ences Mailings Review View Help antain vituses. Unless you need to edit, it's safer to stay in Protected View. Enable Editing Institutional Outcomes Quantitative and Scientific Reasoning - Follow established methods of inquiry and mathematical reasoning to form conclusions and make decisions. Directions Background: The following information relates to Fanning's Electronics on December 31, 2017. The company, which uses the calendar year as its annual reporting period, initially records prepaid and unearned items in balance sheet accounts (assets and liabilities, respectively). a. The company's modulely payroll is $8,750, paid each Friday for a five-day workmodule. Assume December 31, 2017, falls on a Monday, but the employees will not be paid their wages until Friday, January 4, 2018. b. Eighteen months earlier, on July 1, 2016, the company purchased equipment that cost $20,000. Its useful life is predicted to be five years, at which time the equipment is expected to be worthless (zero salvage value). c. On October 1, 2017, the company agreed to work on a new housing development. The company is paid $120,000 on October 1 in advance of future installation of similar alarm systems in 24 new homes. The $120,000 was credited to the Unearned Services Revenue account. Between October 1 and December 31, work on 20 homes was completed. Focus O e me Internet can contain viruses. Unless you need to edit, it's safer to stay in Protected View Enable Editing d. On September 1, 2017, the company purchased a 12-month insurance policy for $1,800. The transaction was recorded with an $1,800 debit to Prepaid Insurance. e On December 29, 2017, the company completed a $7,000 service that has not been billed or recorded as of December 31, 2017. Required - Using the Excel file provided: W3 assignment template.xlsx 1. Prepare any necessary adjusting journal entries on December 31, 2017, in relation to transactions and events a through e. Reminder -- Each journal entry should have a description. 2. Prepare T-accounts for the accounts affected by the adjusting entries, and post the adjusting entries. Determine the adjusted balances for the neared Services Revenue and the Prepaid Insurance accounts. 3. Complete the table provided in Excel (example is shown below) and determine the amounts and effects of your adjusting entries on the year 2017 income statement and the December 31, 2017 balance sheet. Use the word "increase" to indicate an increase in the "Effect on" columns and include the amount of the increase. Use the word 'decrease" to indicate a decrease in the "Effect on" columns and include the amount of the decrease Enter "No etfect in the "Effect on" columns if the entry does not have an ettect on the financial statement Amount of Entry Effect on Total Liabilities Effect on Net Income the only Effect on Total Assets Effect on Total Equity o e Required - Using the Excel file provided: W3 assignment template.xlsx 1. Prepare any necessary adjusting journal entries on December 31, 2017, in relation to transactions and events a through e. Reminder - Each journal entry should have a description 2. Prepare T-accounts for the accounts affected by the adjusting entries, and post the adjusting entries. Determine the adjusted balances for the Unearned Services Revenue and the Prepaid Insurance accounts. 3. Complete the table provided in Excel (example is shown below) and determine the amounts and effects of your adjusting entries on the year 2017 income statement and the December 31, 2017 balance sheet. Use the word "increase" to indicate an increase in the "Effect on" columns and include the amount of the increase. Use the word "decrease" to indicate a decrease in the "Effect on" columns and include the amount of the decrease. Enter "No effect in the "Effect on" columns if the entry does not have an effect on the financial statement Amount of the entry Entry Effect on Net Income Effect on Total Liabilities Effect on Total Assets Effect on Total Equity a b d D) Focut O e AutoSave OH T W3 assignment template (1) - Excel Search rashes File Home Insert Page Layout Formulas Data Review View Help Desult Formula Bar aput New Options Gridines Headings Normal Page Break Page Custom Preview Layout Views Workbook Views Zoom 100% Zoom to Selection Zoom Split View Side DI Synchron New Arrange Freere Window All Panes - Unhide Reset W Window Shert View Show 111 D M 7 8 9 10 11 12 13 14 Prepare the T-Accounts Required: 2. Prepare accounts for the accounts affected by the adjusting entries and post the adjusting entries Determine the adjusted balances for the neared Services Revenue and the Prepaid Insurance accounts Wages Expense Wages Payable 15 16 17 12 19 20 21 Depreciation Expense-Equipment Accumulated Depreciation Equipment Don't forget for Solution Acting Journal Preparat Accounts do te :: Type rere to search O e AutoSave OR W3 assignment template (1). Excel tasheer parker AP File Home Insert Page Layout Formulas Data Few View Help title Normal Page Custom Preview Layout Vu Wool in Zoo Zoom Selection Teem