E3-5 (adjusting entries) , e3-8 (adjusting entries), p3-2 (adjusting

“E3-5 (Adjusting Entries) The ledger of Duggan Rental Agency on March 31 of the current year includes
the following selected accounts before adjusting entries have been prepared.”                           
                           
                Debit    Credit       
    Prepaid Insurance            $3,600            
    Supplies            2,800            
    Equipment            25,000            
    Accumulated Depreciation – Equipment                $8,400        
    Notes Payable                20,000        
    Unearned Rent Revenue                9,300        
    Rent Revenue                60,000        
    Interest Expense            0            
    Salaries and Wage Expense            14,000            
    Totals:            $45,400     $97,700        
                           
An analysis of the accounts shows the following:                           
1. The equipment depreciation per month is:                    $250        
2. One-third of the unearned rent was earned during the quarter.                           
3. Interest accrued for the month on notes payable is:                    $500        
4. Supplies on hand total:                    $650        
5. The monthly insurance expiration rate is:                    $300        
                           
“Instructions:
Prepare the adjusting entries at March 31, assuming that adjusting entries are made quarterly. Additional accounts are: (Omit explanations.)”                           
                           
                           
    Depreciation Expense            Interest Payable           
    Insurance Expense            Supplies Expense           
                           
1    Account Title                Amount       
    Account Title                    Amount   
    Text / Memo Line – Optional                       
                           
2    Account Title                Amount       
    Account Title                    Amount   
    Text / Memo Line – Optional                       
                           
3    Account Title                Amount       
    Account Title                    Amount   
    Text / Memo Line – Optional                       
                           
4    Account Title                Amount       
    Account Title                    Amount   
    Text / Memo Line – Optional                       
                           
5    Account Title                Amount       
    Account Title                    Amount   
    Text / Memo Line – Optional                       
                           

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E3-8 (Adjusting Entries) Andy Roddick is the new owner of Ace Computer Services. At the end of August 2014, his first month of ownership, Roddick is trying to prepare monthly financial statements. Below is some information related to unrecorded expenses that the business incurred during August.                       
                       
                       
                       
1. At August 31, Roddick owed his employees salaries $1,900 in wages that will be paid on September 1.                         
$1,900                        
2. At the end of the month he had not yet received the month’s utility bill. Based on past experience, he                       
estimated the bill would be approximately:            $600            
3. On August 1, Bryant borrowed            $60,000     from a local bank on a        15
-year mortgage. The annual interest rate is            8%           
4. A telephone bill in the amount of            $117     covering August charges is unpaid at        
August 31.                       
                       
“Instructions:
Prepare the adjusting journal entries as of August 31, 2014.”                       
                       
                       
1    Account Title                Amount   
    Account Title                    Amount
    Text / Memo line                   
                       
2    Account Title                Amount   
    Account Title                    Amount
    Text / Memo line                   
                       
3    Account Title                Amount   
    Account Title                    Amount
    Text / Memo line                   
                       
4    Account Title                Amount   
    Account Title                    Amount
    Text / Memo line                   

“P3-2 (Adjusting Entries and Financial Statements) Mason Advertising Agency was founded in January
2008. Presented below are adjusted and unadjusted trial balances as of December 31, 2012.”                           
                           
                           
MASON ADVERTISING AGENCY                           
Trial Balance                           
December 31, 2014                           
            Unadjusted        Adjusted       
            Debit    Credit    Debit    Credit   
Cash            $11,000         $11,000        
Accounts Receivable            20,000         23,500        
Supplies            8,400         3,000        
Prepaid Insurance            3,350         2,500        
Equipment            60,000         60,000        
Accumulated Depreciation – Equipment                $28,000         $33,000    
Accounts Payable                5,000         5,000    
Interest Payable                0         150    
Notes Payable                5,000         5,000    
Unearned Service Revenue                7,000         5,600    
Salaries and Wages Payable                0         1,300    
Common Stock                10,000         10,000    
Retained Earnings                3,500         3,500    
Service Revenue                58,600         63,500    
Salaries and Wages Expense            10,000         11,300        
Insurance Expense                    850        
Interest Expense            350         500        
Depreciation Expense                    5,000        
Supplies Expense                    5,400        
Rent Expense            4,000         4,000        
Totals:            $117,100     $117,100     $127,050     $127,050    
                           
Instructions:                           
(a) Journalize the annual adjusting entries that were made. (Omit explanations.)                           
Dec 31    Account Title                Amount       
    Account Title                    Amount   
                           
Dec 31    Account Title                Amount       
    Account Title                    Amount   
                           
Dec 31    Account Title                Amount       
    Account Title                    Amount   
                           
Dec 31    Account Title                Amount       
    Account Title                    Amount   
                           
Dec 31    Account Title                Amount       
    Account Title                    Amount   
                           
Dec 31    Account Title                Amount       
    Account Title                    Amount   
                           
Dec 31    Account Title                Amount       
    Account Title                    Amount   
                           
(b) Prepare an income statement and a statement of retained earnings for the year ending December 31, 2014 and an unclassified balance sheet at December 31.                           
                           
                           
    MASON ADVERTISING AGENCY                       
    Income Statement                       
    For the Year Ended December 31, 2014                       
    Revenues                       
    Account Title                    Amount   
    Expenses                       
    Account Title                Amount       
    Account Title                Amount       
    Account Title                Amount       
    Account Title                Amount       
    Account Title                Amount       
    Account Title                Amount       
    Total expenses                     Formula   
    Net income                     Formula   
                           
    MASON ADVERTISING AGENCY                       
    Statement of Retained Earnings                       
    For the Year Ended December 31, 2014                       
    Retained Earnings, Jan 1                    Amount   
    Add:    Title                Amount   
    Retained Earnings, Dec 31                    Formula   
                           
    MASON ADVERTISING AGENCY                       
    Balance Sheet                       
    December 31, 2014                       
    Assets                       
    Account Title                    Amount   
    Account Title                    Amount   
    Account Title                    Amount   
    Account Title                    Amount   
    Account Title                Amount       
    Account Title                Amount    Formula   
    Total Assets                    Formula   
                           
    Liabilities and Stockholders’ Equity                       
    Liabilities                       
    Account Title                Amount       
    Account Title                Amount       
    Account Title                Amount       
    Account Title                Amount       
    Account Title                Amount       
    Total Liabilities                    Formula   
                           
    Stockholders’ Equity                       
    Account Title                Amount       
    Account Title                Amount    Formula   
    Total liabilities and stockholders’ equity                    Formula   
                           
(c) Answer the following questions:                           
(1) If the note has been outstanding            3    months, what is the annual interest rate on that note?           
                           
Enter text answer here.                           
                           
                           
                           
                           
  (2) If the company paid        $12,500     in salaries and wages in 2014, what was the balance in Salaries and                
       Wages Payable on December 31, 2013                           
                           
Enter text answer here.                           
                           
                           
                           

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