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ACC/557 Week 3 Chapter Problems - Guaranteed A+

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ACC/557 Week 3 Chapter 4 (E4-5,E4-7,E4-13,P4-4A);Exercise 4-5;The adjustments columns of the worksheet for Munoz Company are shown below;Adjustments;Account Titles Debit Credit;Accounts Receivable 600;Prepaid Insurance 400;Accumulated Depreciation?Equipment 900;Salaries and Wages Payable 500;Service Revenue 600;Salaries and Wages Expense 500;Insurance Expense 400;Depreciation Expense 900;2,400 2,400;Instructions;(a) Prepare adjusting entries in order presented in the problem. (Credit account titles are automatically indented when amount is entered. Do not indent manually.);(b) Indicate with an "X" the financial statement column to which each balance should be extended;Exercise 4-7;Lanza Company had the following adjusted trial balance.;LANZA COMPANY;Adjusted Trial Balance;For the Month Ended June 30, 2014;Account Titles Debit Credit;Cash 3,712;Accounts Receivable 3,904;Supplies 480;Accounts Payable 1,556;Unearned Service Revenue 160;Common Stock 4,000;Retained Earnings 1,760;Dividends 600;Service Revenue 4,300;Salaries and Wages Expense 1,344;Miscellaneous Expense 180;Supplies Expense 1,900;Salaries and Wages Payable 344;12,120 12,120;Instructions;a. Prepare closing entries at June 30, 2014. (Credit account titles are automatically indented when amount is entered. Do not indent manually.);b. Prepare a post-closing trial balance.;Exercise 4-13;Kogan Company has an inexperienced accountant. During the first 2 weeks on the job, the accountant made the following errors in journalizing transactions. All entries were posted as made.;1. A payment on account of $840 to a creditor was debited to Accounts Payable $480 and credited to Cash $480.;2. The purchase of supplies on account for $380 was debited to Equipment $38 and credited to Accounts Payable $38.;3. A $500 cash dividend was debited to Salaries and Wages Expense $500 and credited to Cash $500.;Instructions;Prepare the correcting entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually.);Problem 4-4A;Excelsior Amusement Parkhas a fiscal year ending on September 30. Selected data from the September 30 worksheet are presented below.;Excelsior Amusement Park;Worksheet;For the Year Ended September 30, 2014;Trial Balance Adjusted Trial Balance;Dr. Cr. Dr. Cr.;Cash 34,400 34,400;Supplies 18,600 2,200;Prepaid Insurance 29,900 10,900;Land 80,000 80,000;Equipment 120,000 120,000;Accumulated Depreciation-Equip. 36,200 42,200;Accounts Payable 14,600 14,600;Unearned Ticket Revenue 3,900 1,000;Mortgage Payable 50,000 50,000;Common Stock 60,000 60,000;Retained Earnings 36,100 36,100;Dividends 14,000 14,000;Ticket Revenue 277,900 280,800;Salaries and Wages Expense 98,000 98,000;Maintenance and Repairs Expense 30,500 30,500;Advertising Expense 9,400 9,400;Utilities Expense 16,900 16,900;Property Tax Expense 21,000 24,000;Interest Expense 6,000 8,000;Totals 478,700 478,700;Insurance Expense 19,000;Supplies Expense 16,400;Interest Payable 2,000;Depreciation Expense 6,000;Property Taxes Payable 3,000;Totals 489,700 489,700;Instructions;(a) Prepare a complete worksheet;(b) Prepare a classified balance sheet. (Note: $15,000 of the mortgage note payable is due for payment in the next fiscal year.) (List assets in order of liquidity and liabilities from largest to smallest eg 10, 5, 3, 2, with notes first.);(c) Journalize the adjusting entries using the worksheet as a basis.;(d) Journalize the closing entries using the worksheet as a basis.;(e) Prepare a post-closing trial balance.

 

Paper#81090 | Written in 18-Jul-2015

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