BE3.3 (L0 2) Schramel Advertising Company's trial balance at December 31 shows Supplies $6,700 and Supplies Expense $0. On December 31, there are $2,100 of supplies on hand. Prepare the adjusting entry at December 31, and using Taccounts, enter the balances in the accounts, post the adjusting entry, and indicate the adjusted balance in each account. BE3.4 (LO 2) At the end of its rst year, the trial balance of Wolowitz Company shows Equipment $30,000 and zero balances in Accumulated DepreciationEquipment and Depreciation Expense. De- preciation for the year is estimated to be $3,750. Prepare the annual adjusting entry for depreciation at December 31, post the adjustments to Taccounts, and indicate the balance sheet presentation of the equipment at December 31. BE3.5 (LO 2) On July 1, 2019, Major Co. pays $15,120 to Mesa Insurance Co. for a 4-year insurance contract. Both companies have scal years ending December 31. For Maj or Co., journalize and post the entry on July 1 and the annual adjusting entry on December 31. BE3.6 (LO 2) Using the data in BE3.5, journalize and post the entry on July 1 and the adjusting entry on December 31 for Mesa Insurance Co. Mesa uses the accounts Unearned Service Revenue and Service Revenue. BE3.7 (L0 3) The bookkeeper for Abduli Company asks you to prepare the following accrued adjusting entries at December 31. 1. Interest on notes payable of $400 is accrued. 2. Services performed but not recorded total $2,300. 3. Salaries earned by employees of $900 have not been recorded. Use the following account titles: Service Revenue, Accounts Receivable, Interest Expense, Interest Payable, Salaries and Wages Expense, and Salaries and Wages Payable. Prepare adjusting entry for supplies. Prepare adjusting entry for depreciation Prepare adjusting entry for prepaid expense, Prepare adjusting entry for unearned revenue. Prepare adjusting entries for accruals. BE3.9 (L0 4) The adjusted trial balance of Miller Company at December 31, 2020, includes the following accounts: Owner's Capital $16,400, Owner's Drawings $7,000, Service Revenue $39,000, Salaries and Wages Expense $16,000, Insurance Expense $2,000, Rent Expense $4,000, Supplies Expense $1,500, and Depreciation Expense $1,300. Prepare an income statement for the year. BE3.10 (LO 4) Financial Statement Partial adjusted trial balance data for Miller Company is pre- sented in BE3.9. The balance in Owner's Capital is the balance as of January 1. Prepare an owner's equity statement for the year assuming net income is $14,200 for the year. Prepare an income statement from an adjusted trial balance. Prepare an owner's equity statement from an adjusted trial balance. DO IT! 3.2 (L0 2) The ledger of Milton, Inc. on March 31, 2020, includes the following selected accounts Prepare adjusting entries for before adjusting entries. deferrals. Debit Credit Prepaid Insurance $ 2,400 Supplies 2,500 Equipment 30,000 Uneamed Service Revenue $9,000 An analysis of the accounts shows the following. 1. Insurance expires at the rate of $400 per month. 2. Supplies on hand total $1,600. 3. The equipment depreciates $480 per month. 4. During March, services were performed for two-fths of the unearned service revenue. Prepare the adjusting entries for the month of March. DO IT! 3.3 (L0 3) Fiske Computer Services began operations in July 2020. At the end of the month, Prepare adjusting entries for the company prepares monthly nancial statements. It has the following information for the month. accruals. 1. At July 31, the company owed employees $1,300 in salaries that the company will pay in August. 2. On July 1, the company borrowed $20,000 from a local bank on a 10-year note. The annual inter- est rate is 6%. 3. Service revenue unrecorded in July totaled $2,400. Prepare the adjusting entries needed at July 31, 2020. DO IT! 3.4 (L0 4) Ming Company was organized on April 1, 2020. The Calculate amounts from trial balance. company prepares quarterly nancial statements. The adjusted trial balance amounts at June 30 are as follows. 2 CHAPTER3 AdjustingtheAccounts Debit Credit Cash 35 5,360 Accumulated Depreciation Accounts Receivable 580 Equipment $ 700 Prepaid Rent 1,120 Notes Payable 4,000 Supplies 920 Accounts Payable 790 Equipment 12,000 Salaries and Wages Payable 300 Owner's Drawings 500 Interest Payable 40 Salaries and Wages Expense 7,400 Uneamed Rent Revenue 400 Rent Expense 1,200 Owner's Capital 11,200 Depreciation Expense 700 Service Revenue 11,360 Supplies Expense 160 Rent Revenue 1,600 Utilities Expense 410 $30,390 Interest Expense 40 $30,390 a. Determine the net income for the quarter April 1 to June 30. b. Determine the total assets and total liabilities at June 30, 2020, for Ming Company. (3. Determine the amount that appears for Owner's Capital at June 30, 2020