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

Shareholder value maximization framework , Shareholder value maximization ...

Shareholder value maximization framework The four key elements that affect the shareholder value of a company are Profitability Growth Risk Capital Mark

Types of gift by way of a will-executorship laws and account, TYPES OF GIFT...

TYPES OF GIFT BY WAY OF A WILL (a) A special (or specific) legacy is a testamentary gift of a particular part of the property of the testator, which identifies that part by a s

Equitable apportionments-executorship laws and accounts, Equitable apportio...

Equitable apportionments There are five leading cases where the courts have laid down rules to meet specific situations in which there is a conflict of interest between life tena

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

Illustration of double entry-branches, Illustration of double entry The ba...

Illustration of double entry The balances on the current accounts of a head office and branch were Ksh 698,000, before the transactions listed below: Normal 0

Draw budget constraint - budget line, You will gain welfare from consuming ...

You will gain welfare from consuming bread and chocolate. Your welfare is described numerically by W = 4B + 2C, where B denotes the quantity of bread you choose to consume, and C d

Determine the present value of the bonds payable, Mason Co. issued $860,000...

Mason Co. issued $860,000 of 5 year, 13% with interest payable semiannually, at a market (efffective) interest rate of 12% Determine the present value of the bonds payable, using t

What is its ending retained earnings balance, Q. The following selected amo...

Q. The following selected amounts are available for Vizio Company. Retained earnings (beginning) $1,600 Net loss 300 Cash dividends declared 200 Stock dividends declared 200 What i

List four limitations of ratio analysis, SECTION B QUESTION 2: Tw...

SECTION B QUESTION 2: Two companies Juk Ltd and Roop Ltd operate in the tourism sector. Financial forecasts are provided below: Income Statement for yea

What is exposure draft, Q. What is Exposure Draft? Exposure Draft - Doc...

Q. What is Exposure Draft? Exposure Draft - Document issued by AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS (AICPA), FINANCIAL ACCOUNTING STANDARDS BOARD (FASB), GOVERNME

Write Your Message!

Captcha
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!

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