Question: simple easy questions short answer or one word answer questions. E3-7 Classify adjustments Obj|3 The following accounts were taken from the unadjusted trial balance of

simple easy questions short answer or one word answer questions.

simple easy questions short answer or one word answer questions. E3-7 Classify

E3-7 Classify adjustments Obj|3 The following accounts were taken from the unadjusted trial balance of Inter Circle 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, use the following notations to indicate the type of adjustment: AEAccrued Expense ARAccrued Revenue DRDeferred Revenue DEDeferred Expense To illustrate, the answer for the first account is as follows. Account Answer Accounts Receivable Normally requires adjustment (AR). Accumulated Depreciation Capital Stock Dividends Interest Payable Interest Receivable Land Office Equipment Prepaid Rent Supplies Unearned Fees Wages Expense (Warren 117) Warren, Carl S. Survey of Accounting, 6e, 6th Edition. Cengage Learning, 02/2012. VitalBook file. E3-8 Adjustment for supplies Obj|3 a. $2,250 Answer each of the following independent questions concerning supplies and the adjustment for supplies. a. The balance in the supplies account, before adjustment at the end of the year, is $4,000. What is the amount of the adjustment if the amount of supplies on hand at the end of the year is $1,750? b. The supplies account has a balance of $1,100, and the supplies expense account has a balance of $3,100 at December 31, 2013. If 2013 was the first year of operations, what was the amount of supplies purchased during the year? I need to show my work*** E3-20 Adjustment for accrued fees Obj|3 At the end of the current year, $19,900 of fees have been earned but not billed to clients. a. What is the adjustment to record the accrued fees? Indicate each account affected, whether the account is increased or decreased, and the amount of the increase or decrease. b. If the cash basis rather than the accrual basis had been used, would an adjustment have been necessary? Explain. (Warren 120) Warren, Carl S. Survey of Accounting, 6e, 6th Edition. Cengage Learning, 02/2012. VitalBook file

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!