Accounting Assignment 2.docx - Jennifer Preston Assignment...

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Jennifer Preston Assignment 2 Accounting Chapter 3: EX3-2 ACCOUNT ANSWER Accounts Receivable Normally requires adjustment (AR) Cash Does not normally require adjustment Harriet Kasun, Capital Does not normally require adjustment Interest Expense Normally requires adjustment (AE) Interest Receivable Normally requires adjustment (AR) Land Does not normally require adjustment Office Equipment Does not normally require adjustment Prepaid Rent Normally requires adjustment (PE) Supplies Normally requires adjustment (PE) Unearned Fees Normally requires adjustment (UR) Wages Expense Normally requires adjustment (AE) EX 3-12 Determining supplies purchased: $4,110 + 690= $4,800 Chapter 4: PE 4-4A Closing entries: Pioneer Delivery Services Co. Closing Entries December 31 Fees Earned $1,878,400 Wages Expense $1,415,500 Rent Expense $125,000 Supplies Expense $30,600 Misc. Expense $22,100 Kerry Buckner, Capital $285,200 31 Kerry Buckner, Capital $80,000 Kerry Buckner, Drawing $80,000 Sensitivity: Confidential
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Ex 4-11 Balance Sheet Classification: $360,000- Long Term Liability ( will be paid off over a long period of time) $15,000- Current Liability (will be paid off within a year) $15,000
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  • Fall '19
  • Balance Sheet, Generally Accepted Accounting Principles, Sarah Colin

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