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

Capital budgeting, A project has a one-year life. It has an outlay of Rupee...

A project has a one-year life. It has an outlay of Rupee 1,500 million. At the end of Year 1, the net inflow is likely to be Rupee 2,200 million. The pretax cost of debt is 11%, th

Company accounts, can a company reissue a share at discount which was earli...

can a company reissue a share at discount which was earlier issued at discount

prepare the balance sheet and financial statements, The assets and liabili...

The assets and liabilities of Toronto Service Inc. as of December 31, 2008, and revenue and expenses for the year ended December 31, 2008 are listed below: Accounts

How will url services be affected, URL services has two divisions. Basic we...

URL services has two divisions. Basic webpages and custom webpages. Ricky Vega, Custom's manager wants to find out why Custom is not profitable. He has prepared the following repor

Subsidiary company consolidation, Circumstances under which a subsidiary c...

Circumstances under which a subsidiary company can be excluded from consolidation Consolidated financial statements shall include all subsidiaries of the parent A parent need

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

Annual coupon payment, Arnot International's bonds have a present market pr...

Arnot International's bonds have a present market price of $1,250. The bonds have an 11% annual coupon payment, a $1,000 face value, and 10 years left until maturity. The bonds may

Off balance sheet financing, Q. Off balance sheet financing? A finance ...

Q. Off balance sheet financing? A finance charter exists when the substance of the lease is that the lessee enjoys substantially all of the risks and rewards of ownership even

Accounting concepts, What is implication of applying accounting concepts wr...

What is implication of applying accounting concepts wrongly.

Calculate the initial selling price of the product, Question: (a) The f...

Question: (a) The following output levels and production costs have been recorded over the last three periods: Required: Using the high-low method, estimate the: (i

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