ISU ACCT 284 - Chapter3 (8 pages)

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Chapter3



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Chapter3

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Pages:
8
School:
Iowa State University
Course:
Acct 284 - Financial Accountng
Financial Accountng Documents

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8 2 2017 1 Assignment Print View Award 1 out of 1 00 point Exercise 3 2 Classifying adjusting entries LO C3 In the blank space beside each adjusting entry enter the letter of the explanation A through F that most closely describes the entry A B C D E F To record this period s depreciation expense To record accrued salaries expense To record this period s use of a prepaid expense To record accrued interest revenue To record accrued interest expense To record the earning of previously unearned income E Interest Expense 2 208 Interest Payable C 2 208 Insurance Expense 3 180 Prepaid Insurance F 3 180 Unearned Professional Fees 19 250 Professional Fees Earned D Interest Receivable 19 250 3 300 Interest Revenue A 3 300 Depreciation Expense 38 217 Accumulated Depreciation B Salaries Expense Salaries Payable 38 217 13 280 13 280 References Worksheet Exercise 3 2 Classifying adjusting entries LO C3 http ezto mheducation com hm accounting tpx todo printviewSingle Learning Objective 03 C3 Identify the types of adjustments and their purpose 2 2 8 2 2017 Assignment Print View Score 2 8 13 10 Points 81 30 Award 1 out of 1 00 point Exercise 3 4 Determining cost ows through accounts LO C1 A1 P1 Determine the missing amounts in each of these four separate situations a through d a Supplies available prior year end b 400 c 1 200 Supplies purchased during the current year 2 800 6 500 Total supplies available 3 200 7 700 Supplies available current year end 650 6 500 Supplies expense for the current year 2 550 1 200 d 1 260 8 490 2 288 3 000 9 750 5 288 1 350 700 8 400 4 588 References Worksheet Learning Objective 03A1 Explain how accounting adjustments link to financial statements Exercise 3 4 Determining cost flows through accounts LO C1 A1 P1 Learning Objective 03C1 Explain the importance of periodic reporting and the time period assumption http ezto mheducation com hm accounting tpx todo printviewSingle Learning Objective 03 P1 Prepare and explain adjusting entries 1 1 8 2 2017 3 Assignment Print View Award 1 out of 1 00 point Exercise 3 5 Adjusting and paying accrued expenses LO A1 P1 a On April 1 the company retained an attorney for a flat monthly fee of 3 500 Payment for April legal services was made by the company on May 12 b A 900 000 note payable requires 12 annual interest or 9 000 to be paid at the 20th day of each month The interest was last paid on April 20 and the next payment is due on May 20 As of April 30 3 000 of interest expense has accrued c Total weekly salaries expense for all employees is 10 000 This amount is paid at the end of the day on Friday of each five day workweek April 30 falls on Tuesday of this year which means that the employees had



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