Need help with these entries !
Chapter 3.1 Handout Name: Date: BE 171 Prepare adjusting entries for the following transactions. 1. Depreciation on equipment is $900 for the accounting period 2. There was no beginning balance of supplies and purchased $500 of office supplies during the period. At the end of the period $120 of supplies were on hand. 3. Prepaid rent had a $1,000 normal balance prior to adjustment. By year end $400 was unexpired BE 172 On June I, during its first month of operations, Crooked Rain purchased supplies for S3,500 and debited the supplies account for that amount. At June 30, an inventory of supplies showed $1,000 of supplies on hand. What adjusting journal entry should be made for Junc? BE 173 On January 1, Chan & Chan, CPAs received a $12,000 cash retainer for accounting services to be rendered ratably over the next 3 months. The full amount was credited to the liability account Unearned Service Revenue. Assuming that the revenue is earned equally over the 3-month period, what adjusting journal entry should be made at January 31? BE 174 On February 1, Results Income Tax Service received a $2.000 cash retainer for tax preparation to be rendered equally over the n ext 4 months. The full amount was credited to the ility account Unearned Service Revenue. Assuming that the revenue is earned equally over the 4-month period, what balance would be reported on the February 28 balance sheet for liabi Unearned Service Revenue? BE 175 Bakesale Enterprises purchased computer equipment on May 1, 2012 for $6,300. The company expects to use the equipment for 3 years. It has no salvage value. 1. What adjusting journal entry should the company make at the end of cach month if monthly financials are prepared (annual depreciation is $2,100)? 2. What is the book value of the equipment at May 31, 2012? BE 176 Rhodes National purchased software on October 1,2012 for $10,800. The company expects to use the software for 3 years. It has no salvage value. 1. What adjusting journal entry should the company make at the end of each month if monthly financials are prepared? (annual depreciation is S3,600) 2. What balance will be reported on the December 31, 2012 balance sheet for Accumulated Depreciation? BE 177 Teenage Fanclub Printings sold annual subscriptions to their magazine for $24,000 in December, 2011. The magazine is published monthly. The new subscribers received their first magazine in January, 2012. 1. What adjusting entry should be made in January if the subscriptions were originally recorded as a liability? 2. What amount will be reported on the January 2012 balance sheet for Unearned Revenue
