Acc 557 Week 2 Chapter 3 (E3-6,e3-7,e3-11,p3-2A)

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ACC 557 Week 2 Chapter 3 (E3-6,E3-7,E3-11,P3-2A)

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Exercise 3-6Orwell Company accumulates the following adjustment data at December 31.1.Services provided but not recorded total $1,420.2.Supplies of $300 have been used.3.Utility expenses of $225 are unpaid.4.Unearned service revenue of $260 is recognized for services performed.5.Salaries of $800 are unpaid.6.Prepaid insurance totaling $380 has expired.For each of the above items indicate the following. <b><i>(Answer for account balances before adjustment should be entered in alphabetical order.)</i></b>(a)The type of adjustment (prepaid expense, unearned revenue, accrued revenue, or accrued expense).(b)The status of accounts before adjustment (overstatement or understatement).Exercise 3-7The ledger of Villa Rental Agency on March 31 of the current year includes the selected accounts, shown below, before adjusting entries have been prepared.Prepare the adjusting entries at March 31, assuming that adjusting entries are made quarterly. Additional accounts are: Depreciation Expense, Insurance Expense, Interest Payable, and Supplies Expense. <b>(Credit account titles are automatically indented when the amount is entered. </b><b>Do not indent manually.)</b>Exercise 3-11A partial adjusted trial balance of Ruiz Company at January 31, 2014, shows the following.Answer the following questions, assuming the year begins January 1.(a)If the amount in Supplies Expense is the January 31 adjusting entry, and $670 of supplies was purchased in January, what was the balance in Supplies on January 1?The balance in Supplies on January 1$(b) If the amount in Insurance Expense is the January 31 adjusting entry, and the original insurance premium was for one year, what was the total premium and when was the policy purchased?The total premium$The policy purchased(c) If $3,300 of salaries was paid in January, what was the balance in Salaries and Wages Payable at December 31, 2013?The balance in Salaries and Wages Payable at December 31, 2013$<b>Problem 3-2A</b>Lazy River Resort opened for business on June 1 with eight air-conditioned units. Its trial balance before adjustment on August 31 is as follows.<b>Lazy River Resort, Inc.Trial BalanceAugust 31, 2014</b><b>Account Number</b><b>Debit</b><b>Credit</b>101Cash$ 19,600126Supplies3,300130Prepaid Insurance6,000140Land25,000143Buildings125,000157Equipment26,000201Accounts Payable$ 6,500208Unearned Rent Revenue7,400275Mortgage Payable80,000311Common Stock100,000332Dividends5,000429Rent Revenue80,000622Maintenance and Repairs Expense3,600726Salaries and Wages Expense51,000732Utilities Expense9,400$273,900$273,900In addition to those accounts listed on the trial balance, the chart of accounts for Lazy River Resort also contains the following accounts and account numbers: No. 112 Accounts Receivable, No. 144 Accumulated Depreciation—Buildings, No. 158 Accumulated Depreciation—Equipment, No. 212 Salaries and Wages Payable, No. 230 Interest Payable, No. 631 Supplies Expense, No. 711 Depreciation Expense, No. 718 Interest Expense, and No. 722 Insurance Expense.Other data:1.Insurance expires at the rate of $400 per month.2.A count on August 31 shows $900 of supplies on hand.3.Annual depreciation is $4,500 on buildings and $2,400 on equipment.4.Unearned rent revenue of $4,100 was recognized for services performed prior to August 31.5.Salaries of $400 were unpaid at August 31.6.Rentals of $3,700 were due from tenants at August 31. (Use Accounts Receivable.)7.The mortgage interest rate is 9% per year. (The mortgage was taken out on August 1.)(a) Journalize the adjusting entries on August 31 for the 3-month period June 1–August 31. <b><i>(Credit account titles are automatically indented when the amount is entered. </i></b><b><i>Do not indent manually.)</i></b><b>No.</b><b>Date</b><b>Account Titles and Explanation</b><b>Debit</b><b>Credit</b>1.Aug. 312.Aug. 313.Aug. 314.Aug. 315.Aug. 316.Aug. 317.Aug. 31b) Prepare a ledger using the three-column form of account. Enter the trial balance amounts and post the adjusting entries. <b>(Post entries in the order of journal entries posted in the previous part of the question.)</b><b>c)</b> Prepare an adjusted trial balance on August 31.d) Prepare an income statement for the 3 months ending August 31e) Prepare a retained earnings statement for the 3 months ending August 31. <b>(List items that increase retained earnings first.)</b><b>f) </b>Prepare a balance sheet as of August 31. <b>(List assets in order of liquidity. List Property, plant and equipment in order of land, buildings and equipment.)</b>
