Reference no: EM132655045
Question - Preparing Adjusting Entries at Year End
On June 30, 2012, the end of fiscal year, the ff information is available to Dennis Sandoval Company's accounts for making adjusting entries:
a. Among the liabilities of the company is a 2,400,000 mortgage payable. On June 30, the accrued interest on his mortgage amounted to 120,000.
b. Assume that on, July 2, a Friday the company, which is on a five-day workweek and pays employees weekly, paid its regular salaried employees 192,000.
c. On June 29, the company completed negotiations and signed a contract to provide services to a new client at an annual rate of 36,000.
d. The Supplies account showed a beginning balance of 16,150 and purchases during the year of 37,660. The year-end inventory revealed supplies on hand of 11,860.
e. The prepaid insurance account showed the ff entries on June 30:
Beginning Balance 15,300
January 1 29,000
May 1 33,660
The beginning balance represent the unexpired portion of a one-year policy purchased in April of the previous year. The January 1 entry represented a new one-year policy, and May 1 entry is the additional coverage of a three-year policy.
f. The ff table contains the cost and annual depreciation for building and equipment, all which were purchased before the current year
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Account
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Cost
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Annual Depreciation
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Building
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1,850,000
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73,000
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Equipment
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2,180,000
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218,000
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g. On June 1, the company completed negotiations with another client and accepted an advance 210,000 for services to be performed in the next year. The 210,000 was credited to Unearned Service Revenues.
h. The company calculated that as at June 30 it had earned 35,000 on a 75,000 contract that will be completed and billed in August.
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