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Category > Management Posted 16 Feb 2018 My Price 8.00

Econo Company

PR 3-3A Adjusting entries

Econo Company, an electronics repair store, prepared the unadjusted trial balance shown below at the end of its first year of operations.

Econo Company

  

Unadjusted Trial Balance

  

April 30, 2012

  
 

Debit

Credit
 

Balances

Balances

Cash

13,800

  

Accounts Receivable

90,000

  

Supplies

21,600

  

Equipment

454,800

  

Accounts Payable

  

21,000

Unearned Fees

  

24,000

Randy Huntsinger, Capital

  

312,000

Randy Huntsinger, Drawing

18,000

  

Fees Earned

  

543,000

Wages Expense

126,000

  

Rent Expense

96,000

  

Utilities Expense

69,000

  

Miscellaneous Expense

10,800

  
 

900,000

900,000

For preparing the adjusting entries, the following data were assembled:

a. Fees earned but unbilled on April 30 were $10,000.

b. Supplies on hand on April 30 were $8,150.

c. Depreciation of equipment was estimated to be $13,800 for the year.

d. The balance in unearned fees represented the April 1 receipt in advance for services to be provided. Only $19,000 of the services was provided between April 1 and April 30.

e. Unpaid wages accrued on April 30 were $1,770.

Instructions

1. Journalize the adjusting entries necessary on April 30, 2012.

2. Determine the revenues, expenses, and net income of Econo Company before the adjusting entries.

3. Determine the revenues, expense, and net income of Econo Company after the adjusting entries.

4. Determine the effect on Randy Huntsinger, Capital of the adjusting entries.

 

Answers

Maurice Tutor
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Status NEW Posted 16 Feb 2018 08:02 PM My Price 8.00

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