Maurice Tutor

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Teaching Since: May 2017
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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 23 Jul 2017 My Price 11.00

Kendall Co

Following are two income statements for Kendall Co. for the year ended December 31. The left column is prepared before any adjusting entries are recorded, and the right column includes the effects of adjusting entries. The company records cash receipts and payments related to unearned and prepaid items in balance sheet accounts. Analyze the statements and prepare the eight adjusting entries that likely were recorded. (Note: 30% of the $6,000 adjustment for Fees Earned has been earned but not billed, and the other 70% has been earned by performing services that were paid for in advance.)

 

KENDALL CO. Income Statements For Year Ended December 31

Unadjusted

Adjusted

Revenues

 

 

Fees earned

$24,000

$30,000

Commissions earned

42,500

42,500

Total revenues

66,500

72,500

Expenses

 

 

Depreciation expense—Computers

0

1,500

Depreciation expense—Office furniture

0

1,750

Salaries expense

12,500

14,950

Insurance expense

0

1,300

Rent expense

4,500

4,500

Office supplies expense

0

480

Advertising expense

3,000

3,000

Utilities expense

1,250

1,320

Total expenses

21,250

28,800

Net income

$45,250

$43,700

Answers

Maurice Tutor
(5)
Status NEW Posted 23 Jul 2017 09:07 PM My Price 11.00

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