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33.

value: 4 points

c.	At the beginning of the year, Keller Company's liabilities equal $42,000. During the year, assets increase by $60,000, and at year-end assets equal $190,000. Liabilities decrease $7,000 during the year. What are the beginning and ending amounts of equity?

Beginning equity	$
Ending equity	$

34.

value: 10 points

The transactions of Dexter Company:

a.	Macy Dexter, owner, invested $18,250 cash in the company in exchange for common stock.
b.	The company purchased office supplies for $529 cash.
c.	The company purchased $10,092 of office equipment on credit.
d.	The company received $2,153 cash as fees for services provided to a customer.
e.	The company paid $10,092 cash to settle the payable for the office equipment purchased in transaction c.
f.	The company billed a customer $3,869 as fees for services provided.
g.	The company paid $520 cash for the monthly rent.
h.	The company collected $1,625 cash as partial payment for the account receivable created in transaction f.
i.	The company paid $1,100 cash for dividends.

Prepare general journal entries to record the transactions above: Cash; Accounts Receivable; Office Supplies; Office Equipment; Accounts Payable; Common stock; Dividends; Fees Earned; and Rent Expense. Use the letters beside each transaction to identify entries. (Omit the "$" sign in your response.)

	General Journal	Debit	Credit
a.	(Click to select)Common stockAccounts receivableAccounts payableRent expenseOffice suppliesFees earnedOffice equipmentCash
	(Click to select)Rent expenseCommon stockAccounts receivableAccounts payableOffice equipmentFees earnedOffice suppliesCash
b.	(Click to select)Office suppliesOffice equipmentFees earnedCommon stockAccounts receivableCashRent expenseAccounts payable
	(Click to select)CashCommon stockAccounts payableOffice suppliesOffice equipmentRent expenseAccounts receivableFees earned
c.	(Click to select)Accounts payableAccounts receivableCommon stockOffice equipmentFees earnedCashOffice suppliesRent expense
	(Click to select)Common stockCashOffice equipmentRent expenseOffice suppliesAccounts payableAccounts receivableFees earned
d.	(Click to select)Accounts receivableOffice equipmentAccounts payableRent expenseCashOffice suppliesCommon stockFees earned
	(Click to select)Office equipmentAccounts payableCommon stockOffice suppliesFees earnedAccounts receivableRent expenseCash
e.	(Click to select)CashRent expenseOffice equipmentFees earnedCommon stockAccounts payableAccounts receivableOffice supplies
	(Click to select)Office suppliesAccounts payableAccounts receivableCommon stockOffice equipmentFees earnedCashRent expense
f.	(Click to select)Accounts payableRent expenseFees earnedCommon stockCashAccounts receivableOffice suppliesOffice equipment
	(Click to select)Fees earnedCashOffice equipmentRent expenseOffice suppliesAccounts receivableAccounts payableCommon stock
g.	(Click to select)CashFees earnedOffice equipmentOffice suppliesAccounts payableAccounts receivableRent expenseCommon stock
	(Click to select)Rent expenseOffice equipmentFees earnedOffice suppliesAccounts receivableCashCommon stockAccounts payable
h.	(Click to select)Office suppliesCommon stockCashOffice equipmentAccounts payableRent expenseFees earnedAccounts receivable
	(Click to select)Office equipmentFees earnedCommon stockAccounts payableAccounts receivableOffice suppliesCashRent expense
i.	(Click to select)Office equipmentFees earnedAccounts payableAccounts receivableRent expenseDividendsOffice suppliesCash
	(Click to select)Accounts receivableCashDividendsOffice suppliesFees earnedAccounts payableOffice equipmentRent expense

Post the above journal entries to T-accounts, which serves as the general ledger for this assignment. Determine the ending balance of each T-account. (Record the transactions in the given order. Leave no cells blank - be certain to enter "0" wherever required. Omit the "$" sign in your response.)