Anang te School Scrolling Wide All Pines - Wicom Window Sherle 1 N C D G 11 14 15 Wages Expense Wages Payable 16 10 10 JO 20 23 Depreciation Expense-Equipment Accumulated Depreciation Equipment 20 10 - Insert Page Layout Formulas Data Review View Help Ruler Formula Bar New Options Normal Page Break Page Custom Preview Layout Views Split View Side by Hide It Synchronous New Arange Freeze Window All Panes Unhide bi Reset Window Gridlines Headings Zoom 100% Zoom to Selection zoom heet View Workbook Views Show Window D M N Depreciation Expense-Equipment Accumulated Depreciation Equipment Unearned Services Revenue Services Revenue Don't forget tos for Solutions Adjusting lournal Prepare T Accounts fedt of Adjusting the Type here to search O e - Aute Wansignment template () lace pe Home rathen we sort Page Layout Fermulas Data Review VW Share De Cai 1 | PHI Normal Pere Page Citom Preview Layout Vines Woo Views Godine Headings Zoom Zoom to Selection New Arrange Free synchronic Window All Pete Window Window M Sherfi Www Tea DO Marr H N O Q Tachanwer is worth 1 point 115 ponta Footles, ach of the entry is worth 1 point, which includes the description Evaluate and complete the recording process for adjusting entries 10 Background: The following information relates to Fanning's Electronics on December 11, 2017. The company, which uses the calendar year as its annual reporting period. Initially records prepaid and uneared items in balance sheet accounts assets and abilities, respectively . The company's weekly pero $8.750, deach Friday for five day work. Acume December 31, 2017, talks on Monday, but the employers will not be paid their wape until Friday awry 4, 2014 tighteen months earter, on y 2. 2016, the company purthaud equpment that cont $20,000 ts well the predicted to be five years, at which time the woment expected to be worthless (pero wapewe October 2017, the company agreed to work on a new housing development. The company is paid $130,000 on October 1n advance of future installation of similar alarmnem in 24 new homes The $120.000 was credited to the neared Services Revenue account between October 1 and Oecember , work on 20 homes was completed d. On September 2017, the purchased 12 month nuance policy for $1.800. The transaction was recorded with an $1.300 debt to Prepaid iurance 13 14 15 15 12 19 21 On December 2, 2017, the many completed 57.000 service that is not been bed of recorded as of December 1, 2017 Don't forget soos Adjusting lournal Entries Prepare Hea of die Type here to teach ences Mailings Review View Help antain vituses. Unless you need to edit, it's safer to stay in Protected View. Enable Editing Institutional Outcomes Quantitative and Scientific Reasoning - Follow established methods of inquiry and mathematical reasoning to form conclusions and make decisions. Directions Background: The following information relates to Fanning's Electronics on December 31, 2017. The company, which uses the calendar year as its annual reporting period, initially records prepaid and unearned items in balance sheet accounts (assets and liabilities, respectively). a. The company's modulely payroll is $8,750, paid each Friday for a five-day workmodule. Assume December 31, 2017, falls on a Monday, but the employees will not be paid their wages until Friday, January 4, 2018. b. Eighteen months earlier, on July 1, 2016, the company purchased equipment that cost $20,000. Its useful life is predicted to be five years, at which time the equipment is expected to be worthless (zero salvage value). c. On October 1, 2017, the company agreed to work on a new housing development. The company is paid $120,000 on October 1 in advance of future installation of similar alarm systems in 24 new homes. The $120,000 was credited to the Unearned Services Revenue account. Between October 1 and December 31, work on 20 homes was completed. Focus O e me Internet can contain viruses. Unless you need to edit, it's safer to stay in Protected View Enable Editing d. On September 1, 2017, the company purchased a 12-month insurance policy for $1,800. The transaction was recorded with an $1,800 debit to Prepaid Insurance. e On December 29, 2017, the company completed a $7,000 service that has not been billed or recorded as of December 31, 2017. Required - Using the Excel file provided: W3 assignment template.xlsx 1. Prepare any necessary adjusting journal entries on December 31, 2017, in relation to transactions and events a through e. Reminder -- Each journal entry should have a description. 2. Prepare T-accounts for the accounts affected by the adjusting entries, and post the adjusting entries. Determine the adjusted balances for the neared Services Revenue and the Prepaid Insurance accounts. 