Read each scenario, decide whether the company is using Cash basis or Accrual basis, and then enter your answer to the question. The Blue Nile Law Firm prepay for advertising in the local pronary.the taw firm paid $2.440 for six months of advertising. The New for recorded 2,000 in the Prepaid Advertising account Ne Law recorded there was the how much were we have recorded for the moderary Enter the value as a pie number Seashore Home provides house sitting for people while they are man action some of its customers pay immediately after the job is finished. Some customers that the business send them all. As of the end of the year, Seashore Home has collected $190 from cash paying customers. Seashore Home's remaining customers owe the business $3.990. Seashore Home recorded $290 of service for the year Seashore Home ha trecorded the remainsthether to how much service revenue would they have recorded for the year! Momentos Occasions received $500 for services to be performed for the next month on March 31 and recorded this transaction using the linearned her cunt. Motos Occasion record them how much service would they had for the year Sweet Catering completed the following selected transactions during they me MayPrepaid rent for three months.53,000 May Received cash for meals served to customers, 51.200 May 16 Paid cash for kitchen equipment 52.620 May 22 Served a banquet on account. 2.400 May 31: Made the adjusting entry for rent from May ti May 3: Accrued salary expense, 53.660 May : Recorded depreciation for Mayon changement. 5220 #Sweet Catering had recorded transactions the show much net come less would they have recorded for the month of her litt with these trai Sweet Catering had recorded transactions in the could how much income would they have recorded for the month of Mayhers with these Fill in the t-accounts for each situation and label each transaction as Deferrals/Prepaid or Accrual. Calculate the adjusted balance and use a Bal. post reference to show the ending balance of each account. Incurred interest expense of $4,700. Adjustment Type: Interest Expense Interest Payable The unadjusted balance of Office Supplies at Dec. 31 is 510,600 and at year end the office supplies on hand totaled $2.840. Adjustment Type: Supplies Expense Office Supplies Depreciation for the current year includes Equipment. $700. The Accumulated Depreciation - Equipment unadjusted balance as of December 31 is 57.000 Adjustment Type: Depreciation Expense - Equipment Accumulated Depreciation - Equipment I 4. Journalize the adjusting entry needed at December 31 for each situation. Use the Chart of Accounts to review account names! Used office supplies of $4,400 Date Accounts and Explanation Debit Credit A two year insurance policy for $10.560 was purchased on November 1 of the current year. Record the transaction for the year ended December 31 Date Accounts and Explanation Credit Debit Used prepaid insurance of 52,400 Date Accounts and Explanation Debit Credit Chart of Accounts Account Number 101 105 110 112 115 120 125 130 140 145 146 150 151 155 156 160 161 165 166 170 175 178 180 182 201 1205 210 1215 220 1225 235 250 255 260 301 320 325 410 420 430 505 510 515 520 525 Account Title Cash Accounts Receivable Interest Receivable Notes Receivable Office Supplies Prepaid Insurance Prepaid Rent Short-term Investments Long-term Investments Building Accumulated Depreciation - Building Equipment Accumulated Depreciation Equipment Fumiture Accumulated Depreciation Furniture Office Furniture Accumulated Depreciation Office Furniture Truck Accumulated Depreciation Truck Land Copyright Franchise Patent Trademark Accounts Payable Rent Payable Salaries Payable Utilities Payable Interest Payable Dividends Payable Uneamed Revenge Notes Payable Mortgages Payable Premium on Bonds Payable Owner, Capital owner, Withdrawal Income Summary Service Revenge Dividend Revenue Interest Revenue Advertising Expense Delivery Expense Depreciation Expense Insurance Expense Interest Expense Repairs and Maintenance Expense Rent Expense Salaries Expense Supplies Expense Utilities Expense 535 540 545 550 SSS Read each scenario, decide whether the company is using Cash basis or Accrual basis, and then enter your answer to the question. The Nile Law Firm prepays for advertising in the local newspaper. On January 1, the law firm paid 52.44 for six months of advertising Blue Nile Law Firm record 2.400 in the Prepaid Advertising account Blue Nile Law Firm had recorded their expenses using the other method how much dvertising expere would they have recorded for the two montrending February 28 Enter the value as a potember Seashore Home provided house sitting for people while they are away on vacation. Some of its customers pay immediately after the job is finished. Some customers ask that the business send them a bill. As of the end of the year. Seashore Home has collected $200 from cash paying customers. Seashore Home's remaining customers owe the business $3.000. Seashore Home recorded $200 of service revenue for the year Seashore Home decorded their service revenue in the other method, how much Se revenue would they have recorded for the year! Momentos Occasions received $500 for services to be performed for the next months on March 31 and recorded this transaction using the Unearned Revenue account Momentous Occasions had recorded their service revenue using the other method, how much service revenge would they have recorded for the year? Sweet Catering completed the following selected transactions during May 2016: May 1: Prepaid rent for three months. 