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Financial accounting 16th Edition by Jan Williams,Susan Haka,Mark Bettner ,Joseph Carcello
النسخة 16الرقم المعياري الدولي: 978-0077862381Financial accounting 16th Edition by Jan Williams,Susan Haka,Mark Bettner ,Joseph Carcello
النسخة 16الرقم المعياري الدولي: 978-0077862381 تمرين 47
Marvelous Music provides music lessons to student musicians.ome students pay in advance for lessons; others are billed after lessons have been provided.dvance payments are credited to an account entitled Unearned Lesson Revenue.djusting entries are performed on a monthly basis.n unadjusted trial balance dated December 31, 2015, follows.Bear in mind that adjusting entries have already been made for the first 11 months of 2015, but not for December.)
Other Data
1.ccrued but unrecorded lesson revenue earned as of December 31, 2015, amounts to $3,200.
2.ecords show that $800 of cash receipts originally recorded as unearned lesson revenue had been earned as of December 31.
3.he company purchased a 12-month insurance policy on August 1, 2015, for $4,800.
4.n October 1, 2015, the company paid $9,000 for rent through March 31, 2016.
5.heet music supplies on hand at December 31 amount to $200.
6.ll music equipment was purchased when the business was first formed.ts estimated life at that time was five years (or 60 months).
7.n November 1, 2015, the company borrowed $5,000 by signing a three-month, 6 percent note payable.he entire note, plus three months' accrued interest, is due on February 1, 2016.
8.ccrued but unrecorded salaries at December 31 amount to $3,500.
9.stimated income taxes expense for the entire year totals $22,000.axes are due in the first quarter of 2016.
Instructions
a.or each of the numbered paragraphs, prepare the necessary adjusting entry (including an explanation).
b.etermine that amount at which each of the following accounts will be reported in the company's 2015 income statement:
1.esson Revenue Earned
2.dvertising Expense
3.nsurance Expense
4.ent Expense
5.heet Music Supplies Expense
6.tilities Expense
7.epreciation Expense: Music Equipment
8.nterest Expense
9.alaries Expense
10.ncome Taxes Expense
c.he unadjusted trial balance reports dividends of $1,000.s of December 31, 2015, have these dividends been paid Explain.
Other Data
1.ccrued but unrecorded lesson revenue earned as of December 31, 2015, amounts to $3,200.
2.ecords show that $800 of cash receipts originally recorded as unearned lesson revenue had been earned as of December 31.
3.he company purchased a 12-month insurance policy on August 1, 2015, for $4,800.
4.n October 1, 2015, the company paid $9,000 for rent through March 31, 2016.
5.heet music supplies on hand at December 31 amount to $200.
6.ll music equipment was purchased when the business was first formed.ts estimated life at that time was five years (or 60 months).
7.n November 1, 2015, the company borrowed $5,000 by signing a three-month, 6 percent note payable.he entire note, plus three months' accrued interest, is due on February 1, 2016.
8.ccrued but unrecorded salaries at December 31 amount to $3,500.
9.stimated income taxes expense for the entire year totals $22,000.axes are due in the first quarter of 2016.
Instructions
a.or each of the numbered paragraphs, prepare the necessary adjusting entry (including an explanation).
b.etermine that amount at which each of the following accounts will be reported in the company's 2015 income statement:
1.esson Revenue Earned
2.dvertising Expense
3.nsurance Expense
4.ent Expense
5.heet Music Supplies Expense
6.tilities Expense
7.epreciation Expense: Music Equipment
8.nterest Expense
9.alaries Expense
10.ncome Taxes Expense
c.he unadjusted trial balance reports dividends of $1,000.s of December 31, 2015, have these dividends been paid Explain.
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موثّق
موثّق
Depreciation means reduction in the valu...
Financial accounting 16th Edition by Jan Williams,Susan Haka,Mark Bettner ,Joseph Carcello
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