The following six-column table for Bullseye Ranges includes the unadjusted trial balance as of December 31, 2005.

Required 1. Complete the six-column table by entering adjustments that reflect the following information:

a. As of December 31, 2005, employees had earned \($900\) of unpaid and unrecorded salaries. The next payday is January 4, at which time \($1,600\) of salaries will be paid.

b. The cost of supplies still available at December 31, 2005, is \($2,700.

e.\) The notes payable requires an interest payment to be made every three months. The amount of unrecorded accrued interest at December 31, 2005, is \($1,250.\) The next interest payment, at an amount of \($1,500,\) is due on January 15, 2006.

d. Analysis of the unearned member fees account shows \($5,600\) remaining unearned at December 31, 2005.

e. In addition to the member fees included in the revenue account balance, the company has earned another \($9,100\) in unrecorded fees that will be collected on January 31. 2006. The company is also expected to collect \($8,000\) on that same day for new fees earned in January 2006.

f. Depreciation expense for the year is \($12,500\).

2. Prepare journal entries for the adjustments entered in the six-column table for part 1.
3. Prepare journal entries to reverse the effects of the adjusting entries that involve accruals.
4. Prepare journal entries to record the cash payments and cash collections described for January.

Transcribed Image Text:

Account Title Cash Accounts receivable Supplies Equipment Accumulated depreciation- BULLSEYE RANGES December 31, 2005 Unadjusted Adjusted Trial Balance Trial Balance Adjustments Dr. Cr. Dr. Cr. Dr. $13.000 0 5,500 130,000 $ 25.000 Equipment. Interest payable 0 Salaries payable 0 Unearned member fees 14,000 Notes payable 50.000 T. Allen, Capital 58.250 T. Allen, Withdrawals 20,000 Member fees earned. 53.000 Depreciation expense- Equipment 0 Salaries expense 28,000 Interest expense 3,750 Supplies expense Totals 0 $200,250 $200,250 | || Cr.