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

Determine the features of accounting information system, Determine the Feat...

Determine the Features of Accounting information system Accounting information system must have certain features which are common to all valid information systems within a bus

Describe how it is helpful for management decision makings, Question: (...

Question: (a) Describe how cost concepts and behavior can be important to Management. (b) What do you meant by "flexing" the Budget? Describe the importance of flexible bud

Retained earnings, Ask question #MiniFollowing is the shareholder''s equity...

Ask question #MiniFollowing is the shareholder''s equity of Valdez Corporation on Jan. 1, 2018:Ordinary Shares, P100 par P6,000,000 Share Premium 500,000 Retained Earnings 1,800,

Illustrate the changing face of accounting, Illustrate the changing face of...

Illustrate the changing face of accounting Over past 25 years, environment within which businesses operate has become increasingly turbulent and competitive. Numerous reasons h

Rate of return on a stock, Suppose that the risk-free rate is 7% and that t...

Suppose that the risk-free rate is 7% and that the market risk premium is 7%. What is the needed rate of return on a stock with a beta of 1.2? What is the needed rate of retu

Prepare the journal entries to record non-monetary exchange, Moore Corporat...

Moore Corporation follows a policy of a 10% depreciation charge per year on all machinery and a 5% depreciation charge per year on buildings (the corporation uses the nearest full

What are the cash collections in sept. from accounts rec.?, Wright Corporat...

Wright Corporation began its operations on September 1 of the current year. Budgeted sales for the first three months of business are $243,339, $313,087, and $415,174, respectively

Inventory management, Objectives of Inventory management After going th...

Objectives of Inventory management After going through this section, you will be capable to: highlight the requirement for and nature of inventory; describe the meth

Termination of appointments-trust laws, TERMINATION OF APPOINTMENTS A tru...

TERMINATION OF APPOINTMENTS A trustee may cease to hold office in the following ways: (a) Disclaimer : At any time before acceptance of the trusts. (b) Retirement : Eith

Technique of managerial control through budgets, Budgetary Control is a tec...

Budgetary Control is a technique of managerial control through budgets. Elaborate.

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