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Week 3 P3-31A P3-32A P3-34A

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P3-31A Comparing accrual and cash-basis accounting, preparing adjusting
entries, and preparing income statements [15–25 min]

Charlotte’s Golf School completed the following transactions during March, 2012:

Mar 1 Prepaid insurance for March through May, $600.
4 Performed services (gave golf lessons) on account, $2,500.
5 Purchased equipment on account, $1,600.

so on ....

P3-32A Journalizing adjusting entries [15–25 min]

Laughter Landscaping has the following independent cases at the end of the year on
December 31, 2014. Each Friday, Laughter pays employees for the current week’s work. The amount of the weekly payroll is $7,000 for a five-day workweek. This year December 31 falls on a
Wednesday. Details of Prepaid insurance are shown in the account:

so on ....

P3-34A Journalizing and posting adjustments to the T-accounts and preparing
an adjusted trial balance [45–60 min]
The trial balance of Arlington Air Purification System at December 31, 2012, and the
data needed for the month-end adjustments follow.

a. Unearned service revenue still unearned, $1,100.
b. Prepaid rent still in force, $500.
c. Supplies used during the month, $600.
d. Depreciation for the month, $900.
e. Accrued advertising expense, $900. (Credit Accounts payable)
f. Accrued salary expense, $1,100.

so on ...

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