This website uses cookies to ensure you have the best experience. Learn more

Week Two Exercise Assignment Revenue And Expenses

1518 words - 7 pages

Week Two Exercise Assignment
Revenue and Expenses

1. Recognition of concepts. Jim Armstrong operates a small company that books enter¬tainers for theaters, parties, conventions, and so forth. The company’s fiscal year ends on June 30. Consider the following items and classify each as either (1) pre¬paid expense, (2) unearned revenue, (3) accrued expense, (4) accrued revenue, or (5) none of the foregoing.
a Interest owed on the company's bank loan, to be paid in early July Prepaid Expense
b Professional fees earned but not billed as of June 30 Accrued Revenue
c Office supplies on hand at year-end Prepaid Expense
d An advance payment from a client for a performance next month at ...view middle of the document...

By the end of December, one half of this amount had been earned. A. Adjustment of unearned income. B. Unearned Revenue $750 Accrued Revenue $750 C. Increased Revenue $750
• Sally Corporation provided $1,500 of services to Artech Corporation; no billing had been made by December 31. D. Adjustment to record an accrued revenue B. Accounts Receivable $1500 Debit, Services Revenue Credit $1500. C. Increase to total revenue $1500
• Salaries owed to employees at year-end amounted to $1,000. C. Adjustment to record an accrued expense B. Wages Expense (accrued wages) $1000 Debit, Wages payable (credit) $1000 C. Increase of total expenses $1000
• The Supplies account revealed a balance of $8,800, yet only $3,300 of supplies were actually on hand at the end of the period. A. adjust¬ment of a prepaid expense B. Supplies Expense $5,500 (DR), (CR) Supplies $5,500. C. Increase to total expenses by $1650
• The company paid $18,000 on October 1 of the current year to Vantage Property Management. The payment was for 6 months’ rent of Sally Corporation’s headquarters, beginning on November 1. A. adjust¬ment of a prepaid expense B. (DR) Rent Expense $6000 (CR) Prepaid Rent $6000 C. Increase in total expenses
Sally Corporation’s accounting year ends on December 31.
Instructions
Analyze the five preceding cases individually and determine the following:
a. The type of adjusting entry needed at year-end (Use the following codes: A, adjust¬ment of a prepaid expense; B, adjustment of an unearned revenue; C, adjustment to record an accrued expense; or D, adjustment to record an accrued revenue.)
b. The year-end journal entry to adjust the accounts
c. The income statement impact of each adjustment (e.g., increases total revenues by $500)

4. Adjusting entries. You have been retained to examine the records of Mary’s Day Care Center as of December 31, 20X3, the close of the current reporting period. In the course of your examination, you discover the following:
• On January 1, 20X3, the Supplies account had a balance of $1,350. During the year, $5,520 worth of supplies was purchased, and a balance of $1,620 remained unused on December 31.
• Supplies expense Debit $5250, Supplies Credit $5250
• Unrecorded interest owed to the center totaled $275 as of December 31.
• Interest expense Debit $275, Interest payable Credit $275
• All clients pay tuition in advance, and their payments are credited to the Unearned Tuition Revenue account. The account was credited for $65,500 on August 31. With the exception of $15,500 all amounts were for the current semester ending on December 31.
• Unearned Tuition Revenue Debit $50000, Tuition Revenue Credit $5000
• Depreciation on the school’s van was $3,000 for the year.
• Depreciation Expense Debit $3000, Accumulated Depreciation School Van Credit $3000
• On August 1, the center began to pay rent in 6-month installments of $24,000. Mary wrote a check to the owner of the building and recorded the check in...

Other Papers Like Week Two Exercise Assignment Revenue and Expenses

It 220 Week 2 Exercise Email Functionality And Use

383 words - 2 pages This document comprises IT 220 Week 2 Exercise Email Functionality and Use Deadline: ( ), Computer Science - General Computer Science Group Project: MiniQuest Database Objective | Overview | Case Project Overview | Needed Reports | Sample Data | Some Known Assumptions | What Your Team will be Required to Do | Task 1 (Due at the end of Week 3) | Task 2 (Due at the end of Week 4) | Task 3 (Due at the end of Week 5) | Task 4 (Due at the

Sci/163 Physical Fitness and Nutrition Worksheet Week Two

767 words - 4 pages Physical Fitness and Nutrition Worksheet Week Two Danielle Church SCI/163 October 2, 2013 Professor Sean Gary Physical Fitness and Nutrition Worksheet Week Two Part 1: Five Components of Health Related Fitness Table Components of Physical Fitness | Description | How to Incorporate in Your Life | Benefit(s) | Cardio respiratory Fitness | Being able to exercise at a moderate to high intensity for a long period of time. | Walk

Hrm 520 Week 8 Assignment 2 Integrating Culture And Diversity In Decision Making

386 words - 2 pages HRM 520 Week 8 Assignment 2 Integrating Culture and Diversity in Decision Making The CEO and Organizational Culture Profile Due Week 8 and worth 200 points Choose one (1) of the following organizations to research: Google, Zappos, Southwest, Hewlett Packard, Xerox, W.L. Gore, DuPont, or Procter & Gamble. Use a variety of resources (company Website, newspaper, company blogs, etc.) to research the culture of the selected organization. Note

Behavioral And Social Cognitive Approaches To Forming Habits - Individual Assignment - Week 4

