Answered step by step
Verified Expert Solution
Link Copied!

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

image text in transcribed

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. a. As of December 31, employees had earned $848 of unpaid and unrecorded salarles. The next payday Is January 4, at which time $1,509 of salaries will be paid. b. The cost of supplies still available at December 31 is $2.555. c. The notes payable requires an Interest payment to be made every three months. The amount of unrecorded accrued Interest at December 31 Is $1,375. The next Interest payment, at an amount of $1.650, is due on January 15. d. Analysis of the unearned member fees account shows $5,299 remaining unearned at December 31. e. In addition to the member fees Included in the revenue account balance, the company has earned another $8.531 In unrecorded fees that will be collected on January 31. The company is also expected to collect $8.000 on that same day for new fees earned In January f. Depreciation expense for the year is $12.044. Required: 1. Complete the six-column table by entering adjustments that reflect the above Information. 2. Prepare journal entries for the adjustments entered in the six-column table for Requirement 1. 3. Prepare journal entries to reverse the effects of the adjusting entries that involve accruals. 4. Prepare journal entries to record the cash payments and cash collections described for January. Assume reversing entries were prepared.) Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Complete the six-column table by entering adjustments that reflect the above information. Sheet Adjustments Dr. Cr. Adjusted Trial Balance Dr. Cr. HAWKEYE RANGES Partial Work Sheet December 31 Unadjusted Trial Balance Dr. Cr. 12.300 0 5.203 125.460 $ 24,0887 10 Account Title Cash Accounts receivable Supplies Equipment Accumulated depreciation Equipment Interest payable Salaries payable Unearned member fees Notes payable P. Hawkeye. Capital P. Hawkeye. Withdrawals Member fees earned $ I 13.247 55,000 49,516 18.450 50.184 Depreciation expense-Equipment Salaries expense Interest expense Supplies expense Totals 26,497 4.125 0 192,035 $ S 192.035 S OS OSS Required 1 Required 2 >

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