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accounting problems with all solutions-SAFIN COMPANY and others

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Category: Accounting Tags: , 0, account, accounting, accounting, accounts, balance, cash, company, credit, debit, december, earnings, expense, expenses, income, insurance, january, payable, problems, retained, revenue, revenues, salaries, service, solutionssafin, supplies, titles, total, wages
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[Problem 1]

A partial adjusted trial balance of Safin Company at January 31, 2012, shows the following.

SAFIN COMPANY

ADJUSTED TRIAL BALANCE

JANUARY 31, 2012

Debit

Credit

Supplies

$1,020

Prepaid Insurance

3,120

Salaries and Wages Payable

$920

Unearned Revenue

870

Supplies Expense

950

Insurance Expense

520

Salaries and Wages Expense

1,920

Service Revenue

2,120

Answer the following questions, assuming the year begins January 1.

(a) If the amount in Supplies Expense is the January 31 adjusting entry, and $850 of supplies was

purchased in January, what was the balance in Supplies on January 1?

Beginning balance of

supplies

$

(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?

Total

premium

$

The policy was purchased on

August 31, 2011 July 31, 2011 August 1, 2011

(c) If $2,820 of salaries and wages was paid in January, what was the balance in Salaries and

Wages Payable at December 31, 2011?

Beginning balance of salaries and wages

payable

$

(d) If $1,720 was received in January for services performed in January, what was the balance in

Unearned Service Revenue at December 31, 2011?

Beginning unearned service revenue December 31,

2011

$

[Problem 2]

Selected accounts of Leno Company are shown below.

Supplies

Beg. Bal.

710

10 ? 31

520

Salaries and Wages Expense

10 ?15

880

10 ?31

800

Unearned Service Revenue

10 ?31

570

10 ?20

760

Service Revenue

10 ?17

3,280

10 ?31

2,610

10 ?31

570

Accounts Receivable

10 ? 17

3,280

10 ?31

2,610

Salaries and Wages Payable

10 ?31

800

Supplies Expense

10 ?31

520

From an analysis of the T-accounts, reconstruct the October transaction entries.(Credit account

titles are automatically indented when amount is entered. Do not indent manually.)

Date

Account Titles and Explanation

Debit

Credit

10/1

5

10/1

7

10/2

0

From an analysis of the T-accounts, reconstruct the adjusting journal entries that were made on

October 31, 2012.(Credit account titles are automatically indented when amount is entered.

Do not indent manually.)

No.

Account Titles and Explanation

Debit

Credit

1.

(To record the use of supplies during

October)

2.

(To record revenue for services performed

for which

payment has not yet been received)

3.

(To record liability for accrued payroll)

4.

(To record service revenue earned)

[Problem 3]

Flynn Design Agency was founded by Kevin Flynn in January 2006. Presented below

is the adjusted trial balance as of December 31, 2012.

FLYNN DESIGN AGENCY

ADJUSTED TRIAL BALANCE

DECEMBER 31, 2012

Debit

Credit

Cash

$11,116

Accounts Receivable

22,616

Supplies

6,116

Prepaid Insurance

3,616

Equipment

61,116

Accumulated Depreciation—Equipment

$36,116

Accounts Payable

9,116

Interest Payable

210

Notes Payable

7,000

Unearned Service Revenue

6,716

Salaries and Wages Payable

1,555

Common Stock

11,116

Retained Earnings

4,616

Service Revenue

59,616

Salaries and Wages Expense

13,416

Insurance Expense

1,105

Interest Expense

560

Depreciation Expense

9,000

Supplies Expense

3,400

Rent Expense

4,000

$136,06

1

$136,06

1

Warning

Don’t show me this message again for the assignment

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(a1

)

Prepare an income statement for the year ending December 31, 2012.

FLYNN DESIGN AGENCY

Income Statement

For the Year Ended December 31, 2012

Dividends Expenses Net Income / (Loss)

Retained Earnings, January 1 Retained Earnings,

December 31 Revenues Total Expenses Total

Revenues

$

Dividends Expenses Net Income / (Loss)

Retained Earnings, January 1 Retained Earnings,

December 31 Revenues Total Expenses Total

Revenues

$

Dividends Expenses Net Income / (Loss)

Retained Earnings, January 1 Retained Earnings,

December 31 Revenues Total Expenses Total

Revenues

Dividends Expenses Net Income / (Loss)

Retained Earnings, January 1 Retained Earnings,

December 31 Revenues Total Expenses Total

Revenues

$

[Problem 4]

Presented below are selected account balances for Alistair Co. as of December 31, 2012.

