Class 9_16 & 20_10 - Ch 4

Class 9_16 & 20_10 - Ch 4 - Agenda Questions?...

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Page 1 Questions? Continue with Adjusting Entries Textbook – Chapter 4 Agenda
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Page 2 Example 1 Papa John’s performed $1,100 in additional services in January for new franchisees who had previously paid Papa John’s. What is the adjusting entry at the end of January? What type of adjusting entry is this? What was the original entry? Example 2 Papa John’s franchisees reported that they will pay Papa John’s in February $830 in royalties for sales the franchises made in the last week of January. What is the adjusting entry at the end of January? What time of adjusting entry is this? What will be the entry next month? Transaction Practice
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Page 3 Example 3 Papa John’s loaned $14,000 to franchisees in the past at 6% interest per year to be paid on December 31. What is the adjusting entry at the end of January? What type of adjusting entry is this? What will be the entry on December 31 when all of the 2004 interest is paid? Example 4 Supplies for Papa John’s include paper products. On January 31, Papa John’s counted $22,000 in supplies on hand, but the Supplies account indicated a balance of $26,000 on January 1. What is the adjusting entry at the end of January? What type of adjusting entry is this? What was the original entry? Transaction Practice
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Example 5 Prepaid Expenses includes $2,000 paid on January 1 for insurance coverage for 4 months from January through April. One month has expired and there remains three months of future insurance benefits. What is the adjusting entry at the end of January? What type of adjusting entry is this? What was the original entry? Example 6 Prepaid Expenses also includes $6,000 for rental space at shopping centers over the next three months from January through March. One month has expired and two months of future rental benefits remain. What is the adjusting entry at the end of January?
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This note was uploaded on 12/17/2010 for the course ACC 311 taught by Professor Charrier during the Fall '08 term at University of Texas at Austin.

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Class 9_16 & 20_10 - Ch 4 - Agenda Questions?...

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