Payable $4,100 Utilities Payable 750 Salaries Payable Interest Payable Unearned Revenue 5,000 Notes Payable 30,000 Moore, Capital 76,670 Moore, 12,000 Withdrawals Service Revenue 90,000 Rent Expense 11,600 Salaries Expense 25,600 Adjustments Debit (h) Adju Trial Deb Credit $2,500 (e) 3,500 (a) (f) 1,450 5,000 (b) (a) $380 1,450 (c) 900 (d) 1,000 (f) (g) 5,000 150 (e, h) 6,000 Supplies Expense Utilities Expense 4,800 Depreciation Expense\"Equipment Depreciation Expense\"Trucks Interest Expense Total $206,52 $206,52 0 0 (b) 380 (c) (d) (g) $14,880 900 1,000 150 $14,880 Calculate and enter the adjusted account balances in the Adjusted Trial Balance columns. Question 7 At the beginning of the year, office supplies of $1,400 were on hand. During the year, Sprint Air Conditioning Service paid $6,500 for more office supplies. At the end of the year, Sprint has $500 of office supplies on hand. Read the requirements 1. Record the adjusting entry assuming that Sprint records the purchase of office supplies by initially debiting an asset account. Post the adjusting entry to the Office Supplies and Supplies Expense Taccounts. Make sure to include the beginning balance and purchase of office supplies in the Office Supplies T-account. 2. Record the adjusting entry assuming that Sprint records the purchase of office supplies by initially debiting an expense account. Post the adjusting entry to the Office Supplies and Supplies Expense Taccounts. Make sure to include the beginning balance in the Office Supplies T-account, and the purchase of office supplies in the Supplies Expense T-account. 3. Compare the ending balances of the T-accounts under both approaches. Are they the same? Requirement 1. Record the adjusting entry assuming that Sprint records the purchase of office supplies by initially debiting an asset account. Post the adjusting entry to the Office Supplies and Supplies Expense T-accounts. Make sure to include the beginning balance and purchase of office supplies in the Office Supplies T-account. Begin by recording the adjusting entry assuming that Sprint records office supplies by initially debiting an asset account. (Record debits first, then credits. Select the explanation on the last line of the journal entry.) Date Accounts and Explanatio n 0 0 Debit Credit 0 0 0 Now post the adjusting entry to the Office Supplies and Supplies Expense T-accounts. Enter the beginning balances on the first line of each account. Use a "Jan. 1" reference to show the beginning balance. Make sure to include the purchase of office supplies in the Office Supplies T-account, then post the adjusting entry. Use a "Bal." reference to show the ending balance of each account. (For accounts with a $0 unadjusted balance, make sure to enter "0" on the normal side of the accounts.) Office Supplies 0 0 0 0 Supplies Expense 0 0 0 0 0 0 0 0 Requirement 2. Record the adjusting entry assuming that Sprint records the purchase of office supplies by initially debiting an expense account. Post the adjusting entry to the Office Supplies and Supplies Expense T-accounts. Make sure to include the beginning balance in the Office Supplies T-account, and the purchase of office supplies in the Supplies Expense T-account. Begin by recording the adjusting entry assuming that Sprint records office supplies by initially debiting an expense account. (Record debits first, then credits. Select the explanation on the last line of the journal entry.) Date Accounts and Explanatio n 0 0 0 0 0 Debit Credit Now post the adjusting entry to the Office Supplies and Supplies Expense T-accounts. Make sure to include the beginning balance in the Office Supplies T-account, and the purchase of office supplies in the Supplies Expense T-account. Enter the beginning balances on the first line of each account. Use a "Jan. 1" reference to show the beginning balance. Make sure to include the purchase of office supplies in the Office Supplies T-account, then post the adjusting entry. Use a "Bal." reference to show the ending balance of each account. (For accounts with a $0 unadjusted balance, make sure to enter "0" on the normal side of the accounts.) Office Supplies 0 0 0 0 Supplies Expense 0 0 0 0 0 0 0 0 Requirement 3. Compare the ending balances of the T-accounts under both approaches. Are they the same? The ending balances in the Office Supplies