CH 3 HOMEWORK (Not Graded) . Show Me How eBook cala latr 1. EX.03-11 Adjusting Entry for Supplles The balance in the supplies account, before adjustment at the end of the year, is $4,850. ournalize the adjusting entry required if the amount of supplies on hand at the end of the year is $880. 2. EX.03-12 3. PR.03-03B Supples Expense ,850 X 4. PR.03-058 Supplies 880 X Set up a Supplies T-account. Purchases are increases to the account. On hand' is what is left, or the ending supplies balance. The amount used decreases supplies and is the suppliss expense amount. Solve for the expense by koeping in mind that the boginning balance plus purchases inone mentioned) minus the supplias (used exponse squals the ending balance of supiplins. Complete your adjusting entry by making sure that it afferts at Iast arne income staterent account and ane haicesheet acraunt Leaming Objective 3 Next Check My Work Progress: 1/4 items Practice Assignment Score: 12.5% Emall Instructor Save and Exit Submit Assignment CH 3 HOMEWORK (Not Graded) . Show Me How eBook calalalar 1. EX.03-11 2. EX.03-12 3. PR.03-03B Determining Supplies Purchased The supplies and supplies expense accounts at December 31, after adjusting entries have been posted t the end of the first year of operations, are shown in the following T accounts: Supplies Supplies Expense 4. PR.03-058 Bal 2,550 Bal 7,120 Determine the amount of supplies purchased during the year Previous Next Check My Work Progress: 2/4 items Practice Assignment Score: 12.5% Emall Instructor Save and Exit Submit Assignment CH 3 HOMEWORK (Not Graded) eBook Calaulalor 1. EX.03-11 2. EX.03-12 3. PR.03-03B djusting Entries Crazy Mountain Outfitters Co., an outfitter store for fishing treks, prepared the following unadjusted trial balance at the end of its first year of operations: Crazy Mountain Outfitters Co. Unadjusted Trial Balance April 30, 2018 4. PR.03-058 Debit Credit Balances Balances Cash Accounts Receivable Supplies Equipment Accounts Payable Unearned Fees Common Stock Retained Earnings Dividends Fees Earned Wages Expense Rent Expense Utilities Expense 11,400 72,600 7,200 112,000 12,200 9,200 20,000 117,800 10,000 305,800 157,800 55,000 42,000 Previous Next Check My Work Progress: 3/4 items Practice Assignment Score: 12.5% Emall Instructor Save and Exit Submit Assignment CH 3 HOMEWORK (Not Graded) eBook Calaulalor Utilities Expense 42,000 7,000 475,000 1. EX.03-11 2. EX.03-12 3. PR.03-03B Miscellaneous Expense 475,00O For preparing the adjusting entries, the following data were assembled Supplies on hand on April 30 were 51,380 Fees earned but unbilled on April 30 were $3,900. Depreciation of equipment was estimated to be $3,000 for the year. 4. PR.03-058 Unpaid wages accrued on April 3D were $2,475 The balance in unearned fees represented the April 1 recelpt in advance for services to be provided. Only $14,140 of the services was provided bebween April 1 and Aprll 30 Required: 1. Joumalize the adjusting entries necessary on April 30, 2018 Ape. 30 Suppliles Expense Supplies 30 Accounts Receivable Fees Earned Depreciation Expense Accumulated Depreciation-Equipment 30 Wages Expense Wa Payable Previous Next Check My Work Progress: 3/4 items Practice Assignment Score: 21.43% All work saved. Emall Instructor Save and Exit Submit Assignment CH 3 HOMEWORK (Not Graded) eBook Calaulalor 1. EX.03-11 2. EX.03-12 3. PR.03-03B 30 Wages Expense Wages Payable 30 Unearned Fees Fees Earned 4. PR.03-058 2. Determine the revenues, expenses, and net income of Crazy Mountain Oubfitters Co. before the adjusting entries. Expenses Net income 3. Determine the revenues, expenses, and net income of Crazy Mountain Outitters Co. after the adjusting entrics. Expenses Net income 4. Determine the effect of the adjusting entries on Retained Eanings. Retained Earnings increases by Foodback Previous Next Check My Work Progress: 3/4 items Practice Assignment Score: 22.32% All work saved. Emall Instructor Save and Exit Submit Assignment CH 3 