1.Alpha Company prepares quarterly adjusting entries. On November 1, 2017, Alpha Company purchased equipment with a sticker price of $8,515 and signed a note due in 9 months for $10,000 that included interest in the value of the note. Use this information to prepare a general journal entry for the November 1 equipment purchase. Prepare any additional general journal adjusting entries for Fiscal Years 2017 & 2018. Additionally, prepare the general journal entry to record the payment of the note when due in 2018.

General Journal

Date

Accounts

Debit

Credit

8/31/17

9/30/17

12/31/17

3/31/18

5/31/18

2. Alpha Dog formed a corporation on January 2, 2017 to provide construction services in the town of Elven, Rivendell, ME. The following is the December 31th Unadjusted Trial Balance.

Alpha Dog Corporation

Unadjusted Trial Balance

12/31/16

Accounts

Debit

Credit

Cash

$532,000

Accounts Receivable

172,000

Supplies

85,000

Prepaid Insurance

36,000

Equipment

2,400,000

Accounts Payable

$32,000

Unearned Revenue

100,000

Note Payable (Long Term)

1,420,000

Capital Stock

1,075,000

Revenue

1,397,000

Wages Expense

497,000

Fuel Expense

62,000

Rent Expense

180,000

Interest Expense

60,000

_________

Total

$4,024,000

$4,024,000

The following information is provided regarding end of the FY required adjusting entries.

1.Equipment was purchased on June 1, it has an estimated life or 5 years with an estimated salvage value of $400,000.Alpha Dog used the double declining balance method for depreciation.

2.Supplies on hand at year end are $30,000.

3.On 1/1/2017 interest on $58,000 and a principle payment of $20,000 must be made to the bank.

4.The insurance policy is for 12 months and was purchased on March 1.

5.Unbilled services that have been provided customers at year end is $35,000.Billings will be processed the first week of January.

Use this information to compute the adjustments and then prepare the end of the fiscal year general journal closing entries (without explanation). Note: students are to only present the closing entries. This will require that the student work on the side to determine the adjustments that were made to the unadjusted trial balance before they will be able to prepare the closing entries. Do not present any calculations or other information in the answer sheet except for the required closing entries.

General Journal:

Date

Accounts

Debit

Credit

12/31/16

12/31/16

12/31/16

3. Alpha Company had the following banking information from its bank statement dated July 31, 2017:

Item

Amount

Cash Balance per Bank (7/3/17)

$3,350

Bank Service Charges

75

Collection of Note Receivable from Mr. Yankee including the interest of $145

3,145

Customer (Mr. Welcher) returned cheque NSF

225

The following additional information was determined from a review of the cash payments & receipts and the cheque register for Alpha Company

The following cheques had not cleared the bank as paid:

DATE

Ck #

Accounts Payable

Amount

5/25/17

1005

Bravo Office Supply Store

$250

7/15/17

1025

Zulu Electric Company

1,900

7/30/17

1030

Bravo Office Supply Store

250

The following information was recorded in Alpha's cash receipts ledger and have not yet been recorded in the bank statements:

Date

Item

Amount

5/25/17

Store Cash Sales

$200

7/31/17

Store Cash Sales

$200

7/31/17

Cheques From Store Sales

5,500

7/31/17

Cash Balance per General Ledger (7/31/17)

4,005

Prepare, the compound general journal entry (without explanation) needed to be record the adjustments required to reconcile the July 31^stcash book balance to the adjusted bank balance. If no entry is required then write "No Entry Required."

General Journal:

Date

Accounts

Debit

Credit

7/31/17

4. Alpha Company had the following banking information from its bank statement dated 7/31/17

Item

Amount

Cash Balance per bank 7/3/17

3,350

Bank Service Charges

75

Collection of Note Receivable from Mr. Yankee including the interest of 145 Customer (Mr. Welcher)

3,145

Returned check NSF

225

The following additional information was determined from a review of the cash payments and receipts and the check register for Alpha Company.

1.The following checks had not cleared the bank as paid

Date

Check #

Accounts Payable

Amount

5/25/17

1005

Bravo Company

250

7/15/17

1025

Zulu Company

1,900

7/30/17

1030

Bravo Company

250

2.The following was recorded in Alpha's cash receipts ledger and have not yet been recorded in the bank statement

Date

Item

Amount

5/25/17

Store Cash Sales

200

7/31/17

Store Cash Sales

200

7/31/17

Checks from store Sales

5.500

7/31/17

Cash Balance per GL 7/31/17

4,005

Prepare, in good form, the July 31, 2017 Bank Reconciliation for Alpha Company

Bank Reconciliation

5. Alpha Company uses the perpetual inventory system and had the following inventory and sales activity for the month of May 2016:

Date

Activity

Quantity

Unit Price

5/1

Beginning inventory

175

10

5/5

Purchase

200

12

5/10

Sales

245

25

5/15

Purchase

300

15

5/20

Sales

300

30

5/25

Purchase

150

16

Using the LIFO method, determine the dollar values following for the month of May:

