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Question;The Marchetti soup;Company entered into the following transactions during the month of june: (1);purchased inventory on account for \$171,000 (assume Marchetti uses a;perpetual inventory system), (2) paid \$48,000 in salaries to employees for;work performed during the month, (3) sold merchandise that cost \$120,000 to;credit customers for \$208,000, (4) collected \$167,000 in cash from credit customers;and (5) paid suppliers of inventory \$140,000.;Required;Analyze each;transaction and show the effect of each on the accounting equation for a;corporation.(Select "None;if the category is not affected.);Brief Exercise 2-4 Journal entries [LO2];A company has a fiscal;year-end of December 31: (1) on October 1, \$14,400 was paid for a one-year;fire insurance policy, (2) on June 30 the company lent its chief financial;officer \$12,000, principal and interest at 9% are due in one year, and (3);equipment costing \$63,000 was purchased at the beginning of the year for;cash.;Required;Prepare journal;entries for each of the above transactions.(Omit the "\$" sign in your response.);Brief Exercise 2-5 Journal entries [LO4, 5];A company has a fiscal;year-end of December 31: (1) on October 1, \$14,400 was paid for a one-year;fire insurance policy, (2) on June 30 the company lent its chief financial;officer \$12,000, principal and interest at 8% are due in one year, and (3);equipment costing \$52,000 was purchased at the beginning of the year for;cash. Depreciation on the equipment is \$10,400 per year.;Required;Prepare the necessary;adjusting entries at December 31 for each of the above items.(Omit the "\$" sign in your response.);Brief Exercise 2-11 Closing entries [LO7];function ck13252698133098403_group(cid);pn= 'Q_13252698133098403_group_' + cid;cp= null;if (document.getElementById) cp= document.getElementById(pn);else cp= eval('document.all.' + pn);if (cp == null) return;ps= cp.options[cp.selectedIndex].value;for (pid=1, pid<5, };The year-end adjusted;trial balance of the Timmons Tool and Die Corporation included the following;account balances: retained earnings, \$226,000, sales revenue, \$855,000, cost;of goods sold, \$565,000, salaries expense, \$178,000, rent expense, \$37,000;and interest expense, \$16,000.;Required;Prepare the necessary;closing entries.(Omit the "\$;sign in your response.);Exercise 2-5 The accounting processing cycle [LO2, 3, 4, 5, 6;7];Listed below are;several terms and phrases associated with the accounting processing cycle.;Pair each item from List A (by letter) with the item from List B that is most;appropriately associated with it.;Exercise 2-6 Debits and credits [LO1];Exercise 2-14 Cash versus accrual accounting, adjusting entries;[LO4, 5, 8];The Righter Shoe Store;Company prepares monthly financial statements for its bank. The November 30;and December 31, 2011, trial balances contained the following account;information;The following;information also is known;a.;The December income;statement reported \$1,467 in supplies expense.;b.;No insurance payments;were made in December.;c.;\$14,500 was paid to;employees during December for wages.;d.;On November 1, 2011, a;tenant paid Righter \$2,250 in advance rent for the period November through;January. Unearned rent revenue was credited.;Requirement 1;What was the cost of;supplies purchased during December?(Omit the "\$" sign in your response.);Requirement 2;What was the adjusting;entry recorded at the end of December for prepaid insurance?(Leave no cells blank - be certain to enter;0" wherever required. Omit the "\$" sign in your response.);Requirement 3;What was the adjusting;entry recorded at the end of December for accrued wages?(Omit the "\$" sign in your response.);Requirement 4;What was the amount of;rent revenue earned in December? What adjusting entry was recorded at the end;of December for unearned rent?