The Unadjusted Trial Balance for Hawkeye Ranges as of December 31 is presented in requirement 1....
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The Unadjusted Trial Balance for Hawkeye Ranges as of December 31 is presented in requirement 1. The following additional information relates to the required year-end adjustments. a. As of December 31, employees had earned $1,062 of unpaid and unrecorded salaries. The next payday is January 4, at which time $1,890 of salaries will be paid. b. The cost of supplies still available at December 31 is $3,198. c. The notes payable requires an interest payment to be made every three months. The amount of unrecorded accrued interest at December 31 is $1,175. The next interest payment, at an amount of $1,410, is due on January 15. d. Analysis of the unearned member fees account shows $6,634 remaining unearned at December 31. e. In addition to the member fees included in the revenue account balance, the company has earned another $10,681 in unrecorded fees that will be collected on January 31. The company is also expected to collect $8,000 on that same day for new fees earned in January. f. Depreciation expense for the year is $15,080. Required: 1. Complete the six-column table by entering adjustments that reflect the above information. 2. Prepare journal entries for the adjustments entered in the six-column table for Requirement 1. 3. Prepare journal entries to reverse the effects of the adjusting entries that involve accruals. 4. Prepare journal entries to record the cash payments and cash collections described for January. (Assume reversing entries were prepared.) Required 1 Required 2 Required 3 Required 4 Complete the six-column table by entering adjustments that reflect the above information. HAWKEYE RANGES Partial Work Sheet December 31 Unadjusted Adjusted Trial Balance Adjustments Trial Balance Account Title Dr. Cr. Dr. Cr. Dr. Cr. Cash $ 15,400 Accounts receivable Supplies 6,514 Equipment 157,080 Accumulated depreciation-Equipment Interest payable $ 30,159 Salaries payable Unearned member fees 16,586 Notes payable 47,000 P. Hawkeye, Capital 82.217 P. Hawkeye, Withdrawals 23,100 Member fees earned 62,832 Depreciation expense-Equipment Salaries expense 33,175 Interest expense 3,525 Supplies expense Totals $ 238,794 $ 238,794 $ 0 $ 0 $ 0 $ Required 1 Required 2 Required 3 Required 4 Prepare journal entries for the adjustments entered in the six-column table for Requirement 1. View transaction list Journal entry worksheet 1 3 4 6 > As of December 31, employees had earned $1,062 of unpaid and unrecorded salaries. The next payday is January 4, at which time $1,890 of salaries will be paid. Note: Enter debits before credits. Transaction General Journal Debit Credit a. Record entry Clear entry View general journal Required 1 Required 2 Required 3 Required 4 Prepare journal entries for the adjustments entered in the six-column table for Requirement 1. View transaction list Journal entry worksheet 1 5 6 > 2 3 4 The cost of supplies still available at December 31 is $3,198. Note: Enter debits before credits. Transaction General Journal Debit Credit b. Record entry Clear entry View general journal Required 1 Required 2 Required 3 Required 4 Prepare journal entries for the adjustments entered in the six-column table for Requirement 1. View transaction list Journal entry worksheet 2 3 4 5 6 > The notes payable requires an interest payment to be made every three months. The amount of unrecorded accrued interest at December 31 is $1,175. The next interest payment, at an amount of $1,410, is due on January 15. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal Required 1 Required 2 Required 3 Required 4 Prepare journal entries for the adjustments entered in the six-column table for Requirement 1. View transaction list Journal entry worksheet < 1 2 > 3 4 6 Analysis of the unearned member fees account shows $6,634 remaining unearned at December 31. Note: Enter debits before credits. Transaction General Journal Debit Credit d. Record entry Clear entry View general journal Required 1 Required 2 Required 3 Required 4 Prepare journal entries for the adjustments entered in the six-column table for Requirement 1. View transaction list Journal entry worksheet 1 2 3 4 5 6 > In addition to the member fees included in the revenue account balance, the company has earned another $10,681 in unrecorded fees that will be collected on January 31. The company is also expected to collect $8,000 on that same day for new fees earned in January. Note: Enter debits before credits. Transaction General Journal Debit Credit е. Record entry Clear entry View general journal Required 1 Required 2 Required 3 Required 4 Prepare journal entries for the adjustments entered in the six-column table for Requirement 1. View transaction list Journal entry worksheet 2 3 4 5 6 > Depreciation expense for the year is $15,080. Note: Enter debits before credits. Transaction General Journal Debit Credit f. Record entry Clear entry View general journal Required 1 Required 2 Required 3 Required 4 Prepare journal entries to reverse the effects of the adjusting entries that involve accruals. (If no reversing entry is required, select "No reversing entry required.") View transaction list Journal entry worksheet 1 2 3 4 5 6 > Prepare reversing entry related to unrecorded salaries, if any. Note: Enter debits before credits. Transaction General Journal Debit Credit a. Record entry Clear entry View general journal