account and the Supplies Expense account are different, the same, depending on regardless of which of the two approaches is used. Question8 Company has journalized the adjusting entries for the period ending December 31, 2016, and posted the adjustments to the following T-accounts. (Click the icon to view the T-accounts.) Using this data, prepare an adjusted trial balance. First Class Maids Company Adjusted Trial Balance 31-Dec-16 Balance Debit Account Credit Title Cash Office Supplies Prepaid Insurance Equipment Accumulated Depreciation\"Equipment Accounts Payable Salaries Payable Unearned Revenue Maltos, Capital Maltos, Withdrawals Service Revenue Salaries Expense Supplies Expense Depreciation Expense\"Equipment Insurance Expense Total Question 10 The worksheet of Temp minus 2 minus Perm Employment ServiceTemp2Perm Employment Service follows but is incomplete. (Click the icon the view the worksheet.) Requirements 1. Calculate and enter the adjustment amounts directly in the Adjustments columns. Use letters a through d to label the four adjustments. 2. Prepare each adjusting journal entry calculated in Requirement 1. Date the entries and include explanations. Requirement 1. Calculate and enter the adjustment amounts directly in the Adjustments columns. Use letters a through d to label the four adjustments. The balance sheet accounts have only been assigned one possible letter reference, in order, (a, b, c, or d). To determine the letter reference to use for each adjustment, first determine the balance sheet account affected and then select the corresponding letter reference to adjust the applicable income statement account. Requirement 2. Prepare each adjusting journal entry calculated in Requirement 1. Date the entries and include explanations. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Journalize adjustment (a) from the worksheet you prepared in Requirement 1. Review the worksheet. Date (a) Apr. 30 Accounts and Explanatio n 0 0 0 0 0 Debit Credit b.Journalize adjustment (b) from the worksheet you prepared in Requirement 1. Review the worksheet. LOADING... Date (b) Apr. 30 Accounts and Explanatio n 0 0 0 Debit Credit 0 0 c. Journalize adjustment (c) from the worksheet you prepared in Requirement 1. Review the worksheet. LOADING... Date (c) Apr. 30 Accounts and Explanatio n 0 0 0 0 0 Debit Credit d. Journalize adjustment (d) from the worksheet you prepared in Requirement 1. Review the worksheet. LOADING... Date (a) Apr. 30 Accounts and Explanatio n 0 0 0 0 0 Debit Credit Question 10 Landscaping has the following data for the December 31 adjusting entries: (Click the icon to view the independent cases.) a. Each Friday, Lorring pays employees for the current week's work. The amount of the weekly payroll is $6,000 for a five-day workweek. This year, December 31 falls on a Tuesday. Lorring will pay its employees on January 33. b. On January 1 of the current year, Lorring purchases an insurance policy that covers two years, $4,000. c. The beginning balance of Office Supplies was $4,100. During the year, Lorring purchased office supplies for $5,500, and at December 31 the office supplies on hand total $2,200. d. During December, Lorring designed a landscape plan and the client prepaid $4,000. Lorring recorded this amount as Unearned Revenue. The job will take several months to complete, and Lorring estimates that the company has earned 50% of the total revenue during the current year. e. At December 31, Lorring had earned $4,500 for landscape services completed for Tomball Appliances. Tomball has stated that it will pay Lorring on January 10. f. Depreciation for the current year includes Equipment, $3,000; and Trucks, $1,700. g. Lorring has incurred $800 of interest expense on a $1,200 interest payment due on January 15. Requirements 1. Journalize the adjusting entry needed on December 31 for each of the items affecting Lorring Landscaping. Assume Lorring records adjusting entries only at the end of the year. 2. Journalize the subsequent journal entries for adjusting entries a, d, and g. Requirement 1. Journalize the adjusting entry needed on December 31 for each of the items affecting Lorring Landscaping. Assume Lorring records adjusting entries only at the end of the year. