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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 22 Jul 2017 My Price 8.00

accounting equation

Effect of adjusting entries on the accounting equation

Required

Each of the following independent events requires a year-end adjusting entry. Show how each event and its related adjusting entry affect the accounting equation. Assume a December 31 closing date. The first event is recorded as an example.

 

Total Assets

      

Stockholders’
Equity

Event/
Adjustment

Cash

+

Other
Assets

=

Liabilities

+

Common
Stock

+

Retained
Earnings

a

-6,000

  

+6,000

  

NA

  

NA

  

NA

Adj.

NA

  

-4,500

  

NA

  

NA

  

24,500

a. Paid $6,000 cash in advance on April 1 for a one-year insurance policy.

b. Purchased $1,600 of supplies on account. At year’s end, $100 of supplies remained on hand.

c. Paid $6,000 cash in advance on March 1 for a one-year lease on office space.

d. Received a $15,000 cash advance for a contract to provide services in the future. The contract required a one-year commitment starting September 1.

e. Paid $12,000 cash in advance on October 1 for a one-year lease on office space.

Answers

Maurice Tutor
(5)
Status NEW Posted 22 Jul 2017 09:07 PM My Price 8.00

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