ACC 110 Study Guide - Midterm Guide: Cash Flow Statement, Measurement Uncertainty, Key Type Stamp

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blacksnake622

3 Oct 2013

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Solution to acc110 financial accounting for accounting majors. In the spaces provided record the journal entries (transactional entry). If no entry should be record state no entry . The first transaction has been completed for you. Any adjusting entries should be completed in the space provided in part b. Using the information from part a in the spaces provided record the adjusting journal entries (adjusting entries) for the year ended december 31, 2011 for item number 2, 3, In addition for each adjusting entry identify the type of adjusting entry: Deferred expenses, deferred revenue, accrued expense or accrued revenue. Alternative 1 when the service is provided/when the cruise takes place/january 2012. Measurement of revenue and costs are known (1/2 mark) revenue is ,600,000, costs ,000 in selling and administrative costs, ,000,000 to charter the cruise. 2012 performance criteria has been met until as the service of arranging the cruise has been provided.

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Presented here are the accounts of

Town and Country RealtyTown and Country Realty

for the year ended

DecemberDecember

Land	$10,000	Owner contribution, 2018	$36,000
Notes Payable	29,000	Accounts Payable	10,000
Property Tax Expense	2,400	Accounts Receivable	1,300
Hicks, Withdrawals	36,000	Advertising Expense	12,000
Rent Expense	8,000	Building	194,800
Salaries Expense	63,000	Cash	2,200
Salaries Payable	800	Equipment	13,000
Service Revenue	235,000	Insurance Expense	1,800
Office Supplies	9,000	Interest Expense	7,300
Hicks, Capital, Dec. 31, 2017	50,000

PrintDone

3131â,

20182018.

â(Click the icon to view theâ accounts.)

Requirements

1.	Prepare Town and Country Realty'sTown and Country Realty's income statement.
2.	Prepare the statement ofâ owner's equity.
3.	Prepare the balance sheet.

Requirement 1. Prepare

Town and Country Realty'sTown and Country Realty's

income statement.

		Town and Country Realty
		Income Statement
		Year Ended December 31, 2018
Revenues:
	Service Revenue
Expenses:
	Salaries Expense
	Insurance Expense
	Advertising Expense
	Rent Expense
	Interest Expense
	Property Tax Expense
		Total Expenses
Net Income

redtiger788

On December 31, fighting okra cooking services reports the following revenues and expenses.

Service Revenue $75,000

Rent Expense $10,600

Postage Expense $1,500

Salaries Expense 24,000

Legal Fee Expense $2,400

Supplies Expense $14,500

In addition, the balance of common stock at the beginning of the year was $200,000 and the balance of the retained earnings was $32,000. During the year the company issued additional shares of common stock for $25,000 and paid a dividend of $10,000.

Required:

1. Prepare an Income statement.

2. Prepare a statement of stockholder's equity.

burgundycicada286

Debit Credit

Cash $4,400

Accounts Receivable 4,500

Office Supplies 2,700

Prepaid Insurance 1,900

Land 13,200

Building 77,000

Accumulated DepreciationâBuilding $25,500

Accounts Payable 19,400

Interest Payable 8,000

Salaries Payable 2,200

Unearned Revenue 7,100

Notes Payable (long-term) 37,000

Estrada, Capital 40,000

Estrada, Withdrawals 27,500

Service Revenue 48,300

Insurance Expense 5,000

Salaries Expense 32,900

Supplies Expense 900

Interest Expense 8,000

Utilities Expense 1,800

Depreciation ExpenseâBuilding 7,700

Total $187,500 $187,500

QUESTION 11.). Journalize the closing entries. â(Record debitsâ first, then credits. Select the explanation on the last line of the journal entryâ table.)

Start by closing revenues.

DATE	ACCOUNTS AND EXPLANATION	DEBIT	CREDIT
JUN. 30	?	?	?
CLOS. (1)	?	?	?
	?	?	?
	?	?	?
	?

Close expenses for the period.

DATE	ACCOUNTS AND EXPLANATION	DEBIT	CREDIT
JUN. 30	?	?	?
CLOS. (2)	?	?	?
	?	?	?
	?	?	?
	?

Close Income Summary.

DATE	ACCOUNTS AND EXPLANATION	DEBIT	CREDIT
JUN. 30	?	?	?
CLOS. (3)	?	?	?
	?	?	?
	?	?	?
	?

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ACC 110 Study Guide - Midterm Guide: Cash Flow Statement, Measurement Uncertainty, Key Type Stamp

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