Thanks a million :) I was surprised by the amount offered, but as long as you know that the questions are worth more then that is ok :) Good thing you saw my messages. When I did not hear from you for a long time I was scared you missed your deadline. Will start working on the questions right away.
Take care Linda
Hi again :)
I will close this post cause we do not need it. For future assignments, post any messages on the post itself Linda, because when you open a new post to ask me something it shows as a new post that is open and it affects your acceptance rate.
Something is wrong with the page where you posted the new questions. I cannot open it at all. Can you please make a new post and repost the questions? Or copy & paste the questions here
Moving on Chapter 3
[The following information applies to the questions displayed below.]
Prepare adjusting journal entries for the year ended (date of) December 31, 2009, for each of these separate situations. Assume that prepaid expenses are initially recorded in asset accounts. Also assume that fees collected in advance of work are initially recorded as liabilities. (Round your answers to the nearest dollar amount.Omit the "$" sign in your response.)
Depreciation on the company's equipment for 2009 is computed to be $13,000.
(Click to select)Accumulated Depreciation-EquipmentSalaries PayableEquipmentRepairs and Maintenance ExpensesDepreciation Expense-Equipment
(Click to select)EquipmentDepreciation Expense-EquipmentAccumulated Depreciation-EquipmentRepairs and Maintenance ExpensesSalaries Payable
Check My WorkReferences
Learning Objective: 03-P1
The Prepaid Insurance account had a $7,000 debit balance at December 31, 2009, before adjusting for the costs of any expired coverage. An analysis of the company's insurance policies showed that $1,320 of unexpired insurance coverage remains.
(Click to select)Office Supplies ExpenseSalaries PayableUnexpired InsurancePrepaid InsuranceInsurance Expense
(Click to select)CashInsurance ExpenseOffice SuppliesSalaries PayablePrepaid Insurance
The Office Supplies account had a $510 debit balance on December 31, 2008; and $2,680 of office supplies were purchased during the year. The December 31, 2009, physical count showed $602 of supplies available.
(Click to select)Unearned Fee RevenueSalaries PayableOffice Supplies ExpenseCashOffice Supplies
(Click to select)Office Supplies ExpenseOffice SuppliesSalaries PayableCashFee Revenue
Three-fourths of the work related to $13,000 of cash received in advance was performed this period.
(Click to select)Salaries PayableUnearned Fee RevenueCashFee RevenueInsurance Expense
(Click to select)Income received in advancePrepaid InsuranceUnearned Fee RevenueSalaries PayableFee Revenue
The Prepaid Insurance account had a $5,000 debit balance at December 31, 2009, before adjusting for the costs of any expired coverage. An analysis of insurance policies showed that $3,680 of coverage had expired.
(Click to select)Prepaid InsuranceInsurance ExpenseSalaries PayableOffice SuppliesCash
Wage expenses of $5,000 have been incurred but are not paid as of December 31, 2009.
(Click to select)Insurance ExpenseWages ExpenseWages PayableOffice SuppliesAccrued Wages
(Click to select)Wages PayablePrepaid InsuranceCashOffice SuppliesWages Expense
Following are two income statements for Vix Co. for the year ended December 31. The left column is prepared before any adjusting entries are recorded, and the right column includes the effects of adjusting entries. The company records cash receipts and payments related to unearned and prepaid items in balance sheet accounts. Analyze the statements and prepare the ten adjusting entries that likely were recorded. (Note: 30% of the $5,400 adjustment for Fees Earned has been earned but not billed, and the other 70% has been earned by performing services that were paid for in advance.) (Omit the "$" sign in your response.)
