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Unformatted text preview: h eac h c orporation with the ac c ount title it us es to report unearned revenue. Corporation Americ a W es t Corporation The New York Times Company Carnival Corporation Devry , Inc . Clear Channel Communic ations , Inc . AFLAC Inc orporated Bally Total Fitnes s Corporation Ac c ount title Air traffic liability Unex pired s ubs c riptions Cus tomer depos its Deferred tuition revenue Deferred advertis ing inc ome Unearned premiums Deferred member dues Apply ing the realiz ation princ iple, identify as to when eac h of thes e c orporations c onverts unearned revenue to earned revenue. Corporation Americ a W es t Corporation The New York Times Company Carnival Corporation Devry , Inc . Clear Channel Communic ations , Inc . AFLAC Inc orporated Bally Total Fitnes s Corporation 12. As As As As As As As pas s engers c omplete their flights . news papers are delivered. pas s engers c omplete their c ruis es . s tudents c omplete their c ours es . advertis ements are aired. polic ies ex pire. members us e the fac ilities . aw ar d: 1 out of 1.00 point http://ezto.mhecloud.mcg r aw- hill.com/hm_accounting .tpx?todo= pr intview 12/16 1/23/2014 Assig nment Pr int View The unadjus ted and adjus ted trial balanc es for Tink er Corporation on Dec ember 31, 2011, are s hown below: Tink er Corporation Trial Balanc es Dec ember 31, 2011 Unadjus ted Debit Credit Cas h $ 35,200 Ac c ounts rec eivable 29,120 Unex pired ins uranc e 1,200 Prepaid rent 5,400 Offic e s upplies 680 Equipment 60,000 Ac c umulated deprec iation: equipment $ 49,000 Ac c ounts pay able 900 Notes pay able 5,000 Interes t pay able 200 Salaries pay able — Inc ome tax es pay able 1,570 Unearned revenue 6,800 Capital s toc k 25,000 Retained earnings 30,000 Fees earned 91,530 Advertis ing ex pens e 1,500 Ins uranc e ex pens e 6,600 Rent ex pens e 19,800 Offic e s upplies ex pens e 1,200 Repairs ex pens e 4,800 Deprec iation ex pens e: equipment 11,000 Salaries ex pens e 26,300 Interes t ex pens e Inc ome tax es ex pens e 200 7,000 $ 210,000 Adjus ted Debit Credit $ 35,200 34,120 600 3,600 380 60,000 $ 50,000 900 5,000 250 2,100 2,170 3,800 25,000 30,000 99,530 1,500 7,200 21,600 1,500 4,800 12,000 28,400 250 7,600 $ 210,000 $ 218,750 $ 218,750 Journaliz e the nine adjus ting entries that the c ompany made on Dec ember 31 2011. (Om it the "$" sign in your re sponse .) General Journal Debit 5000 Accounts re ce iva ble Fe e s e a rne d Credit 5000 Insura nce e x pe nse Une x pire d insura nce 600 600 Re nt e x pe nse Pre pa id re nt 1800 1800 Office supplie s e x pe nse Office supplie s 300 300 De pre cia tion e x pe nse : Equip Accum ula te d de pre cia tion: Equip 1000 Sa la rie s e x pe nse Sa la rie s pa ya ble 2100 1000 2100 Inte re st e x pe nse Inte re st pa ya ble 50 50 Incom e ta x e s e x pe nse Incom e ta x e s pa ya ble 600 600 Une a rne d re ve nue Fe e s e a rne d 3000 3000 W orksheet Learning Objective: 04-03 Prepare adjus ting entries to convert as s ets to expens es . Learning Objective: 04-06 Pre...
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This note was uploaded on 01/23/2014 for the course ACC 111 taught by Professor Angela during the Fall '08 term at Delaware County CC.

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