Trial Balance (Selected Accounts) September 30, 2014 Crede Office Supplies. Prepaid Insurance Office Equipment. Accumulated Depreciation Office Equipment 5 6,480 Unearned Rent Revene (Note: Debit column does not equal credit column because this is a partial listing of selected account balances) An analysis of the account balances by the company's accountant provided the following additional information 1. A physical count of office supplies revealed $1,200 on hand on September 30. 2. A one-year life insurance policy was purchased on June 1 for $5,400 3. Office equipment is expected to have a life of 5 years. Depecciation is recorded monthly 4. The amount of rent received in advance that remains uneared at September 30 is $500 Instructions Prepare the adjusting entries that should be made by Bokhari Company on September 30. Question 2 The ledger of Casper Consulting at January 31, 2014 includes the following selected account Credit Prepaid insurance $ 3,600 Supplies 1,800 Building Land Notes payable $90,000 1,000 Unearned service revenue. Casper's accountant is inexperienced, and he would like your help in preparing the company's yearend January 31, 2014 financial statements Caper follows ASPE and makes adjusting entries only at year end. The accountant has provided you with the following information 1. A one-year insurance policy costing $3,600 was purchased on January 1, 2014. A the full amount was debited to prepaid insurance 2. A physical inventory count on January 31, 2014 revealed $800 in supplies were still 3. Land and building were purchased on February 1, 2013 at a cost of $160,000. The building has an expected useful life of 20 years. The purchase was financed by paying $70.000 in cash and the balance on a 2-year, 8% note payable. Interest on the note is duc at maturity. 4. Uncured service revenue related to a client retainer paid on January 15, 2014. On Jury 31, 2014, one-quarter of this amount has been cred Instructions Prepare the adjusting journal entries required at January 31, 2014. Debit $2,700 5,400 Trial Balance (Selected Accounts) September 30, 2014 Crede Office Supplies. Prepaid Insurance Office Equipment. Accumulated Depreciation Office Equipment 5 6,480 Unearned Rent Revene (Note: Debit column does not equal credit column because this is a partial listing of selected account balances) An analysis of the account balances by the company's accountant provided the following additional information 1. A physical count of office supplies revealed $1,200 on hand on September 30. 2. A one-year life insurance policy was purchased on June 1 for $5,400 3. Office equipment is expected to have a life of 5 years. Depecciation is recorded monthly 4. The amount of rent received in advance that remains uneared at September 30 is $500 Instructions Prepare the adjusting entries that should be made by Bokhari Company on September 30. Question 2 The ledger of Casper Consulting at January 31, 2014 includes the following selected account Credit Prepaid insurance $ 3,600 Supplies 1,800 Building Land Notes payable $90,000 1,000 Unearned service revenue. Casper's accountant is inexperienced, and he would like your help in preparing the company's yearend January 31, 2014 financial statements Caper follows ASPE and makes adjusting entries only at year end. The accountant has provided you with the following information 1. A one-year insurance policy costing $3,600 was purchased on January 1, 2014. A the full amount was debited to prepaid insurance 2. A physical inventory count on January 31, 2014 revealed $800 in supplies were still 3. Land and building were purchased on February 1, 2013 at a cost of $160,000. The building has an expected useful life of 20 years. The purchase was financed by paying $70.000 in cash and the balance on a 2-year, 8% note payable. Interest on the note is duc at maturity. 4. Uncured service revenue related to a client retainer paid on January 15, 2014. On Jury 31, 2014, one-quarter of this amount has been cred Instructions Prepare the adjusting journal entries required at January 31, 2014. Debit $2,700 5,400