Cash

(Click to select)a.b.c.d.e.f.g.h.i.			(Click to select)a.b.c.d.e.f.g.h.i.
(Click to select)a.b.c.d.e.f.g.h.i.			(Click to select)a.b.c.d.e.f.g.h.i.
(Click to select)a.b.c.d.e.f.g.h.i.			(Click to select)a.b.c.d.e.f.g.h.i.
			(Click to select)a.b.c.d.e.f.g.h.i.
Balance

Accounts Receivable

(Click to select)a.b.c.d.e.f.g.h.i.			(Click to select)a.b.c.d.e.f.g.h.i.
Balance

Office Supplies

(Click to select)a.b.c.d.e.f.g.h.i.
Balance

Office Equipment

(Click to select)a.b.c.d.e.f.g.h.i.
Balance

Accounts Payable

(Click to select)a.b.c.d.e.f.g.h.i.			(Click to select)a.b.c.d.e.f.g.h.i.
			Balance

Common Stock

			(Click to select)a.b.c.d.e.f.g.h.i.
			Balance

Dividends

(Click to select)a.b.c.d.e.f.g.h.i.
Balance

Fees Earned

			(Click to select)a.b.c.d.e.f.g.h.i.
			(Click to select)a.b.c.d.e.f.g.h.i.
			Balance

Rent Expense

(Click to select)a.b.c.d.e.f.g.h.i.
Balance

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35.

value: 5 points

a.	Two-thirds of the work related to $12,000 cash received in advance is performed this period.
b.	Wages of $7,000 are earned by workers but not paid as of December 31, 2011.
c.	Depreciation on the companys equipment for 2011 is $10,600.
d.	The Office Supplies account had a $460 debit balance on December 31, 2010. During 2011, $4,724 of office supplies are purchased. A physical count of supplies at December 31, 2011, shows $522 of supplies available.
e.	The Prepaid Insurance account had a $5,000 balance on December 31, 2010. An analysis of insurance policies shows that $2,800 of unexpired insurance benefits remain at December 31, 2011.
f.	The company has earned (but not recorded) $600 of interest from investments in CDs for the year ended December 31, 2011. The interest revenue will be received on January 10, 2012.
g.	The company has a bank loan and has incurred (but not recorded) interest expense of $2,500 for the year ended December 31, 2011. The company must pay the interest on January 2, 2012.

For each of the above separate events, prepare the required adjusting entries for the year ended December 31, 2011 (Assume that prepaid expenses are initially recorded in asset accounts and that fees collected in advance of work are initially recorded as liabilities.) (Omit the "$" sign in your response.)

	General Journal	Debit	Credit
a.	(Click to select)Interest payableInterest expenseFee revenueCashUnearned fee revenueOffice suppliesInterest receivableWages expense
	(Click to select)Interest payableUnearned fee revenueInterest receivableFee revenueCashInterest expenseOffice suppliesWages expense
b.	(Click to select)Wages payableFee revenueInterest revenueDepreciation expense-equipmentOffice supplies expenseWages expenseInsurance expenseInterest receivable
	(Click to select)Insurance expenseInterest revenueWages payableInterest receivableFee revenueDepreciation expense-equipmentOffice supplies expenseWages expense
c.	(Click to select)Interest payableDepreciation expense-equipmentOffice suppliesUnearned fee revenueAccumulated depreciation-equipmentPrepaid insuranceInterest revenueFee revenue
	(Click to select)Prepaid insuranceAccumulated depreciation-equipmentUnearned fee revenueInterest revenueOffice suppliesInterest payableDepreciation expense-equipmentFee revenue
d.	(Click to select)CashInterest receivableOffice supplies expenseFee revenueUnearned fee revenueWages expenseInsurance expenseOffice supplies
	(Click to select)Office supplies expenseWages expenseCashFee revenueOffice suppliesUnearned fee revenueInterest receivableInsurance expense
e.	(Click to select)Interest receivableFee revenueDepreciation expense-equipmentAccumulated depreciation-equipmentWages expenseInsurance expensePrepaid insuranceOffice supplies
	(Click to select)Insurance expenseDepreciation expense-equipmentWages expenseInterest receivableOffice suppliesAccumulated depreciation-equipmentFee revenuePrepaid insurance
f.	(Click to select)Accumulated depreciation-equipmentInterest receivableInterest revenueInsurance expenseWages expensePrepaid insuranceUnearned fee revenueCash
	(Click to select)Insurance expenseAccumulated depreciation-equipmentInterest receivableWages expenseUnearned fee revenuePrepaid insuranceCashInterest revenue
g.	(Click to select)Depreciation expense-equipmentOffice suppliesInterest payableInterest revenueWages expensePrepaid insuranceOffice supplies expenseInterest expense
	(Click to select)Interest expenseWages expenseOffice supplies expenseInterest payableDepreciation expense-equipmentInterest revenueOffice suppliesPrepaid insurance