Required 1 Required 2 Required 3 Required 4 Prepare journal entries to reverse the effects of the adjusting entries that involve accruals. (If no reversing entry is required, select "No reversing entry required.") View transaction list Journal entry worksheet 1 2 3 4 5 6 > Prepare reversing entry related to supplies, if any. Note: Enter debits before credits. Transaction General Journal Debit Credit b. Record entry Clear entry View general journal Required 1 Required 2 Required 3 Required 4 Prepare journal entries to reverse the effects of the adjusting entries that involve accruals. (If no reversing entry is required, select "No reversing entry required.") View transaction list Journal entry worksheet < 1 2 3 4 5 6 > Prepare reversing entry related to interest on the note, if any. Note: Enter debits before credits. Transaction General Journal Debit Credit C. Record entry Clear entry View general journal Required 1 Required 2 Required 3 Required 4 Prepare journal entries to reverse the effects of the adjusting entries that involve accruals. (If no reversing entry is required, select "No reversing entry required.") View transaction list Journal entry worksheet < 1 2 > 3 4 5 6 Prepare reversing entry related to unearned member fees, if any. Note: Enter debits before credits. Transaction General Journal Debit Credit d. Record entry Clear entry View general journal Required 1 Required 2 Required 3 Required 4 Prepare journal entries to reverse the effects of the adjusting entries that involve accruals. (If no reversing entry is required, select "No reversing entry required.") View transaction list Journal entry worksheet < 1 2 3 4 5 > 6 Prepare reversing entry related to unrecorded fees, if any. Note: Enter debits before credits. Transaction General Journal Debit Credit e. Record entry Clear entry View general journal Required 1 Required 2 Required 3 Required 4 Prepare journal entries to reverse the effects of the adjusting entries that involve accruals. (If no reversing entry is required, select "No reversing entry required.") View transaction list Journal entry worksheet < 1 2 3 4 5 6 > Prepare reversing entry related to depreciation, if any. Note: Enter debits before credits. Transaction General Journal Debit Credit f. Record entry Clear entry View general journal Required 1 Required 2 Required 3 Required 4 Prepare journal entries to record the cash payments and cash collections described for January. (Assume reversing entries were prepared.) (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 2 3 4 5 6 > 1 As of December 31, employees had earned $1,062 of unpaid and unrecorded salaries. The next payday is January 4, at which time $1,890 of salaries will be paid. Note: Enter debits before credits. Date General Journal Debit Credit Jan 04 Record entry Clear entry View general journal Required 1 Required 2 Required 3 Required 4 Prepare journal entries to record the cash payments and cash collections described for January. (Assume reversing entries were prepared.) (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 4 5 6 > The cost of supplies still available at December 31 is $3,198. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Record entry Clear entry View general journal Required 1 Required 2 Required 3 Required 4 Prepare journal entries to record the cash payments and cash collections described for January. (Assume reversing entries were prepared.) (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 2 4 5 6 > The notes payable requires an interest payment to be made every three months. The amount of unrecorded accrued interest at December 31 is $1,175. The next interest payment, at an amount of $1,410, is due on January 15. Note: Enter debits before credits. Date General Journal Debit Credit Jan 15 Record entry Clear entry View general journal 3. Required 1 Required 2 Required 3 Required 4 Prepare journal entries to record the cash payments and cash collections described for January. (Assume reversing entries were prepared.) (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet < 1 2 > 3 4 6 Analysis of the unearned member fees account shows $6,634 remaining unearned at December 31. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Record entry Clear entry View general journal Required 1 Required 2 Required 3 Required 4 Prepare journal entries to record the cash payments and cash collections described for January. (Assume reversing entries were prepared.) (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 4 6 > In addition to the member fees included in the revenue account balance, the company has earned another $10,681 in unrecorded fees that will be collected on January 31. The company is also expected to collect $8,000 on that same day for new fees earned in January. Note: Enter debits before credits. Date General Journal Debit Credit Jan 31 Record entry Clear entry View general journal Required 1 Required 2 Required 3 Required 4 Prepare journal entries to record the cash payments and cash collections described for January. (Assume reversing entries were prepared.) (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 4 5 > 6 Depreciation expense for the year is $15,080. