ACC 201 Chapter 3 Problem set A

Problem 3-1A (Part Level Submission)

Joey Cuono started his own consulting firm, Cuono Company, on June 1, 2014. The trial balance at June 30 is shown below.

In addition to those accounts listed on the trial balance, the chart of accounts for Cuono Company also contains the following accounts and account numbers: No. 158 Accumulated Depreciation—Equipment, No. 212 Salaries and Wages Payable, No. 631 Supplies Expense, No. 711 Depreciation Expense, No. 722 Insurance Expense, and No. 732 Utilities Expense.

Other data:

Problem 3-2A (Part Level Submission)

Lazy River Resort opened for business on June 1 with eight air-conditioned units. Its trial balance before adjustment on August 31 is as follows.

In addition to those accounts listed on the trial balance, the chart of accounts for Lazy River Resort also contains the following accounts and account numbers: No. 112 Accounts Receivable, No. 144 Accumulated Depreciation—Buildings, No. 158 Accumulated Depreciation—Equipment, No. 212 Salaries and Wages Payable, No. 230 Interest Payable, No. 631 Supplies Expense, No. 711 Depreciation Expense, No. 718 Interest Expense, and No. 722 Insurance Expense.

Other data:

Problem 3-3A (Part Level Submission)

Costello Advertising Agency Inc. was founded by Pat Costello in January of 2013. Presented below are both the adjusted and unadjusted trial balances as of December 31, 2014.

Problem 3-4A

A review of the ledger of Bellingham Company at December 31, 2014, produces the following data pertaining to the preparation of annual adjusting entries.

1. Salaries and Wages Payable $0. There are eight salaried employees. Salaries are paid every Friday for the current week. Five employees receive a salary of $800 each per week, and three employees earn $500 each per week. Assume December 31 is a Tuesday. Employees do not work weekends. All employees worked the last 2 days of December.

2. Unearned Rent Revenue $324,000. The company began subleasing office space in its new building on November 1. At December 31, the company had the following rental contracts that are paid in full for the entire term of the lease.

3. Prepaid Advertising $15,600. This balance consists of payments on two advertising contracts. The contracts provide for monthly advertising in two trade magazines. The terms of the contracts are as follows.

The first advertisement runs in the month in which the contract is signed.

4. Notes Payable $100,000. This balance consists of a note for one year at an annual interest rate of 9%, dated June 1.

Prepare the adjusting entries at December 31, 2014. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

 

 

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file 1492589370-ACC 201 Chapter 3 Problem set A Answers.docx preview (2036 words )

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