I-03.03 Problem

I-03.03 Problem - I-03.03(a) Identification of items in...

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I-03.03(a) Identification of items in need of adjustment is not automatic. It requires careful monitoring of the business environment, and can entail assessment of information found on various source documents within the business organization. This problem introduces typical "business papers" that document transactions of the W. Brian Voss Company. You are to examine the provided information, and determine what related adjusting entry is needed for each item on December 31, 20X1. (a) Following is a deposit ticket. This item is usually prepared to accompany money that is taken to a bank for deposit to the company's bank account. The W. Brian Voss Company provides security services, and the following deposit was from a customer that fully prepaid a 6-month contract commencing on the date of the deposit. The proceeds were initially entered into Voss's Unearned Revenue account. W. Brian Voss Company Cash and coins 6th Avenue Checks: Austin, TX D. Dutter 750.00 $ Account # 4567654 Date November 1, 20X1 TOTAL 750.00 $
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I-03.03(b) (b) The W. Brian Voss Company wrote these checks to purchase supplies during 20X1. Voss began the year with $1,297 of supplies on hand.
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I-03.03 Problem - I-03.03(a) Identification of items in...

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