Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

a. one third of the work related to $30,000 cash received in advance id performed this period. b. wages of $9000 are earned by workers

a. one third of the work related to $30,000 cash received in advance id performed this period. b. wages of $9000 are earned by workers but not paid as of December 31,2011. c.depreciation on the company's equipment for 2011 is $19,127. d. the office supplies account had a $480 debit balance on December 31,2010 during 2011, $5,349 of Office supplies are purchased. a physical count of supplies at December 31,2011 shows $587 of supplies available. e.the prepaid insurance account had $5000 balance on December 31,2011. an analysis of insurance policies shows that $2200 of unexpired insurance benefits remain December 31,2011. f. the company has earned (but not recorded) $750 of interest from investments in CD's for the year ended December 31, 2011. the interest revenue will be received onJanuary 10, 2012. g. the company has a bank loan and had incurred (but not recorded) interest expense of $3500 for the year ended December 31, 2011. the company must pay the interest on January 2, 2012. check (e) dr. insurance expense, $2800 (f) Dr. interest revenue $750

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions