Tor 2, total 20 points) Listed below are nine technical accounting terms emphasized in this course: Adjusting entits Uneaed Accruedes Accuated depreciation Accrued revenue Prepaid expense Materiality Contre- Book wat Each of the following statements may or may not) describe one of these technical terms. In the space provided below cach statement, indicate the accounting term described, or answer "None" if the statement does not correctly describe any of the terms. _(a.) An account with a credit balance that is an offset against an asset account. (b.) A contra-account (c.) A liability to customers who have paid in advance. (d.) The estimated current value of an asset. (e.) Entries made to achieve the goals of accrual accounting when revenue or expense transactions span more than one accounting period. (f.) An asset that will expire shortly. (g.) Revenue that has been earned, but not yet received A Il.Computing(4 point each item, 20 points) A II.Computing(4 point each item, 20 points) Fieldstone, Inc. had the following transactions during the month of March, the first month of operations for the business: * The corporation issued 12,000 shares of capital stock to Sandy Fieldstone in exchange for $120,000 cash. Purchased $73,000 of equipment; made an $18,000 down payment and signed a note payable for the balance. Made payment of $9,000 on the amount owed for equipment (A.) Compute the balance in the Cash account at the end of March (B.) What are the total assets of Fieldstone, Inc. at the end of March? (C.) Compute the balance in the Notes Payable account at the end of March. (D.) What is the total amount of owners' equity at the end of March? | III.Accounting Equation (4 points each item, 24 points) Recording transactions in general journal Enter the following transactions in the two-column journal of Baumann Bathrooms. Include a brief explanation of the transaction as part of each journal entry. Mar Borrowed $90.000 cash from the bank by ganga 90-day not payable 3 Issued an additional 5,000 shares of capital stock in exchange for 340,000 cash + Purchased tincent vacant lot for use as piclong space. The per w $70,000, of which $30,000 was paid in a note pale was irred for the balance 3 Acquired the equipment from te Baths for $5,400 cash Collected in second receivable of 12.900 from customer Become Art Shoppe Ispad a check for $1,000 in full payment of an account payable to Austin Industries, Inc 8 date General Journal Mar 11 Mar 3 Mart Mar Mars Mar 9 IV. End-of-period adjustments 1 (20 points, a,b,c,d each 3 points; ef each 4 points) West Laboratory adjusts and closes its accounts at the end of each month. The trial balance at September 30, 2015, before adjustments, is as follows: Credit Debe $13,200 27.000 5.000 1200 21,300 Medical Fees Receivable Prepaid Rent obce Supplies Medical Equipment Accumulated Depreciate Medical Equipment Accounts Payable Notes Payable Uneamed Medical Fees Capital Stock Red Earrings Duvidends Medical Fees Eamed Salaries pense Un Espense Insurance Esp 6000 1000 2000 14.000 16.000 1,000 31000 14.000 2.000 195.000 The following information relates to month end adjustments: (a) Office supplies on hand September 30 amounted to $500 (b) The useful life of the medical equipment was estimated to be 20 years. (c) Many patients pay in advance for major medical procedures. Fees of $6,000 were earned during the month by performing procedures on patients who had paid in advance (d) Salaries earned by employees during the month but not yet recorded amounted to $2,300. (e) On September 1, West Laboratory had moved and paid 2 month's rent in advance. (1) Medical procedures performed during the month but not yet billed or recorded amounted to $4,600. Prepare the adjusting entries required at September 30. V.Closing entries (4 points each, 16 points) An Adjusted Trial Balance for Tiger Inc., at December 31 appears below. Tiger, Inc Adjusted Trial Balance December 31, 20 Cash $33,280 Accounts receivable 175,000 Office equipment 262.500 Accumulated depreciation office equipment Accounts payable Income tastes payable Capital stock Retined earrings Duidende 42.500 Sales commassions eamed Advertising expense 30,000 Rent expense 110,000 Sales pense 112.500 Unite pense 76.250 Depresion expense office equipment 25,000 Income are expense 2014 $50,000 100,000 50,000 125,000 100.000 542,500 275.00 Prepare journal entries to close the accounts. Use four entries to: (1) close the revenue account, (2) close the expense accounts, (3) close the Income Summary account, and (4) close the Dividends account. date General Journal debit Credit Dec 311 IV. End-of-period adjustments 1 (20 points, a,b,c,d each 3 points; ef each 4 points) West Laboratory adjusts and closes its accounts at the end of each month. The trial balance at September 30, 2015, before adjustments, is as follows: Credit Debe $13,200 27.000 5.000 1200 21,300 Medical Fees Receivable Prepaid Rent obce Supplies Medical Equipment Accumulated Depreciate Medical Equipment Accounts Payable Notes Payable Uneamed Medical Fees Capital Stock Red Earrings Duvidends Medical Fees Eamed Salaries pense Un Espense Insurance Esp 6000 1000 2000 14.000 16.000 1,000 31000 14.000 2.000 195.000 The following information relates to month end adjustments: (a) Office supplies on hand September 30 amounted to $500 (b) The useful life of the medical equipment was estimated to be 20 years. (c) Many patients pay in advance for major medical procedures. Fees of $6,000 were earned during the month by performing procedures on patients who had paid in advance (d) Salaries earned by employees during the month but not yet recorded amounted to $2,300. (e) On September 1, West Laboratory had moved and paid 2 month's rent in advance. (1) Medical procedures performed during the month but not yet billed or recorded amounted to $4,600. Prepare the adjusting entries required at September 30