Excel WTB (2) Accounting cycle Adjusting entries Inventory adjustment Allow. for bad debts BALL UNIVEA D H M N rest ACME Distribution, Inc. Tre Balance December 31, 2016 Acco 12012015 December 31, 2016 United Balance Dan Creta Apments Deb Crete December 31, 2015 Adsted Tea Balance Det Credit Closing Der December 31, 2016 Portioing C Cro Canh Accounts recei Allowance for added FON 34.620 25.000 200 6670 Coute Preces Pad Oficent 10 100 2000 035.000 Acolo War Remeron 218 Gro19 +000 30.000 16 000 -14550 21 Ape Bond peace Sales 270 Caled 20 Dividende unde CORO pis.cape Coronic 28 Inb29 Di 31 12000 4074 1410 620 33 32 Som de Hist35 1200 CORO De ce-Warehouse Hadeeper 2.500 640 4 000 38 H39 40 41 42 43 esperse Adre 15.00 13 000 45 de 42 40 49 11020.700 S 10.200.25,795 525.795 3.104.72 11,00 1.140120 325 1. LU Postiny Dominem Become the best informacher IC 12/31/2015 13 Numbers File Edit Insert Table Organize Format Arrange View Share Window Help ACC201 Student Accounting Case - Part Files 125% View Zoom Interi Table Chart Shape Comment Excel WTB 121 Accounting cycle Adjusting entries Inventory adjustment Allow. for bad debts BALL UNIVE! Co Carte D Sheet Adjust Acce ACME Distribution, Inc. December 31, 2016 Adjusting Entries Backgre Dashi Cou Read through each situation below and on The following pages. After completing any necessary calculations prepare the required adjusting journal entry. When preparing the adiusting lournal entries, use the account titles from the trial balance or the general Ledger Post each of the entries below to the trial balance and calculate the adjusted account balances. 2 Gro 1) Caler A one year insurance policy was purchased on March 31 for a premium of $18,000. In the space below show your calculations to receive full credit. Complete the required year-end (December 31, 2016) adjusting entry below inte Account description Debit Credit Post the above entry to the trial balance in the adjustment columns 2) The company's employees are paid weekly and it is open for business Monday through Friday each week. The employees have been paid through Friday December 23. The total payroll for all employees is $925 per day and they are paid for all holidays occuring during the work week. In the space below show your calculation of the amount due to receive full credit. Record the adjustment to accrue the salary expense through 13 ALL2U1 Student Accounting Case - Partil Files 125% Zoom View Table Excel WTB (2) Ad Category Accounting cycle Insert Adjusting entries Chart Text Shape Inventory adjustment Media Comment Allow for bad debts BALL UNIVET Post the above entry to the trial balance in the adjustment columns Acco 2) Dash The company's employees are paid weekly and it is open for business Monday through Friday each week. The employees have been paid through Friday December 23. The total payroll for all employees is $925 per day and they are paid for all holidays occuring during the work week. In the space below show your calculation of the amount due to receive full credit. Record the adjustment to accrue the salary expense through December 31 (ignore the effect of any related payroll taxes). Cou 2 Gro Caled Account description Debit Credit int Post the above entry to the trial balance in the adjustment columns Hist He K VW Zoom Excel WTB (2) Insert Adjusting entries Media Comment Accounting cycle Chart Shase Inventory adjustment Colaborata BALL UNIVET Allow for bad debts Sheet Nam Acco ACME Distribution, Inc. December 31, 2016 Adjusting Entries Continued Inventory Dashi Background 3) The company takes a physical Inventory count at the end of the year and adjusts their inventory and cost of goods sold if there is a difference between the inventory value determined from the actual count compared to the value in the