{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

Ch04 - Student Name Rachel Riddle Class Accounting 240...

Info iconThis preview shows pages 1–5. Sign up to view the full content.

View Full Document Right Arrow Icon
Student Name: Rachel Riddle Class: Accounting 240 Section 003 Problem 04-04 BURRESS COMPANY Requirement 1: (a) Deferred revenue (b) Accrued expense (c) Accrued revenue (d) Accrued expense (e) Deferred expense (f) Deferred expense (g) Deferred revenue (h) Accrued expense Requirement 2: Balance Sheet Income Statement Stockholders' Net Transaction Assets Liabilities Equity Revenues Expenses Income (a) (+) 2,700 (-) 2,700 (b) NE NE (c) (+) 2,000 (d) (-) 2,2400 (e) (-) 6000 (+) 6000 (f) (-)1500 (+) 1,500 (g) (+) 2,400 (-) 2,400 (h) (-) 400 (+) 400
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Given Data P04-04: BURRESS COMPANY 2007 adjusting entries to be considered: (a) Collected six months rent on storage space. $7,200 (b) Employee wages earned but not paid. 14,300 (c) Service revenue earned but not collected. 2,000 (d) Principal (plus 12% interest) due on note. 20,000 (e) One year insurance premium paid on 11/1/2007. 6,000 (f) Depreciation on service truck. 1,500 (g) Cash collected 11/1/2007, to be spread evenly over next twelve months. 2,400 (h) Estimated property tax not yet billed or paid. 400
Background image of page 2
Student Name: Class: Problem 04-05 TOTKA TOWING COMPANY Requirement 1: (a) (b) (c) (d) (e) (f) (g) (h) Requirement 2: Balance Sheet Income Statement Stockholders' Net Transaction Assets Liabilities Equity Revenues Expenses Income (a) (b) (c) (d) (e) (f) (g) (h)
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Given Data P04-05: TOTKA TOWING COMPANY Transactions to be considered: (a) Prepaid insurance paid $1,200 (b) Office supplies purchased for cash 800 Beginning office supplies inventory 200 Ending office supplies inventory 300 (c) Truck repair completed, not yet paid 800 (d) Estimated property tax on land 1,600 (e) Contract completed 8,000 (f)
Background image of page 4
Image of page 5
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}