Accounting
A. MATCHING Match these type of accounts with the following business transactions. a. Prepaid expense b. Accrued expense c. Unearned revenue d. Accrued revenue 1. 2. 3. 4. 5. 6. 7. 8. Services provided by an attorney that have not been recorded. Paid for one year’s insurance policy Retainage received by the client for future legal representation. Annual property taxes that are paid at the end of the year Electric bill to be paid next month Paid for a magazine subscription for the next 6 months Received payment for a magazine subscription for the next 6 months Provided tutoring for a student, invoice to be sent at the beginning of the next month to the parent for payment. B. JOURNALIZE THE NECESSARY ADJUSTING ENTRY 1. There was a $1,750 balance in the supplies account at the beginning of the period. During the period, the supplies account was increased by $3,500 for supplies purchased. At the end of the period before adjustment, $350 of supplies were on hand. . 2. On January 1, 2009, DogMart Corporation purchased a two-year liability insurance policy for $22,800, paying cash at the time of purchase. This value was recorded to Prepaid Insurance. In the space below write the adjusting entry for January 31, 2009. 3. DogMart Corporation records depreciation to Office Equipment and Production Equipment. Depreciation for the period ending December 31, 2009 are $1,400 for Office Equipment and $2,650 for Production Equipment. Record these declarations to separate expense and accumulated depreciation accounts for maximum detail. 4. Requirement: Make the journal entries for both of the following: (a) On December 1, 2009, $12,500 was received for a service contract to be performed from December 1, 2009 until April 30, 2010. (b) If the service work for this contract is performed evenly and on a regular basis throughout this period, make the adjusting journal entry as of December 31, 2009. 5. On December 31, 2009 the accounts of Smart Choice Solutions show $1,385 in the Office Supplies account. An inspection of the supplies locker shows only $435 worth of supplies. Write the adjusting entry. 6. Depreciation on equipment for the year is $900. (a) Record the journal entry if the company adjusts its account once a year. (b) Record the journal entry if the company adjusts its account on a monthly basis. 7. The company determines that the interest expense on a note payable for period ending December 31st is $775.00. This amount is payable on January 1st. Write the two journal entries associated with this information. 8. On January 2nd, Dog Mart prepaid $15,000 rent for the year. Write the adjusting entry for rent expense on January 31st in the space below. 9. The prepaid insurance account had a beginning balance of $6,600 and was debited for $2,300 of premiums paid during the year. Journalize the adjusting entry required at the end of the year assuming the amount of unexpired insurance related to future periods is $4,100. 10. The balance in the unearned fees account, before adjustment at the end of the year, is $10,250. Journalize the adjusting entry required if the amount of unearned fees at the end of the year is $3,125. 11. At the end of the current year, $3,700 fees have been earned but have not been billed to clients. Journalize the adjusting entry to record the accrued fees. 12. Ski Master Company pays weekly salaries of $18,000 on Friday for a five-day week ending on that day. Journalize the necessary adjusting entry at the end of the accounting period, assuming that the period ends on Wednesday. 13. The estimated amount of depreciation on equipment for the current year is $5,300. Journalize the adjusting entry to record the depreciation.
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