Accounting Cycle Project Fall 2016 - Revised (1)

Accounting Cycle Project Fall 2016 - Revised (1)

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ACC 301 Financial Reporting I Fall 2016 Accounting Cycle Practice Set Attached is the unadjusted trial balance for Surfs Up, Inc. Instructions : 1. Construct T-accounts and enter the balances shown. 2. The following adjusting entries have been identified: a. Bad debt expense is estimated to be $10,000. b. Annual depreciation expense on the Equipment is $24,000 and annual depreciation expense for building is $10,000. c. Prepaid Insurance is for 2 years of insurance paid on 1/1/14. Record the amount for 2014. d. The note payable ($270,000) has interest of 5% per year and the interest is payable on 1/1/15. Record the interest for 2014. e. Salaries and wages earned but unpaid as of year-end are $9,750 (sales) and $3,950 (administrative). f. At year-end, $2,660 of Supplies remain on hand. g. $12,000 of the unearned rent revenue was earned as of 12/31/14. h. Utilities expense incurred for December, but unpaid and unrecorded was $3,500.
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