HOMEWORK (Not Graded) eBook Calaulalor 1. EX.03-11 2. EX.03-12 3. PR.03-03B Adjusting Entries and Adjusted Trial Balances Reece Financial Services Co., which specializes in appliance repair services, is owned and operated by Joni Reece. Reece Financial Services' accounting clerk prepared the following unadjusted trial balance at July 31, 2018: Reece Financial Services Co Unadjusted Trial Balance July 31, 2018 4. PR.03-058 Debit Credit Balances 10,200 34,750 6,000 1,725 5D,000 155,750 Balances Cash Accounts Receivable Prepaid Insurance Supplies Land Building Accumulated Depreciation Building Equipment Accumulated Depreciation-Equipment Accounts Payable Unearned Rent Common Stock 62,850 45,000 17,550 3,750 3,600 Previous Check My Work Progress: 4/4 items Practice Assignment Score: 37.6% All work saved. Emall Instructor Save and Exit Submit Assignment CH 3 HOMEWORK (Not Graded) eBook Unearned Rent Common Stock Retained Earnings Dividends Fees Earned Salaries and Wages Expense Utilities Expense Advertising Expense Repairs Expense Miscellaneous Expense Calaulalor 3,500 60,000 93,550 1. EX.03-11 2. EX.03-12 3. PR.03-03B 8,000 158,500 56,850 14,100 7,500 6,100 4,025 400,000 4. PR.03-058 400,000 The data needed to determine year-end adjustments are as follows: Depreciation of building for the year, $6,400. Depreciation of equipment for the year, 2,800 Accrued salaries and wages at July 31, S900 . Unexpired insurance at July 31, $1,500 . Fees earned but unbilled on July 31, $10,200. Supplies on hand at July 31, $615. - Rent uncarned at July 31, $300 Required: 1. Joumalize the adjusting entries using the following additional accounts: Salaries and Wages Payable; Rent Revenue Tnsurance Expense; Depreciation Expense-Building; Depreciation Expense Equipment; and Supplies Expense ubr 1 Depreciation Expense-Buildi Previous Check My Work Progress: 4/4 items Practice Assignment Score: 37.6% Emall Instructor Save and Exit Submit Assignment CH 3 HOMEWORK (Not Graded) eBook Calaulalor 1. EX.03-11 2. EX.03-12 3. PR.03-03B 1 Joumalize the adjusting entries using the following additional accounts: Salaries and wages Payable; Rent Revenue; Insurance Expense: Depreciation Expense-Building; Depreciation Expense-Equipment; and Supplies Expense. Depreciation Expense-Building luly 31 Accumulated Depreciation-Building 4. PR.03-058 31 Depreciation Expense-Equipment Accumulated Depreciation-Equipment Salaries and Wages Expense 31 Salaries and Wages Payable Insurance Expense Prepaid Insurance 1Accounts Receivable 31 Fees Earned Supplies Expense Supplies Unearned Rent Rent Revenue Previous Check My Work Progress: 4/4 items Practice Assignment Score: 37.6% Emall Instructor Save and Exit Submit Assignment CH 3 HOMEWORK (Not Graded) Calaulalor 2. Determine the balances of the accounts affected by the adjusting entries, and prepare an adjusted trial balance. Tf an amount box does not require an entry, leave it blank. 1. EX.03-11 2. EX.03-12 3. PR.03-03B Reece Financial Services Co. Adjusted Trial Balance uly 31, 2018 Debit Balances Credit Balances Cash ccounts Recelvable Prepaid Insurance Supplies 4. PR.03-058 Land Building Accumulated Equipment Accumulated Depreclation-Equipment Accounts Payable Unearned Rent Salaries and Wages Payable Common Stock Retained Earnings Dividends Depreclation-Building Check My Work Progress: 4/4 items Practice Assignment Score: 37.6% Emall Instructor Save and Exit Submit Assignment CH 3 HOMEWORK (Not Graded) Calaulalor Accumulated Depreciation-Equipment Accounts Payable Unearned Rent Salaries and Wages Payable Common Stock 1. EX.03-11 2. EX.03-12 3. PR.03-03B 4. PR.03-058 Retained Earnings Dividends Fees Earned Rent Revenue Salaries and Wages Expense Utilitles Expense Advertising Expense Depreciation Expense-Building Repairs Expense Insurance Expense Depreciation Expense-Equipment Supplies Expense Miscellaneous Expense Check My Work Progress: 4/4 items Practice Assignment Score: 37.6% Emall Instructor Save and Exit Submit Assignment