Parkland Acc 101 Chapter 3 practice Problem

| September 28, 2018

Chapter 3PracticeElmo Corporation purchased two years of insurance coverage on April 1, 2010 for $2,880.Prepare the entry on April 1, 2010Prepare the necessary adjusting entry on December 31, 2010 (year-end).If the entry in (b) was not made, what would be the effect on the financial statements?Kermit Corporation had a beginning balance in the supplies account of $1,200. During the year, $4,800 of supplies were purchased on account. At year-end, supplies on hand were $1,100. Prepare the necessary adjusting entry.Wages of $4,000 are paid every Friday for a five day workweek. Prepare the necessary adjusting entry if year-end falls on Tuesday. What would be the effect on the financial statements if the entry was not made?Lawyers Unlimited received a $10,000 retainer from a client on February 1, 2010. By the end of the year (December 31, 2010) $8,000 of the services have been performed.Prepare the entry on February 1, 2010 when the cash was received.Prepare the necessary adjusting entry at year-end, December 31, 2010.What would be the effect on the financial statements if the entry in (b) was not made?Lawyers Unlimited had borrowed money from the First Maine Bank during the year. Interest that has been accrued on the loan but will not be paid until next year is $3,200. Prepare the necessary adjusting entry at year-end.What accounts are used for the adjusting entry to record depreciation expense? What kind of an account is accumulated depreciation? How do you compute book value?

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