Six column form of presentation of financial statementsthe

Assignment Help Financial Accounting

Reference no: EM13356634

Six column form of presentation of financial statements.

The following 6-column table for Bullseye Ranges includes the unadjusted trial balance as of December 31, 2005.

Bullseye Ranges
December 31, 2005
Account Title Unadjusted Trial Balance Adjustments Adjusted Trial balance

	Dr	Cr	Dr	Cr	Dr	Cr
Cash	$13,000
Accounts receivable	0
Supplies	5.500
Equipment	130,000
Accumulated depreciation-equipment		25,000
Interest		0
payable
Salaries payable	0
Unearned member fees	14,000
Notes Payable	50,000
T. Allen, Capital	58,250
T. Allen, Withdrawals	20,000
Member fees earned	53,000
Depreciation expense-equipment	0
Salaries expense	28,000
Interest expense	3,750
Supplies expense	0
Totals	$200,250	$200,250

1. Complete the 6-column table by entering adjustments that reflect the following information:

a. As of December 31, 2005, employees had earned $900 of unpaid and unrecorded salaries. The next payday is January 4, at which time $1,600 of salaries will be paid.

b. The cost of supplies still available at December 31, 2005 is $2,700.

c. The notes payable requires an interest payment to be made every three months. The amount of unrecorded accrued interest at December 31, 2005, is $1,250. The next interest payment at an amount of $1,500 is due on January 15, 2006.

d. Analysis of unearned member fees account shows $5,600 remaining unearned at December 31, 2005.

e. In addition to the member fees included in the revenue account balance the company has earned another $9,100 in unrecorded fees that will be collected on January 31, 2006. The company is also expected to collect 8,000 also on that same day for new fees earned in January 2006.

f. Depreciation expense for the year is 12,500.

2. Prepare journal entries for the adjustments entered in the six-column table for part 1.

3. Prepare journal entries to reverse the effects of the adjusting entries that involve accruals.

4. Prepare journal entries to record the cash payments and cash collections described for January.

Reference no: EM13356634

Questions Cloud

Analyzing financial statement using ratio : analyzing financial statement using ratio analysis.springfield bank is evaluating creek enterprises which has requested

The question is about ratio analysis finding out liquidity : the question is about ratio analysis finding out liquidity and solvency of the company.comparative financial statement

Preparation of balance sheetjohn paul is the bookkeeper for : preparation of balance sheet.john paul is the bookkeeper for gabelli company. john has been trying to get the balance

Preparation of cash flow statement using the information : preparation of cash flow statement using the information given.using the income and expenditure information for 2007

Six column form of presentation of financial statementsthe : six column form of presentation of financial statements.the following 6-column table for bullseye ranges includes the

Preparation of income statement and statement of retained : preparation of income statement and statement of retained earnings from trail balance.complete problem p3-7 adjusting

Calculation of cash and cash equivalentsthe following : calculation of cash and cash equivalents.the following balance sheets are provided for victor foodscash and cash

Calculation of wages paid to employeesthe following balance : calculation of wages paid to employees.the following balance sheets are provided for victor foodscash and cash

Calculation of payment made to vendorsthe following balance : calculation of payment made to vendors.the following balance sheets are provided for victor foodscash and cash

User Account

All Pages