Inventory 12/31/12

$61,010

Cost of Goods Sold

$227,220

Common Stock

76,240

Selling Expenses

17,030

Retained Earnings

46,020

Administrative Expenses

39,950

Dividends

19,950

Income Tax Expense

33,720

Sales Returns and Allowances

13,700

Sales Discounts

15,500

Sales Revenue

412,730

Prepare closing entries for Alistair Co. on December 31, 2012.(Credit account titles are

automatically indented when amount is entered. Do not indent manually.)

No.

Account Titles and Explanation

Debit

Credit

1.

(To close accounts with credit

balances)

2.

(To close accounts with debit

balances)

3.

(To close net income / (loss))

4.

(To close dividends)

[Problem 5]

Snyder Miniature Golf and Driving Range Inc. was opened on March 1 by Mickey Snyder. The

following selected events and transactions occurred during March.

Mar. 1

Invested $64,430 cash in the business in exchange for common stock.

3

Purchased Michelle Wie’s Golf Land for $39,080 cash. The price consists of land

$10,370; building $22,650; and equipment $6,060. (Make one compound entry.)

5

Advertised the opening of the driving range and miniature golf course, paying

advertising expenses of $1,740.

6

Paid cash $1,550 for a one-year insurance policy.

10

Purchased golf equipment for $2,710 from Young Company, payable in 30 days.

18

Received golf fees of $1,280 in cash.

25

Declared and paid a $1,390 cash dividend.

30

Paid wages of $860.

30

Paid Young Company in full.

31

Received $860 of fees in cash.

Journalize the March transactions. (Use Service Revenue account to record fees.)(Credit account

titles are automatically indented when amount is entered. Do not indent manually.)

Date

Account Titles and Explanation

Debit

Credit

Mar. 1

Mar. 3

Mar. 5

Mar. 6

Mar.

10

Mar.

18

Mar.

25

Mar.

30

Mar.

30

Mar.

31

[Problem 6]

When the accounts of Constantine Inc. are examined, the adjusting data listed

below are uncovered on December 31, the end of an annual fiscal period.

1

.

The prepaid insurance account shows a debit of $6,912, representing

the cost of a 2-year fire insurance policy dated August 1 of the current

year.

2

.

On November 1, Rent Revenue was credited for $3,096, representing

revenue from a subrental for a 3-month period beginning on that date.

3

.

Purchase of advertising supplies for $900 during the year was recorded

in the Advertising Expense account. On December 31, advertising

supplies of $350 are on hand.

4

.

Interest of $770 has accrued on notes payable.

Prepare the following in general journal form.(Credit account titles are

automatically indented when amount is entered. Do not indent manually. If no

entry is required, select “No entry” for the account titles and enter 0 for the

amounts.)

(a) The adjusting entry for each item.

No.

Account Titles and

Explanation

Debit

Credit

1.

2.

3.

4.

(b) The reversing entry for each item where appropriate.

No

.

Account Titles and

Explanation

Debit

Credit

1.

2.

3.

4.

[Problem7]

Complete the worksheet. (Solve Highlighted Debits and Credits)

MADRASAH CO.

Worksheet (Partial)

For the Month Ended April 30, 2012

Adjusted Trial Balance

Income Statement

Balance Sheet

Account

Titles

Dr. Cr. Dr. Cr. Dr. Cr.

Cash 29,619

Accounts Receivable 9,567

Prepaid Rent Expense 2,526

Equipment 20,697

Accum. Depreciation

—Equip

5,141

Notes Payable

8,347

Accounts Payable

7,119

Owner’s Capital

37,607

Owner’s Drawings 6,650

Service Revenue

15,237

Salaries and Wages 9,487

Expense

Rent Expense 2,760

Depreciation Expense 145

Interest Expense
329

Interest Payable

329

Totals 73,780

73,780

Net Income

Totals

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