Strayer ACC 557 Week 2 Chapter 3 (E3-6, E3-7, E3-11, P3-2A)
E3-6: Orwell company accumulates the following adjustment data at December 31
a) The type of adjustment …………
b) The status of accounts before adjustment…………
E3-7: The ledger of Villa Rental Agency on March 31 of the current year includes the selected accounts, shown below, before adjusting entries have been prepared. …………
An analysis of the accounts shows the following. 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.
STATUS
E3-11: A partial adjusted trial balance of Ruiz Company on January 31, 2014, shows the following. …………
a) If the amount in Supplies Expense is the January 31 adjusting entry, and $670 of supplies was purchased in January, what was the balance in Supplies on January 1? …………
b) If the amount in Insurance Expense is the January 31 adjusting entry, and the original insurance premium was for one year, what was the total premium and when was the policy purchased? …………
c) If $3,300 of salaries was paid in January, what was the balance in Salaries and Wages Payable at December 31, 2013? …………
P3-2A: Lazy River Resort opened for business on June 1 with eight air-conditioned units. Its trial balance before adjustment on August 31 is as follows.
a) Journalize the adjusting entries on August 31 for the 3-month period June 1–August 31. …………
b) Prepare a ledger using the three-column form of account. Enter the trial balance amounts and post the adjusting entries…………
c) Prepare an adjusted trial balance on August 31. …………
d) Prepare an income statement for the 3 months ending August 31. …………
e) Prepare a retained earnings statement for the 3 months ending August 31…………
f) Prepare a balance sheet as of August 31…………
