{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-06-29T01:30:13-04:00", "answer_date": "2024-06-29 01:30:13", "is_docs_available": null, "is_excel_available": null, "is_pdf_available": null, "count_file_available": 0, "main_page": "student_question_view", "question_id": "4439718", "url": "\/study-help\/questions\/preparing-adjusting-entries-at-year-end-on-june-30-2012-4439718", "question_creation_date_js": "2024-06-29T01:30:13-04:00", "question_creation_date": "Jun 29, 2024 01:30 AM", "meta_title": "[Solved] Preparing Adjusting Entries at Year end O | SolutionInn", "meta_description": "Answer of - Preparing Adjusting Entries at Year end On June 30, 2012, the end of fiscal year, the ff information is available to D | SolutionInn", "meta_keywords": "preparing,adjusting,entries,year,end,june,30,2012,fiscal,ff,information,dennis", "question_title_h1": "Preparing Adjusting Entries at Year end On June 30, 2012, the end of fiscal year, the ff information is available to Dennis Sandoval Company's accnts", "question_title": "Preparing Adjusting Entries at Year end On June 30, 2012, the end", "question_title_for_js_snippet": "Preparing Adjusting Entries at Year end On June 30, 2012, the end of fiscal year, the ff information is available to Dennis Sandoval Company's accnts for making adjusting entries a Among the liabilities of the company is a 2,400,000 mortgage payable On June 30, the accrued interest on his mortgage amounted to 120,000 b Assume that on, July 2, a Friday the company, which is on a five day workweek and pays employees weekly, paid its regular salaried employees 192,000 c On June 29, the company completed negotiations and signed a contract to provide services to a new client at an annual rate of 36,000 d The Supplies account showed a beginning balance of 16,150 and purchases during the year of 37,660 The year end inventory revealed supplies on hand of 11,860 e The prepaid insurance account showed the ff entries on June 30 Beginning Balance 15,300 January 1 29,000 May 1 33,660 The beginning balance represent the unexpired portion of a one year policy purchased in April of the previous year The January 1 entry represented a new one year policy, and May 1 entry is the additional coverage of a three year policy f The ff table contains the cost and annual depreciation for building and equipment, all which were purchased before the current year Account Cost Annual Depreciation Building 1,850,000 73,000 Equipment 2,180,000 218,000 g On June 1, the company completed negotiations with another client and accepted an advance 210,000 for services to be performed in the next year The 210,000 was credited to Unearned Service Revenues h The company calculated that as at June 30 it had earned 35,000 on a 75,000 contract that will be completed and billed in August ", "question_description": "

Preparing Adjusting Entries at Year end<\/strong><\/p>

On June 30, 2012, the end of fiscal year, the ff information is available to Dennis Sandoval Company's accnts for making adjusting entries:<\/p>

a. Among the liabilities of the company is a 2,400,000 mortgage payable. On June 30, the accrued interest on his mortgage amounted to 120,000.<\/p>

b. Assume that on, July 2, a Friday the company, which is on a five-day workweek and pays employees weekly, paid its regular salaried employees 192,000.<\/p>

c. On June 29, the company completed negotiations and signed a contract to provide services to a new client at an annual rate of 36,000.<\/p>

d. The Supplies account showed a beginning balance of 16,150 and purchases during the year of 37,660. The year-end inventory revealed supplies on hand of 11,860.<\/p>

e. The prepaid insurance account showed the ff entries on June 30:<\/p>

Beginning Balance 15,300<\/p>

January 1 29,000<\/p>

May 1 33,660<\/p>

The beginning balance represent the unexpired portion of a one-year policy purchased in April of the previous year. The January 1 entry represented a new one-year policy, and May 1 entry is the additional coverage of a three-year policy.<\/p>

f. The ff table contains the cost and annual depreciation for building and equipment, all which were purchased before the current year<\/p>

Account Cost Annual Depreciation<\/p>

Building 1,850,000 73,000<\/p>

Equipment 2,180,000 218,000<\/p>

g. On June 1, the company completed negotiations with another client and accepted an advance 210,000 for services to be performed in the next year. The 210,000 was credited to Unearned Service Revenues.<\/p>

h. The company calculated that as at June 30 it had earned 35,000 on a 75,000 contract that will be completed and billed in August.<\/p>", "transcribed_text": "", "related_book": { "title": "Cost Management Measuring Monitoring And Motivating Performance", "isbn": "1118168879, 9781118168875", "edition": "2nd Canadian Edition", "authors": "Leslie G. Eldenburg, Susan Wolcott, Liang Hsuan Chen, Gail Cook", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/635f99b5717e0_1157.jpg", "uri": "\/textbooks\/cost-management-measuring-monitoring-and-motivating-performance-2nd-canadian-edition-1157", "see_more_uri": "" }, "free_related_book": { "isbn": "1576857891", "uri": "\/textbooks\/learning-express-complete-test-preparation-act-power-practice-1st-edition-9781576857892", "name": "Learning Express Complete Test Preparation ACT Power Practice", "edition": "1st Edition" }, "question_posted": "2024-06-29 01:30:13", "see_more_questions_link": "\/study-help\/questions\/business-banking-2021-September-12", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/a-drum-of-100mm-radius-is-attached-to-a-disk", "description": "A drum of 100-mm radius is attached to a disk of 200-mm radius. 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