S2_PLE_AdjEntries

S2_PLE_AdjEntries - ACCTG 620 | Fall 2011 S2 PLE Adjusting...

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

View Full Document Right Arrow Icon
ACCTG 620 | Fall 2011 S2 PLE – Adjusting Entries ACCTG 620 | Fall 2011 S2 PLE Page 1 Wind Innovations, Inc., an installer and servicer of wind-powered electric systems sized for homes, farms, and small businesses, is at the end of its fiscal year, 12/31/2011. The Company had the following beginning balances on 7/1/2011: Cash $100,000; Revenue $180,000; Retained Earnings $100,100. In addition, the following selected information is provided for you. 1. On 7/1/2011 a three year insurance premium on equipment was paid in the amount of $3,600. 2. On 1/1/2011, Wind Innovations had $300 in supplies. During the year they paid cash for another $2,000 in supplies. At the end of the year, a count of remaining supplies showed $200. 3. On 12/20/2011, Green Motors completed the repair on one of the service trucks for $600. Green had billed Wind Innovations and expects to be paid in mid January of 2012. Wind Innovations has not recorded anything on their books related to this repair.
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.

Page1 / 3

S2_PLE_AdjEntries - ACCTG 620 | Fall 2011 S2 PLE Adjusting...

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