i do not understand how to get an adjustment numbers for a,b,c,d,and e- question E2a also is E1a correct? Acc121 fundamentals of accounting 1 10th ed, baker college
Chapter Three Exercise Template E1A. Applications of Accounting Concepts Related to Accrual Accounting 1. 2. 3. 4. 5. 6. E5A. Adjusting Entries for Supplies: Missing Data 1. Amounts indicated by the question marks are in italics a c d Supplies on hand at June 1 Supplies purchased during the month Total supplies available Supplies consumed during the month $264 52 $ 217 $1191 $196 174 $822 1,928 $316 194 $1,408 972 $370 $314 $2,750 1,632 Supplies on hand at June 30 2. b $122 $ 436 $ 56 $1,118 Adjusting entry for column a June 30 Supplies Expense Supplies To record adjustment for supplies used E7A. Revenue and Expense Recognition 1. January to June 2014 (payment on November 1) July to December 2014 ( 15 percent) 2014 royalty expense and royalty income 2. In Kozuch, Inc.'s records: 2014 Dec. 31 Royalty Expense Royalty Payable To record royalties owed for the last half of 2014, to be paid on May 1, 2015 In Lacoma Company's records: 2014 Dec. 31 Royalty Receivable Royalty Income To record royalties earned for the last half of 2014, to be received on May 1, 2015 3112 3112 E9A. Adjusting Entries 1. Office Supplies Expense Office Supplies To record office supplies consumed during the year Beginning balance + Purchases = Total available - Ending balance Supplies consumed 2. Depreciation ExpenseOffice Equipment Accumulated DepreciationOffice Equipment To record depreciation on office equipment allocated to the year 3. Property Taxes Expense Property Taxes Payable To record property taxes applicable to the sixmonth period 4. Interest Receivable Interest Income To record interest accrued during the period 5. Unearned Revenue Service Revenue To record revenue earned for services for which payment had been received in advance 6. Accounts Receivable Service Revenue To record service revenue earned but not billed Chapter Three Supplement Exercise Template E1A. Preparation of Closing Entries Dec. 31 Commission Revenue Income Summary To close the revenue account 31 Income Summary Wages Expense Rent Expense Supplies Expense Insurance Expense Depreciation ExpenseOffice Equipment To close the expense accounts 31 Income Summary Retained Earnings To close the Income Summary account 31 Retained Earnings Dividends To close Dividends account E2A. Completion of a Work Sheet 1. and 2. Work Sheet For the Month Ended March 31, 2014 Adjusted Account Name Cash Accounts Receivable Prepaid Trial Balance Debit Credit Balance Statement Sheet Debit 8 Credit Debit Credit 16 4 16 (a) 8 8 14 (d) 16 2 Revenues Common Stock Retained (b) 8 5 8 8 5 5 19 19 6 (e) 19 12 Service Revenue Utilities Expense Wages Expense Credit 8 d Accounts Payable Unearned Earnings Dividends Debit 14 14 Insurance Supplies Office Equipment Accumulate Debit Credit Income Trial Balance Adjustments 46 (e) 4 4 20 86 12 12 4 (c) 86 Insurance Expense Depreciatio n Expense Wages (a) (b) Payable Supplies Expense (d) Totals Net Income (c) 16 16 90 90 36 50 Total 50 54 14 40 14 50 54 54