53,000 May Received and paid electricity bill 5100 Maybeceived cash for meals served to customers, 11,200 May 14 Paid cash for kitchen equipment, 12/20 May 2: Served a banquet an account, 92,630 May 3. Made the adjusting entry for rent from May 1). . May 3: Actrued salary expense, 55.660 . May : Recorded depreciation for Mayen kitchen equipment. $230 #Sweet Catering had recorded transaction in the Cath method, how much net cam dotswould they have recorded for the month of May if there is a lo enter with press or a neten Sweet Catering had recorded transactions in the Accrual method, how much income foss) would they have recorded for the month of May talent with the N Identify whether each account would appear on the Balance Sheet or the Income Statement. Salaries (and Wages) Payable Land Equipment Prepaid Insurance Delivery Expense Accumulated Depreciation - Office Furniture Fill in the t-accounts for each situation and label each transaction as Deferrals/Prepaid or Accrual. Calculate the adjusted balance and use a Bal. post reference to show the ending balance of each account. Incurred interest expense of $4,700. Adjustment Type: Interest Expense Interest Payable The unadjusted balance of Office Supplies at Dec. 31 is 510,600 and at year end the office supplies on hand totaled $2.840. Adjustment Type: Supplies Expense Office Supplies Depreciation for the current year includes Equipment. $700. The Accumulated Depreciation - Equipment unadjusted balance as of December 31 is 57.000 Adjustment Type: Depreciation Expense - Equipment Accumulated Depreciation - Equipment I 4 Journalize the adjusting entry needed at December 31 for each situation. Use the Chart of Accounts to review account names! Used office supplies of 54,400 Date Accounts and Explanation Debit Credit A two year insurance policy for $10.560 was purchased on November 1 of the current year, Record the transaction for the year ended December 31, Date Accounts and explanation Credit Debit Debit Used prepaid insurance of $2,400 Date Accounts and Explanation Debit Credit Read each scenario, decide whether the company is using Cash basis or Accrual basis, and then enter your answer to the question. The Blue Nite Law Firm prepays for advertising in the local newspaper. On January 1, the law firm paid $2.440 for six months of advertising, Blue Nile Law Firm recorded 52.440 in the Prepaid Advertising account. if Blue Nile Law Firm had recorded their expenses using the other method, how much vertising expense would they have recorded for the months ending February 28 Enter this value as a persivember Seashore Home provides house-sitting for people while they are away on vacation. Some of its customers pay immediately after the job is finished. Some customers ask that the business send them a bill. As of the end of the year. Seashore Home has collected 5290 from cash-paying customers. Seashore Home's remaining customers owe the business 53.990, Seashore Home recorded 5290 of service revenue for the year. If Seashore Homelad recorded their service revenue using the other method how much service revenue would they have recorded for the year! Momentous Occasions received so for services to be performed for the next month on March 31 and recorded this transaction using the Uneared Revenue account. if Momentos Occinions had recorded their service revenue using the other method, hon much service revenue would they have recorded for the year Sweet Catering completed the following selected transactions during May 2016 May 1: Prepaid rent for three months, 53.000 May 5: Received and paid electricity bill, 5100 May 9: Received cash for meals served to customers, 51.290 May 14: Pald cash for kitchen equipment, 52,620 May 31 Made the trusting entry for rent from May 1). May 1: Recorded depreciation for Mayon kitchen equipment, 5230 Sweet Catering had recorded transactions using the Cash method, how much net Income Joss would they have recorded for the month of May? If there is a loss, enterit with parenthests or a negative Sweet Caring had recorded transactions using the Anal method how much Income dos would they have recorded for the month of May if there is a loss, enterit with parentheses or a negative Identify whether each account would appear on the Balance Sheet or the income Statement. Land Delivery Accumulated preconomice umre Fill in the t-accounts for each situation and label each transaction as Deferrals/Prepaid or Accrual. Calculate the adjusted balance and use a Bal. post reference to show the ending balance of each account. destes type Interest Expense Interest Payable The wasted beloppet 35 Banyone Aque Supplies Expense Office Supplies Deprecation for the current year cludes ourson The Garden babnes of December 317.00 Autente Depreciation Experse-Equipment Accumulated Depreciation Equipment 4 Journalize the adjusting entry needed at December 31 for each situation. Use the Chart of Accounts to review account names! Used office supplies of $4,400 Date Accounts and Explanation Debit Credit A two year Insurance policy for $10,560 was purchased on November 1 of the current year. Record the transaction for the year ended December 31 Date Accounts and explanation Debit Credit Used prepaid insurance of $2,400 Date Accounts and explanation Debit Credit