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

Trend analysis in detail with example, Trend Analysis Tre...

Trend Analysis Trend analysis is an improvement over year-to-year analysis. When a comparison of financial statements covering more than three years i

Maximum loss method, a,b,c carried on business and their profit and loss ra...

a,b,c carried on business and their profit and loss ratio 3:4:5.they decided dissolve the partnership as on 1st july,2011.the following balance sheet..... creditors-10000 loan A/c-

Interest is deductible on schedule a, Heather & Terry have a mortgage on th...

Heather & Terry have a mortgage on their primary residence of $750,000 and a mortgage on their vacation home of $410,000. In 2013, they incurred $46,400 of mortgage interest expens

Explain methods of calculating depreciation, The financial year of Jack and...

The financial year of Jack and Jill Ltd will end on 31 May 2008. At 1 June 2007, the company had in use equipment with a total accumulated cost of Rs 135,620 which had been depreci

What is completion report, Q. What is Completion Report? The object of a ...

Q. What is Completion Report? The object of a completion report is to compare the cost of work actually constructed with those provided for in the last sanctioned estimate. A com

Review, objective of working capital management and profitability

objective of working capital management and profitability

Recording, explain the terms recording,classifying,summarizing and communic...

explain the terms recording,classifying,summarizing and communicating

Compute the cost allocated to cost centers, 1.      Allocation of Indirec...

1.      Allocation of Indirect Cost Radiology Department in long Island Jewish Hospital incurred $1,267,000 of total indirect cost in five procedures (CC#557: Diagnostic Rad

Liquidation, The liquidation of the Marks, Norris, Smith, and Savannah part...

The liquidation of the Marks, Norris, Smith, and Savannah partnership:

Writing a dissertation, I want to do a custom dissertation on IAS 40 invest...

I want to do a custom dissertation on IAS 40 investment property which needs to include a brief outline, positive as well as negative international critique with respect to the sta

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