someone please help me with this revision outline. ao i can prepare well for the upcoming exam

Problem - Adjusting Entries (15 points) The following information for CLH Company is available on June 30, 2018, the end of a monthly accounting period. You are to prepare the necessary adjusting journal entries for CLH Company for the month of January for each situation given. Aporopriate adjusting entries had been recorded in previous months. You may omit journal entry explanations. 1. Lance Company purchased a 3-year insurance policy on March 1, 2018, and debited Prepaid Insurance for $7.200. 2. On January 1, 2018, a tenant in an apartment building owned by CLH Company paid 55,400, which represents six months' rent in advance. The amount received was credited to the Unearned Rent account. 3. On June 1, 2018, the balance in the Office Supplies account was $100. During June, office supplies costing 5600 were purchased. A physical count of office supplies at June 30 revealed that there was $250 still on hand. 4. On March 31, 2018, CLH Company purchased a delivery van for $42,000. It is estimated that the annual depreciation will be $8,400. 5. TL&MA Company has two office employees who earn $80 and 590 per day, respectively. They are paid each Friday for a five-day workweek that begins cach Monday, June 30 is a Thursday in 2016. Problem II - Journal Entries (15 points) For each situation given below prepare journal entries on the October for BC Company B us perpetual inventory system. Oct. 5 Paid $15,000 cash for operating expenses that were incurred and properly recorded in the previous period. 8 Purchased merchandise for $12,000 on account. Credit terms: 2/10, n/30. 10 Paid freight bill of $200 for merchandise purchased on October 8. Paid for merchandise purchased on October 8. The company takes all discounts to which it is entitled 20 Sold merchandise for $16,000 to TL on account. The cost of the merchandise sold was $9,500. Credit terms: 2/10, n/30. 25 Issued a credit memo to TL for $1,000 for merchandise returned by him from the sale on October 20. The cost of the merchandise returned was $600. Problem III - Multiple-Step Income Statement (15 points) Below is a partial listing of the adjusted account balances of TL Department Store at year-end on December 31, 2018 Accounts Receivable $ 20,000 Cost of Goods Sold 260,000 Selling Expenses (includes depreciation) 36,000 Interest Expense 2,500 Accumulated Depreciation - Building 12,000 Sales Discounts 20,000 Merchandise Inventory 47.000 Administrative Expenses (includes depreciation) 17,000 Sales 400,000 Accounts Payable 15,000 Page 2 of 4 rest Revenue $12 Using whatever data you believe appropriate prepare a multiple-step income statement for TL Department Store for the year ended December 31, 2018 Problem IV - Periodic Inventories (10 points) TH Company uses the periodic inven available for the month of November t ed and had the following w ory information Date Transaction Beginning inventory 250 11/5 Purchase Not 11/12 Sale No. 1 (150) 11/18 Purchase No. 2 250 11/25 Sale No. 2 (300) Answer the following independent questions and show computations supporting your answers 1. Assume that the company uses the average cost method. What is the dollar value of the ending inventory on November 307 What is the dollar value of the cost of goods sold during November? 2. Assume that the company uses the FIFO inventory method. What is the dollar value of the ending inventory on November 30? What is the dollar value of the cost of goods sold during November? Problem V - Notes Receivable (15 points) Instructions Prepare journal entries to record the following events: Jul. 1 TL Company accepted a 8%, 4-month, $10,000 note dated July I from TH Company for the balance due on TL's account Jul 31 TL accrued interest on the above note for the month of July, Ot! Collected TH Company note in full. Assume interest was correstly and August 31 and September 30. Oct. Assume instead that the note is dishonored and that no interest has been accrued TH Company is expected to eventually pay the amount owed. Problem VI - Plant Asset Disposal Entries (15 points) Prepare the necessary journal entries to record the following transactions in 2016 for BCTH Co. Discarded old store equipment that originally cost $20,000 and had a book value of 54,000 on the date of disposal. Assume depreciation on the equipment has already been recorded for the current year. July 31 Sold a delivery truck for $8,000. The delivery truck originally cost $30,000 and had accumulated depreciation of $24,000 on the date of sale. Assume the depreciation on the truck has already been recorded for the current year. Sept. 30 Equipment with a 4-year useful life was purchased on January 1, 2012, for $16,000 and was sold for $5,000. The equipment had been depreciated using the straight-line method with an estimated salvage value of $4,000. Depreciation Expense was last recorded on December 31, 2015 Problem VII - Depreciation Methods (15 points) The following information is available for BC&TL Company, which has an accounting year-end of December 31, 2016, I. A delivery truck was purchased on June 1, 2015, for $50,000. It was estimated to have a $5,000 salvage value after being driven 100,000 miles. During 2016, the truck was driven 30,000 miles. The units of activity method of depreciation is used Page 3 of 4 March ! 2. A building was purchased on January 1, 1979, for 58,800,000. It is estimated to have a $80,000 salvage value at the end of its 40-year useful life. The straight-line method of depreciation is being used. 3. Store equipment was purchased on January 1, 2015, for $90,000. It was estimated that the store equipment would have a $9,000 salvage value at the end of its 5-year useful life. The double-declining-balance method of depreciation is being used. Instructions Complete the table shown below by filling in the appropriate amounts and show computations supporting your answers. Accumulated Depreciation 1/1/16 Depreciation Expense for 2016 Book Value at 12/31/16 Assets Delivery truck S 12,500 Building $8,066,000 Store equipment S 36,000 THE END