E3-11 A partial adjusted trial balance of Frangesch Company at January 31, 2017,
ID: 2332853 • Letter: E
Question
E3-11 A partial adjusted trial balance of Frangesch Company at January 31, 2017, shows the following. FRANGESCH COMPANY Adjusted Trial Balance January 31, 2017 Debit Credit Supplies $ 850 Prepaid Insurance 2,400 Salaries and Wages Payable $ 920 Unearned Service Revenue 750 Supplies Expense 950 Insurance Expense 400 Salaries and Wages Expense 2,900 Service Revenue 2,000 Instructions Answer the following questions, assuming the year begins January 1. (a) If the amount in Supplies Expense is the January 31 adjusting entry, and $1,000 of supplies was purchased in January, what was the balance in Supplies on January 1? (b) If the amount in Insurance Expense is the January 31 adjusting entry, and the original insurance premium was for one year, what was the total premium and when was the policy purchased? (c) If $3,800 of salaries was paid in January, what was the balance in Salaries and Wages Payable at December 31, 2016? Journalize basic transactions and adjusting entries. (LO 2, 3) E3-12 Selected accounts of Holly Company are shown as follows. Image Missing Instructions After analyzing the accounts, journalize (a) the July transactions and (b) the adjusting entries that were made on July 31. (Hint: July transactions were for cash.) Prepare adjusting entries from analysis of trial balances. (LO 2, 3, 4) E3-13 The trial balances before and after adjustment for Turnquist Company at the end of its fiscal year are presented below. Image Missing Instructions Prepare the adjusting entries that were made. Prepare financial statements from adjusted trial balance. (LO 4) E3-14 The adjusted trial balance for Turnquist Company is given in E3-13. Instructions Prepare the income and owner's equity statements for the year and the balance sheet at August 31. Record transactions on accrual basis; convert revenue to cash receipts. (LO 2, 3) E3-15 The following data are taken from the comparative balance sheets of Bundies Billiards Club, which prepares its financial statements using the accrual basis of accounting. December 31 2017 2016 Accounts receivable from members $16,000 $ 8,000 Unearned service revenue 17,000 25,000 Members are billed based upon their use of the club's facilities. Unearned service revenues arise from the sale of gift certificates, which members can apply to their future use of club facilities. The 2017 income statement for the club showed that service revenue of $161,000 was earned during the year. Instructions (Hint: You will probably find it helpful to use T-accounts to analyze these data.) (a) Prepare journal entries for each of the following events that took place during 2017. Accounts receivable from 2016 were all collected. Gift certificates outstanding at the end of 2016 were all redeemed. An additional $38,000 worth of gift certificates were sold during 2017. A portion of these was used by the recipients during the year; the remainder was still outstanding at the end of 2017. Services performed for members for 2017 were billed to members. Accounts receivable for 2017 (i.e., those billed in item [4] above) were partially collected. (b) Determine the amount of cash received by the club, with respect to member services, during 2017. Journalize adjusting entries. E3-11 A partial adjusted trial balance of Frangesch Company at January 31, 2017, shows the following. FRANGESCH COMPANY Adjusted Trial Balance January 31, 2017 Debit Credit Supplies $ 850 Prepaid Insurance 2,400 Salaries and Wages Payable $ 920 Unearned Service Revenue 750 Supplies Expense 950 Insurance Expense 400 Salaries and Wages Expense 2,900 Service Revenue 2,000 Instructions Answer the following questions, assuming the year begins January 1. (a) If the amount in Supplies Expense is the January 31 adjusting entry, and $1,000 of supplies was purchased in January, what was the balance in Supplies on January 1? (b) If the amount in Insurance Expense is the January 31 adjusting entry, and the original insurance premium was for one year, what was the total premium and when was the policy purchased? (c) If $3,800 of salaries was paid in January, what was the balance in Salaries and Wages Payable at December 31, 2016? Journalize basic transactions and adjusting entries. (LO 2, 3) E3-12 Selected accounts of Holly Company are shown as follows. Image Missing Instructions After analyzing the accounts, journalize (a) the July transactions and (b) the adjusting entries that were made on July 31. (Hint: July transactions were for cash.) Prepare adjusting entries from analysis of trial balances. (LO 2, 3, 4) E3-13 The trial balances before and after adjustment for Turnquist Company at the end of its fiscal year are presented below. Image Missing Instructions Prepare the adjusting entries that were made. Prepare financial statements from adjusted trial balance. (LO 4) E3-14 The adjusted trial balance for Turnquist Company is given in E3-13. Instructions Prepare the income and owner's equity statements for the year and the balance sheet at August 31. Record transactions on accrual basis; convert revenue to