general ledger. The information below includes the number of units counted in Inventory at the end of the year and the purchases of inventory during the month. Cou Geol Number of units held in the company's inventory at 12/31/2016 based on a count of the inventory was 18,841 units Caled A listing of purchases during the month of December are as follows: Int: Unit Cost Date December 5, 2016 December 14, 2016 December 21, 2016 Quantity Purchased 15,700 $ 6,500 5 7.500 5 3.75 $ Total Cost 58.875 26,000 33,750 Hist 4.00 4.50 s He The company uses FIFO to account for its inventory cost. What is the cost of the company's ending inventory (round answer to nearest dollar and show your calculation below for full credit? 16 13 Ev BALL UNIVE ACME Distribution, Inc. December 31, 2016 Adjusting Entries Continued Acco 4) The company has estimated based on historical information, that 4.5% of its accounts receivable will ultimately not be collected. Therefore, they provide an allowance for bad debts ar that level Dashe Calculate the appropriate amount for the slowance at December 31, 2016, Cout Accounts receivable balance per the unadjusted trial balance 5 42.400 Estimated alowance amount (Round answer to the nearest dollar and show your calculation below for full credit) Gros Amount of adjustment needed to the allowance account (Show your calculation below to receive full credit) Calen Inb Hist Complete below the adjusting joumal entry necessary for the allowance for bad date Account description Debt Credit He Post the above to a balance in the adjustment columns 100% Zoom ACC201 Student Accounting Case - Parti Files T Insert Table Chart Text Shape Media Commer Trial balance Income Statement Simt, of SH Equity ce Cetate View or bad debits Depreciation Accrued interest BALL UNIVE ACME Distribution, Ine. December 31, 2016 Adjusting Entries Continued ACCE Dashi 5) On July 31, 2016 the company purchased new warehouse equipment in the amount of $50,000. No depreciation has been recorded yet in 2016 for this new asset it is estimated to have a useful life of years and a salvage value of $5,000 Cou What is the depreciation expense for 2016 using the straight-line method? (Round answer to the nearest dollar and show your calculation below for full credit) Grol Cale Inb His Complete below the adjusting journal entry csary for depreciation Account description Debat Credin Port the above entry to the trial balance in the adjustment columns 1 13 125% View Zoum or bad debts EP Tabio Chart Trial balance Text Shoes Media Comment Collaborate Depreciation Accrued interest Income Statement Sumt. of SH Equity BALL UNIVEL She ACME Distribution December 31, 2016 Adjusting Entries Continued ACE Acco Back Dasht 6) G The company issued a $75,000 bond dated August 1, 2016 to finance the purchase of warehouse equipment and provide the company additional cash. The bond has a contractual Interest rate of 6.8% and was issued at par. The bond matures in 10 years and pays Interest on July 31 and January 31 each year. Cou Gro What is the amount of interest to be accrued at December 31, 2016? (Round answer to nearest dollar and show your calculation below for full credit) Cale HIM G H Complete below the adjusting journal entry necessary for accrued interest Account description Debit Credit 14 Post the above entry to the trial balance in the adjustment columns 13 tv ACC201 Student Accounting Case - Part Il Files 60% View Zoom bad debts Insert Table Chart Text Shape Go Conation Comment Stmt. of SH Equity Depreciation Accrued Interest Trial balance Income Statement GALL UNIVLI The Parts Acco ACME Distrite The Bence December 11, 2016 Dasht 12010010 Dober 2014 D December 2016 re Debt Cidt A Cou D C 2 Gro 34.0 . Accou Arte Cales 10. int Hist 16.000 He 13 50% Zoom View insert