WileyCh3Problems.pdf - P3-1A Tony Masasi started his own...

This preview shows page 1 - 2 out of 6 pages.

P3-1A Tony Masasi started his own consulting firm, McGee Company, on June 1,2012. The trial balance at June 30 isshown below. McGEE COMPANY Trial Balance June 30, 2012 Account Number Debit Credit 101 Cash $7,150 112 Accounts Receivable 6,000 126 Supplies 2,000 130 Prepaid Insurance 3,000 157 Equipment 15,000 201 Accounts Payable $4,500 209 Unearned Service Revenue 4,000 301 Owner's Capital 21,750 400 Service Revenue 7,900 726 Salaries and Wages Expense 4,000 729 Rent Expense 1,000 $38,150 $38,150 Inaddition to those accounts listed onthe trial balance, the chart ofaccounts for McGee Company also contains the following accounts and account numbers: No. 158Accumulated Depreciation- Equipment, No. 212 Salaries and Wages Payable, No. 631 Supplies Expense, No. 711 Depreciation Expense, No. 722 Insurance Expense, andNo. 732 Utilities Expense. Other data: 1. Supplies on hand atJune 30 are $750. 2. A utility bill for $150 has not been recorded and will not be paid until next month. 3. The insurance policy isfor ayear. 4. $2,800 ofunearned service revenue has been earned atthe end ofthe month. 5. Salaries of$I,900 are accrued atJune 30. 6. The equipment has a 5-year life with no salvage value. Itisbeing depreciated at $250 per month for 60 months. 7. Invoices representing $1,200 of services performed during the month have not been recorded asofJune 30. Instructions (a) Prepare the adjusting entries for the month ofJune. Use J3 asthe page number for yourjournal. (b) Post the adjusting entries to the ledger accounts. Enter the totals from the trial balance as beginning account balances and place acheck mark inthe posting reference column. (c) Prepare an adjusted trial balance atJune 30, 2012. (c) Adj. trial balance $41,650
Image of page 1

Subscribe to view the full document.

P3-2A Melton River Resort opened for business onJune 1with eight air-conditioned units. Itstrial balance before adjustment on August 3 J isas follows. MELTON RIVER RESORT Trial Balance August 31, 2012 Account Number Debit Credit 101 Cash $ 19,600 126 Supplies 3,300 130 Prepaid Insurance 6,000 140 Land 25,000 143 Buildings 125,000 149 Equipment 26,000 201 Accounts Payable $6,500 208 Unearned Rent Revenue 7,400 275 Mortgage Payable 80,000 301 Owner's Capital 100,000 306 Owner's Drawings 5,000 429 Rent Revenue 80,000 622 Maintenance and Repairs Expense 3,600 726 Salaries and Wages Expense 51,000 732 Utilities Expense 9,400 $273,900 $273,900 Inaddition to those accounts listed onthe trial balance, the chart ofaccounts for Melton River Resort also contains the following accounts and account numbers: No. 112Accounts Receivable, No. 144 Accumulated Depreciation-Buildings, No. 150Accumulated Depreciation-Equipment, No. 212 Salaries and Wages Payable, No. 230 Interest Payable, No. 620 Depreciation Expense, No. 631
Image of page 2
You've reached the end of this preview.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern