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Category > Management Posted 24 Jan 2018 My Price 10.00

Butler’s Equipment Rentals, Inc

Purpose:       (L.O. 5)   This exercise will illustrate the preparation of adjusting entries from an unadjusted trial balance and additional data.

 

Butler’s Equipment Rentals, Inc. began business in 2010. The following list of accounts and their balances represents the unadjusted trial balance of Butler’s Equipment Rentals, Inc. at December 31, 2014, the end of the annual accounting period.

 

BUTLER’S EQUIPMENT RENTALS, INC.

Trial Balance December 31, 2014

 

 

 

Debit

 

 

 

Credit

Cash............................................................................................

$ 16,500

 

Prepaid Insurance .......................................................................

4,320

 

Supplies ......................................................................................

13,200

 

Land ............................................................................................

62,000

 

Building .......................................................................................

50,000

 

Equipment ...................................................................................

130,000

 

Accumulated Depreciation⎯Building..........................................

 

$ 10,000

Accumulated Depreciation⎯Equipment .....................................

 

52,000

Note Payable...............................................................................

 

50,000

Accounts Payable .......................................................................

 

9,310

Unearned Rent Revenue ............................................................

 

10,200

Common Stock............................................................................

 

30,000

Retained Earnings.......................................................................

Dividends ....................................................................................

Rent Revenue ............................................................................. Salaries and Wages Expense .....................................................

 

31,000

 

70,600

60,660

 

161,960

Interest Expense .........................................................................

3,500

 

Miscellaneous Expense ..............................................................

      3,010

             _

 

$384,130

$384,130

Additional data:

1.      On November 1, 2014, Butler received $10,200 rent from a lessee for a 12-month equipment lease beginning on that date and credited Unearned Rent Revenue for the entire collection.

2.      Per a physical observation at December 31, 2014, Butler determines that supplies costing

$2,200 were on hand at the balance sheet date. The cost of supplies is debited to an asset account when purchased.

3.      Prepaid Insurance contains the premium cost of a policy that is for a 3-year term and was taken out on May 1, 2014.

4.      The cost of the building is being depreciated at a rate of 5% per year.

5.      The cost of the equipment is being depreciated at a rate of 10% per year.

6.      The note payable bears interest at 12% per year. Interest is payable each August 1. The

$50,000 principal is due in full on August 1, 2019.

7.      At December 31, 2014, Butler has some equipment in the hands of renters who have used the equipment but have not yet been billed. They will make payment of $1,400 on January 2, 2015.

8.      Employees are paid total salaries of $6,400 every other Friday for a two-week period ending on that payday. December 31, 2014 falls on a Wednesday. The last payday of the year is the last Friday in the year. The work week is Monday through Friday.

 

 

 

 

Instructions

(a)          Prepare the year-end adjusting entries in general journal form using the  information above.

(b)         Prepare an adjusted trial balance at December 31, 2014.

 

Answers

(3)
Status NEW Posted 24 Jan 2018 08:01 PM My Price 10.00

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