Complete Adjusting Entries for 2 Financial Statements

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Financial Information for Decision Making

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Please answer exercises 3-1 and 3-1 in an excel spreadsheet. Please include the letter (a, b, c, d) etc of every adjusting entry. In the files I included an example of the format the spreadsheet requires.

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Bb Chapter 3 - Financial inform X Chapter 3 - Chapter 3.pdf x S Ask a new question - Studyp X + https://miscursos.tec.mx/bbcswebdav/pid-7315788-dt-content-rid-21407595_1/courses/MTY.CF1008.8.1713.2271 Q Search 41 of 61 + Automatic Zoom - 9 >> Homework Manager MI repeats all numerical Exercises on the book's Website with new numbers. EXERCISES Exercise 3-1 Preparing adjusting entries PI For each of the following separate cases, prepare adjusting entries required for financial staten for the year ended (or date of) December 31, 2005. (Assume that prepaid expenses are initially recorded in asset accounts and that fees collected in advance of work are initially recorded as liabilities, a. One-third of the work related to $30,000 cash received in advance is performed this period, b. Wages of $9.000 are earned by workers but not paid as of December 31, 2005. c. Depreciation on the company's equipment for 2005 is $19,127. d. The Office Supplies account had a $480 debit balance on December 31, 2004. During 2005, $5.3 of office supplies is purchased. A physical count of supplies at December 31, 2005, shows of supplies available. e. The Prepaid Insurance account had a $5,000 balance on December 31, 2004. An analysis of in ance policies shows that $2.200 of unexpired insurance benefits remain at December 31, 2005 f. The company has earned (but not recorded) $750 of interest from investments in CDs for the your ended December 31, 2005. The interest revenue will be received on January 10, 2006. g. The company has a bank loan and has incurred (but not recorded) interest expenses of $3.500 kr the year ended December 31, 2005. The company must pay the interest on January 2, 2006. Check (e) Dr. Insurance Expense. $2.800: Cr. Interest Revenue, $750 Exercise 3-2 Preparing adjusting entries PI Prepare adjusting journal entries for the year ended (or date of) December 31, 2005, for each of these separate situations. Assume that prepaid expenses are initially recorded in asset accounts. Also assume that fees collected in advance of work are initially recorded as liabilities, a. Depreciation on the company's equipment for 2005 is computed to be $16,000. b. The Prepaid Insurance account had a $7.000 debit balance at December 31, 2005, before adjust- ing for the costs of any expired coverage. An analysis of the company's insurance policies showel that $1.040 of unexpired insurance coverage remains. c. The Office Supplies account had a $300 debit balance on December 31, 2004; and $2.680 of of- fice supplies was purchased during the vear. The December 31, 2005, physical count showed $354 AL Check (c) Dr. Office Supplies Sa De Insurance O Escribe aquí para buscar ESP 19:43 19/09/2017 Bb Chapter 3 - Financial inform X Chapter 3 - Chapter 3.pdf x S Ask a new question - Studyp X + https://miscursos.tec.mx/bbcswebdav/pid-7315788-dt-content-rid-21407595_1/courses/MTY.CF1008.8.1713.2271 a Search 41 of 61 9 >> Check (e) Dr. Insurance Expense. $2.800 f) Cr. Interest Revenue, $750 Automatic Zoom werpwwwwww of office supplies is purchased. A physical count of supplies at December 31, 2005, shows of supplies available. e. The Prepaid Insurance account had a $5,000 balance on December 31, 2004. An analysis of in ance policies shows that $2.200 of unexpired insurance benefits remain at December 31, 2005. f. The company has earned (but not recorded) $750 of interest from investments in CDs for the your ended December 31, 2005. The interest revenue will be received on January 10, 2006, g. The company has a bank loan and has incurred (but not recorded) interest expenses of $3.500 kr the year ended December 31, 2005. The company must pay the interest on January 2, 2006 Exercise 3-2 Preparing adjusting entries PI Check (c) Dr. Office Supplies Expense. $2.626; (e) Dr. Insurance Expense. $4.600 Prepare adjusting journal entries for the year ended (or date of) December 31, 2005, for each of these separate situations. Assume that prepaid expenses are initially recorded in asset accounts. Also assume that fees collected in advance of work are initially recorded as liabilities. a. Depreciation on the company's equipment for 2005 is computed to be $16,000. b. The Prepaid Insurance account had a $7.000 debit balance at December 31, 2005, before adjust ing for the costs of any expired coverage. An analysis of the company's insurance policies showal that $1.040 of unexpired insurance coverage remains. c. The Office Supplies account had a $300 debit balance on December 31, 2004; and $2,680 of of- fice supplies was purchased during the year. The December 31, 2005, physical count showed 5354 of supplies available. d. One-half of the work related to $10,000 cash received in advance was performed this period. e. The Prepaid Insurance account had a $5,600 debit balance at December 31, 2005, before adjust- ing for the costs of any expired coverage. An analysis of insurance policies showed that $4.600 of coverage had expired. f. Wage expenses of $4,000 have been incurred but are not paid as of December 31, 2005. Exercise 3-3 Adjusting and paying accrued wages CI P1 Pablo Management has five part-time employees, each of whom earns $100 per day. They are nor mally paid on Fridays for work completed Monday through Friday of the same week. They were paid in full on Friday, December 28, 2005. The next week, the five employees worked only four days be cause New Year's Day was an unpaid holiday. Show (a) the adjusting entry that would be recorded on Monday, December 31, 2005, and (b) the journal entry that would be made to record payment of AL O Escribe aquí para buscar & M ta x ESP 19:44 19/09/2017 Autoguardado 5ė Libro1 - Excel Inic. ses. 0 X Archivo Inicio Insertar Diseño de página Fórmulas Datos Revisar Vista ¿Qué desea hacer? & Compartir Х 141 Autosuma - Calibri - 11 - I e Ajustar texto General WE AY Rellenar Pegar NKS A' 를 드 Combinar y centrar D.% 000 % 000 Formato Dar formato Estilos de Insertar Eliminar Formato condicional como tabla celda- Estilos Celdas Borrar Ordenary Buscary filtrar- seleccionar Edición Portapapeles Fuente Г Alineación Número Г H17 for A B с D E F K L M N O 1 G H Adjusting Entries for Financial Statements For the year ended December 31, 2005 2 3 4 a) 5 Cash 30000 Advance 30000 6 7 Advances 10000 8 Revenues 10000 Wages expense 9000 9 10 b) 11 12 Wages payable 9000 13 After when paid 9000 14 Cash 9000 15 Depreciation expense 19127 16 c) 17 Acc equipment 19127 O 18 19 20 21 22 23 Hoja1 Listo W + 100 % ) Escribe aquí para buscar W P9 am x] 4x ESP ic 19:48 19/09/2017
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Explanation & Answer

HI there!I have completed both 3.1 and 3.2. The completed assignments are in the attached Excel spreadsheet. The tabs are labeled appropriately for each exercise.Thanks again!Selenica

A)

Description
Unearned Revenue
Revenue

Post. Ref. Debit
Credit
10000
10000

B)

...


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