(Leave no cells blank - be certain to enter "0" wherever;required. Omit the "\$" sign in your response.);Exercise 2-15 External transactions and adjusting entries [LO2;4, 5];The following;transactions occurred during 2011 for the Beehive Honey Corporation;Feb. 1;Borrowed \$16,000 from;a bank and signed a note. Principal and interest at 9.5% will be paid on;January 31, 2012.;Apr. 1;Paid \$3,100 to an;insurance company for a two-year fire insurance policy.;July 17;Purchased supplies;costing \$2,200 on account. The company records supplies purchased in an asset;account. At the December 31, 2011, year-end, supplies costing \$982 remained;on hand.;Nov. 1;A customer borrowed;\$5,200 and signed a note requiring the customer to pay principal and 6%;interest on April 30, 2012.;Requirement 1;Record each;transaction in general journal form.(Omit the "\$" sign in your response.);Requirement 2;Prepare any necessary;adjusting entries at the December 31, 2011, year-end. No adjusting entries;were made during the year for any item.(Round your answers to the nearest whole number. Enter adjusting;entries in the same order as above. Omit the "\$" sign in your;response.);Problem 2-3 Adjusting entries [LO 4, 5];Pastina Company;manufactures and sells various types of pasta to grocery chains as private;label brands. The company's fiscal year-end is December 31. The unadjusted;trial balance as of December 31, 2011, appears below.;Information necessary;to prepare the year-end adjusting entries appears below.;1.;Depreciation on the;equipment for the year is \$11,000.;2.;The company estimates;that of the \$40,000 in accounts receivable outstanding at year-end, \$5,200;probably will not be collected.;3.;Employee wages are;paid twice a month, on the 22nd for wages earned from the 1st through the;15th, and on the 7th of the following month for wages earned from the 16th;through the end of the month. Wages earned from December 16 through December;31, 2011, were \$3,000.;4.;On October 1, 2011;Pastina borrowed \$68,000 from a local bank and signed a note. The note;requires interest to be paid annually on September 30 at 9%. The principal is;due in 10 years.;5.;On March 1, 2011, the;company lent a supplier \$25,000 and a note was signed requiring principal and;interest at 11% to be paid on February 28, 2012.;6.;On April 1, 2011, the;company paid an insurance company \$9,000 for a two-year fire insurance;policy. The entire \$9,000 was debited to insurance expense.;7.;\$900 of supplies;remained on hand at December 31, 2011.;8.;A customer paid;Pastina \$1,000 in December for 1,500 pounds of spaghetti to be manufactured;and delivered in January 2012. Pastina credited sales revenue.;9.;On December 1, 2011;\$4,000 rent was paid to the owner of the building. The payment represented;rent for December and January 2012, at \$2,000 per month.;Required;Prepare the necessary;December 31, 2011, adjusting journal entries.(Round your answers to the nearest dollar;amount.Omit the "\$" sign in your response.);Problem;The general ledger of;the Karlin Company, a consulting company, at January 1, 2011, contained the;following account balances;The following is a summary of the transactions for the year;a.;Sales of services;\$100,000, of which \$30,000 was on credit.;b.;Collected on accounts;receivable, \$27,300.;c.;Issued shares of;common stock in exchange for \$10,000 in cash.;d.;Paid salaries, \$50,000;(of which \$9,000 was for salaries payable).;e.;Paid miscellaneous;expenses, \$24,000.;f.;Purchased equipment;for \$15,000 in cash.;g.;Paid \$2,500 in cash;dividends to shareholders.;Requirement 1;(Offline - not;submitted or graded in this system). Prepare the necessary T-accounts, entering the beginning;balances from the trial balance.;Requirement 2;Prepare a general;journal entry for each of the summary transactions listed above.(Omit the "\$" sign in your response.);Requirement 3;Post the journal;entries to the offline T-accounts.;Requirement 4;Prepare an unadjusted;trial balance.