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FINANCIAL ACCOUNTING ACCT 201 ASSIGNMENT 2 Last Date for Submission 25th February 2016 You are required to work in this assignment individually. Any suspicious activities or cheating will result zero grade in this assignment. Q 1 Present, in journal form, the adjustments that would be made on July 31, 2011, the end of the fiscal year, for each of the following. (2 points) 1. The supplies inventory on August 1, 2010 was 7,350. Supplies costing 20,150 were acquired during the year and charged to the supplies inventory. A count on July 31, 2011 indicated supplies on hand of 8,810. 2. On April 30, a twelve-month, 9% note for 20,000 was received from a customer. 3. On March 1, 12,000 was collected as rent for one year and a nominal account was credited. Q 2 Record the following transactions of Reed Co. in the desired manner and give the adjusting entry on December 31, 2010. (Two entries for each part.) (1 points) 1. An insurance policy for two years was acquired on April 1, 2010 for $8,000. 2. Rent of $12,000 for six months for a portion of the building was received on November 1, 2010. Q 3The adjusted trial balance of Ryan Financial Planners appears below. Using the information from the adjusted trial balance, you are to prepare for the month ending December 31: 1. an income statement. (1 points) 2. a retained earnings statement. (1 points) 3. a statement of financial position. (1 points) 1 RYAN FINANCIAL PLANNERS Adjusted Trial Balance December 31, 2012 Debit Cash ................................ Accounts Receivable.......................................................................... 4,400 2,200 Office Supplies................................................................................... 1,800 Office Equipment............................................................................... Credit 15,000 Accumulated DepreciationOffice Equipment................................ 4,000 Accounts Payable............................................................................... 3,800 Unearned Revenue............................................................................. 5,000 Share Capital-Ordinary..................................................................... 10,000 Retained Earnings (1 Dec)................................................................. 4,400 Dividends .......................................................................................... 2,500 Service Revenue................................................................................. 3,700 Office Supplies Expense.................................................................... 600 Depreciation Expense........................................................................ 2,500 Rent Expense..................................................................................... 1,900 30,900 ______ 30,900 Q 4 Provide clear, concise answers for the following. (4 points) 1. What is the accrual basis of accounting? 2. What is an accrued expense? 3. What is accrued revenue? 4. What is a prepaid expense? 5. What is unearned revenue? 6. State the rule that indicates which adjusting entries for prepaid and unearned items should be reversed. 2