Anyone know the answers to all of these questions?

Ch 4 Graded Assignment Note: To receive partial credit on problems which require calculations, calculations must be shown. Problem I: (12 points) Indicate whether each of the following statements is true (T) or false (F). a. ___ Generally accepted accounting principles (GAAP) require the use of the cash-basis of accounting. b. ___ Under the cash-basis of accounting, service revenue is recorded when cash is received from a customer regardless of whether the company's performance to that customer has occurred. c. ___ The accrual-basis of accounting is an application of the revenue recognition and expense recognition (matching) principles. d. ___ Adjusting entries are grouped into two broad categories - deferrals and accruals. e. ___ Depreciation is the process of allocating the cost, rather than the decline in fair value, of an asset to an expense over its useful life. f. ___ The failure to record depreciation expense at the end of the year will result in liabilities being understated. g. ___ Accounts should be listed on an adjusted trial balance in alphabetical order. h. ___ On an adjusted trial balance, the \"Retained Earnings\" account balance is equal to its beginning balance at the start of the year. i. ___ On a post-closing trial balance, the \"Retained Earnings\" account balance is equal to its ending balance at the end of the year. j. ___ A temporary account is one which should begin the new accounting period with a zero account balance. k. ___ Permanent accounts are closed while temporary accounts are not. l. ___ Right before it is adjusted to zero, the credit balance subtotal in the \"Income Summary\" account should equal the company's net income for the period. 1 Problem II: (10 points) An expense may be recognized and recorded at a time which is (1) the same as its related cash payment, (2) before its related cash payment, or (3) after its related cash payment. Likewise, revenue may be recognized and recorded at a time which is (1) the same as its related cash receipt, (2) before its related cash receipt, or (3) after its related cash receipt. Required: In the underlined portion of each of the sentences below, highlight or clearly circle the correct word which applies. A. An expense recorded before its related cash payment, is called a(n) accrued expense | prepaid expense. In the adjusting entry to record the expense, the expense account will be debited | credited and a payable account will be debited | credited. At the time of the subsequent cash payment, the payable account will be debited | credited and the cash account will be debited | credited. B. Cash paid for the purchase of an asset which will eventually be converted to an expense as the asset is used up is an example of a(n) accrued expense | prepaid expense. At the time of the cash payment, an asset account will be debited | credited and the cash account will be debited | credited. In the adjusting entry to record the expense as the asset is used up, the asset account will be debited | credited and an expense account will be debited | credited. C. A revenue recorded before its related cash receipt, is called a(n) accrued revenue | unearned revenue. In the adjusting entry to record the revenue, a receivable account will be debited | credited and a revenue account will be debited | credited. At the time of the subsequent cash receipt, the cash account will be debited | credited and the receivable account will be debited | credited. D. Cash received from a customer for revenue which will be earned in the future is an example of a(n) accrued revenue | unearned revenue. At the time of the cash receipt, the cash account will be debited | credited and the related liability account will be debited | credited. In the adjusting entry to record the revenue earned, the liability account will be debited | credited and the revenue account will be debited | credited. 2 Problem III: (24 points) For each of the situations below, prepare the journal entry (JE) and related adjusting entry (AJE). Assume Wolfpack has a calendar year-end. A. On 12/31/X1, Wolfpack Inc. estimated $500 in utilities cost for the month of December. The actual $500 utility bill for December was paid on 1/9/X2. Date 12/31/X 1 Type of Entry AJE 1/9/X2 JE Debit Credit B. On 12/1/X1, Wolfpack Inc. purchased a six-month insurance policy costing $1,200 cash. The policy period runs from 12/1/X1 to 6/1/X2. Date 12/1/X1 Type of Entry JE 12/31/X 1 AJE Debit Credit C. On 12/31/X1, Wolfpack Inc. performed services worth $3,000 on account. The customer paid for these services on 1/15/X2. Date 12/31/X 1 Type of Entry AJE 1/15/X2 JE Debit Credit D. On 12/1/X1, Wolfpack Inc. received $4,000 for services it will provide evenly to a customer over the next four months beginning in December. Date 12/1/X1 Type of Entry JE 12/31/X 1 AJE Debit Credit 3 Accounting Check Each adjusting entry (AJE) should affect at least one income statement account and at least one balance sheet account. Do your adjusting entries follow this rule? If not, please go back and check your entries. Problem IV: (11 points) Gresham Corp., a calendar year-end company, had a \"Supplies\" account balance of $900 on 1/1/X7. On February 20, 20X7 it purchased supplies costing $ 6,000 on account. On March 20, 20X7, it paid for the supplies previously purchased on account. At the end of December, a physical count of its supplies showed supplies costing $1,300 are still on hand (unused). A. Journalize the February and March transactions as well as the December 31 adjusting entry for supplies. Date Debit Credit 2/20/X7 3/20/X7 12/31/X7 B. Below are selected t-accounts affected by the above journal entries. Complete these t-accounts by first entering in each account's beginning balance and then posting the above transactions. Show each account's ending account balance. Supplies Supplies Expense Accounting Check Does the ending balance in the \"Supplies\" account equal the cost of the supplies still on hand at the end of Dec? If not, please go back and check your entries. Problem V: (6 points) Using the words increase (inc), decrease (decr), or no effect (ne), indicate how each of the following adjustments affects a company's accounting equation. Note: \"no effect\" must be indicated where appropriate. 4 A. Adjustments for accrued revenues: Total Assets Total Liabilities Total Stockholders' Equity B. Adjustments for unearned revenues: Total Assets Total Liabilities Total Stockholders' Equity C. Adjustments for accrued expenses: Total Assets Total Liabilities Total Stockholders' Equity D. Adjustments for prepaid expenses: Total Assets Total Liabilities Total Stockholders' Equity Accounting Check Do each of your answers keep the accounting equation in balance? If your answer is not \"yes\