(Leave no cells blank -;be certain to enter a 0 wherever required.Omit the "\$" sign;in your response.);Requirement 5;Prepare and post;adjusting journal entries. Post to offline T-accounts. Accrued salaries at;year-end amounted to \$1,000. Depreciation for the year on the equipment is;\$2,000. The allowance for uncollectible accounts is estimated to be \$1,500. (Omit;the "\$" sign in your response.);Requirement 6;Prepare an adjusted;trial balance. (Omit the "\$" sign in your response.);Requirement 7;Prepare an income;statement for 2011 and a balance sheet as of December 31, 2011. (Amounts in;parentheses do not require a minus sign. Input all amounts as positive;values. Omit the "\$" sign in your response.);Requirement 8;Prepare and post;closing entries. (Omit the "\$" sign in your response.);Selected balance sheet;information for the Wolf Company at November 30, and December 31, 2011, is;presented below. The company uses the perpetual inventory system and all;sales to customers are made on credit.;The following cash;flow information also is available;a.;Cash collected from;credit customers?\$55,000.;b.;Cash paid for;insurance?\$8,000.;c.;Cash paid to suppliers;of inventory?\$44,000 (the entire accounts payable amounts relate to inventory;purchases).;d.;Cash paid to employees;for wages?\$10,000.;Requirement 1;Determine the;following for the month of December.(Omit the "\$" sign in your response.);Requirement 2;Prepare a summary journal;entry to record the month's sales and cost of those sales.(Omit the "\$" sign in your response.);Problem 2-6 Accounting cycle [LO2, 3, 4, 5, 6, 7];function ck13252698133049911_group2(cid);pn= 'Q_13252698133049911_group2_' + cid;cp= null;if (document.getElementById) cp= document.getElementById(pn);else cp= eval('document.all.' + pn);if (cp == null) return;ps= cp.options[cp.selectedIndex].value;for (pid=1, pid<5, };function ck13252698133049911_group1(cid);pn= 'Q_13252698133049911_group1_' + cid;cp= null;if (document.getElementById) cp= document.getElementById(pn);else cp= eval('document.all.' + pn);if (cp == null) return;ps= cp.options[cp.selectedIndex].value;for (pid=1, pid<3, };function ck13252698133049911_group(cid);pn= 'Q_13252698133049911_group_' + cid;cp= null;if (document.getElementById) cp= document.getElementById(pn);else cp= eval('document.all.' + pn);if (cp == null) return;ps= cp.options[cp.selectedIndex].value;for (pid=1, pid<3, };The general ledger of;the Karlin Company, a consulting company, at January 1, 2011, contained the;following account balances;The following is a summary of the transactions for the year;a.;Sales of services;\$100,000, of which \$30,000 was on credit.;b.;Collected on accounts;receivable, \$27,300.;c.;Issued shares of;common stock in exchange for \$10,000 in cash.;d.;Paid salaries, \$50,000;(of which \$9,000 was for salaries payable).;e.;Paid miscellaneous;expenses, \$24,000.;f.;Purchased equipment;for \$15,000 in cash.;g.;Paid \$2,500 in cash;dividends to shareholders.;Requirement 1;(Offline - not;submitted or graded in this system). Prepare the necessary T-accounts, entering the beginning;balances from the trial balance.;Requirement 2;Prepare a general;journal entry for each of the summary transactions listed above.(Omit the "\$" sign in your response.);Requirement 3;Post the journal;entries to the offline T-accounts.;Requirement 4;Prepare an unadjusted;trial balance.(Leave no cells blank -;be certain to enter a 0 wherever required.Omit the "\$;sign in your response.);Requirement 5;Prepare and post;adjusting journal entries. Post to offline T-accounts. Accrued salaries at;year-end amounted to \$1,000. Depreciation for the year on the equipment is;\$2,000. The allowance for uncollectible accounts is estimated to be \$1,500.(Omit the "\$" sign in your response.);Requirement 6;Prepare an adjusted;trial balance.(Omit the "\$;sign in your response.);Requirement 7;Prepare an income;statement for 2011 and a balance sheet as of December 31, 2011.(Amounts in parentheses do not require a minus;sign. Input all amounts as positive values. Omit the "\$" sign in;your response.);Requirement 8;Prepare and post;closing entries. (Omit the "\$" sign in your response.);Requirement 9;Prepare a post-closing;trial balance. (Omit the "\$" sign in your response.)

Paper#45417 | Written in 18-Jul-2015

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