AutoSave OFF A ASI-T7(E)- Read-Only - Compatibility Mode - Saved to my Mac Home Insert Draw Design Layout References Mailings Review View Table Design Layout Tell me v v [A Poste BIU A A Aa ab x, x A DAV A A A A v v Read Only To save a copy of this document, click Duplicate. Page 1 of 7 1064 words English (United States) Accounting in Service Industries Share Comments AnRECclde Heacing B AzBbCcDdLe Normal ABbCcDdEe. No Sancing AaBbCcD Hending 1 Styles Pane Dictate Sensitivity Editor Topic 7: Period-end Adjusting Entries Review Questions 7.1 State the year-end adjustments to be made in the financial statements for the following information related to the accounts of Perfect Place Inn as of 31 December 2017 ( the end of its fiscal year): (a) The insurance account shows a balance of $120 representing the 30 June 2017 premium payment for one-year fire insurance coverage. (b) Furniture and equipment ($1,000) is being depreciated using the straight-line method and an estimated useful life of 5 years. Annual depreciation has not been recorded. (c) Salaries and wages earned by employees for 29, 30, 31 December have not been paid and recorded. Weekly wages (five days) amount to $800. (d) Provision for doubtful debts at 1 Jan 2017 is $1,000. The management estimated that the provision needed to be increased to $1,300 at the year-end. Income Statement Balance Sheet 7.2 The following trial balance was extracted from the books of Sandy Restaurant at the close of business on 28 February 2017. Purchases and sales Rent Wages and salaries Trial Balance as at 28 February 2017 Dr. $ Cr. $ 11,280 19,740 1,020 2,580 Duplicate Focus 137%