36.

value: 5 points

a.	Depreciation on the company's equipment for 2011 is computed to be $16,000.
b.	The Prepaid Insurance account had a $5,000 debit balance at December 31, 2011, before adjusting for the costs of any expired coverage. An analysis of the companys insurance policies showed that $1,700 of unexpired insurance coverage remains.
c.	The Office Supplies account had a $580 debit balance on December 31, 2010; and $2,680 of office supplies were purchased during the year. The December 31, 2011, physical count showed $684 of supplies available.
d.	Three-fourths of the work related to $13,000 of cash received in advance was performed this period.
e.	The Prepaid Insurance account had a $5,600 debit balance at December 31, 2011, before adjusting for the costs of any expired coverage. An analysis of insurance policies showed that $3,900 of coverage had expired.
f.	Wage expenses of $6,000 have been incurred but are not paid as of December 31, 2011.

Prepare adjusting journal entries for the year ended (date of) December 31, 2011, for each of the above separate situations. Assume that prepaid expenses are initially recorded in asset accounts. Also assume that fees collected in advance of work are initially recorded as liabilities. (Omit the "$" sign in your response.)

	General Journal	Debit	Credit
a.	(Click to select)Insurance expensePrepaid insuranceWages expenseCashOffice suppliesFee revenueDepreciation expense-equipmentAccumulated depreciation-equipment
	(Click to select)Fee revenueCashOffice suppliesPrepaid insuranceAccumulated depreciation-equipmentInsurance expenseDepreciation expense-equipmentWages expense
b.	(Click to select)Insurance expenseOffice supplies expenseInterest revenueWages expensePrepaid insuranceFee revenueDepreciation expense-equipmentUnearned fee revenue
	(Click to select)Depreciation expense-equipmentPrepaid insuranceInsurance expenseWages expenseFee revenueOffice supplies expenseInterest revenueUnearned fee revenue
c.	(Click to select)Unearned fee revenueAccumulated depreciation-equipmentOffice supplies expenseWages payableDepreciation expense-equipmentFee revenuePrepaid insuranceOffice supplies
	(Click to select)Office supplies expensePrepaid insuranceAccumulated depreciation-equipmentDepreciation expense-equipmentUnearned fee revenueOffice suppliesFee revenueWages payable
d.	(Click to select)Wages payableWages expenseUnearned fee revenueInsurance expenseFee revenueCashOffice suppliesOffice supplies expense
	(Click to select)Wages expenseUnearned fee revenueWages payableInsurance expenseFee revenueCashOffice supplies expenseOffice supplies
e.	(Click to select)Prepaid insuranceAccumulated depreciation-equipmentOffice suppliesDepreciation expense-equipmentInsurance expenseWages expenseFee revenueWages payable
	(Click to select)Fee revenueWages payableOffice suppliesAccumulated depreciation-equipmentInsurance expensePrepaid insuranceWages expenseDepreciation expense-equipment
f.	(Click to select)Wages expenseFee revenueUnearned fee revenueInsurance expenseWages payablePrepaid insuranceCashAccumulated depreciation-equipment
	(Click to select)Insurance expenseWages payableAccumulated depreciation-equipmentPrepaid insuranceUnearned fee revenueWages expenseCashFee revenue