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Category > Accounting Posted 22 Sep 2017 My Price 9.00

Axel Company

preparing Adjusting Entries

p15. On June 30, the end of the current fiscal year, the following information is available to Axel Company’s accountants for making adjusting entries:

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

$280,000.  On  June  30,  the  accrued  interest  on  this  mortgage  amounted    to

$14,000.

b.     On Friday, July 2, the company, which is on a five-day workweek and pays employees weekly, will pay its regular salaried employees $23,100.

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 $6,645.

d.    The Supplies account shows a beginning balance of $1,975 and purchases during the year of $2,846. The end-of-year inventory reveals supplies on hand of $1,984.

(Continued)

 

 

 

 

 

 

 

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

 

Beginning balance

$1,333

January 1

2,544

May 1

3,168

The beginning balance represents the unexpired portion of a one-year policy purchased 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.

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

$235,000

$  6,301

Equipment

198,000

11,520

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

g.     On June 1, the company completed negotiations with another client and accepted an advance of $31,080 for services to be performed for a year. The $31,080 was cred- ited to Unearned Service Revenue.

h.     The company calculates that, as of June 30, it had earned $3,600 on a $9,600 con- tract that will be completed and billed in August.

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 22 Sep 2017 06:09 PM My Price 9.00

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