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ACC 100 Homework Chapter 3

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ACC 100 Homework Chapter 3 -

Brief Exercise 3-3

Ritter Advertising Company’s trial balance at December 31 shows Supplies $7,693 and Supplies Expense $0. On December 31, there are $3,089 of supplies on hand.

Prepare the adjusting entry at December 31, and using T-accounts, enter the balances in the accounts, post the adjusting entry, and indicate the adjusted balance in each account. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

 

Brief Exercise 3-4

At the end of its first year, the trial balance of Nygaard Company shows Equipment $32,718 and zero balances in Accumulated Depreciation—Equipment and Depreciation Expense. Depreciation for the year is estimated to be $4,770.

Prepare the adjusting entry for depreciation at December 31. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

 

Brief Exercise 3-5

On July 1, 2014, Dobbs Co. pays $12,600 to Kalter Insurance Co. for a 3-year insurance contract. Both companies have fiscal years ending December 31.

For Dobbs Co., journalize and post the entry on July 1 and the adjusting entry on December 31.(Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

 

Brief Exercise 3-6

On July 1, 2014, Dobbs Co. pays $16,800 to Kalter Insurance Co. for a 3-year insurance contract. Both companies have fiscal years ending December 31.

Journalize and post the entry on July 1 and the adjusting entry on December 31 for Kalter Insurance Co. Kalter uses the accounts Unearned Service Revenue and Service Revenue. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

 

Exercise 3-4

Hart Corporation encounters the following situations:

Identify what type of adjusting entry (prepaid expense, unearned revenue, accrued expense, or accrued revenue) is needed in each situation, at December 31, 2014.

 

Exercise 3-7

The ledger of Perez Rental Agency on March 31 of the current year includes the selected accounts, shown below, before adjusting entries have been prepared.

   

Debit

 

Credit

Prepaid Insurance

 

$ 16,020

   

Supplies

 

3,334

   

Equipment

 

28,125

   

Accumulated Depreciation—Equipment

     

$ 9,450

Notes Payable

     

20,000

Unearned Rent Revenue

     

9,600

Rent Revenue

     

60,454

Interest Expense

 

0

   

Salaries and Wages Expense

 

10,683

   


An analysis of the accounts shows the following

1. The equipment depreciates $450 per month.

2. One-third of the unearned rent revenue was earned during the quarter.

3. Interest of $500 is accrued on the notes payable.

4. Supplies on hand total $795.

5. Insurance expires at the rate of $890 per month.

Prepare the adjusting entries at March 31, assuming that adjusting entries are made quarterly. Additional accounts are: Depreciation Expense, Insurance Expense, Interest Payable, and Supplies Expense. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

 

Exercise 3-12

Selected accounts of Koffman Company are shown below.

Supplies Expense

7/31

809

   

Supplies

7/1 Bal.

1,298

7/31

809

7/10

637

   

Accounts Receivable

7/31

496

   

Salaries and Wages Expense

7/15

1,009

   

7/31

1,009

   

Salaries and Wages Payable

   

7/31

1,009

Unearned Service Revenue

7/31

1,396

7/1 Bal.

1,095

   

7/20

1,961

Service Revenue

   

7/14

2,319

   

7/31

496

   

7/31

1,396

 

(a) After analyzing the accounts, journalize the July transactions. (Hint: July transactions were for cash.) (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)

(b) After analyzing the accounts, journalize the adjusting entries that were made on July 31.(Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

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