Exercise PR3-3A Financial & Managerial Accounting Edition 15

Dover Chemical Company Cost of Production Report - Filling Department For the Month Ended January 31 UNITS Equivalent Units Whole Units Direct Materials Conversion Units charged to production: Inventory in process, January 1 Received from Reaction Department Total units accounted for by the Filling Department Units to be assigned cost: Inventory in process, January 1 ( complete) Started and completed in January Transferred to finished goods in January Inventory in process, January 31 ( complete) Total units to be assigned cost COSTS Costs Direct Materials Conversion Total Costs per equivalent unit: Total costs for January in Filling Department Total equivalent units Cost per equivalent unit Costs assigned to production: Inventory in process, January 1 Costs incurred in January Total costs accounted for by the Filling Department Costs allocated to completed and partially completed units: Inventory in process, January 1 To complete inventory in process, January 1 Cost of completed January 1 work in process Started and completed in January Transferred to Molding Department in January E Inventory in process, January 31 Total costs assigned by the Filling Department Direct Materials Conversion Cost per equivalent unit: From current period From beginning inventory Increase (decrease) [Key essay answer here]PR 3-3A Adjusting entries Obj. 2, 3, 4, 5 Trident Repairs & Service, an electronics repair store, prepared the following unadjusted trial bal- ance at the end of its first year of operations: Trident Repairs & Service Unadjusted Trial Balance November 30, 20Y3 Debit Credit Balances Balances Cash ............. 10,350 Accounts Receivable. ... 67,500 Supplies ........ 16,200 Equipment. ... 116,100 Accounts Payable . 25,750 Unearned Fees ... . . . . . . . 18,000 Common Stock .... 50,000 Retained Earnings 111,500 Dividends .... 13,500 Fees Earned.... 294,750 Wages Expense ... 124,500 Rent Expense 92,000 Utilities Expense 51,750 Miscellaneous Expense 8,100 500,000 500,000 For preparing the adjusting entries, the following data were assembled: Fees earned but unbilled on November 30 were $7,000. Supplies on hand on November 30 were $1,300. Depreciation of equipment was estimated to be $7,200 for the year. The balance in unearned fees represented the November 1 receipt in advance for services to be provided. During November, $13,500 of the services were provided. Unpaid wages accrued on November 30 were $4,800. Instructions 1. Journalize the adjusting entries necessary on November 30, 20Y3. 2. Determine the revenues, expenses, and net income of Trident Repairs & Service before the adjusting entries. 3. Determine the revenues, expense, and net income of Trident Repairs & Service after the adjust- ing entries. 4. Determine the effect of the adjusting entries on Retained Earnings