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) a. Each Friday, Lorring pays employees for the current week's work. The amount of the weekly payroll is $6,000 for a five-day workweek. This year December 31 falls on a Tuesday. Lorring will pay its employees on January 33. Date Dec. 31 Accounts and Explanatio n 0 0 0 0 0 Debit Credit b. On January 1 of the current year, Lorring purchases an insurance policy that covers two years, $4,000. (When the policy was purchased on January 1, assume that Lorring debited an asset account.) Date Dec. 31 Accounts and Explanatio n 0 0 0 0 0 Debit Credit c. The beginning balance of Office Supplies was $4,100. During the year, Lorring purchased office supplies for $5,500, and at December 31 the office supplies on hand total $2,200. (Assume that Lorring debits an asset account when supplies are purchased.) Date Dec. 31 Accounts and Explanatio n 0 0 0 0 0 Debit Credit d. During December, Lorring designed a landscape plan and the client prepaid $4,000. Lorring recorded this amount as Unearned Revenue. The job will take several months to complete, and Lorring estimates that the company has earned 50% of the total revenue during the current year. Date Dec. 31 Accounts and Explanatio n 0 0 0 0 0 Debit Credit e. At December 31, Lorring had earned $4,500 for landscape services completed for Tomball Appliances. Tomball has stated that it will pay Lorring on January 10. Date Dec. 31 Accounts and Explanatio n 0 0 0 0 0 Debit Credit f. Depreciation for the current year includes Equipment, $3,000; and Trucks, $1,700. (Prepare a compound entry to record depreciation on both the equipment and the trucks.) Date Dec. 31 Accounts and Explanatio n 0 0 0 0 0 Debit Credit g.Lorring has incurred $ 800$800 of interest expense on a $ 1 comma 200$1,200 interest payment due on January 15. Date Dec. 31 Accounts and Explanatio n 0 0 0 0 0 Debit Credit Requirement 2. Journalize the subsequent journal entries for adjusting entries a, d, and g. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) a. Each Friday, Lorring pays employees for the current week's work. The amount of the weekly payroll is $6,000 for a five-day workweek. This year December 31 falls on a Tuesday. Lorring will pay its employees on January 33. Journalize the subsequent journal entry that Lorring will record on January 33. Date Jan. 3 Accounts and Explanatio n 0 0 0 0 0 Debit Credit d.During December, Lorring designed a landscape plan and the client prepaid 4,000. Lorring recorded this amount as Unearned Revenue. The job will take several months to complete, and Lorring estimates that the company has earned 5050 percent of the total revenue during the current year. Journalize the subsequent journal entry that Lorring will record when the job is complete. Date Accounts and Explanatio n 0 0 0 0 0 Debit Credit g. Lorring has incurred $800 of interest expense on a $1,200 interest payment due on January 15. Journalize the subsequent journal entry that Lorring will record on January 15. Date Jan.15 Accounts and Explanatio n 0 0 0 0 0 Debit Credit Question 11 consider the facts presented in the following table for Tropical View Tropical View: (Click the icon to view the table.) Beginning Prepaid Rent $ Payments for Prepaid Rent during the year Total amount to account for Subtract: Ending Prepaid Rent Rent Expense $ Situatio n A 1,300 1,500 B $1,100 b C $200 1,900 D $700 f 2,800 600 a 1,300 700 $600 c d $1,600 e 300 $1,000 Complete the table by filling in the missing values. Question 12 Acoustics recorded the following transactions during October 2016: (Click the icon to view the transactions.) a. Received $2,500 cash from customer for three months of service beginning October 1, 20162016, and ending December 31, 20162016. The company recorded a $2,500 debit to Cash and a $2,500 credit to Unearned Revenue. b. Employees are paid $3,000 on Monday following the five-day work week. October 31, 2016, is on Friday. c. The company pays $440 on October 1, 2016 for its six-month auto insurance policy. The company recorded a $ 440$440 debit to Prepaid Insurance and a $440 credit to Cash. d. The company purchased office furniture for $8,300 on January 2, 2016. The company recorded a $8,300 debit to Office Furniture and a $8,300 credit to Accounts Payable. Annual depreciation for the furniture is $1,000. e. The company began October with $50 of office supplies on hand. On October 10, the company purchased