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"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
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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