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In P4-2A you are going to work with the concept of depreciation. See Illustration 4-8 on page 172 of our textbook to help you with this concept. Essentially depreciation is part of the matching principle. When a company purchases a piece of equipment that will be involved in its production of some sort of good that it sells, the cost of that equipment is an expense that is related to selling that good. However, under the accrual method of accounting you would NOT match the entire expense of buying that piece of equipment with the revenue that it helped produce in the same way that we have earlier learned to match expenses with revenue. Essentially items such as equipment have what is called a "useful life." Essentially the equipment may be able to be used for years. Once this "useful life" is determined, a Company will expense the cost of such equipment over the amount of time that is the useful life. A piece of equipment may be bought for $12,000 and have a useful life of 60 months. For each month after the purchase of the equipment, 1/60^thof the $12,000 will be debited to expense with a corresponding credit to accumulated depreciation for 1/60^thof the $12,000.

The use of the answer template is MANDATORY. The assignment will not be accepted if this template is not used when completing the assignment. Attached is a template for you to fill out when doing the assignment. This is an Excel workbook that contains two different worksheets; one worksheet for each exercise/problem this week Please use this template for week 4's assignment and upload it when you are finished. Don't forget to save your work after completing the template and before you upload it.Thanks.

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E4-16 Prepare the 6 adjusting entries that the Bere Company made to adjust its trial balance from "Before Adjustment" to "After Adjustment." I have supplied you one half of each adjusting entry. I need you to type in the missing half of each entry and type in the dollar amounts. JE # Account Names 1 Accounts Receivable 2 Supplies 3 Prepaid Insurance 4 Accumulated Depreciation - Equipment 5 Salaries and Wages Payable 6 Unearned Rent Revenue Debit Credit P4-2A a) Prepare the adjusting journal entries for June. I have supplied you one half of each adjusting entry. I need you to type in the missing half of each entry and type in the dolla JE # Account Names Debit 1 Supplies Expense 2 Utilities Expense 3 Insurance Expense 4 Unearned Service Revenue 5 Salaries and Wages Expense 6 Accumulated Depreciation - Equipment 7 Credit Accounts Receivable b) Post the adjusting entries in part a) above to the ledger accounts using the T-accounts provided below. I have supplied you below with the T-accounts for all of the accounts in chart of accounts for Lumas Consulting. Cash Accounts Payable Service Revenue 6/30 Bal. 6/30 Bal. 6/30 Bal. Salaries and Wages Expense Accounts Receivable Unearned Service Revenue 6/30 Bal. 6/30 Bal. 6/30 Bal. Supplies 6/30 Bal. Salaries and Wages Payable 6/30 Bal. Prepaid Insurance Rent Expense 6/30 Bal. Common Stock 6/30 Bal. Depreciation Expense 6/30 Bal. 6/30 Bal. Equipment 6/30 Bal. Insurance Expense 6/30 Bal. Accumulated Depreciation - Equipment 6/30 Bal. Utilities Expense 6/30 Bal. Supplies Expense 6/30 Bal. c) Prepare the adjusted trial balance for Lumas Consulting at June 30, 2014. Hints: service revenue after adjustment should be equal to $16,300. Also, the total of debits for th trial balance will be $45,310. The total of credits for the adjusted trial balance will be $45,310 Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation - Equipment Accounts Payable Salaries and Wages Payable Unearned Service Revenue Common Stock Service Revenue Depreciation Expense Insurance Expense Utilities Expense Supplies Expense Salaries and Wages Expense Rent Expense Before Adjustment Debit Credit 6850 7000 2000 2880 15000 After Adjustment Debit Credit 4230 5200 22000 8300 4000 2000 39730 39730 16300 45310 45310 ar amounts. he adjusted Resource: Ch. 4 of Financial Accounting Complete Exercise E4-16. The trial balances shown below are before and after adjustment for Bere Company at the end of its fiscal year. Prepare adjusting entries from analysis of trial balance. (LO 4, 5, 6), AP BERE COMPANY Trial Balance August 31, 2014 Before Adjustment Dr. Cr. After Adjustment Dr. $10,900 $10,900 Accounts Receivable 8,800 9,400 Supplies 2,500 500 Prepaid Insurance 4,000 2,500 Equipment 16,000 16,000 Cash Cr. BERE COMPANY Trial Balance August 31, 2014 Before Adjustment Dr. Cr. After Adjustment Dr. Cr. Accumulated Depreciation Equipment $ 3,600 $ 4,800 Accounts Payable 5,800 5,800 Salaries and Wages Payable 0 1,100 Unearned Rent Revenue 1,800 800 Common Stock 10,000 10,000 Retained Earnings 5,500 5,500 Dividends Service 2,800 2,800 34,000 34,600 BERE COMPANY Trial Balance August 31, 2014 Before Adjustment Dr. Cr. After Adjustment Dr. Cr. Revenue Rent Revenue 12,100 13,100 Salaries and Wages Expense 17,000 18,100 Supplies Expense 0 2,000 Rent Expense 10,800 10,800 Insurance Expense 0 1,500 Depreciation Expense 0 $72,800 1,200 $72,800 $75,700 $75,700 Instructions Prepare the adjusting entries that were made. Complete Problems 4-2A. Ken Lumas started his own consulting firm, Lumas Consulting, on June 1, 2014. The trial balance at June 30 is as follows. LUMAS CONSULTING Trial Balance June 30, 2014 Debit Cash $ 6,850 Accounts Receivable 7,000 Supplies 2,000 Prepaid Insurance 2,880 Credit LUMAS CONSULTING Trial Balance June 30, 2014 Debit Equipment Credit 15,000 Accounts Payable $ 4,230 Unearned Service Revenue 5,200 Common Stock 22,000 Service Revenue 8,300 Salaries and Wages Expense Rent Expense 4,000 2,000 $39,730 $39,730 In addition to those accounts listed on the trial balance, the chart of accounts for Lumas also contains the following accounts: Accumulated DepreciationEquipment, Salaries and Wages Payable, Depreciation Expense, Insurance Expense, Utilities Expense, and Supplies Expense. Other data: 1.Supplies on hand at June 30 total $720. 2.A utility bill for $180 has not been recorded and will not be paid until next month. 3.The insurance policy is for a year. 4.Services were performed for $4,100 of unearned service revenue by the end of the month. 5.Salaries of $1,250 are accrued at June 30. 6.The equipment has a 5-year life with no salvage value and is being depreciated at $250 per month for 60 months. 7.Invoices representing $3,900 of services performed during the month have not been recorded as of June 30. Instructions (a)Prepare the adjusting entries for the month of June. (b)Post the adjusting entries to the ledger accounts. Enter the totals from the trial balance as beginning account balances. (Use T-accounts.) (b) Service rev. $16,300 (c)Prepare an adjusted trial balance at June 30, 2014. (c) Tot. trial balance $45,310