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Exercise 3-6Orwell Company accumulates the following adjustment data at December 31.1.Services provided but not recorded total $1,420.2.Supplies of $300 have been used.3.Utility expenses of $225 are unpaid.4.Unearned service revenue of $260 is recognized for services performed.5.Salaries of $800 are unpaid.6.Prepaid insurance totaling $380 has expired.For each of the above items indicate the following. <b><i>(Answer for account balances before adjustment should be entered in alphabetical order.)</i></b>(a)The type of adjustment (prepaid expense, unearned revenue, accrued revenue, or accrued expense).(b)The status of accounts before adjustment (overstatement or understatement).Exercise 3-7The ledger of Villa Rental Agency on March 31 of the current year includes the selected accounts, shown below, before adjusting entries have been prepared.Prepare the adjusting entries at March 31, assuming that adjusting entries are made quarterly. Additional accounts are: Depreciation Expense, Insurance Expense, Interest Payable, and Supplies Expense. <b>(Credit account titles are automatically indented when the amount is entered. </b><b>Do not indent manually.)</b>Exercise 3-11A partial adjusted trial balance of Ruiz Company at January 31, 2014, shows the following.Answer the following questions, assuming the year begins January 1.(a)If the amount in Supplies Expense is the January 31 adjusting entry, and $670 of supplies was purchased in January, what was the balance in Supplies on January 1?The balance in Supplies on January 1$(b) If the amount in Insurance Expense is the January 31 adjusting entry, and the original insurance premium was for one year, what was the total premium and when was the policy purchased?The total premium$The policy purchased(c) If $3,300 of salaries was paid in January, what was the balance in Salaries and Wages Payable at December 31, 2013?The balance in Salaries and Wages Payable at December 31, 2013$<b>Problem 3-2A</b>Lazy River Resort opened for business on June 1 with eight air-conditioned units. Its trial balance before adjustment on August 31 is as follows.<b>Lazy River Resort, Inc.Trial BalanceAugust 31, 2014</b><b>Account Number</b><b>Debit</b><b>Credit</b>101Cash$ 19,600126Supplies3,300130Prepaid Insurance6,000140Land25,000143Buildings125,000157Equipment26,000201Accounts Payable$ 6,500208Unearned Rent Revenue7,400275Mortgage Payable80,000311Common Stock100,000332Dividends5,000429Rent Revenue80,000622Maintenance and Repairs Expense3,600726Salaries and Wages Expense51,000732Utilities Expense9,400$273,900$273,900In addition to those accounts listed on the trial balance, the chart of accounts for Lazy River Resort also contains the following accounts and account numbers: No. 112 Accounts Receivable, No. 144 Accumulated Depreciation—Buildings, No. 158 Accumulated Depreciation—Equipment, No. 212 Salaries and Wages Payable, No. 230 Interest Payable, No. 631 Supplies Expense, No. 711 Depreciation Expense, No. 718 Interest Expense, and No. 722 Insurance Expense.Other data:1.Insurance expires at the rate of $400 per month.2.A count on August 31 shows $900 of supplies on hand.3.Annual depreciation is $4,500 on buildings and $2,400 on equipment.4.Unearned rent revenue of $4,100 was recognized for services performed prior to August 31.5.Salaries of $400 were unpaid at August 31.6.Rentals of $3,700 were due from tenants at August 31. (Use Accounts Receivable.)7.The mortgage interest rate is 9% per year. (The mortgage was taken out on August 1.)(a) Journalize the adjusting entries on August 31 for the 3-month period June 1–August 31. <b><i>(Credit account titles are automatically indented when the amount is entered. </i></b><b><i>Do not indent manually.)</i></b><b>No.</b><b>Date</b><b>Account Titles and Explanation</b><b>Debit</b><b>Credit</b>1.Aug. 312.Aug. 313.Aug. 314.Aug. 315.Aug. 316.Aug. 317.Aug. 31b) Prepare a ledger using the three-column form of account. Enter the trial balance amounts and post the adjusting entries. <b>(Post entries in the order of journal entries posted in the previous part of the question.)</b><b>c)</b> Prepare an adjusted trial balance on August 31.d) Prepare an income statement for the 3 months ending August 31e) Prepare a retained earnings statement for the 3 months ending August 31. <b>(List items that increase retained earnings first.)</b><b>f) </b>Prepare a balance sheet as of August 31. <b>(List assets in order of liquidity. List Property, plant and equipment in order of land, buildings and equipment.)</b>
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