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Record entry Clear entry View general journal The Unadjusted Trial Balance for Hawkeye Ranges as of December 31 is presented in requirement 1. The following additional information relates to the required year-end adjustments. a. As of December 31, employees had earned $1,062 of unpaid and unrecorded salaries. The next payday is January 4, at which time $1,890 of salaries will be paid. b. The cost of supplies still available at December 31 is $3,198. c. The notes payable requires an interest payment to be made every three months. The amount of unrecorded accrued interest at December 31 is $1,175. The next interest payment, at an amount of $1,410, is due on January 15. d. Analysis of the unearned member fees account shows $6,634 remaining unearned at December 31. e. In addition to the member fees included in the revenue account balance, the company has earned another $10,681 in unrecorded fees that will be collected on January 31. The company is also expected to collect $8,000 on that same day for new fees earned in January. f. Depreciation expense for the year is $15,080. Required: 1. Complete the six-column table by entering adjustments that reflect the above information. 2. Prepare journal entries for the adjustments entered in the six-column table for Requirement 1. 3. Prepare journal entries to reverse the effects of the adjusting entries that involve accruals. 4. Prepare journal entries to record the cash payments and cash collections described for January. (Assume reversing entries were prepared.) Required 1 Required 2 Required 3 Required 4 Complete the six-column table by entering adjustments that reflect the above information. HAWKEYE RANGES Partial Work Sheet December 31 Unadjusted Adjusted Trial Balance Adjustments Trial Balance Account Title Dr. Cr. Dr. Cr. Dr. Cr. Cash $ 15,400 Accounts receivable Supplies 6,514 Equipment 157,080 Accumulated depreciation-Equipment Interest payable $ 30,159 Salaries payable Unearned member fees 16,586 Notes payable 47,000 P. Hawkeye, Capital 82.217 P. Hawkeye, Withdrawals 23,100 Member fees earned 62,832 Depreciation expense-Equipment Salaries expense 33,175 Interest expense 3,525 Supplies expense Totals $ 238,794 $ 238,794 $ 0 $ 0 $ 0 $ Required 1 Required 2 Required 3 Required 4 Prepare journal entries for the adjustments entered in the six-column table for Requirement 1. View transaction list Journal entry worksheet 1 3 4 6 > As of December 31, employees had earned $1,062 of unpaid and unrecorded salaries. The next payday is January 4, at which time $1,890 of salaries will be paid. Note: Enter debits before credits. Transaction General Journal Debit Credit a. Record entry Clear entry View general journal Required 1 Required 2 Required 3 Required 4 Prepare journal entries for the adjustments entered in the six-column table for Requirement 1. View transaction list Journal entry worksheet 1 5 6 > 2 3 4 The cost of supplies still available at December 31 is $3,198. Note: Enter debits before credits. Transaction General Journal Debit Credit b. Record entry Clear entry View general journal Required 1 Required 2 Required 3 Required 4 Prepare journal entries for the adjustments entered in the six-column table for Requirement 1. View transaction list Journal entry worksheet 2 3 4 5 6 > The notes payable requires an interest payment to be made every three months. The amount of unrecorded accrued interest at December 31 is $1,175. The next interest payment, at an amount of $1,410, is due on January 15. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal Required 1 Required 2 Required 3 Required 4 Prepare journal entries for the adjustments entered in the six-column table for Requirement 1. View transaction list Journal entry worksheet < 1 2 > 3 4 6 Analysis of the unearned member fees account shows $6,634 remaining unearned at December 31. Note: Enter debits before credits. Transaction General Journal Debit Credit d. Record entry Clear entry View general journal Required 1 Required 2 Required 3 Required 4 Prepare journal entries for the adjustments entered in the six-column table for Requirement 1. View transaction list Journal entry worksheet 1 2 3 4 5 6 > In addition to the member fees included in the revenue account balance, the company has earned another $10,681 in unrecorded fees that will be collected on January 31. The company is also expected to collect $8,000 on that same day for new fees earned in January. Note: Enter debits before credits. Transaction General Journal Debit Credit е. Record entry Clear entry View general journal Required 1 Required 2 Required 3 Required 4 Prepare journal entries for the adjustments entered in the six-column table for Requirement 1. View transaction list Journal entry worksheet 2 3 4 5 6 > Depreciation expense for the year is $15,080. Note: Enter debits before credits. Transaction General Journal Debit Credit f. Record entry Clear entry View general journal Required 1 Required 2 Required 3 Required 4 Prepare journal entries to reverse the effects of the adjusting entries that involve accruals. (If no reversing entry is required, select "No reversing entry required.") View transaction list Journal entry worksheet 1 2 3 4 5 6 > Prepare reversing entry related to unrecorded salaries, if any. Note: Enter debits before credits. Transaction General Journal Debit Credit a. Record entry Clear entry View general journal Required 1 Required 2 Required 3 Required 4 Prepare journal entries to reverse the effects of the adjusting entries that involve accruals. (If no reversing entry is required, select "No reversing entry required.") View transaction list Journal entry worksheet 1 2 3 4 5 6 > Prepare reversing entry related to supplies, if any. Note: Enter debits