Read each scenario, decide whether the company is using Cash basis or Accrual basis, and then enter your answer to the question. The Blue Nile Law Firm prepay for advertising in the local pronary.the taw firm paid $2.440 for six months of advertising. The New for recorded 2,000 in the Prepaid Advertising account Ne Law recorded there was the how much were we have recorded for the moderary Enter the value as a pie number Seashore Home provides house sitting for people while they are man action some of its customers pay immediately after the job is finished. Some customers that the business send them all. As of the end of the year, Seashore Home has collected $190 from cash paying customers. Seashore Home's remaining customers owe the business $3.990. Seashore Home recorded $290 of service for the year Seashore Home ha trecorded the remainsthether to how much service revenue would they have recorded for the year! Momentos Occasions received $500 for services to be performed for the next month on March 31 and recorded this transaction using the linearned her cunt. Motos Occasion record them how much service would they had for the year Sweet Catering completed the following selected transactions during they me MayPrepaid rent for three months.53,000 May Received cash for meals served to customers, 51.200 May 16 Paid cash for kitchen equipment 52.620 May 22 Served a banquet on account. 2.400 May 31: Made the adjusting entry for rent from May ti May 3: Accrued salary expense, 53.660 May : Recorded depreciation for Mayon changement. 5220 #Sweet Catering had recorded transactions the show much net come less would they have recorded for the month of her litt with these trai Sweet Catering had recorded transactions in the could how much income would they have recorded for the month of Mayhers with these Fill in the t-accounts for each situation and label each transaction as Deferrals/Prepaid or Accrual. Calculate the adjusted balance and use a Bal. post reference to show the ending balance of each account. Incurred interest expense of $4,700. Adjustment Type: Interest Expense Interest Payable The unadjusted balance of Office Supplies at Dec. 31 is 510,600 and at year end the office supplies on hand totaled $2.840. Adjustment Type: Supplies Expense Office Supplies Depreciation for the current year includes Equipment. $700. The Accumulated Depreciation - Equipment unadjusted balance as of December 31 is 57.000 Adjustment Type: Depreciation Expense - Equipment Accumulated Depreciation - Equipment I 4. Journalize the adjusting entry needed at December 31 for each situation. Use the Chart of Accounts to review account names! Used office supplies of $4,400 Date Accounts and Explanation Debit Credit A two year insurance policy for $10.560 was purchased on November 1 of the current year. Record the transaction for the year ended December 31 Date Accounts and Explanation Credit Debit Used prepaid insurance of 52,400 Date Accounts and Explanation Debit Credit Chart of Accounts Account Number 101 105 110 112 115 120 125 130 140 145 146 150 151 155 156 160 161 165 166 170 175 178 180 182 201 1205 210 1215 220 1225 235 250 255 260 301 320 325 410 420 430 505 510 515 520 525 Account Title Cash Accounts Receivable Interest Receivable Notes Receivable Office Supplies Prepaid Insurance Prepaid Rent Short-term Investments Long-term Investments Building Accumulated Depreciation - Building Equipment Accumulated Depreciation Equipment Fumiture Accumulated Depreciation Furniture Office Furniture Accumulated Depreciation Office Furniture Truck Accumulated Depreciation Truck Land Copyright Franchise Patent Trademark Accounts Payable Rent Payable Salaries Payable Utilities Payable Interest Payable Dividends Payable Uneamed Revenge Notes Payable Mortgages Payable Premium on Bonds Payable Owner, Capital owner, Withdrawal Income Summary Service Revenge Dividend Revenue Interest Revenue Advertising Expense Delivery Expense Depreciation Expense Insurance Expense Interest Expense Repairs and Maintenance Expense Rent Expense Salaries Expense Supplies Expense Utilities Expense 535 540 545 550 SSS Read each scenario, decide whether the company is using Cash basis or Accrual basis, and then enter your answer to the question. The Nile Law Firm prepays for advertising in the local newspaper. On January 1, the law firm paid 52.44 for six months of advertising Blue Nile Law Firm record 2.400 in the Prepaid Advertising account Blue Nile Law Firm had recorded their expenses using the other method how much dvertising expere would they have recorded for the two montrending February 28 Enter the value as a potember Seashore Home provided house sitting for people while they are away on vacation. Some of its customers pay immediately after the job is finished. Some customers ask that the business send them a bill. As of the end of the year. Seashore Home has collected $200 from cash paying customers. Seashore Home's remaining customers owe the business $3.000. Seashore Home recorded $200 of service revenue for the year Seashore Home decorded their service revenue in the other method, how much Se revenue would they have recorded for the year! Momentos Occasions received $500 for services to be performed for the next months on March 31 and recorded this transaction using the Unearned Revenue account Momentous Occasions had recorded their service revenue using the other method, how much service revenge would they have recorded for the year? Sweet Catering completed the following selected transactions during May 2016: May 1: Prepaid rent for three months. 