3000 L 1900 I 6721 831 1172017 Chapter 4 Homework Exercise 4 18 Adjusting

3000 l 1900 i 6721 831 1172017 chapter 4 homework

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3000 L .. _____ .. __ 1900 I __ " ______ 672?1 8/31
11/7/2017 Chapter 4 Homework Exercise 4-18 Adjusting Journal Entries Mikato Company's annual accounting period ends on June 30, 2012. Mikato makes adjusting journal entries semiannually, and the following information applies to all necessary adjusting journal entries 2012: 1. Mikato carries the following two insurance policies: Purchase Policy Cost Policy Date Length Purchase A July1.2010 5years $48,000 Ii Ju!y1,2011 lyears 16,000 2. At January 1, 2012, office supplies totaled $1,800. In the past six months, additional supplies were purchased, and a count revealed $2,150 available supplies at June 30, 3. Mikato owns one building: Cost $150,000 Useful life 25 Annual Depreciation $6;000 4. Mikato decides to rent out a portion of its building. On June 1, 2012, Mikato received a prepayment $5,700 for rent for the months of June, July, and August. 5. The Mikato staff consists of seven employees. Each employee earns a total of $1,200 a week and is paid each Monday for the previous week's work. June 30, 2012, falls on Thursday. Required: 9/31 at June 30, at Date of $2,700 2012. of
11/7/2017 Chapter 4 Homework Prepare all necessary adjusting entries at June 30, 2012. 1. 8800 2. 2350 2350 3. 3000 3000 4. 1900 1900 5. Expense 6720 Salaries Payable 6720 Indicate whether each entry relates to a deferred revenue, deferred expense, accrued revenue, or accrued expense. 1. 2. 3. 4. 5. Deferred expense Deferred expense Deferred expense Deferred revenue Accrued expense 10/31
11/7/2017 23. March 31 March 31 Totals Your answer: Chapter 4 Homework Service Revenue 14820 Retained Earnings Retained Earnings 1 Insurance Expenses Salaries Expense Retained Earnings L.__ 1~~ l ., ......... ----~ rnuidends I ____ ,_ ...... - 1200 __ Ivey Publishing J Post-Closing Trial Balance I March 311 Debit $ 3500 $ Credit 11/31
11/7/2017 Exercise 4-21 Closing Entries Ivey Publishing provides the following trial balance at March Cash Prepaid msurance Unearned Revenue Retained Earnings Service Revenue Insurance Expense Salaries Expense Dividends Totals Required: Ivey Jul)lishing' Trial Balance March31 Debit $ 4,280 3,500 2,300 8,920 1,200 $20,200 Credit $ 3,000 2.380 14,820 $20.200 Prepare Ivey's closing entries at March 31. If an amount box does not require an entry, leave enter "O". Chapter 4 Homework 31: it blank or r March 31 Service Revenue 14820 ' I i Retained 14820 ...,,,,,,,_"',,.'"" [ ! March 31 I Retained Earnings ·--~ 11220 blank ----- I I I Insurance Expenses I blank 2300 ! [ I Salaries Expense blank I 8920 I March 31 Earnings [····- 1200 ! ___J I 1200 12/31
11/7/2017 Prepare Post-Closing Trial Balance. I Ivey Publishing I I Post-Closing Trial Balance I I March :ul Chapter 4 Homework Debit Credit ,~---"--,-----',I i $ __ 428~ ! 1 - - ·······-·--,.··· 1 j Prepaid Insurance I _ 3500 I r_-~-~-,:-~-~-~~~-~~-=---J ~" ---;~~ ~~:~~J I ~~ Totals $ 7780 $ 7780 13/31
11/7/2017 Chapter 4 Homework

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