quantum inc prepare

ACCT 201 Chapter Practice Problems 1. Quantum in prepares monthly financial statements t trial balance includes the following account information hat Thember e d November 30 Debit Credit Supplies $3,000 Prepaid Insurance 5,000 Salaries Payable Deferred Revenue 3,000 The following information is known for the month of December 1. Purchases of supplies during December total $5.000. Supplies on hand at the end of December equal $4,500 2. Prepaid Insurance needs to be adjusted for December. Insurance cost is $2,500 per month. 3. Salaries for December are owed at the end of the vear are $17,000, but will not be paie until January 5th. 4. On November 1, a tenant pays Quantum $4.500 in advance rent for the period November through January, and Deferred Revenue was credited for the entire amour Required: Show the adjusting entries that were made for supplies, prepaid insurance, salaries payable and deferred revenue on December 31. Date Account Debit Credit 30 Suppris ACCT 201 Chapter 3 Practice Problems 2 1. On June 1, 2015. Total Sports Inc. acquired a building for 5 .000. The estimated useful wife of the asset is 12 years. Residual or salvage value at the end of 12 years is estimated to be $400,000. Total Sport Inc records depreciation once per year on Dec. 31. Using straight line method 1. Calculate the depreciation expense per year 2. Calculate the depreciation expense per month 3. Make the journal entry to record depreciation expense for 2015 Date Account Debit Credit 4. Make the journal entry to record depreciation for 2016 Date Account Debit Credit 5. Calculate the balance in Accumulated Depreciation after 3 years 6. Calculate the book value after 3 years