Chart Ad Category Depreciation LO Collabora Text Supe Med Comment Income Statement Stmt. of SH Equity Accrued interest Trial balance er bad debts Petancam 163 BALL UNIVET 12.000 Aced S. SA Dasht 41200 Derection experte 2500 Coul Dat 040 100 2 Groe 1000 24 Cales Adre 32.000 Inb De 11.00 11.429.00 $ 25.5 25.795 5 100 m 14. Postachyd Deloithm te weet there for each He ty 13 ACC201 Student Accounting Case - Part II Files 83% Zoom View Insert Table Chart Text SO Media Comment Add tegory Depreciation or bad debts Accrued interest Trial balance Income Statement Stmt. of SH Equity DALLE UNIVE Acco ACME Distribution, Inc. Income Statement For the Year Ended December 31, 2016 and 2015 Years Ended December 31 2016 2015 Dasht Revenue Sales Los: Sales discounts Sales returns and allowances Nets Cost of goods sold Cour 60740 1,480 520 805360 451,200 144 150 Grou Calen Operating expenses Deprecation expense-Ofice equipment Depreciation expence Wwwhousement Bad dette pense Sales en Insurance Cente Rank expense Advertising agens des espere Total penting experte 1200 2.500 640 4 000 18.060 24,000 15.00 12.000 123.300 Inb 20,880 Hist Income from operations Other expense-Inarest $ 20,00 Hel Numbers File Edit Insert Table Organize Format Arrange View Share Window Help ACC201 Student Accounting Case - Pardes 125% Zoom View Table Chart AC Depreciation co Collaborate bad debts Accrued interest Test Supe Media Comment Income Statement Semt. of SH Equity Trial balance BALL UNIVEL She Acco ACME Distribution, Inc. Statement of Stockholders' Equity For the Years Ending December 31, 2016 and 2015 Bach Dasht Cou Common Stock Shares Amount 100 $ 1,000 $ 20 200 Additional Paid-in Capital 500 $ 400 Retained Earnings 153,530 $ 2 Gro Balance, January 1, 2015 Common stock issued Add: Net income Less: Dividends paid Balance, December 31, 2015 Common stock issued Add: Net Income Less: Dividends paid Balance, December 31, 2016 20,880 12,000 162,410 Total 155.030 600 20,880 12,000 164,510 120 1,200 900 Inb Hist G He 14 36 Go Colaborate Numbers file Edit Insert Table Organize Format Arrange View Share Window Help ACC 201 Student Accounting Case - Parties B3% D View Zoom Add Category insert Table Chant Test Shaca Media Comment Trial balance Income Statement Stml. of SH Equity Balance Sheet Cash flows fotiga BALL UNIVEL ACME Distribution, Inc Salance sheet As of December 31, 2014 2015 Acco 2011 2015 WTB Sheet Balanc Backgro Culture Dasht $ 34.620 2560 osoba ce sans 2001 2000 Cou 2 Gro 33700 2.500 OO Caler 35 000 30.000 85.000 4000 1000 Loco leb TO HO 10 Se payable Hii Deble G 15.020 He 18.00 Commenc. 110.000 1010 1200 Ad MES ANO 13 64% Zoom Trial balance T Text View Insert Table Chart Ass Category Income Statement Go Collabora + Stmt. of SH Equity Shape Media Comment Cash flows (optional) Balance Sheet WTB A Odles A tem . 14 . 4 CA 4 hi LA 24 ab 15 17 M CHIM He 14 76% Zoom T View Insert Table Chart Shape Media Comment Trial balance Income Statement Stmt. of SH Equity Balance Sheet Cash flows (optional) WTB BALL UNIVEL Acco ACME Distributie Trial Balance December 31, 2016 December 31, 2016 Ustad Trial Balance Debit Credii 50,000 Adjustment Debit Credor Deceber 31, 2016 Adjusted Trial Balance Deble Crest Dashit 12/31/2015 Balenca FYT Oly) 5400 25.060 -1,200 66.150 10.700 130 A receivable Allowance for bad det Lavestory Prepaid in repaid Office equipment Accumulated der Office equipment Cour 76,730 1000 2.600 35.000 35.000 8000 300 2 Gros 511,500 30.000 -16.00 14310 -490 24,000 12.200 RE Cales AccuWerewe went Able Salaries payable Develse Bunday Com Addis palack 75.000 1.100 900 167410 Inbi 24.000 754100 Sale Coat of Deprecatione feet Periencial be -1300 900 -553.53 12,000 601410 461,200 1200 2.500 540 4KOWO IRO 33700 100 Hist DO 61.40 14.500 2000 He Ada 17.000 22.00 Dr. K