office supplies on account of $100. The company recorded a $100 debit to Office Supplies and a $100 credit to Accounts payable. The company used $120 of office supplies during October. f. The company received its electric bill on October 30 for $325 but did not pay it until November 10. g. The company paid November's rent of $2,500 on October 30. On October 30, the company recorded a $2,500 debit to Rent expense and a $2,500 credit to Cash. Indicate if an adjusting entry is needed for each item on October 31 for the month of October. Assuming the adjusting entry is not made, indicate which specific category or categories of accounts on the financial statements are misstated and if they are overstated or understated. Use the following table as a guide. Item a is completed as an example: (Leave unused cells blank.) Begin by completing the table for transaction b and then transactions c through g. (If an adjusting entry is not needed, select "No" and do not select any other labels.) Item Adjusting Entry Needed? (a) Yes (b) 0 Specific Category of Accounts on Over / the Balance Sheet Understated Liability Equity 0 0 (c) 0 (d) 0 (e) 0 (e) 0 Over Under 0 0 0 0 0 0 0 0 0 0 Specific Category of Accounts on Over / the Income Understated Statement Revenue Under 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 (f) 0 (g) 0 0 0 0 0 0 0 0 0 0 0 0 0 Question 13 Production Company's partially completed worksheet as of December 31, 20162016, follows. (Click the icon to view the partially completed worksheet.) Requirements 1. Analyze the worksheet to determine the adjusting entries that account for the differences between the unadjusted trial balance and the adjusted trial balance. Complete the worksheet. Use letters a through e to label the five adjustments. 2. Journalize the adjusting entries. Requirement 1. Analyze the worksheet to determine the adjusting entries that account for the differences between the unadjusted trial balance and the adjusted trial balance. Complete the worksheet. Use letters a through e to label the five adjustments. The balance sheet accounts have only been assigned one possible letter reference (a, b, c, d, or e). To determine the letter reference to use for each adjustment first determine the balance sheet account affected and then select the corresponding letter reference to adjust the applicable income statement account. (Depr. = Depreciation.) Requirement 2. Journalize the adjusting entries. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Journalize adjustment (a) from the partial worksheet you prepared in Requirement 1. Review the partial worksheet. Date (a) Dec. 31 Accounts and Explanatio n 0 0 0 0 0 Debit Credit b. Journalize adjustment (b) from the partial worksheet you prepared in Requirement 1. Review the partial worksheet. Date (b) Dec. 31 Accounts and Explanatio n 0 0 0 0 0 Debit Credit c. Journalize adjustment (c) from the partial worksheet you prepared in Requirement 1. Review the partial worksheet. Date (c) Dec. 31 Accounts and Explanatio n 0 0 Debit Credit 0 0 0 d. Journalize adjustment (d) from the partial worksheet you prepared in Requirement 1. Review the partial worksheet. Date (d) Dec. 31 Accounts and Explanatio n 0 0 0 0 0 Debit Credit e. Journalize adjustment (e) from the partial worksheet you prepared in Requirement 1. Review the partial worksheet. LOADING... Date (e) Dec. 31 Accounts and Explanatio n 0 0 0 0 0 Debit Credit Question 14 Production Company's partially completed worksheet as of December 31, 2016, follows. (Click the icon to view the partially completed worksheet.) Geary Theater Production Company Worksheet 31-Dec-16 Account Names Cash Unadjusted Trial Balance Debit Credit $3,500 Adjustments Debit Credit Adjusted Trial Balance Debit Cr $3,500 Accounts Receivable Office Supplies Prepaid Insurance Equipment Accumulated Depreciation\"Equipment Accounts Payable Salaries Payable Geary, Capital Geary, Withdrawals Service Revenue Depreciation Expense\"Equipment Supplies Expense Utilities Expense Salaries Expense Insurance Expense Total 6,100 1,500 2,450 27,000 6,300 800 2,100 27,000 $8,700 $1 3,600 3, 25 12 12,950 28,500 28,500 75,000 5,700 25,500 $100,25 0 $100,25 0 Requirements 1. Analyze the worksheet to determine the adjusting entries that account for the differences between the unadjusted trial balance and the adjusted trial balance. Complete the worksheet. Use letters a through e to label the five adjustments. 