cash receipts. (LO 2, 3) E3-15 The following data are taken from the comparative balance sheets of Bundies Billiards Club, which prepares its financial statements using the accrual basis of accounting. December 31 2017 2016 Accounts receivable from members $16,000 $ 8,000 Unearned service revenue 17,000 25,000 Members are billed based upon their use of the club's facilities. Unearned service revenues arise from the sale of gift certificates, which members can apply to their future use of club facilities. The 2017 income statement for the club showed that service revenue of $161,000 was earned during the year. Instructions (Hint: You will probably find it helpful to use T-accounts to analyze these data.) (a) Prepare journal entries for each of the following events that took place during 2017. Accounts receivable from 2016 were all collected. Gift certificates outstanding at the end of 2016 were all redeemed. An additional $38,000 worth of gift certificates were sold during 2017. A portion of these was used by the recipients during the year; the remainder was still outstanding at the end of 2017. Services performed for members for 2017 were billed to members. Accounts receivable for 2017 (i.e., those billed in item [4] above) were partially collected. (b) Determine the amount of cash received by the club, with respect to member services, during 2017. Journalize adjusting entries. E3-11 A partial adjusted trial balance of Frangesch Company at January 31, 2017, shows the following. FRANGESCH COMPANY Adjusted Trial Balance January 31, 2017 Debit Credit Supplies $ 850 Prepaid Insurance 2,400 Salaries and Wages Payable $ 920 Unearned Service Revenue 750 Supplies Expense 950 Insurance Expense 400 Salaries and Wages Expense 2,900 Service Revenue 2,000 Instructions Answer the following questions, assuming the year begins January 1. (a) If the amount in Supplies Expense is the January 31 adjusting entry, and $1,000 of supplies was purchased in January, what was the balance in Supplies on January 1? (b) If the amount in Insurance Expense is the January 31 adjusting entry, and the original insurance premium was for one year, what was the total premium and when was the policy purchased? (c) If $3,800 of salaries was paid in January, what was the balance in Salaries and Wages Payable at December 31, 2016? Journalize basic transactions and adjusting entries. (LO 2, 3) E3-12 Selected accounts of Holly Company are shown as follows. Image Missing Instructions After analyzing the accounts, journalize (a) the July transactions and (b) the adjusting entries that were made on July 31. (Hint: July transactions were for cash.) Prepare adjusting entries from analysis of trial balances. (LO 2, 3, 4) E3-13 The trial balances before and after adjustment for Turnquist Company at the end of its fiscal year are presented below. Image Missing Instructions Prepare the adjusting entries that were made. Prepare financial statements from adjusted trial balance. (LO 4) E3-14 The adjusted trial balance for Turnquist Company is given in E3-13. Instructions Prepare the income and owner's equity statements for the year and the balance sheet at August 31. Record transactions on accrual basis; convert revenue to cash receipts. (LO 2, 3) E3-15 The following data are taken from the comparative balance sheets of Bundies Billiards Club, which prepares its financial statements using the accrual basis of accounting. December 31 2017 2016 Accounts receivable from members $16,000 $ 8,000 Unearned service revenue 17,000 25,000 Members are billed based upon their use of the club's facilities. Unearned service revenues arise from the sale of gift certificates, which members can apply to their future use of club facilities. The 2017 income statement for the club showed that service revenue of $161,000 was earned during the year. Instructions (Hint: You will probably find it helpful to use T-accounts to analyze these data.) (a) Prepare journal entries for each of the following events that took place during 2017. Accounts receivable from 2016 were all collected. Gift certificates outstanding at the end of 2016 were all redeemed. An additional $38,000 worth of gift certificates were sold during 2017. A portion of these was used by the recipients during the year; the remainder was still outstanding at the end of 2017. Services performed for members for 2017 were billed to members. Accounts receivable for 2017 (i.e., those billed in item [4] above) were partially collected. (b) Determine the amount of cash received by the club, with respect to member services, during 2017. Journalize adjusting entries.Explanation / Answer
E3-11 1 Supplies at jan 31 850 Add Supplies expense 950 Total 1800 Less Supplies purchased 1000 Supplies at jan 1 800 2 Insurance expense for january 400 Total premium for full year 400*12 4800 As 2400 is left on 31 jan which is half of 4800 that means 6 months have expired So purchase date 1 August 2016 3 Salaries and wages payable at 31 jan 920 Add Salaries and wages paid 3800 Total 4720 Less Salaries and wages expense 2900 Salaries and wages payable at 31 dec 1820
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