53,000 May Received and paid electricity bill 5100 Maybeceived cash for meals served to customers, 11,200 May 14 Paid cash for kitchen equipment, 12/20 May 2: Served a banquet an account, 92,630 May 3. Made the adjusting entry for rent from May 1). . May 3: Actrued salary expense, 55.660 . May : Recorded depreciation for Mayen kitchen equipment. $230 #Sweet Catering had recorded transaction in the Cath method, how much net cam dotswould they have recorded for the month of May if there is a lo enter with press or a neten Sweet Catering had recorded transactions in the Accrual method, how much income foss) would they have recorded for the month of May talent with the N Identify whether each account would appear on the Balance Sheet or the Income Statement. Salaries (and Wages) Payable Land Equipment Prepaid Insurance Delivery Expense Accumulated Depreciation - Office Furniture Fill in the t-accounts for each situation and label each transaction as Deferrals/Prepaid or Accrual. Calculate the adjusted balance and use a Bal. post reference to show the ending balance of each account. Incurred interest expense of $4,700. Adjustment Type: Interest Expense Interest Payable The unadjusted balance of Office Supplies at Dec. 31 is 510,600 and at year end the office supplies on hand totaled $2.840. Adjustment Type: Supplies Expense Office Supplies Depreciation for the current year includes Equipment. $700. The Accumulated Depreciation - Equipment unadjusted balance as of December 31 is 57.000 Adjustment Type: Depreciation Expense - Equipment Accumulated Depreciation - Equipment I 4 Journalize the adjusting entry needed at December 31 for each situation. Use the Chart of Accounts to review account names! Used office supplies of 54,400 Date Accounts and Explanation Debit Credit A two year insurance policy for $10.560 was purchased on November 1 of the current year, Record the transaction for the year ended December 31, Date Accounts and explanation Credit Debit Debit Used prepaid insurance of $2,400 Date Accounts and Explanation Debit Credit Read each scenario, decide whether the company is using Cash basis or Accrual basis, and then enter your answer to the question. The Blue Nite Law Firm prepays for advertising in the local newspaper. On January 1, the law firm paid $2.440 for six months of advertising, Blue Nile Law Firm recorded 52.440 in the Prepaid Advertising account. if Blue Nile Law Firm had recorded their expenses using the other method, how much vertising expense would they have recorded for the months ending February 28 Enter this value as a persivember Seashore Home provides house-sitting for people while they are away on vacation. Some of its customers pay immediately after the job is finished. Some customers ask that the business send them a bill. As of the end of the year. Seashore Home has collected 5290 from cash-paying customers. Seashore Home's remaining customers owe the business 53.990, Seashore Home recorded 5290 of service revenue for the year. If Seashore Homelad recorded their service revenue using the other method how much service revenue would they have recorded for the year! Momentous Occasions received so for services to be performed for the next month on March 31 and recorded this transaction using the Uneared Revenue account. if Momentos Occinions had recorded their service revenue using the other method, hon much service revenue would they have recorded for the year Sweet Catering completed the following selected transactions during May 2016 May 1: Prepaid rent for three months, 53.000 May 5: Received and paid electricity bill, 5100 May 9: Received cash for meals served to customers, 51.290 May 14: Pald cash for kitchen equipment, 52,620 May 31 Made the trusting entry for rent from May 1). May 1: Recorded depreciation for Mayon kitchen equipment, 5230 Sweet Catering had recorded transactions using the Cash method, how much net Income Joss would they have recorded for the month of May? If there is a loss, enterit with parenthests or a negative Sweet Caring had recorded transactions using the Anal method how much Income dos would they have recorded for the month of May if there is a loss, enterit with parentheses or a negative Identify whether each account would appear on the Balance Sheet or the income Statement. Land Delivery Accumulated preconomice umre Fill in the t-accounts for each situation and label each transaction as Deferrals/Prepaid or Accrual. Calculate the adjusted balance and use a Bal. post reference to show the ending balance of each account. destes type Interest Expense Interest Payable The wasted beloppet 35 Banyone Aque Supplies Expense Office Supplies Deprecation for the current year cludes ourson The Garden babnes of December 317.00 Autente Depreciation Experse-Equipment Accumulated Depreciation Equipment 4 Journalize the adjusting entry needed at December 31 for each situation. Use the Chart of Accounts to review account names! Used office supplies of $4,400 Date Accounts and Explanation Debit Credit A two year Insurance policy for $10,560 was purchased on November 1 of the current year. Record the transaction for the year ended December 31 Date Accounts and explanation Debit Credit Used prepaid insurance of $2,400 Date Accounts and explanation Debit Credit