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    INSTRUCTION: Please Answer All The Problems That Will Be Found in Your Textbook. Put Your Answers On

    Uploaded by

    Mary Ann F. Mendez
    This document contains the answers and solutions to several accounting problems provided by Mary Ann Mendez. It includes answers to true/false, multiple choice, and computational problems involving adjusting entries. The adjusting entries problems involve preparing journal entries for various expense and revenue accruals and deferrals, as well as the different methods for accounting for unearned revenue.

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    INSTRUCTION: Please Answer All The Problems That Will Be Found in Your Textbook. Put Your Answers On

    Uploaded by

    Mary Ann F. Mendez
    48 views6 pages
    This document contains the answers and solutions to several accounting problems provided by Mary Ann Mendez. It includes answers to true/false, multiple choice, and computational problems involving adjusting entries. The adjusting entries problems involve preparing journal entries for various expense and revenue accruals and deferrals, as well as the different methods for accounting for unearned revenue.

    Original Title

    Adjusting Entries

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    This document contains the answers and solutions to several accounting problems provided by Mary Ann Mendez. It includes answers to true/false, multiple choice, and computational problems involving adjusting entries. The adjusting entries problems involve preparing journal entries for various expense and revenue accruals and deferrals, as well as the different methods for accounting for unearned revenue.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    48 views6 pages

    INSTRUCTION: Please Answer All The Problems That Will Be Found in Your Textbook. Put Your Answers On

    Uploaded by

    Mary Ann F. Mendez
    This document contains the answers and solutions to several accounting problems provided by Mary Ann Mendez. It includes answers to true/false, multiple choice, and computational problems involving adjusting entries. The adjusting entries problems involve preparing journal entries for various expense and revenue accruals and deferrals, as well as the different methods for accounting for unearned revenue.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 6

    NAME: Mary Ann Mendez

    INSTRUCTION: Please answer all the problems that will be found in your textbook. Put your answers on
    the answer sheet provided below. If there are problems that are computational in nature, please show
    your solutions. Thank you.

    PROBLEM 1: TRUE OR FALSE

    1. FALSE
    2. FALSE
    3. TRUE
    4. TRUE
    5. FALSE
    6. FALSE
    7. TRUE
    8. TRUE
    9. FALSE
    10. FALSE

    PROBLEM 2: FOR CLASSROOOM DISCUSSION

    1. Rent expense 200,000


    Rent payable 200,000
    2. Interest receivable 3,000
    Interest income 3,000
    3. Depreciation expense 4,375
    Accumulated depreciation-machine 4,375
    4. Bad debt expense 45,000
    Allowance for bad debt 45,000
    5. LIABILITY METHOD
    a. Cash 480,000
    Unearned rent 480,000
    b. Unearned rent 320,000
    Rent income 320,000

    INCOME METHOD

    a. Cash 480,000
    Rent income 480,000
    b. Rent income 160,000
    Unearned rent 160,000
    6. ASSET METHOD
    a. Prepaid insurance 360,000
    Cash 360,000
    b. Insurance expense 150,000
    Prepaid insurance 150,000
    EXPENSE METHOD

    a. Insurance expense 360,000


    Cash 360,000
    b. Prepaid insurance 210,000
    Insurance expense 210,000

    PROBLEM 3: ADJUSTING ENTRIES

    1. Interest expense 31,500


    Interest payable 31,500
    2. Utilities expense 32,000
    Utilities payable 32,000
    3. Rent expense 22,000
    Rent payable 22,000
    4. Rent receivable 8,000
    Rent income 8,000
    5. Bad debt expense 20,000
    Allowance for bad debt 20,000
    6. Depreciation expense 500,000
    Accumulated depreciation-building 500,000
    7. LIABILITY METHOD
    a. Cash 720,000
    Unearned income 720,000
    b. Unearned income 560,000
    Royalty income 560,000

    INCOME METHOD

    a. Cash 720,000
    Royalty income 720,000
    b. Royalty income 160,000
    Unearned income 160,000
    8. ASSET METHOD
    a. Prepaid insurance 360,000
    Cash 360,000
    b. Insurance expense 60,000
    Prepaid insurance 60,000

    EXPENSE METHOD

    a. Insurance expense 360,000


    Cash 360,000
    b. Prepaid insurance 300,000
    Insurance expense 300,000
    PROBLEM 4: ADJUSTING ENTRIES
    1. Interest receivable 32,666.67
    Interest income 32,666.67
    2. Salaries expense 46,000
    Salaries payable 46,000
    3. Utilities expense 16,000
    Utilities payable 16,000
    4. Rent expense 240,000
    Rent payable 240,000
    5. Depreciation expense 110,000
    Accumulated depreciation-computer 110,000
    6. Bad debt expense 30,000
    Allowance for bad debt 30,000
    7. LIABILITY METHOD
    a. Cash 360,000
    Unearned income 360,000
    b. Unearned income 210,000
    Rent income 210,000
    INCOME METHOD
    a. Cash 360,000
    Rent income 360,000
    b. Rent income 150,000
    Unearned income 150,000
    8. ASSET METHOD
    a. Prepaid insurance 360,000
    Cash 360,000
    b. Insurance expense 120,000
    Prepaid insurance 120,000
    EXPENSE METHOD
    a. Insurance expense 360,000
    Cash 360,000
    b. Prepaid insurance 240,000
    Insurance expense 240,000

    PROBLEM 5: ADJUSTING ENTRIES


    1. Salaries overtime expense 90,000
    Salaries overtime payable 90,000
    2. Interest receivable 41,666.67
    Interest income 41,666.67
    3. Interest expense 28,000
    Interest payable 28,000
    4. Utilities expense 13,000
    Utilities payable 13,000
    5. Depreciation expense 240,000
    Accumulated depreciation-truck 240,000
    6. Supplies expense 26,000
    Prepaid supplies 26,000
    7. Prepaid supplies 8,000
    Supplies expense 8,000
    8. Bad debt expense 10,200
    Allowance for bad debt 10,200

    PROBLEM 6: MULTIPLE CHOICE


    1. C
    2. D
    3. C
    4. C
    5. C
    6. D
    7. D
    8. A
    9. D
    10. C

    PROBLEM 7: MULTIPLE CHOICE


    1. B
    2. A
    3. D
    4. A
    5. D
    6. B
    7. D
    8. A
    9. C
    10. B

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