ACC-557-Week-2-Chapter-3-E3-6-E3-7-E3-11-P3-2A-100-Scored

Apr 30th, 2015
Studypool Tutor
Strayer University
Course: business and management
Price: $10 USD

Tutor description

Item (a) Type of Adjustment (b) Accounts before Adjustment 1.Accrued Revenues Assets Understated Revenues Understated 2.Prepaid Expenses Assets Overstated Expenses Understated 3.Accrued Expenses Expenses Understated Liabilities Understated

Word Count: 1810
Showing Page: 1/26
Exercise 3-6Item(a)Type of Adjustment(b)Accounts before Adjustment 1.Accrued RevenuesAssets UnderstatedRevenues Understated2.Prepaid ExpensesAssets OverstatedExpenses Understated3.Accrued ExpensesExpenses UnderstatedLiabilities Understated4.Unearned RevenuesLiabilities OverstatedRevenues Understated5.Accrued ExpensesExpenses UnderstatedLiabilities Understated6.Prepaid ExpensesAssets OverstatedExpenses UnderstatedExercise 3-7 Mar. 31 Depreciation Expense ($300 X 3) 900Accumulated DepreciationEquipment 900 31 Unearned Rent Revenue3,300Rent Revenue ($9,900 X 1/3)3,30031Interest Expense 500Interest Payable 50031Supplies Expense2,150Supplies ($2,800 $650)2,15031Insurance Expense ($200 X 3) 600Prepaid Insurance 600Exercise 3-11(a)Supplies expense$ 950Add: Supplies (1/31) 850Less: Supplies purchase (670) Supplies (1/1)$ 1,130Therefore supplies balance = $1,130b.Total premium = Monthly premium X 12 $400 X 12 = $4,800Purchase date is:On Jan. 31, from Aug. 1, 2013 there are 6 months coverage remaining ($400 X 6). Thus, the purchase date was 6 months earlier on Aug. 1, 2013c.

Review from student

Studypool Student
" Excellent work as always thanks so much "
Ask your homework questions. Receive quality answers!

Type your question here (or upload an image)

1822 tutors are online

Brown University





1271 Tutors

California Institute of Technology




2131 Tutors

Carnegie Mellon University




982 Tutors

Columbia University





1256 Tutors

Dartmouth University





2113 Tutors

Emory University





2279 Tutors

Harvard University





599 Tutors

Massachusetts Institute of Technology



2319 Tutors

New York University





1645 Tutors

Notre Dam University





1911 Tutors

Oklahoma University





2122 Tutors

Pennsylvania State University





932 Tutors

Princeton University





1211 Tutors

Stanford University





983 Tutors

University of California





1282 Tutors

Oxford University





123 Tutors

Yale University





2325 Tutors