Excel WTB (2) Accounting cycle Adjusting entries Inventory adjustment Allow. for bad debts BALL UNIVEA D H M N rest ACME Distribution, Inc. Tre Balance December 31, 2016 Acco 12012015 December 31, 2016 United Balance Dan Creta Apments Deb Crete December 31, 2015 Adsted Tea Balance Det Credit Closing Der December 31, 2016 Portioing C Cro Canh Accounts recei Allowance for added FON 34.620 25.000 200 6670 Coute Preces Pad Oficent 10 100 2000 035.000 Acolo War Remeron 218 Gro19 +000 30.000 16 000 -14550 21 Ape Bond peace Sales 270 Caled 20 Dividende unde CORO pis.cape Coronic 28 Inb29 Di 31 12000 4074 1410 620 33 32 Som de Hist35 1200 CORO De ce-Warehouse Hadeeper 2.500 640 4 000 38 H39 40 41 42 43 esperse Adre 15.00 13 000 45 de 42 40 49 11020.700 S 10.200.25,795 525.795 3.104.72 11,00 1.140120 325 1. LU Postiny Dominem Become the best informacher IC 12/31/2015 13 Numbers File Edit Insert Table Organize Format Arrange View Share Window Help ACC201 Student Accounting Case - Part Files 125% View Zoom Interi Table Chart Shape Comment Excel WTB 121 Accounting cycle Adjusting entries Inventory adjustment Allow. for bad debts BALL UNIVE! Co Carte D Sheet Adjust Acce ACME Distribution, Inc. December 31, 2016 Adjusting Entries Backgre Dashi Cou Read through each situation below and on The following pages. After completing any necessary calculations prepare the required adjusting journal entry. When preparing the adiusting lournal entries, use the account titles from the trial balance or the general Ledger Post each of the entries below to the trial balance and calculate the adjusted account balances. 2 Gro 1) Caler A one year insurance policy was purchased on March 31 for a premium of $18,000. In the space below show your calculations to receive full credit. Complete the required year-end (December 31, 2016) adjusting entry below inte Account description Debit Credit Post the above entry to the trial balance in the adjustment columns 2) The company's employees are paid weekly and it is open for business Monday through Friday each week. The employees have been paid through Friday December 23. The total payroll for all employees is $925 per day and they are paid for all holidays occuring during the work week. In the space below show your calculation of the amount due to receive full credit. Record the adjustment to accrue the salary expense through 13 ALL2U1 Student Accounting Case - Partil Files 125% Zoom View Table Excel WTB (2) Ad Category Accounting cycle Insert Adjusting entries Chart Text Shape Inventory adjustment Media Comment Allow for bad debts BALL UNIVET Post the above entry to the trial balance in the adjustment columns Acco 2) Dash The company's employees are paid weekly and it is open for business Monday through Friday each week. The employees have been paid through Friday December 23. The total payroll for all employees is $925 per day and they are paid for all holidays occuring during the work week. In the space below show your calculation of the amount due to receive full credit. Record the adjustment to accrue the salary expense through December 31 (ignore the effect of any related payroll taxes). Cou 2 Gro Caled Account description Debit Credit int Post the above entry to the trial balance in the adjustment columns Hist He K VW Zoom Excel WTB (2) Insert Adjusting entries Media Comment Accounting cycle Chart Shase Inventory adjustment Colaborata BALL UNIVET Allow for bad debts Sheet Nam Acco ACME Distribution, Inc. December 31, 2016 Adjusting Entries Continued Inventory Dashi Background 3) The company takes a physical Inventory count at the end of the year and adjusts their inventory and cost of goods sold if there is a difference between the inventory value determined from the actual count compared to the value in the