ACC111-CH03 HW - Brief Exercise 3-5 Page 128 Date 2017 July Account Titles and Explanation Debit 1 Prepaid Insurance Cash 15,120 15,120 31 Insurance

ACC111-CH03 HW - Brief Exercise 3-5 Page 128 Date 2017 July...

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Brief Exercise 3-5, Page 128 Date Account Titles and Explanation Debit Credit 2017 July 1 Prepaid Insurance 15,120 Cash 15,120 31 Insurance Expense 2,520 Prepaid Insurance 2,520 Prepaid Insurance Date Explanation Ref Debit Credit Balance July 1 15,120 15,120 Dec 31 Adjusting 2,520 12,600 Isurance Expense Date Explanation Ref Debit Credit Balance Dec 31 Adjusting 2,520 2,520
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Brief Exercise 3-6, Page 129 Date Account Titles and Explanation Debit Credit 2017 July 1 Cash 15,120 Unearned Service Revenue 15,120 31 Unearned Service Revenue 2,520 Service Revenue 2,520 Unearned Service Revenue Date Explanation Ref Debit Credit Balance July 1 15,120 15,120 Dec 31 Adjusting 2,520 12,600 Service Revenue Date Explanation Ref Debit Credit Balance Dec 31 Adjusting 2,520 2,520
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Problem 3-1A, Page138The following adjustments need to made to Krause Consulting for May.1$900 of supplies have been used during the month.2Utilities expense incurred but not paid on May 31, 2017, $250.3The insurance policiy is for 2 years, costing $3,600.4$400 of the balance in the unearned service revenue account ($2,000) remains unearned at th5May 31 is a Wednesday, and employees are paid on Fridays. Krause consulting has two employ6The office furniture has a 5-year life with no salvage value. It is being depreciated at $190 per 7Invoices representing $1,700 of services performed during the month have not been recordedInstructions:(a)Prepare the adjusting entries and journalize for the month of May. Use J1 as the page number(b)(c )Prepare an adjusted trial balance at May 31, 2017.Service Revenue1,700 2017Post the adjusting entries to the ledger accounts. Enter the totals from the trial balance as begreference column. (a) J4 Date Account Titles and Explanation Ref. Debit Credit 2017 Adjusting Entries May 31 Supplies Exp 1,500 Date Supplies 1,500 2017 31 Utilities Exp 250 Accounts Payable 250 Date 2017 31 Insurance Exp 150 Prepaid Insurance 150 Date 2017 31 Unearned Service Revenue 1,600 Service Revenue 1,600 Date 31 Salaries & Wages Exp 1,104 2017 Salaries & Wages Payable 1,104 31 Depreciation Exp 190 Date Accum Depreciation-Equip 190 2017 31 Accounts Receivable 1,700 Date
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Krause Consulting Date Adjusted Trial Balance 2017 May 31, 2017 Debit Credit Cash $ 4,500 Date Accounts Receivable 7,700 2017 Supplies 400 Prepaid Insurance 3,450 Equipment 11,400 Accum Dep -Equipment 190 Date Accounts Payable 4,750 2017 Unearned Service Revenue 400 Salaries & Wages Payable 1,104 Owner's Capital 18,700 Date Service Revenue 12,800 2017 Salaries & Wages Expense 7,504 Rent Expense 900 Depreciation Expense 190 Date Insurance Expense 150 2017 Utilities Expense 250 Supplies Expense 1,500 37,944 37,944 Date 2017 Date 2017 Date 2017 Date 2017 Date 2017 Date 2017
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he end of the month. yees who are paid $920 each for a 5-day work week. month for 60 months. d as of May 31. r for your journal. Cash 101 Explanation Ref Debit Credit Balance May 31 Balance 4,500 Accounts Receivable 112 Explanation Ref Debit Credit Balance May 31 Balance 6,000 31 Adjusting J4 1,700 7,700 Supplies 126 Explanation Ref Debit Credit Balance May 31 Balance 1,900 31 Adjusting J4 1,500 400 Prepaid Insurance 130 Explanation Ref Debit Credit Balance May 31 Balance 3,600 31 Adjusting J4 150 3,450 Equipment 149 Explanation Ref Debit Credit Balance May 31 Balance 11,400 Accumulated Depreciation - Equipment 150 Explanation Ref Debit Credit
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  • Spring '15
  • Frederick Maihofer
  • Accounting, Generally Accepted Accounting Principles, Alena Co., Hamm Equipment Repair

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