Maurice Tutor

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Teaching Since: May 2017
Last Sign in: 401 Weeks Ago, 2 Days Ago
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Education

  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

Experience

  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 06 Aug 2017 My Price 9.00

insurance premium

The following additional facts are collected for use in making adjusting entries prior to preparing financial statements for the company’s first three months:

a. The December 31 inventory count of computer supplies shows $580 still available.

b. Three months have expired since the 12-month insurance premium was paid in advance.

c. As of December 31, Sherry Adams has not been paid for four days of work at $125 per day.

d. The company’s computer is expected to have a four-year life with no salvage value.

e. The office equipment is expected to have a five-year life with no salvage value.

f. Prepaid rent for three of the four months has expired.

Required

1. Prepare journal entries to record each of the December transactions and events for Success Systems. Post these entries to the accounts in the ledger.

2. Prepare adjusting entries to reflect a through f. Post these entries to the accounts in the ledger.

3. Prepare an adjusted trial balance as of December 31, 2004.

4. Prepare an income statement for the three months ended December 31, 2004.

5. Prepare a statement of owner’s equity for the three months ended December 31, 2004.

6. Prepare a balance sheet as of December 31, 2004.

Answers

Maurice Tutor
(5)
Status NEW Posted 06 Aug 2017 08:08 PM My Price 9.00

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