1.Ending inventory

2.Goods Available for Sale

3.Sales

4.Cost of Goods Sold

5.Gross Profit

1.Alpha Company prepares quarterly adjusting entries. On November 1, 2017, Alpha Company purchased equipment with a sticker price of $8,515 and signed a note due in 9 months for $10,000 that included interest in the value of the note. Use this information to prepare a general journal entry for the November 1 equipment purchase. Prepare any additional general journal adjusting entries for Fiscal Years 2017 & 2018. Additionally, prepare the general journal entry to record the payment of the note when due in 2018. General Journal Date Accounts Debit Credit 8/31/17 9/30/17 12/31/17 3/31/18 5/31/18 2. Alpha Dog formed a corporation on January 2, 2017 to provide construction services in the town of Elven, Rivendell, ME. The following is the December 31th Unadjusted Trial Balance. Alpha Dog Corporation Unadjusted Trial Balance 12/31/16 Accounts Debit Cash $532,000 Accounts Receivable 172,000 Supplies 85,000 Prepaid Insurance 36,000 Equipment 2,400,000 Credit Accounts Payable $32,000 Unearned Revenue 100,000 Note Payable (Long Term) 1,420,000 Capital Stock 1,075,000 Revenue 1,397,000 Wages Expense 497,000 Fuel Expense 62,000 Rent Expense 180,000 Interest Expense 60,000 _________ $4,024,000 $4,024,000 Total The following information is provided regarding end of the FY required adjusting entries. 1. Equipment was purchased on June 1, it has an estimated life or 5 years with an estimated salvage value of $400,000.Alpha Dog used the double declining balance method for depreciation. 2. Supplies on hand at year end are $30,000. 3. On 1/1/2017 interest on $58,000 and a principle payment of $20,000 must be made to the bank. 4. The insurance policy is for 12 months and was purchased on March 1. 5. Unbilled services that have been provided customers at year end is $35,000.Billings will be processed the first week of January. Use this information to compute the adjustments and then prepare the end of the fiscal year general journal closing entries (without explanation). Note: students are to only present the closing entries. This will require that the student work on the side to determine the adjustments that were made to the unadjusted trial balance before they will be able to prepare the closing entries. Do not present any calculations or other information in the answer sheet except for the required closing entries. General Journal: Date Accounts Debit Credit 12/31/1 6 12/31/1 6 12/31/1 6 3. Alpha Company had the following banking information from its bank statement dated July 31, 2017: Item Amount Cash Balance per Bank (7/3/17) $3,350 Bank Service Charges 75 Collection of Note Receivable from Mr. Yankee including the interest of $145 3,145 Customer (Mr. Welcher) returned cheque NSF 225 The following additional information was determined from a review of the cash payments & receipts and the cheque register for Alpha Company The following cheques had not cleared the bank as paid: DATE Ck # 5/25/17 1005 7/15/17 1025 7/30/17 1030 Accounts Payable Amount Bravo Office Supply Store $250 Zulu Electric Company 1,900 Bravo Office Supply Store 250 The following information was recorded in Alpha's cash receipts ledger and have not yet been recorded in the bank statements: Date Item Amount 5/25/17 Store Cash Sales $200 7/31/17 Store Cash Sales $200 7/31/17 Cheques From Store Sales 5,500 7/31/17 Cash Balance per General Ledger (7/31/17) 4,005 Prepare, the compound general journal entry (without explanation) needed to be record the adjustments required to reconcile the July 31 st cash book balance to the adjusted bank balance. If no entry is required then write \"No Entry Required.\" General Journal: Date Accounts Debit Credit 7/31/17 4. Alpha Company had the following banking information from its bank statement dated 7/31/17 Item Amount Cash Balance per bank 7/3/17 3,350 Bank Service Charges 75 Collection of Note Receivable from Mr. Yankee including the interest of 145 Customer (Mr. 3,145 Welcher) Returned check NSF 225 The following additional information was determined from a review of the cash payments and receipts and the check register for Alpha Company. 1. The following checks had not cleared the bank as paid Date Check # Accounts Payable Amount 5/25/17 1005 Bravo Company 250 7/15/17 1025 Zulu Company 1,900 7/30/17 1030 Bravo Company 250 2. The following was recorded in Alpha's cash receipts ledger and have not yet been recorded in the bank statement Date Item Amount 5/25/17 Store Cash Sales 200 7/31/17 Store Cash Sales 200 7/31/17 Checks from store Sales 5.500 7/31/17 Cash Balance per GL 7/31/17 4,005 Prepare, in good form, the July 31, 2017 Bank Reconciliation for Alpha Company Bank Reconciliation 5. Alpha Company uses the perpetual inventory system and had the following inventory and sales activity for the month of May 2016: Date Activity Quantity Unit Price 5/1 Beginning inventory 175 10 5/5 Purchase 200 12 5/10 Sales 245 25 5/15 Purchase 300 15 5/20 Sales 300 30 5/25 Purchase 150 16 Using the LIFO method, determine the dollar values following for the month of May: 1. Ending inventory 2. Goods Available for Sale 3. Sales 4. Cost of Goods Sold 5. Gross Profit