Question : 152. The balance in the unearned fees account, before adjustment at : 1227124

 

152. The balance in the unearned fees account, before adjustment at the end of the year, is $10,250.  Journalize the adjusting entry required if the amount of unearned fees at the end of the year is $3,125. 

 

Unearned Fees

($10,250 – $3,125)

7,125

 

 

Fees Earned

 

7,125

 

 

 

 

 

 

 

153. At the end of the current year, $3,700  fees have been earned but have not been billed to clients.  Journalize the adjusting entry to record the accrued fees. 

 

 

154. Ski Master Company pays weekly salaries of $18,000 on Friday for a five-day week ending on that day.  Journalize the necessary adjusting entry at the end of the accounting period, assuming that the period ends on Wednesday. 

155. The estimated amount of depreciation on equipment for the current year is $5,300.  Journalize the adjusting entry to record the depreciation. 

 

 

156. Listed below are accounts to use for transactions (a) through (j), each identified by a number.  Following this list are the transactions.  You are to indicate for each transaction the accounts that should be debited and credited by placing the account number(s) in the appropriate box.  

1.

Cash

2.

Accounts Receivable

3.

Office Supplies

4.

Land

5.

Interest Receivable

6.

Building

7.

Accumulated Depreciation – Office Equipment

8.

Depreciation Expense – Office Equipment

9.

Accounts Payable

10.

Interest Payable

11.

Insurance Payable

12.

Utilities Expense

13.

Notes Payable

14.

Capital Stock

15.

Prepaid Insurance

16.

Service Revenue

17.

Retained Earnings

18.

Insurance Expense

19.

Utilities Payable

20.

Office Supplies Expense

21.

Unearned Service Revenue

22.

Dividends

23.

Interest Expense

 

 

 

Transactions

Account(s) Debited

Account(s) Credited

a. Utility bill is received; payment will be made in 10 days.

 

 

b. Paid the utility bill previously recorded in transaction (a).

 

 

c. Bought a three-year insurance policy and paid in full.

 

 

d. Made an entry to adjust for the expired portion of the insurance premium (for the policy mentioned in transaction (c).

 

 

e. Received $7,000 from a contract to perform accounting services over the next two years.

 

 

f. Made an entry to adjust for half of the services performed in (e).

 

 

g.  Purchased office supplies, paying part cash and charging the balance on account.

 

 

h.  Borrowed money from a bank and signed a note payable due in six months.

 

 

i.  Recorded one-month’s accrued interest on the note payable in (h).

 

 

j. Depreciation is recorded on office equipment.