2. Journalize the adjusting entries. Requirement 1. Analyze the worksheet to determine the adjusting entries that account for the differences between the unadjusted trial balance and the adjusted trial balance. Complete the worksheet. Use letters a through e to label the five adjustments. The balance sheet accounts have only been assigned one possible letter reference (a, b, c, d, or e). To determine the letter reference to use for each adjustment first determine the balance sheet account affected and then select the corresponding letter reference to adjust the applicable income statement account. (Depr. = Depreciation.) Requirement 2. Journalize the adjusting entries. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Journalize adjustment (a) from the partial worksheet you prepared in Requirement 1. Review the partial worksheet. Date Accounts and Explanatio n Debit Credit 75 4,400 700 5,700 25,750 350 $105,10 0 $1 0 (a) Dec. 31 0 0 0 0 0 b.Journalize adjustment (b) from the partial worksheet you prepared in Requirement 1. Review the partial worksheet. LOADING... Date (b) Dec. 31 Accounts and Explanatio n 0 0 0 0 0 Debit Credit c. Journalize adjustment (c) from the partial worksheet you prepared in Requirement 1. Review the partial worksheet. LOADING... Date (c) Dec. 31 Accounts and Explanatio n 0 0 0 0 0 Debit Credit d. Journalize adjustment (d) from the partial worksheet you prepared in Requirement 1. Review the partial worksheet. LOADING... Date (d) Dec. 31 Accounts and Explanatio n 0 0 0 0 Debit Credit 0 e. Journalize adjustment (e) from the partial worksheet you prepared in Requirement 1. Review the partial worksheet Date (e) Dec. 31 Accounts and Explanatio n 0 0 0 0 0 Debit Credit ' Question 15 Care Mai lCare Mail Pack'n Mail completed the following transactions during 2016: (Click the icon to view the transactions.) Nov. 1 Paid $10,000 store rent covering the four-month period ending February 28, 2017. Nov. 1 Paid $3,000 insurance covering the three-month period ending January 31, 2017. Dec. 1 Collected $9,000 cash in advance from customers. The service revenue will be earned $1,800 monthly over the five-month period ending April 30April 30, 2017. Dec. 1 Collected $7,800 cash in advance from customers. The service revenue will be earned $1,300 monthly over the six-month period ending May 31, 2017. Read the requirements 1. Journalize the transactions assuming that Care MailCare Mail debits an asset account for prepaid expenses and credits a liability account for unearned revenues. 2. Journalize the related adjusting entries at December 31, 2016. 3. Post the journal and adjusting entries to the T-accounts, and show their balances at December 31, 2016. (Ignore the Cash account.) 4. Repeat Requirements 1-3. This time debit an expense account for prepaid expenses and credit a revenue account for unearned revenues. 5. Compare the account balances in Requirements 3 and 4. They should be equal. Nov. 1: Paid $10,000 store rent covering the four-month period ending February 28February 28, 20172017. Date Accounts Debit Credit and Explanatio n Nov. 1 0 0 0 0 0 Nov. 1: Paid $3,000 insurance covering the three-month period ending January 31January 31, 2017. Date Nov. 1 Accounts and Explanatio n 0 0 0 0 0 Debit Credit Dec. 1: Collected $9,000 cash in advance from customers. The service revenue will be earned $1,800 monthly over the five-month period ending April 30April 30, 2017. Date dec. 1 Accounts and Explanatio n 0 0 0 0 0 Debit Credit Dec. 1: Collected $7,800 cash in advance from customers. The service revenue will be earned $1,300 monthly over the six-month period ending May 31May 31, 2017. Date dec. 1 Accounts and Explanatio n 0 0 0 0 Debit Credit 0 Requirement 2. Journalize the related adjusting entries at December 31, 2016. