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Category > Accounting Posted 16 Aug 2017 My Price 9.00

Zun Cleaning Company

preparing Adjusting Entries

p10. On March 31, the end of the current fiscal year, the following information is avail- able to assist Zun Cleaning Company’s accountants in making adjusting entries:

a.     Zun’s Supplies account shows a beginning balance of $5,962. Purchases during the year were $10,294. The end-of-year inventory reveals supplies on hand of

$3,105.

b.     The Prepaid Insurance account shows the following on March 31:

 

 

Beginning balance

$  5,990

September 1

6,480

January 1

10,080

The beginning balance represents the unexpired portion of a one-year policy pur- chased in January of the previous year. The September 1 entry represents a new one- year policy, and the January 1 entry represents additional coverage in the form of a three-year policy.

c.     The following table contains the cost and annual depreciation for buildings and equipment, all of which Zun purchased before the current year:

 

Account

Cost

Annual Depreciation

Buildings

$   804,000

$34,000

Equipment

1,029,000

52,000

 

d.    On December 1, the company completed negotiations with a client and accepted an advance of $32,000 for services to be performed monthly for a year. The $32,000 was credited to Unearned Services Revenue. (Round to the nearest dollar.)

e.     The company calculated that, as of March 31, it had earned $9,200 on a $17,000 contract that would be completed and billed in January.

f.      Among the liabilities of the company is a note payable in the amount of $600,000. On March 31, the accrued interest on this note amounted to $17,470.

g.     On Saturday, April 3, the company, which is on a six-day workweek, will pay its regu- lar employees their weekly wages of $22,000. (Round to the nearest dollar.)

h.     On March 31, the company completed negotiations and signed a contract to provide services to a new client at an annual rate of $19,000, beginning April 1.

REQUIRED

1.    Prepare adjusting entries for each item listed above.

2.    ConCept ▶ Explain how the conditions for revenue recognition are applied to transactions e and h.

 

 

 

Answers

Maurice Tutor
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Status NEW Posted 16 Aug 2017 10:08 PM My Price 9.00

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