general ledger. The information below includes the number of units counted in Inventory at the end of the year and the purchases of inventory during the month. Cou Geol Number of units held in the company's inventory at 12/31/2016 based on a count of the inventory was 18,841 units Caled A listing of purchases during the month of December are as follows: Int: Unit Cost Date December 5, 2016 December 14, 2016 December 21, 2016 Quantity Purchased 15,700 $ 6,500 5 7.500 5 3.75 $ Total Cost 58.875 26,000 33,750 Hist 4.00 4.50 s He The company uses FIFO to account for its inventory cost. What is the cost of the company's ending inventory (round answer to nearest dollar and show your calculation below for full credit? 16 13 Ev BALL UNIVE ACME Distribution, Inc. December 31, 2016 Adjusting Entries Continued Acco 4) The company has estimated based on historical information, that 4.5% of its accounts receivable will ultimately not be collected. Therefore, they provide an allowance for bad debts ar that level Dashe Calculate the appropriate amount for the slowance at December 31, 2016, Cout Accounts receivable balance per the unadjusted trial balance 5 42.400 Estimated alowance amount (Round answer to the nearest dollar and show your calculation below for full credit) Gros Amount of adjustment needed to the allowance account (Show your calculation below to receive full credit) Calen Inb Hist Complete below the adjusting joumal entry necessary for the allowance for bad date Account description Debt Credit He Post the above to a balance in the adjustment columns 100% Zoom ACC201 Student Accounting Case - Parti Files T Insert Table Chart Text Shape Media Commer Trial balance Income Statement Simt, of SH Equity ce Cetate View or bad debits Depreciation Accrued interest BALL UNIVE ACME Distribution, Ine. December 31, 2016 Adjusting Entries Continued ACCE Dashi 5) On July 31, 2016 the company purchased new warehouse equipment in the amount of $50,000. No depreciation has been recorded yet in 2016 for this new asset it is estimated to have a useful life of years and a salvage value of $5,000 Cou What is the depreciation expense for 2016 using the straight-line method? (Round answer to the nearest dollar and show your calculation below for full credit) Grol Cale Inb His Complete below the adjusting journal entry csary for depreciation Account description Debat Credin Port the above entry to the trial balance in the adjustment columns 1 13 125% View Zoum or bad debts EP Tabio Chart Trial balance Text Shoes Media Comment Collaborate Depreciation Accrued interest Income Statement Sumt. of SH Equity BALL UNIVEL She ACME Distribution December 31, 2016 Adjusting Entries Continued ACE Acco Back Dasht 6) G The company issued a $75,000 bond dated August 1, 2016 to finance the purchase of warehouse equipment and provide the company additional cash. The bond has a contractual Interest rate of 6.8% and was issued at par. The bond matures in 10 years and pays Interest on July 31 and January 31 each year. Cou Gro What is the amount of interest to be accrued at December 31, 2016? (Round answer to nearest dollar and show your calculation below for full credit) Cale HIM G H Complete below the adjusting journal entry necessary for accrued interest Account description Debit Credit 14 Post the above entry to the trial balance in the adjustment columns 13 tv ACC201 Student Accounting Case - Part Il Files 60% View Zoom bad debts Insert Table Chart Text Shape Go Conation Comment Stmt. of SH Equity Depreciation Accrued Interest Trial balance Income Statement GALL UNIVLI The Parts Acco ACME Distrite The Bence December 11, 2016 Dasht 12010010 Dober 2014 D December 2016 re Debt Cidt A Cou D C 2 Gro 34.0 . Accou Arte Cales 10. int Hist 16.000 He 13 50% Zoom View insert