Alpha Geek

(8)

$10/per page/Negotiable

About Alpha Geek

Levels Tought:
University

Expertise:
Accounting,Algebra See all
Accounting,Algebra,Architecture and Design,Art & Design,Biology,Business & Finance,Calculus,Chemistry,Communications,Computer Science,Environmental science,Essay writing,Programming,Social Science,Statistics Hide all
Teaching Since: Apr 2017
Last Sign in: 438 Weeks Ago, 6 Days Ago
Questions Answered: 9562
Tutorials Posted: 9559

Education

  • bachelor in business administration
    Polytechnic State University Sanluis
    Jan-2006 - Nov-2010

  • CPA
    Polytechnic State University
    Jan-2012 - Nov-2016

Experience

  • Professor
    Harvard Square Academy (HS2)
    Mar-2012 - Present

Category > Accounting Posted 07 May 2017 My Price 8.00

Error Analysis Correcting Entries

 

(Error Analysis; Correcting Entries) A partial trial balance of Julie Hartsack Corporation is as follows on December 31, 2015.

 

 

Dr.

  

Cr.

Supplies

$ 2,700

    

Salaries and wages payable

    

$ 1,500

Interest receivable

5,100

    

Prepaid insurance

90,000

    

Unearned rent

    

–0–

Interest payable

    

15,000

Additional adjusting data:

1. A physical count of supplies on hand on December 31, 2015, totaled $1,100.

2. Th r ough oversight, the Salaries and W ages Payable account was not changed during 2015. Acc r ued

salaries and wages on December 31, 2015, amounted to $4,400.

3. The Inte r est Receivable account was also left unchanged during 2015. Acc r ued inte r est on invest-

ments amounts to $4,350 on December 31, 2015.

4. The unexpi r ed portions of the insurance policies totaled $65,000 as of December 31, 2015.

5. $28,000 was r eceived on January 1, 2015, for the r ent of a building for both 2015 and 2016. The enti r e

amount was c r edited to r ent r evenue.

6. Dep r eciation on equipment for the year was er r oneously r eco r ded as $5,000 rather than the cor r ect

figu r e of $50,000.

7. A further r eview of dep r eciation calculations of prior years r evealed that equipment dep r eciation of

$7,200 was not r eco r ded. It was decided that this oversight should be cor r ected by a prior period

adjustment.

 

 

Instructions

(a) Assuming that the books have not been closed, what are the adjusting entries necessary at Decem- ber 31, 2015? (Ignore income tax considerations.)

(b) Assuming that the books have been closed, what a r e the adjusting entries necessary at December 31,

2015? (Igno r e income tax considerations.)

(c) Repeat the r equi r ements for items 6 and 7, taking into account income tax e f fects (40% tax rate) and

assuming that the books have been closed.

 

 
 

Answers

Alpha Geek
(8)
Status NEW Posted 07 May 2017 05:05 PM My Price 8.00

-----------

Attachments

file 1494178776-Answer.docx preview (224 words )
(-----------Err-----------orÂ----------- An-----------aly-----------sis-----------; -----------Cor-----------rec-----------tin-----------g -----------Ent-----------rie-----------s)Â----------- A -----------par-----------tia-----------l t-----------ria-----------l b-----------ala-----------nce----------- of----------- Ju-----------lie----------- Ha-----------rts-----------ack----------- Co-----------rpo-----------rat-----------ion----------- is----------- as----------- fo-----------llo-----------ws -----------on -----------Dec-----------emb-----------er -----------31,----------- 20-----------15.----------- D-----------r. -----------Cr.----------- S-----------upp-----------lie-----------s $----------- 2,-----------700----------- Sa-----------lar-----------ies----------- an-----------d w-----------age-----------s p-----------aya-----------ble----------- $ -----------1,5-----------00 ----------- In-----------ter-----------est----------- re-----------cei-----------vab-----------le -----------5,1-----------00 -----------Pre-----------pai-----------d i-----------nsu-----------ran-----------ce -----------90,-----------000----------- Un-----------ear-----------ned----------- re-----------nt -----------–-----------0â€-----------“ -----------Int-----------ere-----------st -----------pay-----------abl-----------e 1-----------5,0-----------00 ----------- Ad-----------dit-----------ion-----------al -----------adj-----------ust-----------ing----------- da-----------ta:----------- 1-----------. -----------A p-----------hys-----------ica-----------l c-----------oun-----------t o-----------f s-----------upp-----------lie-----------s o-----------n h-----------and----------- on----------- De-----------cem-----------ber----------- 31-----------, 2-----------015-----------, t-----------ota-----------led----------- $1-----------,10-----------0. ----------- 2.----------- T-----------h -----------r -----------oug-----------h -----------ove-----------rsi-----------ght-----------, -----------the----------- S-----------ala-----------rie-----------s -----------and----------- W----------- a-----------ges----------- P-----------aya-----------ble----------- a-----------cco-----------unt----------- w-----------asÂ----------- no-----------t -----------cha-----------nge-----------d -----------dur-----------ing----------- 2-----------015-----------. -----------Acc----------- r----------- u-----------ed
Not Rated(0)