Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The Unadjusted Trial Balance for Hawkeye Ranges as of December 31 is presented in requirement 1. The following additional information relates to the required year-end
The Unadjusted Trial Balance for Hawkeye Ranges as of December 31 is presented in requirement 1. The following additional information relates to the required year-end adjustments.
- As of December 31, employees had earned $882 of unpaid and unrecorded salaries. The next payday is January 4, at which time $1,570 of salaries will be paid.
- Cost of supplies still available at December 31 total is $2,658.
- An interest payment is made every three months. The amount of unrecorded accrued interest at December 31 is $1,425. The next interest payment, at an amount of $1,710, is due on January 15.
- Analysis of Unearned Revenue shows $5,514 remaining unearned at December 31.
- Accrues $8,878 of revenue for services provided. Payment will be collected on January 31.
- Depreciation expense is $12,534.
Required:
- Complete the six-column table by entering adjustments that reflect the above information.
- Prepare journal entries for adjustments entered in the six-column table for Requirement 1.
- Prepare journal entries to reverse the effects of the adjusting entries that involve accruals.
- Prepare journal entries to record cash payments and cash collections for January. (Assume reversing entries were prepared.)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started