User Account

All Pages

help, Financial Accounting

Assignment Help:
#The ABC Organization
Unadjusted Trial Balance
As of 31 December 2012
Account Codes
Dr
Cr
Cash
10,789
Furniture and fixtures
60,000
Supplies inventory
8,531
Pledged contributions receivable
251,200
Accounts Receivable
1,700
Salary advance
5,000
Salaries
38,689
Prepaid insurance
300
Income from pledged contributions
200,000
Interest income
3,247
Public donations
10,000
Accounts payable
2,921
Fund balance
160,041
Total
376,209
376,209
The following information for unrecorded transactions and internal events is provided as basis for adjusting entries at the end of December 2012:
1) $3,000 of the $5,000 salary advances granted had been earned by staff members during the month of December 2012. (Part A)
2) The organization received a firm pledge for a contribution of $50,000 from Government X on 30 June 2012 through a field office but this was not yet included in the HQ trial balance. (Part A)
3) The cost of insurance premium which was paid in advance on 1 July 2012 was for a one year policy. Fifty per cent of the value of the prepaid insurance had expired. (Part A)
4) The unpaid pledged contribution of $50,000 from Government X was paid in cash on 28 December 2012 through the field office and the Resident Representative sent a fax requesting to have the amount reflected in the statements. The cash contribution was transferred to the Headquarters account by cable. (Part A)
5) Supplies used during December, $1,300. (Part A)
6) Wages incurred but not yet paid, $25,000. (Part A)
7) Depreciation on furniture and fixtures. The organization uses straight-line depreciation (indirect method) on its furniture and fixtures which have an estimated useful life of five years and no salvage value. The furniture was purchased on 1 January 2012. The depreciation has not yet been recorded for the year. (Part A)
8) Estimated uncollectible accounts receivable is 5% of $1,700. (Part A)
Part A: Prepare journal entries for the above transactions
Part B: Prepare an adjusted trial balance using the format below, adding additional accounts as required
..

Related Discussions:- help

Short-term creditors, Short-term Creditors:   Bankers and another short-ter...

Short-term Creditors:   Bankers and another short-term creditor have an interest same to those of the debenture holders and equity shareholders who are interested in the profitabil

Accounting, Calculation of BEp

Calculation of BEp

Investment appraisal, The business is considering two proposals for their p...

The business is considering two proposals for their promotions of the professional courses.Proposal one could give a stable return throughout the period. Proposal Two would give hi

Calculate the required return of the stock, Below given th einformation of ...

Below given th einformation of the stock calculate the required return of the stock. Dividend = $4.50 every year Current sales price of stock = $ 79.85 per share Formul

Variation of securities-executorship laws and accounts, Variation of securi...

Variation of securities It would seem logical to carry out a strict apportionment between income and capital every time investments are bought or sold. If this were done, it wo

Consolidated balance sheet-group accounts, CONSOLIDATED BALANCE SHEET T...

CONSOLIDATED BALANCE SHEET The consolidated balance sheet involves adding assets and liabilities of the subsidiary to those of the holding company while excluding inter-company

Determine the net present value , A project requires a net investment of $4...

A project requires a net investment of $450,000. It has a profitability index of 1.25 based on the firm's 12 percent cost of capital. Determine the net present value of the project

Uncertainty-failure legacies and gift residue-executorship, Uncertainty ...

Uncertainty A gift or disposition not expressive of any definite intention shall be void for uncertainty, i.e A gift under a will fails where there is uncertainty as to:

What are do you meant by an enterprise system, Question : i) Show the i...

Question : i) Show the interdependence of business strategy and Information Systems in an organization. ii) Distinguish using suitable examples between decision-support syst

What is short sale, Q. What is Short Sale? Short Sale - Sale of an item...

Q. What is Short Sale? Short Sale - Sale of an item before it is purchased. A person entering into a short sale believes that the price of item will decline between date of the

Write Your Message!

Captcha
Order Assignment

Featured Services

Order Now

Popular Subjects

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd