Email Id : support@studentehelp.com

Join the largest growing online portal for ACC 100 Homework Chapter 3 help. Get the best help available online to the course (University of Phoenix) and score the highest grades in discussion questions. We bring best answer to you to solve your all related problems. It’s never too late to make your grades better so get connect with StudentEHelp to score good marks in exam. We specialize in providing you with the best sources for completing the individual assignment and entire classes..

# ACC 100 Homework Chapter 3

ACC 100 Homework Chapter 3 -

Brief Exercise 3-3

Ritter Advertising Company’s trial balance at December 31 shows Supplies \$7,693 and Supplies Expense \$0. On December 31, there are \$3,089 of supplies on hand.

Prepare the adjusting entry at December 31, and using T-accounts, enter the balances in the accounts, post the adjusting entry, and indicate the adjusted balance in each account. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

Brief Exercise 3-4

At the end of its first year, the trial balance of Nygaard Company shows Equipment \$32,718 and zero balances in Accumulated Depreciation—Equipment and Depreciation Expense. Depreciation for the year is estimated to be \$4,770.

Prepare the adjusting entry for depreciation at December 31. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

Brief Exercise 3-5

On July 1, 2014, Dobbs Co. pays \$12,600 to Kalter Insurance Co. for a 3-year insurance contract. Both companies have fiscal years ending December 31.

For Dobbs Co., journalize and post the entry on July 1 and the adjusting entry on December 31.(Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

Brief Exercise 3-6

On July 1, 2014, Dobbs Co. pays \$16,800 to Kalter Insurance Co. for a 3-year insurance contract. Both companies have fiscal years ending December 31.

Journalize and post the entry on July 1 and the adjusting entry on December 31 for Kalter Insurance Co. Kalter uses the accounts Unearned Service Revenue and Service Revenue. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

Exercise 3-4

Hart Corporation encounters the following situations:

Identify what type of adjusting entry (prepaid expense, unearned revenue, accrued expense, or accrued revenue) is needed in each situation, at December 31, 2014.

Exercise 3-7

The ledger of Perez Rental Agency on March 31 of the current year includes the selected accounts, shown below, before adjusting entries have been prepared.

 Debit Credit Prepaid Insurance \$ 16,020 Supplies 3,334 Equipment 28,125 Accumulated Depreciation—Equipment \$ 9,450 Notes Payable 20,000 Unearned Rent Revenue 9,600 Rent Revenue 60,454 Interest Expense 0 Salaries and Wages Expense 10,683

An analysis of the accounts shows the following

1. The equipment depreciates \$450 per month.

2. One-third of the unearned rent revenue was earned during the quarter.

3. Interest of \$500 is accrued on the notes payable.

4. Supplies on hand total \$795.

5. Insurance expires at the rate of \$890 per month.

Prepare the adjusting entries at March 31, assuming that adjusting entries are made quarterly. Additional accounts are: Depreciation Expense, Insurance Expense, Interest Payable, and Supplies Expense. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

Exercise 3-12

Selected accounts of Koffman Company are shown below.

 Supplies Expense 7/31 809 Supplies 7/1 Bal. 1,298 7/31 809 7/10 637 Accounts Receivable 7/31 496 Salaries and Wages Expense 7/15 1,009 7/31 1,009 Salaries and Wages Payable 7/31 1,009 Unearned Service Revenue 7/31 1,396 7/1 Bal. 1,095 7/20 1,961 Service Revenue 7/14 2,319 7/31 496 7/31 1,396

(a) After analyzing the accounts, journalize the July transactions. (Hint: July transactions were for cash.) (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)

(b) After analyzing the accounts, journalize the adjusting entries that were made on July 31.(Credit account titles are automatically indented when the amount is entered. Do not indent manually.)