1418 words - 6 pages Behavioral and Social/Cognitive Approaches to Forming Habits Individual Assignment – Week 4 Deborah Watson PSY 250 05/26/14 Habits as defined by Merriam-Webster’s Dictionary, is a settled tendency or usual manner of behavior or a behavior pattern acquired by frequent repetition or physiologic exposure that shows itself in regularity or increased facility of performance. In this paper we will analyze one of my habits, how, who, and where

Assignment 3: Persuasive Paper Part 1: A Problem Exists Due Week 5 And Worth 150 Points

1846 words - 8 pages Assignment 3: Persuasive Paper Part I: A Problem Exists Research Topic 10) Should regulations regarding the use of cell phones while driving be standardized? Distracted Divers: Are the Same in Every State Maria Taylor Strayer University: Asynchronous English 215: Research and Writing February 7, 2015 Distracted Driver: Are the Same in Every State Over the last four decades, mobile devices have become the

P1 – Identify How Two Organisations Plan Recruitment Using Internal and External Sources. in This Assignment I Will Be Investigating Recruitment Planning in Two Big Organisation

3179 words - 13 pages Recruitment and selection in business P1 – Identify how two organisations plan recruitment using internal and external sources. In this assignment I will be investigating recruitment planning in two big organisation. House of Fraser (HOF) House of Fraser is a British, national organisation within the competitive retail industry. The company sells a variety of products under 5 main departments

Acc 290 Weeks 1-5 Assignments Wileyplus Assignment and Final Exam

2746 words - 11 pages ACC 290 Week 1 Assignment WileyPLUS Assignment Click Assignment: Week 1 Assignment within WileyPLUS to complete the following exercises: DO IT! 1-3 Exercise 1-3 Exercise 1-4 Exercise Excel E 2-4 IFRS 2-4 Resource: WileyPLUS Click Assignment: Week 1 Assignment within WileyPLUS to complete the following exercises: DO IT! Review 1-3 Exercise 1-3 Exercise 1-4 Exercise 2-4

Acc 291 Syl

2383 words - 10 pages |Participate in class discussion. |2/6/14 |30 | |Individual |Resource: WileyPLUS |2/6/14, 6 pm |70 | |WileyPLUS© Assignment |Complete the following WileyPLUS Week Two Exercises and Problem: | | | |Week

Accounting

1776 words - 8 pages . | | | |Individual |Resource: Ch. 9 of Financial Accounting |Sunday |120 | |Exercises and Problems –|Complete Exercises E9-1, E9-7, & E9-12. | | | |Week Two |Complete Problem P9-7B

Hsa 525 Homework Week 7

804 words - 4 pages HSA 525 Homework week 7 The budget anticipated 30,000 inpatient days this year at an average of $650 revenue per day. • Inpatient expenses were budgeted at $600 per patient day. • The budget anticipated 10,000 outpatient visitsthis year at an average of$400 revenue per visit. • Outpatient expenses were budgeted at $380 per visit. As to the actual results: • Assume that only 27,000, or 90%, of the inpatient days are going to actually be

Acc 300 Brief Exercise 4

317 words - 2 pages   Revenue | | Unearned Revenues | | Service Revenue | BRIEF EXERCISE 4-10 HANLON CORPORATION Income Statement For the Year Ended December 31, 2012 Revenues Service revenue $32,000 Expenses Salaries and wages expense $14,000 Rent expense   3,900 Insurance expense   1,800 Supplies expense   1,500 Depreciation expense 1,000 Total expenses 22,200 Net income $ 9,800

Related Essays

Week Two Exercise Assignment Revenue And Expenses

1479 words - 6 pages Week Two Exercise Assignment Revenue and Expenses 1. Recognition of concepts. Jim Armstrong operates a small company that books entertainers for theaters, parties, conventions, and so forth. The company’s fiscal year ends on June 30. Consider the following items and classify each as either (1) prepaid expense, (2) unearned revenue, (3) accrued expense, (4) accrued revenue, or (5) none of the foregoing. a. Interest owed on the company's

Week Two Exercise Assignment Revenue And Expenses

1159 words - 5 pages Week Two Exercise Assignment Revenue and Expenses 1. Recognition of concepts. Jim Armstrong operates a small company that books entertainers for theaters, parties, conventions, and so forth. The company’s fiscal year ends on June 30. Consider the following items and classify each as either (1) prepaid expense, (2) unearned revenue, (3) accrued expense, (4) accrued revenue, or (5) none of the foregoing. a Interest owed on the company's bank

Week Two Exercise Assignment

1169 words - 5 pages Week Two Exercise Assignment Revenue and Expenses 1. Recognition of concepts. Jim Armstrong operates a small company that books enter­tainers for theaters, parties, conventions, and so forth. The company’s fiscal year ends on June 30. Consider the following items and classify each as either (1) pre­paid expense, (2) unearned revenue, (3) accrued expense, (4) accrued revenue, or (5) none of the foregoing. a Interest owed on the

Week One Exercise Assignment Basic Accounting Equations

2273 words - 10 pages Week One Exercise Assignment Basic Accounting Equations 1. Recognition of normal balances The following items appeared in the accounting records of Triguero's, a retail music store that also sponsors concerts. Classify each of the items as an asset, liability; revenue; or expense from the company's viewpoint. Also indicate the normal account balance of each item. a. Amounts paid to a mall for rent. Expense b. Amounts to be paid in 10