College Accounting (Book Only): A Career Approach
12th Edition
ISBN: 9781305084087
Author: Cathy J. Scott
Publisher: Cengage Learning
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Chapter 4, Problem 2PA
The
Data for the adjustments are as follows:
- a. Expired or used-up insurance, $800.
- b. Depreciation expense on equipment, $2,700.
- c. Wages accrued or earned since the last payday, $585 (owed and to be paid on the next payday).
- d. Supplies remaining at the end of month, $230.
Required
- 1. Complete a work sheet. (Skip this step if using CLGL.)
- 2. Journalize the
adjusting entries .
*If you are using CLGL, use the year 2020 when recording transactions.
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Schrand Services offers janitorial services on both a contract basis and an hourly basis. On January I, Schrand collected $26, I00 cash in advance on a six-month contract for work to be performed evenly during the next six months.
Prepare the entry on January I to reflect the receipt of $26,100 cash for contract work; use the financial statement effects template.
Adjust the appropriate accounts on January 31 for the contract work done during January; use the financial statement effects template .
At January 31, a total of 30 hours of hourly rate janitor work was performed but unb illed. The billing rate is $ 19 per hour. Prepare the accounting adjustment needed on January 31, using the financial statement effects template. (The firm uses the account Fees Receivable to reflect the revenue earned but not yet billed.)
Refer to above information to prepare Journal entry for each part 1, 2 and 3.
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Fees Earned
14,000
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Dec. 31
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Suppose a customer rents a vehicle for three months from Franklin Rental on November 1, paying $3,750 ($1,250/month).
Required:
1.&2. Record the necessary entries in the Journal Entry Worksheet below.
3. Calculate the year-end adjusted balances of Deferred Revenue and Service Revenue (assuming the balance of Deferred Revenue at the beginning of the year is $0).
Chapter 4 Solutions
College Accounting (Book Only): A Career Approach
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 adjustments for Newkirk Company as...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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