期末复习练习题

期末复习练习题2

1. Using the table below, indicate the impact of the following errors made during the adjusting entry process. Use a "+" for overstatements, a "-" for understatements, and a "0" for no effect. The first one is provided as an example

2．On December 14 Bench Company received $3,700 cash for consulting services that will be performed in January. Bench records all such prepayments in a liability account. Prepare a general journal entry to record the $3,700 cash receipt.

3. On December 31, Connelly Company had performed $5,000 of management services for clients that had not yet been billed. Prepare Connelly's adjusting entry to record these fees earned.

4. A company has 20 employees who each earn $500 per week for a 5-day week that begins on Monday. December 31 of Year 1 is a Monday, and all 20 employees worked that day.

a) Prepare the required adjusting journal entry to record accrued salaries on December 31, 2009.

b) Prepare the journal entry to record the payment of salaries on January 4, 2010.

5. Prepare general journal entries on December 31 to record the following unrelated year-end adjustments.

a. Estimated depreciation on office equipment for the year, $4,000.

b. The Prepaid Insurance account has a $3,680 debit balance before adjustment. An examination of insurance policies shows $950 of insurance expired.

c. The Prepaid Insurance account has a $2,400 debit balance before adjustment. An examination of insurance policies shows $600 of unexpired insurance.

d. The company has three office employees who each earn $100 per day for a five-day workweek that ends on Friday. The employees were paid on Friday, December 26, and have worked full days on Monday, Tuesday, and Wednesday, December 29, 30, and 31.

e. On November 1, the company received 6 months' rent in advance from a tenant whose rent is $700 per month. The $4,200 was credited to the Unearned Rent account.

f. The company collects rent monthly from its tenants. One tenant whose rent is $750 per month has not paid his rent for December.

6． Bella Beauty Salon's unadjusted trial balance for the current year follows:1

1注：这道题的意思是，首先给出了Bella Beauty Salon公司的一个初始试算平衡表，后来题目又给出了从a-i的9个调整交易事项(adjusting transaction)。题目要求你先对这9个交易事项作分录，然后再根据分录重新编写一张包含了调整分录的试算平衡表。

Additional information:

a. An insurance policy examination showed $1,240 of expired insurance.

b. An inventory count showed $210 of unused shop supplies still available.

c. Depreciation expense on shop equipment, $350.

d. Depreciation expense on the building, $2,220.

e. A beautician is behind on space rental payments, and this $200 of accrued revenues was unrecorded at the time the trial balance was prepared.

f. $800 of the Unearned Rent account balance was earned by year-end.

g. The one employee, a receptionist, works a five-day workweek at $50 per day. The employee was paid last week but has worked four days this week for which she has not been paid.

h. Three months' property taxes, totaling $450, have accrued. This additional amount of property taxes expense has not been recorded.

i. One month's interest on the note payable, $600, has accrued but is unrecorded.

Required：

1）Based on the above information, prepare the adjusting journal entries for Bella's Beauty Salon.

2）Use the above information to prepare the adjusted trial balance for Bella's Beauty Salon.

7. Flora Accounting Services completed these transactions in February:

a. Purchased office supplies on account, $300.

b. Completed work for a client on credit, $500.

c. Paid cash for the office supplies purchased in (a).

d. Completed work for a client and received $800 cash.

e. Received $500 cash for the work described in (b).

f. Received $1,000 from a client for accounting services to be performed in March.

Prepare journal entries to record the above transactions.