(b)If the amount in Insurance Expense is the January 31 adjusting entry, and the original insurance premium was for 1 year, what was the total premium and when was the policy purchased? Barone Company had $1.560 of prepaid insurance representing 3 month of prepaid insurance. January 31st plus 3 month is April 30th. It was a purchase on year ago, so it was originally purchased on May 1st, 2016. (c)If
Name: Date: Instructor: Ingalls Course: BUA 201 Financial Accounting: Homework Chapter 4 E4-21, Prepare adjusting entries from analysis of trial balance.The trial balances shown below are before and after adjustment for Bere Company at the end of its fiscal year.BERE COMPANYTrial BalanceAugust 31, 2017Dr.Cr.Dr.Cr.Cash$10,900 $10,900 Accounts Receivable8,800 9,400 Supplies2,500 500 Prepaid Insurance4,000 2,500 Equipment16,000 16,000 Accumulated Depreciation—Equipment$3,600 $4,800 Accounts Payable5,800 5,800 Salaries and Wages Payable0 1,100 Unearned Rent Revenue1,800 800 Common Stock10,000 10,000 Retained Earnings5,500 5,500 Dividends2,800 2,800 Service Revenue34,000 34,600 Rent Revenue12,100 13,100 Salaries and Wages Expense17,000 18,100 Supplies Expense0 2,000 Rent Expense10,800 10,800 Insurance Expense0 1,500 Depreciation Expense0 1,200 $72,800 $72,800 $75,700 $75,700 Instructions: Prepare the adjusting entries that were made.BeforeAdjustmentAfterAdjustment
Name: Date: Instructor: Ingalls Course: BUA 201 P4-2A, Prepare adjusting entries, post to ledger accounts, and prepare adjusted trial balance.Ken Lumas started his own consulting firm, Lumas Consulting, on June 1, 2014. The trial balance at June 30 is as follows.LUMAS CONSULTINGTrial BalanceMay 31, 2017DebitCreditCash$6,850 Accounts Receivable7,000 Prepaid Insurance2,880 Supplies2,000 Equipment15,000 Accounts Payable$4,230 Unearned Service Revenue5,200 Common Stock22,000 Service Revenue8,300 Salaries and Wages Expense4,000 Rent Expense2,000 $39,730 $39,730 In addition to those accounts listed on the trial balance, the chart of accounts for Lumas also contains the following accounts:Accumulated Depreciation—EquipmentSalaries and Wages PayableInsurance ExpenseDepreciation Expense,Utilities ExpenseOther data:1.Supplies on hand at June 30 total$720 2.A utility bill for$180 has not been recorded and will not be paid until next month.3.The insurance policy is for a year.4.$4,100 of unearned service revenue has been earned at the end of the month.5.Salaries of$1,250 are accrued at June 30.6.The equipment has a 5-year life with no salvage value and is being depreciated at$250 7.Invoices representing$3,900 of services performed during the month have not been recorded as of June 30.Instructions: (a)Prepare the adjusting entries on May 31. Financial Accounting: Homework Chapter 4
36871ebcfab3b591c32179f3c81e80d950950ed0.xlsx, Page 7 of 15 Page(s), 04/13/201811:46:41 Name: Date: Instructor: Ingalls Course: BUA 201
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