Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

sestion 3 [15 points] March month-end, Weber inc gathered the information listed below for the preparation of adjusting entries. Indicate whether the required adjusting

image text in transcribed

sestion 3 [15 points] March month-end, Weber inc gathered the information listed below for the preparation of adjusting entries. Indicate whether the required adjusting entry for each dem would cause an increase (+), decrease ( or has no effect (NE) on each of the components of the accounting equation If a transaction causes a decrease in one component of the accounting equation and also an increase in the same component but a different account, select (+-) $1,500 of the insurance policy purchased in advance has expired. Interest of $370 on notes receivable is unrecorded and unpaid $2,500 of the rent paid in advance has expired Accrued salaries at month-end totaled $1,500 B) A review of the $30,000 unadjusted balance in the supplies account shows a balance on hand at the end of month of $29,450 the This month's advertising bill for $6.000 is unrecorded and unpaid. g) The monthly depreciation on the future is $310. h) Unrecorded and uncollected consulting foes at the end of the month were $2,250 The monthly depreciation on the building is $240 $4,750 of the television advertising paid for in advance has been used. k) $4,200 of the consulting fees paid to Weber Inc in advance has been earned Interest of $280 has accrued on a note payable but is unreconded. m) A review of the $40,000 unadjusted balance in the prepaid rent account shows a remaining balance of $44,750 at the end of the month A review of the $36,000 unadjusted balance in the prepast insurance account shows a remaining balance of $30,700 at the end of the month: o) $2,500 of the insurance policy purchased in advance has expired A-LE please use all the signs +,-,+-,ne

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Managerial Accounting Tools for Business Decision Making

Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso

7th edition

978-1118334331, 1118334337, 978-1119036449, 1119036445, 978-1119036432

More Books

Students also viewed these Accounting questions

Question

What approach(es) to psychotherapy do you prefer?

Answered: 1 week ago

Question

Describe the economic value added (EVA) method

Answered: 1 week ago

Question

Use the residual-income (Rl) measure and recognize its advantages

Answered: 1 week ago