VIX CO.Income StatementsFor Year Ended December 31
Depreciation expense-Office furniture
Office supplies expense
Adjusting entry 1:
(Click to select)Fees EarnedCashAccounts ReceivableInsurance ExpenseRent Expense
(Click to select)Fees EarnedUnearned FeesAccounts ReceivableCashIncome Summary
Adjusting entry 2:
(Click to select)Fees EarnedPrepaid IncomeInsurance ExpenseUnearned FeesRent Expense
(Click to select)Income received in advanceUnearned FeesAccounts ReceivableFees EarnedCash
Adjusting entry 3:
(Click to select)Repairs and Maintenance ExpensesRent ExpenseAccumulated Depreciation-ComputersDepreciation Expense-ComputersComputers
(Click to select)Rent ExpenseDepreciation Expense-ComputersAccumulated Depreciation-ComputersRepairs and Maintenance ExpensesComputers
Adjusting entry 4:
(Click to select)Accumulated Depreciation-Office FurnitureRepairs and Maintenance ExpensesDepreciation Expense-Office FurnitureRent ExpenseOffice Furniture
(Click to select)Rent ExpenseDepreciation Expense-Office FurnitureRepairs and Maintenance ExpensesOffice FurnitureAccumulated Depreciation-Office Furniture
Adjusting entry 5:
(Click to select)Salaries ExpenseRent ExpenseSalaries PayableInsurance ExpenseAccrued Expense
(Click to select)Accounts PayableRent ExpenseCashSalaries PayableSalaries Expense
Adjusting entry 6:
(Click to select)Insurance ExpenseRent ExpenseUnexpired InsuranceOffice Supplies ExpensePrepaid Insurance
(Click to select)Accounts PayableInsurance ExpenseRent ExpenseCashPrepaid Insurance
Adjusting entry 7:
(Click to select)Rent ExpenseCashUtilities ExpenseOffice SuppliesOffice Supplies Expense
(Click to select)Rent ExpenseOffice SuppliesCashAccounts PayableOffice Supplies Expense
Adjusting entry 8:
(Click to select)Utilities ExpenseOffice Supplies ExpenseRent ExpenseUtilities PayableAccrued Expense
(Click to select)Utilities PayableUtilities ExpenseCashPrepaid UtilitiesRent Expense
Adjusting entry 9:
(Click to select)CashUtilities PayablePrepaid UtilitiesRent PayableRent Expense
(Click to select)Utilities PayableRent PayableCashRent ExpensePrepaid Utilities
Adjusting entry 10:
(Click to select)Utilities PayableAdvertising ExpenseCashAdvertising PayablePrepaid Utilities
(Click to select)Utilities PayableCashAdvertising ExpenseAdvertising PayablePrepaid Utilities
For each of the following separate cases, prepare adjusting entries required of financial statements for the year ended (date of) December 31, 2009. (Assume that prepaid expenses are initially recorded in asset accounts and that fees collected in advance of work are initially recorded as liabilities.) (Omit the "$" sign in your response.)
Two-thirds of the work related to $12,000 cash received in advance is performed this period.
(Click to select)CashAccounts ReceivableFee RevenueInterest ReceivableUnearned Fee Revenue
(Click to select)Interest RevenueUnearned Fee RevenueAccounts ReceivableIncome Received in AdvanceFee Revenue
Wages of $11,000 are earned by workers but not paid as of December 31, 2009.
(Click to select)Office Supplies ExpenseInsurance ExpenseWages PayableWages ExpenseAccrued Wages
(Click to select)Wages ExpenseInsurance ExpenseAccounts PayableWages PayableCash
Depreciation on the company's equipment for 2009 is $10,960.
(Click to select)Repairs and Maintenance ExpensesInsurance ExpenseAccumulated Depreciation-EquipmentDepreciation Expense-EquipmentEquipment
(Click to select)Repairs and Maintenance ExpensesDepreciation Expense-EquipmentInsurance ExpenseAccumulated Depreciation-EquipmentEquipment
The Office Supplies account had a $370 debit balance on December 31, 2008. During 2009, $4,678 of office supplies are purchased. A physical count of supplies at December 31, 2009, shows $518 of supplies available.
(Click to select)Rent ExpenseCashOffice Supplies ExpenseOffice SuppliesInsurance Expense
(Click to select)Office Supplies ExpenseOffice SuppliesInterest RevenueAccounts ReceivableCash
The Prepaid Insurance account had a $5,000 balance on December 31, 2008. An analysis of insurance policies shows that $2,300 of unexpired insurance benefits remain at December 31, 2009.
(Click to select)Prepaid InsuranceInterest ReceivableInsurance ExpenseUnexpired InsuranceAccounts Receivable
(Click to select)Prepaid InsuranceCashInterest RevenueAccounts ReceivableInsurance Expense
The company has earned (but not recorded) $850 of interest from investments in CDs for the year ended December 31, 2009. The interest revenue will be received on January 10, 2010.
(Click to select)Insurance ExpenseCashInterest RevenueRent ExpenseInterest Receivable
(Click to select)Accounts ReceivableInterest ReceivableUnearned InterestInvestmentInterest Revenue
The company has a bank loan and has incurred (but not recorded) interest expense of $4,000 for the year ended December 31, 2009. The company must pay the interest on January 2, 2010.
(Click to select)LoanPrepaid ExpenseInterest PayableRent ExpenseInterest Expense
(Click to select)Loan PayableInterest PayableRent ExpenseAccounts PayableInterest Expense