Financial accounting 16th Edition by Jan Williams,Susan Haka,Mark Bettner ,Joseph Carcello

تمرين 16

Tammy Touchtone operates a talent agency called Touchtone Talent Agency.ome clients pay in advance for services; others are billed after services have been performed.dvance payments are credited to an account entitled Unearned Agency Fees.djusting entries are performed on a monthly basis.losing entries are performed annually on December 31.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.ffice equipment is being depreciated over 60 months (five years).
2.t December 31, 2015, $2,500 of previously unearned agency fees had been earned.
3.ccrued but unrecorded and unpaid salary expense totals $1,360 at December 31, 2015.
4.he agency pays rent quarterly (every three months).he most recent advance payment of $1,800 was made November 1, 2015.he next payment of $1,800 will be made on February 1, 2016.
5.ccrued but unrecorded and uncollected agency fees earned total $3,000 at December 31, 2015.
6.ffice supplies on hand at December 31, 2015, total $530.
7.n September 1, 2015, the agency purchased a six-month insurance policy for $750.
8.n December 1, 2015, the agency borrowed $6,000 by signing a three-month, 9 percent note payable.he entire amount borrowed, plus interest, is due March 1, 2016.
9.ccrued income taxes payable for the entire year ending December 31, 2015, total $3,900.he full amount is due early in 2016.
Instructions
a.repare the necessary adjusting journal entries on December 31, 2015.lso prepare an adjusted trial balance dated December 31, 2015.
b.rom the adjusted trial balance prepared in part a, prepare an income statement and statement of retained earnings for the year ended December 31, 2015.lso prepare the company's balance sheet dated December 31, 2015.
c.repare the necessary year-end closing entries.
d.repare an after-closing trial balance.
e.ssume that the agency purchased all of its office equipment when it first began business activities.or how many months has the agency been in operation
f.as the agency's monthly office rent remained the same through out the year If not, has it gone up or down Explain.
g.as the agency's monthly insurance expense remained the same through out the year If not, has it gone up or down Explain.