Homework Quiz—17 S11 Section 1

Homework Quiz—17 S11 Section 1 - Homework Quiz...

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Homework Quiz —17 Spring 2011 Section 1 Name Section Required : You have been assigned to examine and adjust the accounts of ABC Company as of December 31, 2010. Assume that the accounting records for 2010 have not been closed. Prepare journal entries for the situations identified below. Ignore income taxes . 1. ABC uses the periodic system when accounting for Supplies Inventory. Assume that the 12/31/09 balance in the Supplies Inventory account was $3,480. During 2010 ABC purchased supplies debiting Supplies Expense $7,430. A physical inventory completed on 12/31/10 found that there were $4,960 of supplies on hand. Debit Credit Supplies Inventory 1,480 Supplies Expense 1,480 2. In late December 2010, ABC made a payment on its Accounts Payable in the amount of $6,370 but failed to record the payment until January 4, 2011. Debit Credit Accounts Payable 6,370 Cash 6,730 3. ABC’s Wages Payable account had a 12/31/10 balance of $11,530 which was unchanged from 12/31/09. An analysis of payroll information shows accrued wages payable of 12,990.
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This note was uploaded on 03/03/2012 for the course MGMT 351 taught by Professor Staff during the Spring '08 term at Purdue.

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Homework Quiz—17 S11 Section 1 - Homework Quiz...

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