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4/24/2016 Print Assignment: Homework Chapter 3 ::false Brief Exercise 35 Assume that on February 1, Procter & Gamble (P&G) paid $737,000 in advance for 1 years' insurance coverage. Prepare P&G's February 1 journal entry and the annual adjusting entry on June 30. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem. Round answers to 0 decimal places, e.g. 5,275.) Date Account Titles and Explanation Debit Credit Brief Exercise 38 Included in Gonzalez Company's December 31 trial balance is a note receivable of $18,840. The note is a 4month, 10% note dated October 1. Prepare Gonzalez's December 31 adjusting entry to record $471 of accrued interest, and the February 1 journal entry to record receipt of $19,468 from the borrower. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Brief Exercise 310 At the end of its first year of operations, the trial balance of Alonzo Company shows Equipment $32,930 and zero balances in Accumulated DepreciationEquipment and Depreciation Expense. Depreciation for the year is estimated to be $3,260. Prepare the adjusting entry for depreciation at December 31. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is http://edugen.wiley.com/edugen/shared/assignment/test/agprint.uni?titleType=false 1/7 4/24/2016 Print Assignment: Homework Chapter 3 ::false required, select "No entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit Indicate the balance sheet presentation for the equipment at December 31. Alonzo Company Balance Sheet (Partial) December 31 $ $ : Exercise 33 The trial balance of Blues Traveler Corporation does not balance. BLUES TRAVELER CORPORATION TRIAL BALANCE APRIL 30, 2014 Debit Cash Credit $6,764 Accounts Receivable 5,666 Supplies 3,393 Equipment 6,526 Accounts Payable $7,470 Common Stock 8,426 Retained Earnings 2,426 Service Revenue Office Expense 5,626 4,746 $27,095 $23,948 An examination of the ledger shows these errors. 1. Cash received from a customer on account was recorded (both debit and credit) as $1,806 instead of $2,256. 2. The purchase on account of a computer costing $2,538 was recorded as a debit to Office Expense and a credit to Accounts Payable. 3. Services were performed on account for a client, $2,676, for which Accounts Receivable was debited $2,676 and Service Revenue was credited $651. 4. A payment of $521 for telephone charges was entered as a debit to Office Expense and a debit to Cash. 5. The Service Revenue account was totaled at $5,626 instead of $5,706. From this information, prepare a corrected trial balance. Blues Traveler Corporation Trial Balance (Corrected) April 30, 2014 Debit http://edugen.wiley.com/edugen/shared/assignment/test/agprint.uni?titleType=false Credit 2/7 4/24/2016 Print Assignment: Homework Chapter 3 ::false $ $ Totals $ $ Exercise 36 Karen Weller, D.D.S., opened a dental practice on January 1, 2014. During the first month of operations, the following transactions occurred. 1. Performed services for patients who had dental plan insurance. At January 31, $840 of such services was performed but not yet billed to the insurance companies. 2. Utility expenses incurred but not paid prior to January 31 totaled $560. 3. Purchased dental equipment on January 1 for $84,400, paying $26,400 in cash and signing a $58,000, 3year note payable. (a) The equipment depreciates $500 per month. (b) Interest is $630 per month. 4. Purchased a oneyear malpractice insurance policy on January 1 for $9,000. 5. Purchased $2,470 of dental supplies. On January 31, determined that $530 of supplies were on hand. Prepare the adjusting entries on January 31. Account titles to be used are Accumulated DepreciationEquipment, Depreciation Expense, Service Revenue, Accounts Receivable, Insurance Expense, Interest Expense, Interest Payable, Prepaid Insurance, Supplies, Supplies Expense, Utilities Expense, and Accounts Payable. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.) No. Account Titles and Explanation Debit Credit 1. 2. 3 (a) 3 (b) http://edugen.wiley.com/edugen/shared/assignment/test/agprint.uni?titleType=false 3/7 4/24/2016 Print Assignment: Homework Chapter 3 ::false 4. 5. Exercise 39 (Part Level Submission) Selected accounts of Urdu Company are shown below. Supplies Beg. Bal. 810 10 31 540 Salaries and Wages Expense 10 880 10 680 Unearned Service Revenue 10 430 10 680 Service Revenue 10 3,480 10 3,150 10 430 Accounts Receivable 10 17 3,480 10 3,150 Salaries and Wages Payable 10 680 Supplies Expense 10 540 (a) From an analysis of the Taccounts, reconstruct the October transaction entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit 10/15 10/17 10/20 http://edugen.wiley.com/edugen/shared/assignment/test/agprint.uni?titleType=false 4/7 4/24/2016 Print Assignment: Homework Chapter 3 ::false (b) From an analysis of the Taccounts, reconstruct the adjusting journal entries that were made on October 31, 2014. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.) No. Date 1. Account Titles and Explanation Debit Credit 10/31 (To record the use of supplies during October) 2. 10/31 (To record revenue for services performed for which payment has not yet been received) 3. 10/31 (To record liability for accrued payroll) 4. 10/31 (To reduce the Unearned Service Revenue account for service that has been performed) Exercise 316 Presented below are selected account balances for Homer Winslow Co. as of December 31, 2014. Inventory 12/31/14 $61,550 Cost of Goods Sold $227,460 Common Stock 75,090 Selling Expenses 17,180 Retained Earnings 46,460 Administrative Expenses 39,070 Dividends 18,330 Income Tax Expense 32,830 Sales Returns and Allowances 13,870 Sales Discounts 15,460 Sales Revenue 412,780 Prepare closing entries for Homer Winslow Co. on December 31, 2014. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.) No. Account Titles and Explanation Debit Credit 1. http://edugen.wiley.com/edugen/shared/assignment/test/agprint.uni?titleType=false 5/7 4/24/2016 Print Assignment: Homework Chapter 3 ::false (To close accounts with credit balances) 2. (To close accounts with debit balances) 3. (To close net income / (loss)) 4. (To close dividends) IFRS Practice Question 1 Which statement is correct regarding IFRS? IFRS reverses the rules of debits and credits, that is, debits are on the right and credits are on the left. IFRS uses the same process for recording transactions as GAAP. The chart of accounts under IFRS is different because revenues follow assets. None of the these statements are correct. IFRS Practice Question 2 Information in a company's first IFRS statements must: have a cost that does not exceed the benefits. be transparent. provide a suitable starting point. all of these are correct. http://edugen.wiley.com/edugen/shared/assignment/test/agprint.uni?titleType=false 6/7 4/24/2016 Print Assignment: Homework Chapter 3 ::false IFRS Practice Question 3 The transition date is the date: when a company no longer reports under its national standards. when the company issues its most recent financial statement under IFRS. three years prior to the reporting date. none of these choices. IFRS Practice Question 4 When converting to IFRS, a company must: recast previously issued financial statements in accordance with IFRS. use GAAP in the reporting period but subsequently use IFRS. prepare at least three years of comparative statements. use GAAP in the transition year but IFRS in the reporting year. IFRS Practice Question 5 The purpose of presenting comparative information in the transition to IFRS is: to ensure that the information is a faithful representation. in accordance with the SarbanesOxley Act. to provide users of the financial statements with information on GAAP in one period and IFRS in the other period. to provide users of the financial statements with information on IFRS for at least two periods. http://edugen.wiley.com/edugen/shared/assignment/test/agprint.uni?titleType=false 7/7