Bundle: College Accounting: A Career Approach (with QuickBooks Online), Loose-leaf Version,13th + CengageNOWV2, 1 term (6 months) Printed Access
13th Edition
ISBN: 9781337607773
Author: Cathy J. Scott
Publisher: Cengage Learning
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Chapter 4, Problem 1PA
1.
To determine
Indicate the debit and credit balances on the
2.
To determine
Indicate the given adjustments and complete the worksheet for Company MI for the month ended September 30, 20--.
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Hankik Enterprises
Worksheet
For the Year Ended July 31, 2015
Adjusted Trial
Trial Balance
Adjustments
Description
Balance
Debit
Debit
Credit
Credit
Debit
Credit
Cash
36
Prepaid Insurance
12
Fees Receivable
56
Supplies
12
Equipment
60
Accum. Depreciation
12
Uncarned Revenue
20
Accounts Payable
32
Wages Payable
Ramon Hikik, Capital
84
Ramon Hikik,
4
Drawing
Service Revenue
80
Advertising Expense
28
Wage Expense
20
Insurance Expense
Supplies Expense
Depreciation Expense
228
Totals
228
Complete the work sheet for Ramey Company, dated December 31, 20--, through the adjusted trial balance using the following adjustment information:
a. Expired or used-up insurance, $590.
b. Depreciation expense on equipment, $750 (remember to credit the Accumulated Depreciation account for equipment, not Equipment).
c. Wages accrued or earned since the last payday, $260 (owed and to be paid on the next payday).
d. Supplies remaining, $80.
If no amount is required, enter 0.
ACCOUNT NAME
1 Cash
2 Supplies
3 Prepaid Insurance
4 Equipment
5 Accum. Depr., Equipment
6 Accounts Payable
7 S. Ramey, Capital
8 S. Ramey, Drawing
9 Service Fees
10 Rent Expense
11 Supplies Expense
12 Wages Expense
13 Miscellaneous Expense
14
15
16
17
18
TRIAL BALANCE
DEBIT
5,190
430
1,200
4,678
1,700
965
267
765
98
Ramey Company
Work Sheet
For Month Ended December 31, 20--
15,293
CREDIT
1,556
1,875
6,026
5,836
15,293
ADJUSTMENTS
DEBIT
CREDIT
ADJUSTED TRIAL BALANCE
DEBIT
CREDIT
1
2
3
4
5
6
7
8
9
10
11
12
13…
Record journal entries for the following transactions.
a. On December 1, $14,000 was received for a service contract to be performed from December 1 through April 30. If an amount box does not require an entry, leave it blank.
Dec. 1 Accounts Receivable
14,000
Fees Earned
14,000
b. Assuming the work is performed evenly throughout the contract period, prepare the adjusting journal entry on December 31. If an amount box does not reguire an entry, leave it blank.
Dec. 31
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Chapter 4 Solutions
Bundle: College Accounting: A Career Approach (with QuickBooks Online), Loose-leaf Version,13th + CengageNOWV2, 1 term (6 months) Printed Access
Ch. 4 - The __________ represents the sequence of steps in...Ch. 4 - The __________ is a working paper used by...Ch. 4 - On the work sheet, assets are recorded in which of...Ch. 4 - Rainy Day Services had 430 of supplies reported on...Ch. 4 - On the work sheet, Accumulated Depreciation,...Ch. 4 - The __________ requires that expenses be matched...Ch. 4 - Accumulated Depreciation, Equipment is reported a....Ch. 4 - What is the purpose of a work sheet?Ch. 4 - What is the purpose of adjusting entries?Ch. 4 - Prob. 3DQ
Ch. 4 - Prob. 4DQCh. 4 - Prob. 5DQCh. 4 - Define depreciation as it relates to a van you...Ch. 4 - Prob. 7DQCh. 4 - Why is it necessary to journalize and post...Ch. 4 - 1. List the following classifications of accounts...Ch. 4 - Classify each of the accounts listed below as...Ch. 4 - Place a check mark next to any account(s)...Ch. 4 - A partial work sheet for Marges Place is shown...Ch. 4 - Complete the work sheet for Ramey Company, dated...Ch. 4 - Journalize the adjusting entries from the partial...Ch. 4 - Journalize the adjusting entries from the partial...Ch. 4 - Journalize the following adjusting entries that...Ch. 4 - Determine on which financial statement each...Ch. 4 - Prob. 1PACh. 4 - The trial balance of Clayton Cleaners for the...Ch. 4 - The trial balance for Game Time on July 31 is as...Ch. 4 - The trial balance for Benner Hair Salon on March...Ch. 4 - The trial balance for Masons Insurance Agency as...Ch. 4 - The trial balance of The New Decors for the month...Ch. 4 - The trial balance for Harris Pitch and Putt on...Ch. 4 - The trial balance for Wilson Financial Services on...Ch. 4 - Prob. 1ACh. 4 - You are the bookkeeper for a small but thriving...Ch. 4 - Prob. 3ACh. 4 - Your client is preparing financial statements to...Ch. 4 - Prob. 1CP
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