before credits. Transaction General Journal Debit Credit b. Record entry Clear entry View general journal Required 1 Required 2 Required 3 Required 4 Prepare journal entries to reverse the effects of the adjusting entries that involve accruals. (If no reversing entry is required, select "No reversing entry required.") View transaction list Journal entry worksheet < 1 2 3 4 5 6 > Prepare reversing entry related to interest on the note, if any. Note: Enter debits before credits. Transaction General Journal Debit Credit C. Record entry Clear entry View general journal Required 1 Required 2 Required 3 Required 4 Prepare journal entries to reverse the effects of the adjusting entries that involve accruals. (If no reversing entry is required, select "No reversing entry required.") View transaction list Journal entry worksheet < 1 2 > 3 4 5 6 Prepare reversing entry related to unearned member fees, if any. Note: Enter debits before credits. Transaction General Journal Debit Credit d. Record entry Clear entry View general journal Required 1 Required 2 Required 3 Required 4 Prepare journal entries to reverse the effects of the adjusting entries that involve accruals. (If no reversing entry is required, select "No reversing entry required.") View transaction list Journal entry worksheet < 1 2 3 4 5 > 6 Prepare reversing entry related to unrecorded fees, if any. Note: Enter debits before credits. Transaction General Journal Debit Credit e. Record entry Clear entry View general journal Required 1 Required 2 Required 3 Required 4 Prepare journal entries to reverse the effects of the adjusting entries that involve accruals. (If no reversing entry is required, select "No reversing entry required.") View transaction list Journal entry worksheet < 1 2 3 4 5 6 > Prepare reversing entry related to depreciation, if any. Note: Enter debits before credits. Transaction General Journal Debit Credit f. Record entry Clear entry View general journal Required 1 Required 2 Required 3 Required 4 Prepare journal entries to record the cash payments and cash collections described for January. (Assume reversing entries were prepared.) (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 2 3 4 5 6 > 1 As of December 31, employees had earned $1,062 of unpaid and unrecorded salaries. The next payday is January 4, at which time $1,890 of salaries will be paid. Note: Enter debits before credits. Date General Journal Debit Credit Jan 04 Record entry Clear entry View general journal Required 1 Required 2 Required 3 Required 4 Prepare journal entries to record the cash payments and cash collections described for January. (Assume reversing entries were prepared.) (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 4 5 6 > The cost of supplies still available at December 31 is $3,198. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Record entry Clear entry View general journal Required 1 Required 2 Required 3 Required 4 Prepare journal entries to record the cash payments and cash collections described for January. (Assume reversing entries were prepared.) (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 2 4 5 6 > The notes payable requires an interest payment to be made every three months. The amount of unrecorded accrued interest at December 31 is $1,175. The next interest payment, at an amount of $1,410, is due on January 15. Note: Enter debits before credits. Date General Journal Debit Credit Jan 15 Record entry Clear entry View general journal 3. Required 1 Required 2 Required 3 Required 4 Prepare journal entries to record the cash payments and cash collections described for January. (Assume reversing entries were prepared.) (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet < 1 2 > 3 4 6 Analysis of the unearned member fees account shows $6,634 remaining unearned at December 31. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Record entry Clear entry View general journal Required 1 Required 2 Required 3 Required 4 Prepare journal entries to record the cash payments and cash collections described for January. (Assume reversing entries were prepared.) (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 4 6 > In addition to the member fees included in the revenue account balance, the company has earned another $10,681 in unrecorded fees that will be collected on January 31. The company is also expected to collect $8,000 on that same day for new fees earned in January. Note: Enter debits before credits. Date General Journal Debit Credit Jan 31 Record entry Clear entry View general journal Required 1 Required 2 Required 3 Required 4 Prepare journal entries to record the cash payments and cash collections described for January. (Assume reversing entries were prepared.) (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 4 5 > 6 Depreciation expense for the year is $15,080. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Record entry Clear entry View general journal
Expert Answer:
Answer rating: 100% (QA)
Answer Solution Hawkeye Rawyer Partial Wooksheet De cember 31 Una... View the full answer
Related Book For
Horngrens Financial and Managerial Accounting
ISBN: 978-0133866292
5th edition
Authors: Tracie L. Nobles, Brenda L. Mattison, Ella Mae Matsumura
Posted Date:
Students also viewed these accounting questions
-
The following information is from the unadjusted trial balance for Journey's Knd Company prepared at October 31, 2014, the end of the fiscal year: Rent and salaries expense are equally divided...
