Homework Quiz—17 S11 Section 2

Homework Quiz—17 S11 Section 2 - Homework...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Homework Quiz —17 Spring 2011 Section 2 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 $8,340. During 2010 ABC purchased supplies debiting Supplies Expense $19,550. A physical inventory completed on 12/31/10 found that there were $6,940 of supplies on hand. Debit Credit Supplies Expense 1,400 Supplies Inventory 1,400 2. In late December 2010, ABC received a payment on its Accounts Receivable in the amount of $7,640 but failed to record the payment until January 4, 2011. Debit Credit Cash 7,640 Accounts Receivable 7,640 3. ABC’s Wages Payable account had a 12/31/10 balance of $14,980 which was unchanged from 12/31/09. An analysis of payroll information shows accrued wages payable of $5,110.
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 03/03/2012 for the course MGMT 351 taught by Professor Staff during the Spring '08 term at Purdue University-West Lafayette.

Page1 / 2

Homework Quiz—17 S11 Section 2 - Homework...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online