3. Complete the table provided in Excel (example is shown below) and determine the amounts and effects of your adjusting entries on the year 2017 income statement and the December 31, 2017 balance sheet. Use the word "increase" to indicate an increase in the "Effect on" columns and include the amount of the increase. Use the word 'decrease" to indicate a decrease in the "Effect on" columns and include the amount of the decrease Enter "No etfect in the "Effect on" columns if the entry does not have an ettect on the financial statement Amount of Entry Effect on Total Liabilities Effect on Net Income the only Effect on Total Assets Effect on Total Equity o e Required - Using the Excel file provided: W3 assignment template.xlsx 1. Prepare any necessary adjusting journal entries on December 31, 2017, in relation to transactions and events a through e. Reminder - Each journal entry should have a description 2. Prepare T-accounts for the accounts affected by the adjusting entries, and post the adjusting entries. Determine the adjusted balances for the Unearned Services Revenue and the Prepaid Insurance accounts. 3. Complete the table provided in Excel (example is shown below) and determine the amounts and effects of your adjusting entries on the year 2017 income statement and the December 31, 2017 balance sheet. Use the word "increase" to indicate an increase in the "Effect on" columns and include the amount of the increase. Use the word "decrease" to indicate a decrease in the "Effect on" columns and include the amount of the decrease. Enter "No effect in the "Effect on" columns if the entry does not have an effect on the financial statement Amount of the entry Entry Effect on Net Income Effect on Total Liabilities Effect on Total Assets Effect on Total Equity a b d D) Focut O e AutoSave OH T W3 assignment template (1) - Excel Search rashes File Home Insert Page Layout Formulas Data Review View Help Desult Formula Bar aput New Options Gridines Headings Normal Page Break Page Custom Preview Layout Views Workbook Views Zoom 100% Zoom to Selection Zoom Split View Side DI Synchron New Arrange Freere Window All Panes - Unhide Reset W Window Shert View Show 111 D M 7 8 9 10 11 12 13 14 Prepare the T-Accounts Required: 2. Prepare accounts for the accounts affected by the adjusting entries and post the adjusting entries Determine the adjusted balances for the neared Services Revenue and the Prepaid Insurance accounts Wages Expense Wages Payable 15 16 17 12 19 20 21 Depreciation Expense-Equipment Accumulated Depreciation Equipment Don't forget for Solution Acting Journal Preparat Accounts do te :: Type rere to search O e AutoSave OR W3 assignment template (1). Excel tasheer parker AP File Home Insert Page Layout Formulas Data Few View Help title Normal Page Custom Preview Layout Vu Wool in Zoo Zoom Selection Teem Anang te School Scrolling Wide All Pines - Wicom Window Sherle 1 N C D G 11 14 15 Wages Expense Wages Payable 16 10 10 JO 20 23 Depreciation Expense-Equipment Accumulated Depreciation Equipment 20 10 - Insert Page Layout Formulas Data Review View Help Ruler Formula Bar New Options Normal Page Break Page Custom Preview Layout Views Split View Side by Hide It Synchronous New Arange Freeze Window All Panes Unhide bi Reset Window Gridlines Headings Zoom 100% Zoom to Selection zoom heet View Workbook Views Show Window D M N Depreciation Expense-Equipment Accumulated Depreciation Equipment Unearned Services Revenue Services Revenue Don't forget tos for Solutions Adjusting lournal Prepare T Accounts fedt of Adjusting the Type here to search O e - Aute Wansignment template () lace pe Home rathen we sort Page Layout Fermulas Data Review VW Share De Cai 1 | PHI Normal Pere Page Citom Preview Layout Vines Woo Views Godine Headings Zoom Zoom to Selection New Arrange Free synchronic Window All Pete Window Window M Sherfi Www Tea DO Marr H N O Q Tachanwer is worth 1 point 115 ponta Footles, ach of the entry is worth 1 point, which includes the description Evaluate and complete the recording process for adjusting entries 10 Background: The following information relates to Fanning's Electronics on December 11, 2017. The company, which uses the calendar year as its annual reporting period. Initially records prepaid and uneared items in balance sheet accounts assets and abilities, respectively . The company's weekly pero $8.750, deach Friday for five day work. Acume December 31, 2017, talks on Monday, but the employers will not be paid their wape until Friday awry 4, 2014 tighteen months earter, on y 2. 2016, the company purthaud equpment that cont $20,000 ts well the predicted to be five years, at which time the woment expected to be worthless (pero wapewe October 2017, the company agreed to work on a new housing development. The company is paid $130,000 on October 1n advance of future installation of similar alarmnem in 24 new homes The $120.000 was credited to the neared Services Revenue account between October 1 and Oecember , work on 20 homes was completed d. On September 2017, the purchased 12 month nuance policy for $1.800. The transaction was recorded with an $1.300 debt to Prepaid iurance 13 14 15 15 12 19 21 On December 2, 2017, the many completed 57.000 service that is not been bed of recorded as of December 1, 2017 Don't forget soos Adjusting lournal Entries Prepare Hea of die Type here to teach