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Title: Problem 3-4A
QA_Ori:
Part 1
Account
Unadjusted
Trial Balance Adjustments
Adjusted
Trial Balance
Cash.......................... $
34,000
$
34,000
Accounts receivable...... 14,000 (a
)
8,000 22,000
Adjustment description
(a) Earned but uncollected revenues.
(b) Cost of office supplies used.
Part 2
JKL CoMPANY
Income Statement
For Year Ended July 31, 2013
Revenues
Consulting fees earned
$134,24
0
Expenses
Depreciation expense—Office
equipment
$6,00
0
74,00
0
JKL CoMPANY
Statement of Owner’s Equity
For Year Ended July 31, 2013
J. Logan, Capital, July 31,
2012 $40,000
Part 2
JKL COMPANY
Balance Sheet
July 31, 2013
Assets
Cash.............................................................................. $ 34,000
Accounts receivable...................................................... 22,000
Office supplies.............................................................. 2,000
Liabilities
Accounts payable......................................................... $ 10,000
Interest payable............................................................ 1,000
Equity
Title: Problem 3-5A
QA_Ori:
Part 1
Chiara COMPANY
Income Statement
For Year Ended December 31, 2013
Revenues
Fees earned
$484,00
0
Interest earned 24,000
Total revenues
$508,00
0
Chiara COMPANY
Statement of Owner's Equity
For Year Ended December 31, 2013
R. Chiara, Capital, December
31, 2012
$255,80
0
CHIARA COMPANY
Balance Sheet
December 31, 2013
Assets
Cash......................................................................... $ 30,000
Accounts receivable................................................. 52,000
Interest receivable.................................................... 18,000
Liabilities
Accounts payable..................................................... $ 96,000
Interest payable........................................................ 20,000
Equity
Part 2
Title: Problem 3-6AA
QA_Ori:
Part 1
Assume prepaid expenses are recorded as assets and unearned revenues as
liabilities.
1-Nov Prepaid Advertising
1,80
0
Cash
1,80
0
Paid for future advertising.
1-Nov Prepaid Insurance
2,46
0
Cash
2,46
0
Paid insurance for one year.
3,60
2,10
31-Dec Consulting Fees Expense
1,00
0
1,00
31-Dec Unearned Service Fees
3,30
0
3,30
1-Nov Advertising Expense
1,80
0
1,80
1-Nov Insurance Expense
2,46
0
2,46
30-Nov Cash
3,60
0
3,60
1-Dec Consulting Fees Expense
3,00
0
3,00
15-Dec Cash
7,95
0
7,95
31-Dec Prepaid Advertising
1,20
0
1,20
31-Dec Prepaid Insurance
2,05
0
2,05
31-Dec Service Fees Earned
1,50
0
1,50
31-Dec Prepaid Consulting Fees
2,00
0
2,00
31-Dec Service Fees Earned
4,65
0
4,65
Part 2
Assume prepaid expenses are recorded as expenses and unearned revenues as
revenues.
Part 3
Advertising expense for two months $600
1,20
0
1,00
When prepaid expenses and unearned revenues are recorded in balance sheet
QA_Edit:
Assume prepaid expenses are recorded as assets and unearned revenues as
liabilities.
Part 2
Assume prepaid expenses are recorded as expenses and unearned revenues as
revenues.
Title: Problem 3-1B
QA_Ori:
1 H 5 B 9 I
Title: Problem 3-2B
Part 1
QA_Ori:
Adjustment (a)
Oct. 31 Office Supplies Expense 4,370
Adjustment (b)
31-Oct Insurance Expense 4,730
Polic
y
Cost per Month
Months
Active in
Fiscal Year
2013
Fiscal
Year
2013
Expense
A $250 ($6,000/24
mo.)
12 $3,000
Adjustment (c)
31-Oct Salaries Expense
1,00
0
Adjustment (d)
31-Oct Depreciation Expense—Building
5,40
0
Accumulated Depreciation—
31-Oct Rent Receivable
1,00
0
Rent Earned 1,000
To record earned but unpaid Oct. rent.
Adjustment (f)
31-Oct Unearned Rent
1,45
0
Part 2
Cash Payment for (c)
7-Nov Salaries Payable
1,00
0
4,00
15-Nov Cash
2,00
0
