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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 23 Aug 2017 My Price 8.00

Verne Cova Company

Verne Cova Company has the following balances in selected accounts on December 31, 2014.

Accounts Receivable

$ -0-

Accumulated Depreciation—Equipment

-0-

Equipment

7,000

Interest Payable

-0-

Notes Payable

10,000

Prepaid Insurance

2,100

Salaries and Wages Payable

-0-

Supplies

2,450

Unearned Service Revenue

30,000

All the accounts have normal balances. The information below has been gathered at December 31, 2014.

1.

Verne Cova Company borrowed $10,000 by signing a 12%, one-year note on September 1, 2014.

2.

A count of supplies on December 31, 2014, indicates that supplies of $900 are on hand.

3.

Depreciation on the equipment for 2014 is $1,000.

4.

Verne Cova Company paid $2,100 for 12 months of insurance coverage on June 1, 2014.

5.

On December 1, 2014, Verne Cova collected $30,000 for consulting services to be performed from December 1, 2014, through March 31, 2015.

6.

Verne Cova performed consulting services for a client in December 2014. The client will be billed $4,200.

7.

Verne Cova Company pays its employees total salaries of $9,000 every Monday for the preceding 5-day week (Monday through Friday). On Monday, December 29, employees were paid for the week ending December 26. All employees worked the last 3 days of 2014.

Instructions

Prepare adjusting entries for the seven items described above.

Answers

Maurice Tutor
(5)
Status NEW Posted 23 Aug 2017 08:08 PM My Price 8.00

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