Problem4b Multiple-Choice.doc

Wages earned by employees but unpaid to them as of

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Wages earned by employees but unpaid to them as of January 31 were $300. $2,475 of total wages had been earned by employees in January. Burduroglu Delivery Service Unadjusted Trial Balance January 31 Account Name Debits Credits Cash $6,625 Accounts Receivable $700 Supplies $350 Prepaid Insurance $0 Prepaid Rent $1,200 Accounts Payable $950 Wages Payable $0 Income Taxes Payable $0 Unearned Fees $1,350 Common Stock $3,300 Retained Earnings $3,600 Dividends $250 Fees Revenue $3,500 Supplies Expense $0 Insurance Expense $1,325 Rent Expense $0 Wages Expense $2,175 Telephone Expense $75 Income Taxes Expense $0 Totals $12,700 $12,700 Resources Sources of Borrowed Resources Sources of Owner Invested Resources Sources of Management Generated Resources Assets Liabilities Stockholders’ Equity A) - $300 - $300 B) - $2,475 - $2,475 C) + $300 + $300 D) + $300 - $300 E) + $2,475 - $2,475 8
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9. Burduroglu Delivery Service's unadjusted trial balance as of January 31 is shown below. By addition and subtraction, show the effects of the following information on Burduroglu Delivery Service's resources and sources of resources. By January 31, $500 of services had been provided to clients who had paid $1,350 in advance (unearned fees). At the end of January, $850 of services were still owed to customers who had paid in advance. Burduroglu Delivery Service Unadjusted Trial Balance January 31 Account Name Debits Credits Cash $6,625 Accounts Receivable $700 Supplies $350 Prepaid Insurance $0 Prepaid Rent $1,200 Accounts Payable $950 Wages Payable $0 Income Taxes Payable $0 Unearned Fees $1,350 Common Stock $3,300 Retained Earnings $3,600 Dividends $250 Fees Revenue $3,500 Supplies Expense $0 Insurance Expense $1,325 Rent Expense $0 Wages Expense $2,175 Telephone Expense $75 Income Taxes Expense $0 Totals $12,700 $12,700 Resources Sources of Borrowed Resources Sources of Owner Invested Resources Sources of Management Generated Resources Assets Liabilities Stockholders’ Equity A) - $500 + $500 B) + $850 - $850 C) + $850 + $850 D) - $850 - $850 E) - $500 - $500 9
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10. Burduroglu Delivery Service's unadjusted trial balance as of January 31 is shown below. By addition and subtraction, show the effects of the following information on Burduroglu Delivery Service's resources and sources of resources. Federal income taxes for January were estimated to be $135. Taxes will be paid in February. Burduroglu Delivery Service Unadjusted Trial Balance January 31 Account Name Debits Credits Cash $6,625 Accounts Receivable $700 Supplies $350 Prepaid Insurance $0 Prepaid Rent $1,200 Accounts Payable $950 Wages Payable $0 Income Taxes Payable $0 Unearned Fees $1,350 Common Stock $3,300 Retained Earnings $3,600 Dividends $250 Fees Revenue $3,500 Supplies Expense $0 Insurance Expense $1,325 Rent Expense $0 Wages Expense $2,175 Telephone Expense $75 Income Taxes Expense $0 Totals $12,700 $12,700 Resources Sources of Borrowed Resources Sources of Owner Invested Resources Sources of Management Generated Resources Assets Liabilities Stockholders’ Equity A) - $135 - $135 B) + $135 + $135 C) + $135 - $135 D) - $135 + $135 E) - $135 - $135 10
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11. Burduroglu Delivery Service's unadjusted trial balance as of January 31 is shown below. An examination of the supplies revealed that only $225 of supplies were on hand on January 31. $125 of supplies had been used up in January. Prepare the adjusting entry required to account for this information.
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