Miss Hap,the inexperienced accountant,made the following adjustments to the accounting system of Bank,Rupp,& Baroque,Inc.The adjustments were made based on the information below the accounting equation worksheet.
a.Unearned revenue has a December 31 balance of $50,000 before adjustment.Sixty percent of the unearned revenue has been earned by the end of the year.
b.before adjustment the office supplies account is $600.Only $200 of the supplies remain as of the end of the year.
c.Depreciated the $100,000 equipment purchased two years ago.The estimated useful life is ten years,and it has $0 residual value.
d.Interest accrues on a $2,000,10% note receivable that has been outstanding the whole year.
e.Salaries and wages earned by employees but unpaid are $4,000.
Required: Cross out any incorrect account titles or dollar amounts in the worksheet shown above.Write in the correct account titles and dollar amounts where needed.

Question

Miss Hap,the inexperienced accountant,made the following adjustments to the accounting system of Bank,Rupp,& Baroque,Inc.The adjustments were made based on the information below the accounting equation worksheet.
  a.Unearned revenue has a December 31 balance of $50,000 before adjustment.Sixty percent of the unearned revenue has been earned by the end of the year.
b.before adjustment the office supplies account is $600.Only $200 of the supplies remain as of the end of the year.
c.Depreciated the $100,000 equipment purchased two years ago.The estimated useful life is ten years,and it has $0 residual value.
d.Interest accrues on a $2,000,10% note receivable that has been outstanding the whole year.
e.Salaries and wages earned by employees but unpaid are $4,000.
Required: Cross out any incorrect account titles or dollar amounts in the worksheet shown above.Write in the correct account titles and dollar amounts where needed.

Quizplus · Accepted Answer

The Answer of Miss Hap,the inexperienced accountant,made the following adjustments to the accounting system of Bank,Rupp,& Baroque,Inc.The adjustments were made based on the information below the accounting equation worksheet.
  a.Unearned revenue has a December 31 balance of $50,000 before adjustment.Sixty percent of the unearned revenue has been earned by the end of the year.
b.before adjustment the office supplies account is $600.Only $200 of the supplies remain as of the end of the year.
c.Depreciated the $100,000 equipment purchased two years ago.The estimated useful life is ten years,and it has $0 residual value.
d.Interest accrues on a $2,000,10% note receivable that has been outstanding the whole year.
e.Salaries and wages earned by employees but unpaid are $4,000.
Required: Cross out any incorrect account titles or dollar amounts in the worksheet shown above.Write in the correct account titles and dollar amounts where needed.

Miss Hap,the Inexperienced Accountant,made the Following Adjustments to the Accounting