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ACCT 212 Week 3 Homework Assignment (Summer 2021)
1. Question: Golden Eagle Company prepares monthly financial statements for its bank. The November 30 adjusted trial balance includes the following account information: …….. The following information is known for the month of December:
1. Purchases of supplies during December total $4,500. Supplies on hand at the end of December equal $3,500.
2. No insurance payments are made in December. Insurance cost is
$2,000 per month.
3. November salaries payable of $11,000 were paid to employees in December. Additional salaries for December owed at the end of the year are $16,000.
4. On November 1, a tenant paid Golden Eagle $4,500 in advance rent for the period November through January, and … Revenue was … for the entire amount.
Show the adjusting entries that were made for supplies, … insurance, salaries payable, and … revenue on December 31. (If no entry is required for a particular transaction/event, select “No Journal Entry …” in the first account field.)
2. Question: Consider the following transactions for Huskies Insurance Company:
1. Equipment costing $39,600 is … at the beginning of the year for cash. Depreciation on the equipment is $6,600 per year.
2. On June 30, the company lends its chief financial officer
$46,000; principal and interest at 6% are due in one year.
3. On October 1, the company receives $14,400 from a customer for a one-year property insurance policy. Deferred Revenue is …
For each item, record the necessary adjusting entry for Huskies Insurance at its year-end of December 31. No adjusting entries were made during the year. (If no entry is … for a particular transaction/event, select “No Journal Entry …” in the first account field. Do not round intermediate calculations.)
3. Question: Consider the following situations for Shocker:
1. On November 28, 2021, Shocker receives a $3,300 payment from a customer for services to … evenly over the next three months. … Revenue is credited.
2. On December 1, 2021, the company pays a local radio station
$2,460 for 30 radio ads that were to … , 10 per month, throughout December, January, and February. Prepaid Advertising is …
3. Employee salaries for the month of December totaling $7,200 will … paid on January 7, 2022.
4. On August 31, 2021, Shocker borrows $62,000 from a local bank. A note is … with principal and 6% interest to be paid on August 31, 2022.
Record the necessary adjusting entries for Shocker on December 31, 2021. No adjusting entries were made during the year. (If no entry is … for a particular transaction/event, select “No Journal Entry …” in the first account field. Do not round intermediate calculations.)
4. Question: Boilermaker Unlimited specializes in building new homes and remodeling existing homes. Remodeling projects include adding game rooms, changing kitchen cabinets and countertops, and updating bathrooms. Below is the year-end … trial balance of Boilermaker Unlimited.
1. Prepare an income statement for the year … December 31, 2021.
2. Prepare the statement of stockholders’ equity for the year ended December 31, 2021, note that during the year the company … additional common stock for $29,000. This amount is … in the amount for Common Stock in the adjusted trial balance.
3. Prepare the … balance sheet for the year ending December 31, 2021.
ACCT 212 Week 3 Homework Assignment (Summer 2020)
1. Question: Red Rentals Company faced the following situations: Journalize the adjusting entry … on December 31, 2020, for each situation. Consider each fact separately. (Record debits first, then credits. Exclude explanations from any journal entries)
2. Question: The adjusted trial balance of Holiday Hams, Inc., is as follows.
Prepare Holiday Hams, Inc.’s single-step income statement and statement of … earnings for the year ended December 31, 2018, and its balance sheet on that date.
Start by preparing the single-step income statement. The income statement lists all the revenues together under a heading such as Revenues. The expenses are … together in a single category titled Expenses, or Expenses and Losses. Begin by selecting the labels for the income statement……
Prepare the Holiday Hams, Inc. statement of retained earnings for the year ended December 31, 2018. The statement of … earnings calculates the change in … earnings from the beginning of the period to the end of the period, by displaying the increases and decreases to … earnings during the period. Begin by selecting the labels for the statement of retained earnings……..
3. Question: Consider the following selected accounts from the records of East Shore Enterprises on December 31, 2018:
Closing the books means preparing the accounts for the next period’s transactions. The closing entries set the revenue, expense, and dividends balance back to zero at the end of the period in order to measure each period’s net income. Because revenues and expenses are related to a limited period, they are called temporary accounts. The Dividends account is also temporary. The closing process applies only to temporary accounts.
Closing entries transfer the revenue, expense, and dividends balance to … Earnings. The first step of the process is to close out the revenue and expense accounts to the … earnings account. Finally, close out the dividend account to the retained earnings account. We will record the entries one step at a time.
4. Question: The adjusted trial balance for the year of Peterson Corporation on December 31, 2018, follows……
Prepare Peterson Corporation’s 2018 single-step income statement, statement of retained earnings, and balance sheet. Begin by preparing Peterson’s 2018 income statement. The income statement lists all the revenues together under a heading such as Revenues. The expenses are … together in a single category titled Expenses.
Using the trial balance, enter all of the revenue and expense amounts in the income statement columns. Recall that since we are displaying each expense account, we need to subtotal the expenses and put the subtotal in the same column as the revenue amount. Don’t forget to calculate net income.
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