Reference no: EM13753018
Prepare journal entries and financial statements for the year ended December 31, 2014. No adjusting entries have been made since December 31, 2013.
a. On November 1, 2014, Company A. rented storage space at a cost of $600 per month. On that date Company A. recorded Prepaid Rent for five months’ rent paid in advance.
b. Company A. recorded the purchase of $6,550 worth of shop supplies during the year by increasing the Shop Supplies account. A physical count of the shop supplies on hand on December 31, 2014, indicates a balance of $1,600.
c. Store supplies totalling $17,500 were purchased during the year and were immediately expensed. A physical count of the store supplies on hand December 31, 2014, indicates a balance of $1,800.
d. On July 1, 2014, Company A. collected $32,000 for consulting services to be performed from July 1, 2014 to February 28, 2015. The company credited the Unearned Consulting Revenue account when paid.
e. Company A. rented idle office space to Company B. on February 1, 2014, at a rate of $1,300 per month. On this date Company A. credited Unearned Rent Revenue for one year of rent received in advance.
f. Company A. is open five days a week and has a daily payroll of $2,200. Employees are paid every Friday. December 31 is a Wednesday. The payroll is allocated as follows: 12% of the payroll relates to office employees, and the balance relates to sales employees.
g. Utilities expenses of $2,400 were incurred, but not yet recorded. Utilities expense is allocated as follows: 18% relates to the office and the balance relates to the store.
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