A partial adjusted trial balance of Safin Company

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

SAFIN COMPANY Check your essay before you submit. See exactly what your professor sees. See your AI and plagiarism results before your instructor does.Get the exact same report your professor uses. Trusted by 50,000+ students worldwide. Get Plagiarism Report Humanize My Essay 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

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

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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.

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.

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

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

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.

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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