Reference no: EM131218424

E4-13 - Analyze adjusted data

This is a partial adjusted trial balance of Barone Company

Instructions

Answer these questions, assuming the year begins January 1.

(a) If the amount in Supplies Expense is the January 31 adjusting entry, and $300 of supplies was purchased in January, what was the balance in Supplies on January 1?

(b) If the amount in Insurance Expense is the January 31 adjusting entry, and the original insurance premium was for 1 year, what was the total premium and when was the policy purchased?

(c ) If $2,500 of salaries was paid in January, what was the balance in Salaries and Wages Payable at December 31, 2013?

(d) If $1,800 was received in January for services performed in January, what was the balance in Unearned Service Revenue at December 31, 2013?

NOTE: Enter a number in cells requesting a value; enter either a number or a formula in cells with a "?" .

E4-16 Prepare adjusting entries from analysis of trial balance

The trial balance shown below are before and after adjustment for Bere Company at the end of its fiscal year.

Instructions

Prepare the adjusting entries that were made

NOTE: Enter a number in cells requesting a value; enter either a number or a formula in cells with a "?" .

P4-1A Record transactions on accrual basis; convert revenue to cash receipts

The following selected data are taken from the comparative financial statements of American Curling Club. The club prepares its financial statements using the accrual basis of accounting.

Dues are billed to members based upon their use of the club's facilities. Unearned sales revenues arise from the sale of tickets to events, such as the Skins Game.

Instructions

(Hint: You will find it helpful to use T-accounts to analyze the following data. You must analyze these data sequentially, as missing information must first be deduced before moving on. Post your journal entries as you progress, rather than waiting until the end.)

(a) Prepare journal entries for each of the following events that took place during 2014.

1. Dues receivable from members from 2013 were all collected during 2014.

2. During 2014, goods were provided for all of the unearned sales revenue at the end of 2013.

3. Additional tickets were sold for $44,000 cash during 2014, a portion of these were used by the purchasers during the year. The entire balance remaining in Unearned

Sales Revenue relates to the upcoming Skins Game in 2014.

4. Dues for the 2013-2014 fiscal year were billed to members.

5. Dues receivable for 2014 (i.e., those billed in item (4) above ) were partially collected.

(b) Determine the amount of cash received by American from the above transactions during the year ended September 30, 2014.

NOTE: Enter a number in cells requesting a value; enter either a number or a formula in cells with a "?".

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