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Nov. 1: Paid $10,000 store rent covering the four-month period ending February 28February 28, 20172017. Record the related adjusting entry at December 31, 20162016. Date Nov. 1 Accounts and Explanatio n 0 0 0 0 0 Debit Credit Nov. 1: Paid $3,000 insurance covering the three-month period ending January 31January 31, 2017. Record the related adjusting entry at December 31, 2016. Date dec. 31 Accounts and Explanatio n 0 0 0 0 0 Debit Credit Dec. 1: Collected $9,000 cash in advance from customers. The service revenue will be earned $1,800 monthly over the five-month period ending April 30April 30, 20172017. Record the related adjusting entry at December 31, 2016. Date Dec. 31 Accounts and Explanatio n 0 0 0 0 0 Debit Credit Dec. 1: Collected $7,800 cash in advance from customers. The service revenue will be earned $1,300 monthly over the six-month period ending May 31May 31, 2017. Record the related adjusting entry at December 31, 2016. Date Accounts Debit Credit and Explanatio n Dec 31 0 0 0 0 0 Requirement 3. Post the journal and adjusting entries to the T-accounts, and show their balances at December 31, 2016. (Ignore the Cash account.) (Use dates as posting references to post the transactions and adjustments. Use a "Bal." posting reference to show the ending balance of each account. When posting more than one entry on the same date to a single T-account, post to that account in the same order as you prepared the entries in Requirements 1 and 2.) Review the journal entries you prepared in Requirement 1. LOADING... Review the adjusting entries you prepared in Requirement 2. LOADING... Requirement 4. Repeat Requirements 1-3. This time debit an expense account for prepaid expenses and credit a revenue account for unearned revenues. Journalize the entries assuming that Care MailCare Mail debits an expense account for prepaid expenses and credits a revenue account for unearned revenues. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Nov. 1: Paid $10,000 store rent covering the four-month period ending February 28, 2017. Date Nov. 1 Accounts and Explanation 0 0 0 0 Debit Credit 0 Nov. 1: Paid $3,000 insurance covering the three-month period ending January 31January 31, 2017. Date Nov. 1 Accounts and Explanation 0 0 0 0 0 Debit Credit Dec. 1: Collected $9,000 cash in advance from customers. The service revenue will be earned $1,800 monthly over the five-month period ending April 30April 30, 2017. Date dec. 1 Accounts and Explanation 0 0 0 0 0 Debit Credit Dec. 1: Collected $7,800 cash in advance from customers. The service revenue will be earned $1,300 monthly over the six-month period ending May 31, 2017. Date dec. 1 Accounts and Explanation 0 0 0 0 0 Debit Credit Journalize the related adjusting entries at December 31, 2016. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Nov. 1: Paid $10,000 store rent covering the four-month period ending February 28, 2017. Record the related adjusting entry at December 31, 2016. Date Dec 31 Accounts and Explanation 0 0 Debit Credit 0 0 0 Nov. 1: Paid 3,000 insurance covering the three-month period ending January 31January 31, 2017. Record the related adjusting entry at December 31, 2016. Date Dec 31 Accounts and Explanation 0 0 0 0 0 Debit Credit Dec. 1: Collected $9,000 cash in advance from customers. The service revenue will be earned $1,800 monthly over the five-month period ending April 30April 30, 2017. Record the related adjusting entry at December 31, 2016. Date Dec 31 Accounts and Explanation 0 0 0 0 0 Debit Credit Dec. 1: Collected $7,800 cash in advance from customers. The service revenue will be earned $1,300 monthly over the six-month period ending May 31, 2017. Record the related adjusting entry at December 31, 2016. Date Dec 31 Accounts and Explanation 0 0 0 0 0 Debit Credit Post the entries to the T-accounts, and show their balances at December 31, 2016. (Ignore the Cash account.) (Use dates as posting references to post the transactions and adjustments. Use a "Bal." posting reference to show the ending balance of each account. When posting more than one entry on the same date to a single T-account, post to that account in the same order as you prepared the entries in Requirement 4.) Review the journal entries you prepared in Requirement 4. LOADING... Review the adjusting entries you prepared in Requirement 4. LOADING... Prepaid Rent 0 0 0 Prepaid Insurance 0 0 0 0 0 0 Unearned Revenue 0 0 0 Service Reven 0 0 0 0 0 0 Requirement 5. Compare the account balances in Requirements 3 and 4. They should be equal. Review the T-accounts from Requirement 3. LOADING... Review the T-accounts from Requirement 4. LOADING... The account balances in Requirements 3 and 4 are different. the same. 0 0 0 Rent Expense 0 0 0 Insurance Exp 0 0 0