-
The June 30, 2014, unadjusted trial balance for Trenton Consulting after its first year of operations follows: Required 1. Enter the unadjusted trial balance onto a work sheet. 2. Using the following...
-
The June 30, 2017, unadjusted trial balance for Trenton Consulting after its first year of operations follows: Required 1. Enter the unadjusted trial balance onto a work sheet. 2. Using the following...
-
Did Hopkins materially misrepresent his health when applying for insurance? Does Golden Rule have the right to rescind his insurance policies?
-
Distinguish between subordinated and unsubordinated debentures.
-
Match the following pension and postretirement benefit terms and descriptions. Term 1. Amortization of prior service cost 2. Accumulated postretirement benefit obligation 3. Obligations under...
-
An expression for the value of \(c_{p}\) for carbon dioxide as a function of temperature is \[ c_{p}=286-\frac{1.15 \times 10^{5}}{T}+\frac{2.49 \times 10^{6}}{T^{2}} \] where \(c_{p}\) is in...
-
The following cash flows were reported by Techno Inc. in 2009 and 2008. (a) Explain the difference between net income and cash flow from operating activities for Techno in 2009. (b) Analyze Techno...
-
Modify the class Shape so that it implements Cloneable and Comparable interfaces. The comparison should be solely based on the area of two shapes. Use the following method header: public int...
-
Tammy Touchtone operates a talent agency called Touchtone Talent Agency. Some clients pay in advance for services; others are billed after services have been performed. Advance payments are credited...
-
1. Figure 6.18 shows a three-speed motorcar gearbox. The input shaft with pinion A transmits 100 kW at 1600 r/min. Pinion A drives gear wheel B on the lay shaft which also carries the gears E and C...
-
Pilot \(\mathrm{A}\) is seated in the middle of a ship that has a proper length of \(250 \mathrm{~m}\), and pilot B is seated in the middle of an identical ship. Pilot B passes A at a speed that A...
-
When do you use primitives like load linked and store conditional? 1. When cooperating threads of a parallel program need to synchronize to get proper behavior for reading and writing shared data 2....
-
On January 1, Dias SA issued R$1,000,000, 10%, 5-year bonds with interest payable annually on December 31. The bonds sold for R$1,072,096. The market rate of interest for these bonds was 12%. On the...
-
Two studies both found a correlation between low birth weight and weakened immune systems. The second study had a much larger sample size, so the correlation it found must be stronger. For Exercises...
-
You are consulting for an episode of Stars Wars, Part XVI. As this episode opens, starship Orion zooms past a space station at \(t=0\) ship's time, traveling at a constant \(0.6000 c_{0}\) relative...
-
4. Consider two investments A and B whose returns follow Normal distribution with mean 14% and 20% respectively having standard deviation 6% and 9% respectively and the correlation between them is...
-
Design and describe an application-level protocol to be used between an automatic teller machine and a bank's centralized computer. Your protocol should allow a user 's card and password to be...
-
New Home reported the following income statement for the year ended December 31, 2017: Requirements 1. Compute New Homes inventory turnover rate for the year. 2. Compute New Homes days sales in...
-
Montana Cycles started July with 25 bicycles that cost $36 each. On July 16, Montana bought 35 bicycles at $60 each. On July 31, Montana sold 33 bicycles for $105 each. Requirements 1. Prepare...
-
The unadjusted trial balance of Irvine Inn Company at December 31, 2016, and the data needed for the adjustments follow. Adjustment data at December 31 follow: a. As of December 31, Irvine Inn had...
-
(T/F) EBTs should have a direct physical representation.
-
Where do you start developing BOs for any particular EBT? What questions do you need to ask?
-
What are the four characteristics that a BO must satisfy to fully qualify as a BO in any particular pattern?
Study smarter with the SolutionInn App