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Prepare adjusting entries from analysis of trial balance
Course:- Managerial Accounting
Reference No.:- EM131218424




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E4-13 - Analyze adjusted data

This is a partial adjusted trial balance of Barone Company

  BARONE COMPANY

Adjusted Trial Balance

31-Jan-14
     
  Debit Credit
Supplies $700  
Prepaid Insurance 1,560
Salaries and Wages Payable   $1,060
Unearned Service Revenue   750
Supplies Expense 950
Insurance Expense 520
Salaries and Wages  Expense 1,800  
Service Revenue   4,000

Instructions

Answer these questions, assuming the year begins January 1.

(a) If the amount in Supplies Expense is the January 31 adjusting entry, and $300 of supplies was purchased in January, what was the balance in Supplies on January 1?

(b) If the amount in Insurance Expense is the January 31 adjusting entry, and the original insurance premium was for 1 year, what was the total premium and when was the policy purchased?

(c ) If $2,500 of salaries was paid in January, what was the balance in Salaries and Wages Payable at December 31, 2013?

(d) If $1,800 was received in January for services performed in January, what was the balance in Unearned Service Revenue at December 31, 2013?

NOTE: Enter a number in cells requesting a value; enter either a number or a formula in cells with a "?" .

E4-16 Prepare adjusting entries from analysis of trial balance

BERE OMPANY

Trial Balance

August 31, 2014

 

 

 

 

 

 

 

 

 

 

 

 

Before

After

 

 

 

 

Adjustment

Adjustment

 

 

 

 

Dr.

Cr.

Dr.

Cr.

Cash

 

 

 

$10,900

 

$10,900

 

Accounts Receivable

 

8,800

 

9,400

 

Supplies

 

 

 

2,500

 

500

 

Prepaid Insurance

 

 

4,000

 

2,500

 

Equipment

 

 

16,000

 

16,000

 

Accumulated Depreciation - Equipment

3,600

 

4,800

Accounts Payable

 

 

 

5,800

 

5,800

Salaries and Wages Payable

 

 

0

 

1,100

Unearned Rent Revenue

 

 

1,800

 

800

Common Stock

 

 

 

10,000

 

10,000

Retained Earnings

 

 

 

5,500

 

5,500

Dividends

 

 

2,800

 

2,800

 

Service Revenue

 

 

 

34,000

 

34,600

Rent Revenue

 

 

 

12,100

 

13,100

Salaries and Wages Expense

 

17,000

 

18,100

 

Supplies Expense

 

 

0

 

2,000

 

Rent Expense

 

 

10,800

 

10,800

 

Insurance Expense

 

 

0

 

1,500

 

Depreciation Expense

 

0

 

1,200

 

 

 

 

 

$72,800

$72,800

$75,700

$75,700

The trial balance shown below are before and after adjustment for Bere Company at the end of its fiscal year.

Instructions

Prepare the adjusting entries that were made

NOTE: Enter a number in cells requesting a value; enter either a number or a formula in cells with a "?" .

P4-1A Record transactions on accrual basis; convert revenue to cash receipts

The following selected data are taken from the comparative financial statements of American Curling Club. The club prepares its financial statements using the accrual basis of accounting.

 September 30

 

2014

 

2013

 

Accounts receivable for member dues

 

 $        15,000

 

 $         19,000

 

Unearned sales revenue

 

 

20,000

 

23,000

 

Service revenue (from member dues)

 

151,000

 

135,000

 

Dues are billed to members based upon their use of the club's facilities. Unearned sales revenues arise from the sale of tickets to events, such as the Skins Game.

Instructions

(Hint: You will find it helpful to use T-accounts to analyze the following data. You must analyze these data sequentially, as missing information must first be deduced before moving on. Post your journal entries as you progress, rather than waiting until the end.)

(a) Prepare journal entries for each of the following events that took place during 2014.

1. Dues receivable from members from 2013 were all collected during 2014.

2. During 2014, goods were provided for all of the unearned sales revenue at the end of 2013.

3. Additional tickets were sold for $44,000 cash during 2014, a portion of these were used by the purchasers during the year. The entire balance remaining in Unearned

Sales Revenue relates to the upcoming Skins Game in 2014.

4. Dues for the 2013-2014 fiscal year were billed to members.

5. Dues receivable for 2014 (i.e., those billed in item (4) above ) were partially collected.

(b) Determine the amount of cash received by American from the above transactions during the year ended September 30, 2014.

NOTE: Enter a number in cells requesting a value; enter either a number or a formula in cells with a "?".

Excel spread sheets completed. I really need assistance with this.

Answered:-

Verified Expert

The solution contains 3 answers relating to accounting. Solution to E4-13 is in relation to Analyzing adjusted data for Barone Company. The required missing figures have been calculated. Solution to E4-16 is in relation to preparation of adjusting entries from analysis of trial balance of Bere Company and solution P4-1A in in relation to recording transactions on accrual basis for American Curling Club.



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