Question :
173. Hakik Enterprises offers rug cleaning services to business clients. Below : 1239734
173. Hakik Enterprises offers rug cleaning services to business clients. Below is the work sheet containing the trial balance for the month ended July 31, 2012.
Hakik EnterprisesWork SheetFor the Month Ended July 31, 2012
Trial Balance
Adjustments
Adjusted Trial Balance
Debit
Credit
Debit
Credit
Debit
Credit
Cash
36
Prepaid Insurance
12
Fees Receivable
56
Supplies
12
Equipment
60
Accum. Depreciation
12
Unearned Revenue
20
Accounts Payable
32
Wages Payable
Capital Stock
30
Retained Earnings
54
Dividends
4
Service Revenue
80
Advertising Expense
28
Wage Expense
20
Insurance Expense
Supplies Expense
Depreciation Expense
Totals
228
228
Journalize adjusting entries based on the work sheet trial balance and the adjustment data provided below. a) The equipment is estimated to last for 5 years with no salvage value. The asset will be depreciated evenly over its useful life. Record one month’s depreciation.b) Accrued wages, $2.c) Unused supplies on hand, $8.d) Of the unearned revenue, 75% has been earned.e) Unexpired insurance remaining at the end of the month, $9.
174. Beachside Realty rents condominiums and furnishings. It’s adjusted trial balance at December 31, 2011, is as follows:
Debit Balances
Credit Balances
Cash
1,500
Accounts Receivable
2,000
Interest Receivable
100
Prepaid Insurance
1,600
Notes Receivable (long-term)
2,800
Equipment
15,000
Accumulated Depreciation
1,500
Accounts Payable
1,400
Accrued Expenses Payable
2,920
Income Taxes Payable
1,700
Unearned Rental Fees
500
Capital Stock
3,000
Retained Earnings
5,200
Dividends
2,000
Rental Fees Earned
41,000
Furniture Rental Revenue
1,200
Interest Revenue
100
Wages Expense
19,000
Depreciation Expense
1,800
Utilities Expense
320
Insurance Expense
700
Maintenance Expense
9,000
Income Tax Expense
2,700
58,520
58,520
Prepare the entry required to close the revenue accounts at the end of the period.
175. Beachside Realty rents condominiums and furnishings. It’s adjusted trial balance at December 31, 2011, is as follows:
Debit Balances
Credit Balances
Cash
1,500
Accounts Receivable
2,000
Interest Receivable
100
Prepaid Insurance
1,600
Notes Receivable (long-term)
2,800
Equipment
15,000
Accumulated Depreciation
1,500
Accounts Payable
1,400
Accrued Expenses Payable
2,920
Income Taxes Payable
1,700
Unearned Rental Fees
500
Capital Stock
3,000
Retained Earnings
5,200
Dividends
2,000
Rental Fees Earned
41,000
Furniture Rental Revenue
1,200
Interest Revenue
100
Wages Expense
19,000
Depreciation Expense
1,800
Utilities Expense
320
Insurance Expense
700
Maintenance Expense
9,000
Income Tax Expense
2,700
58,520
58,520
Prepare the entry required to close the expense accounts at the end of the period.
176. Beachside Realty rents condominiums and furnishings. It’s adjusted trial balance at December 31, 2011, is as follows:
Debit Balances
Credit Balances
Cash
1,500
Accounts Receivable
2,000
Interest Receivable
100
Prepaid Insurance
1,600
Notes Receivable (long-term)
2,800
Equipment
15,000
Accumulated Depreciation
1,500
Accounts Payable
1,400
Accrued Expenses Payable
2,920
Income Taxes Payable
1,700
Unearned Rental Fees
500
Capital Stock
3,000
Retained Earnings
5,200
Dividends
2,000
Rental Fees Earned
41,000
Furniture Rental Revenue
1,200
Interest Revenue
100
Wages Expense
19,000
Depreciation Expense
1,800
Utilities Expense
320
Insurance Expense
700
Maintenance Expense
9,000
Income Tax Expense
2,700
58,520
58,520
Prepare the closing entry required to transfer the income or loss at the end of the period.
177. Beachside Realty rents condominiums and furnishings. It’s adjusted trial balance at December 31, 2011, is as follows:
Debit Balances
Credit Balances
Cash
1,500
Accounts Receivable
2,000
Interest Receivable
100
Prepaid Insurance
1,600
Notes Receivable (long-term)
2,800
Equipment
15,000
Accumulated Depreciation
1,500
Accounts Payable
1,400
Accrued Expenses Payable
2,920
Income Taxes Payable
1,700
Unearned Rental Fees
500
Capital Stock
3,000
Retained Earnings
5,200
Dividends
2,000
Rental Fees Earned
41,000
Furniture Rental Revenue
1,200
Interest Revenue
100
Wages Expense
19,000
Depreciation Expense
1,800
Utilities Expense
320
Insurance Expense
700
Maintenance Expense
9,000
Income Tax Expense
2,700
58,520
58,520
Prepare the entry required to close the dividends account at the end of the period.
