Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

At July month-end, Weber Inc. gathered the information listed below for the preparation of adjusting entries. Indicate whether the require adjusting entry for each item

image text in transcribed

At July month-end, Weber Inc. gathered the information listed below for the preparation of adjusting entries. Indicate whether the require adjusting entry for each item would cause an increase ( + ), decrease ( - ), or has no effect (NE) on each of the components of the acco equation. If a transaction causes a decrease in one component of the accounting equation and also an increase in the same component different account, select ( +/- ). A = L + E a) The monthly depreciation on the building is $80. b) $4,500 of the insurance policy purchased in advance has expired. c) This month's advertising bill for $7,500 is unrecorded and unpaid. d) The monthly depreciation on the furniture is $420. e) Accrued salaries at month-end totalled $9,000. f) A building Weber Inc. owns is rented out for $1,750 each month. The current month's rent has not been received by month-end. g) $440 of interest has accrued on a note receivable and is unrecorded. h) A review of the $36,000 unadjusted balance in the prepaid insurance account shows a remaining balance of $35,000 at the end of the month. i) Unrecorded and uncollected consulting fees at the end of the month were $2,750. j) A review of the $36,000 unadjusted balance in the prepaid rent account shows a remaining balance of $31,500 at the end of the month. k) $700 of property taxes have accrued and are unrecorded. 1) $1,650 of the television advertising paid for in advance has been used. m) $3,300 of the advertising paid for in advance has been published by the newspaper. n) $6,000 of the rent paid in advance has expired. o) of the consulting fees Weber Inc. received in advance, $1,600 has been earned

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

Step: 3

blur-text-image

Ace Your Homework with AI

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

Get Started

Recommended Textbook for

Forensic And Investigative Accounting

Authors: D. Larry Crumbley, Lester E. Heitger, G. Stevenson Smith

6th Edition

0808034871, 9780808034872

More Books

Students also viewed these Accounting questions

Question

What are the attributes of a technical decision?

Answered: 1 week ago

Question

How do the two components of this theory work together?

Answered: 1 week ago

Question

What are the purposes of performance appraisals?

Answered: 1 week ago