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    Argosy University/ Phoniex University/
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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 23 Aug 2017 My Price 9.00

BND Corporation

preparing Adjusting entries

p7. On June 30, the end of the current fiscal year, the following information is available to BND Corporation’s accountants for making adjusting entries:

a.     Among the liabilities of the company is a mortgage payable in the amount of

$240,000. On June 30, the accrued interest on this mortgage amounted to $12,000.

b.     On Friday, July 2, the company, which is on a five-day workweek and pays employees weekly, will pay its regular salaried employees $19,200.

 

(Continued)

 

 

 

 

 

 

 

 

 

c.      On June 29, the company completed negotiations and signed a contract to provide monthly services to a new client at an annual rate of $3,600.

d.     The Supplies account shows a beginning balance of $1,615 and purchases during the year of $3,766. The end-of-year inventory reveals supplies on hand of $1,186.

e.      The Prepaid Insurance account shows the following entries on June 30:

 

Beginning balance

$1,530

January 1

2,900

May 1

3,366

 

The beginning balance represents the unexpired portion of a one-year policy pur- chased in April of the previous year. The January 1 entry represents a new one-year policy, and the May 1 entry represents the additional coverage of a three-year policy. (Round to the nearest dollar.)

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

 

Account

Cost

Annual Depreciation

Buildings

$185,000

$  7,300

Equipment

218,000

21,800

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

g.     On June 1, the company completed negotiations with another client and accepted an advance of $21,000 for services to be performed for a year. The $21,000 was cred- ited to Unearned Service Revenue.

h.     The company calculates that, as of June 30, it had earned $3,500 on a $7,500 con- tract that will be completed and billed in August.

i.       Federal income taxes for the year are estimated to be $6,100.

ReQUIReD

1.    Prepare adjusting entries for each item listed above.

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

Answers

Maurice Tutor
(5)
Status NEW Posted 23 Aug 2017 09:08 PM My Price 9.00

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