Chart Ad Category Depreciation LO Collabora Text Supe Med Comment Income Statement Stmt. of SH Equity Accrued interest Trial balance er bad debts Petancam 163 BALL UNIVET 12.000 Aced S. SA Dasht 41200 Derection experte 2500 Coul Dat 040 100 2 Groe 1000 24 Cales Adre 32.000 Inb De 11.00 11.429.00 $ 25.5 25.795 5 100 m 14. Postachyd Deloithm te weet there for each He ty 13 ACC201 Student Accounting Case - Part II Files 83% Zoom View Insert Table Chart Text SO Media Comment Add tegory Depreciation or bad debts Accrued interest Trial balance Income Statement Stmt. of SH Equity DALLE UNIVE Acco ACME Distribution, Inc. Income Statement For the Year Ended December 31, 2016 and 2015 Years Ended December 31 2016 2015 Dasht Revenue Sales Los: Sales discounts Sales returns and allowances Nets Cost of goods sold Cour 60740 1,480 520 805360 451,200 144 150 Grou Calen Operating expenses Deprecation expense-Ofice equipment Depreciation expence Wwwhousement Bad dette pense Sales en Insurance Cente Rank expense Advertising agens des espere Total penting experte 1200 2.500 640 4 000 18.060 24,000 15.00 12.000 123.300 Inb 20,880 Hist Income from operations Other expense-Inarest $ 20,00 Hel Numbers File Edit Insert Table Organize Format Arrange View Share Window Help ACC201 Student Accounting Case - Pardes 125% Zoom View Table Chart AC Depreciation co Collaborate bad debts Accrued interest Test Supe Media Comment Income Statement Semt. of SH Equity Trial balance BALL UNIVEL She Acco ACME Distribution, Inc. Statement of Stockholders' Equity For the Years Ending December 31, 2016 and 2015 Bach Dasht Cou Common Stock Shares Amount 100 $ 1,000 $ 20 200 Additional Paid-in Capital 500 $ 400 Retained Earnings 153,530 $ 2 Gro Balance, January 1, 2015 Common stock issued Add: Net income Less: Dividends paid Balance, December 31, 2015 Common stock issued Add: Net Income Less: Dividends paid Balance, December 31, 2016 20,880 12,000 162,410 Total 155.030 600 20,880 12,000 164,510 120 1,200 900 Inb Hist G He 14 36 Go Colaborate Numbers file Edit Insert Table Organize Format Arrange View Share Window Help ACC 201 Student Accounting Case - Parties B3% D View Zoom Add Category insert Table Chant Test Shaca Media Comment Trial balance Income Statement Stml. of SH Equity Balance Sheet Cash flows fotiga BALL UNIVEL ACME Distribution, Inc Salance sheet As of December 31, 2014 2015 Acco 2011 2015 WTB Sheet Balanc Backgro Culture Dasht $ 34.620 2560 osoba ce sans 2001 2000 Cou 2 Gro 33700 2.500 OO Caler 35 000 30.000 85.000 4000 1000 Loco leb TO HO 10 Se payable Hii Deble G 15.020 He 18.00 Commenc. 110.000 1010 1200 Ad MES ANO 13 64% Zoom Trial balance T Text View Insert Table Chart Ass Category Income Statement Go Collabora + Stmt. of SH Equity Shape Media Comment Cash flows (optional) Balance Sheet WTB A Odles A tem . 14 . 4 CA 4 hi LA 24 ab 15 17 M CHIM He 14 76% Zoom T View Insert Table Chart Shape Media Comment Trial balance Income Statement Stmt. of SH Equity Balance Sheet Cash flows (optional) WTB BALL UNIVEL Acco ACME Distributie Trial Balance December 31, 2016 December 31, 2016 Ustad Trial Balance Debit Credii 50,000 Adjustment Debit Credor Deceber 31, 2016 Adjusted Trial Balance Deble Crest Dashit 12/31/2015 Balenca FYT Oly) 5400 25.060 -1,200 66.150 10.700 130 A receivable Allowance for bad det Lavestory Prepaid in repaid Office equipment Accumulated der Office equipment Cour 76,730 1000 2.600 35.000 35.000 8000 300 2 Gros 511,500 30.000 -16.00 14310 -490 24,000 12.200 RE Cales AccuWerewe went Able Salaries payable Develse Bunday Com Addis palack 75.000 1.100 900 167410 Inbi 24.000 754100 Sale Coat of Deprecatione feet Periencial be -1300 900 -553.53 12,000 601410 461,200 1200 2.500 540 4KOWO IRO 33700 100 Hist DO 61.40 14.500 2000 He Ada 17.000 22.00 Dr. K